US equity futures rise after the S&P 500 closed May with a fresh record high. Nvidia enters the PC market with its new chip, RTX Spark, preparing to take on Intel and AMD. Oil rebounds from a six-week low amid uncertainty over an interim US-Iran peace deal. Keith Lerner of Truist discusses the AI equity rally. French Ambassador for International Investments Pascal Cagni joins as President Macron a...
US equity futures rise after the S&P 500 closed May with a fresh record high. Nvidia enters the PC market with its new chip, RTX Spark, preparing to take on Intel and AMD. Oil rebounds from a six-week low amid uncertainty over an interim US-Iran peace deal. Keith Lerner of Truist discusses the AI equity rally. French Ambassador for International Investments Pascal Cagni joins as President Macron announces $108 billion in foreign investment pledges to the nation including SoftBank and Salesforce. (Source: Bloomberg)
Andrii Dodonov/iStock via Getty Images Co-written by Austin Rogers for High-Yield Landlord Real estate investment trusts ("REITs") ( VNQ ) are having a moment this year. This is counterintuitive, given how sensitive REITs are to interest rates and how steeply rates have surged since the Iran conflict began. But the truth is that institutional and other active investors are seeing value in this sec...
Andrii Dodonov/iStock via Getty Images Co-written by Austin Rogers for High-Yield Landlord Real estate investment trusts ("REITs") ( VNQ ) are having a moment this year. This is counterintuitive, given how sensitive REITs are to interest rates and how steeply rates have surged since the Iran conflict began. But the truth is that institutional and other active investors are seeing value in this sector more than at any time in the last five years. It is the rebounding interest of generalist investors driving strong real estate sector performance year-to-date. What makes certain REITs so compelling to the smart money? Several things: The post-pandemic wave of new supply has now largely been absorbed, and the development pipeline of new space of various kinds is now getting smaller and smaller. This implies increasingly less competition for existing real estate going forward. Demand for commercial real estate has remained stable at worst (e.g., multifamily, office, and life science) or robust at best (data centers, senior housing, and retail), keeping occupancy rates high. Secular growth tailwinds for data centers and senior housing are particularly powerful and durable. Aside from the oil-driven inflationary surge, the medium- and long-term outlook for inflation and interest rates looks favorable for REITs. While current interest rates are a headwind, a steady economy, low supply growth, and a few major growth trends more than offset this. In short, the REIT resurgence looks durable. And it is being fueled by generalist portfolio managers (the "smart money") who are quietly building positions in what they view as the most compelling REIT opportunities. Let's take a look at what they are buying. Big Picture: Data Centers, Senior Housing & IPOs Both generalist and specialist portfolio managers are showing the greatest interest in data center REITs. That shouldn't be surprising given the overall focus on artificial intelligence across the stock market. This is by far the ...
"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops. Today's guests: Ozan Tarman, Deutsche Bank, Global Macro Vice Chair; Jasmine El-Gamal, Averos Strategies, Founder and CEO. (Source: Blo...
"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops. Today's guests: Ozan Tarman, Deutsche Bank, Global Macro Vice Chair; Jasmine El-Gamal, Averos Strategies, Founder and CEO. (Source: Bloomberg)
monsitj/iStock via Getty Images I just published an article on Advanced Micro Devices ( AMD ) saying that I sold my position. You can check the full article here . And I would like to ask you, what do you feel when looking at the price chart below (AMD Stock): Seeking Alpha Euphoria? Fear? Regret? Greed? I don't know if you own or have owned AMD, but I think this type of chart creates a feeling in...
monsitj/iStock via Getty Images I just published an article on Advanced Micro Devices ( AMD ) saying that I sold my position. You can check the full article here . And I would like to ask you, what do you feel when looking at the price chart below (AMD Stock): Seeking Alpha Euphoria? Fear? Regret? Greed? I don't know if you own or have owned AMD, but I think this type of chart creates a feeling in all of us, even in the most pragmatic investors. If you own AMD, maybe you regret not buying more (something I felt); if you don't own it, maybe you feel like buying just to join the party, and so on. This type of feeling, surprisingly, does not affect only retail investors; it also affects institutional investors, or the smart money, if you prefer. And that is what I am going to discuss today: how the market seems irrational and how that ends up creating challenges but also opportunities. Some Recent Examples As I mentioned in my AMD article, I don't know whether the stock is at its peak or not. There is no way to predict it. But what I do know is that this rally was driven by a mix of improving fundamentals, prospects becoming clearer, and also a substantial increase in expectations. And it ends up creating a vicious cycle for the stock and for the company. Something like: There is some positive news, a strong quarter, or better fundamentals The market becomes more optimistic and starts making revisions. The stock rises, and because of that, it gains momentum and attracts more investors. Of course, reality is not that black and white. But I think this illustrates well what I think about many stocks at the moment. Many are in excellent momentum, but at the same time, are being pushed to new ATHs constantly driven by FOMO. Going back to the AMD example, I could justify part of this rally with 1. The company will have higher earnings, and 2. The company now has more quality and therefore deserves a higher premium in valuation. Now look at AMD's EPS revisions. Let's go to th...
Tom Werner/DigitalVision via Getty Images Thesis I last covered Hafnia ( HAFN ) in March of 2025, arguably very near the cyclical bottom in a quite volatile sector. At the time, disappointment stemming from the company's variable dividend policy drove the stock to an unreasonably low level . Today, the situation has completely flipped with clean tanker daily rates reaching unprecedented levels. Wh...
Tom Werner/DigitalVision via Getty Images Thesis I last covered Hafnia ( HAFN ) in March of 2025, arguably very near the cyclical bottom in a quite volatile sector. At the time, disappointment stemming from the company's variable dividend policy drove the stock to an unreasonably low level . Today, the situation has completely flipped with clean tanker daily rates reaching unprecedented levels. While the allure of chasing extraordinary dividends is hard to resist, investors usually get left holding the bag when investing pro-cyclically. In the current market, I would implore investors to reap the harvest from the seeds they planted earlier in the shipping cycle. Planting new seeds during harvest season is unlikely to yield new fruit, so I have provided a HOLD rating for HAFN. In this analysis, I examine the fallout of recent market disruptions. By looking at history, we can extrapolate potential future outcomes when the dust settles from the current disruption in the Middle East. The Deck Has Been Completely Reshuffled The recent market disruptions have created a unique situation where market rates for shipping services have spiked. This has occurred at a time when the total supply of crude oil products has significantly retracted. As shown below, the market usually behaves in the opposite fashion. These rates are being sustained at such a high level due to the massive inefficiencies created by the recent disruptions. Ton-mile demand has increased sufficiently to offset the lost volumes as vessels globally reposition, causing rates to reach record highs. Shipping Rates vs Volumes (HAFN Investor Presentation) Currently, the fall in supply has not been matched with a corresponding drop in demand. As a result, inventory drawdowns have also reached multi-year highs. This presents an opportunity for both the clean and dirty products markets to develop long-term momentum. The anticipated multiyear restocking effort should sustain tanker rates at elevated levels. HAFN has ...
Summit Midstream ( SMC ) has authorized the repurchase of up to $35 million of outstanding common shares. Heath Deneke, President, Chief Executive Officer and Chairman, commented, "The authorization of our inaugural share repurchase program reflects the Board's confidence in Summit's financial strength and the significant progress we have made over the past year in simplifying our balance sheet an...
Summit Midstream ( SMC ) has authorized the repurchase of up to $35 million of outstanding common shares. Heath Deneke, President, Chief Executive Officer and Chairman, commented, "The authorization of our inaugural share repurchase program reflects the Board's confidence in Summit's financial strength and the significant progress we have made over the past year in simplifying our balance sheet and strengthening our platform." Press Release More on Summit Midstream Summit Midstream Corporation (SMC) Shareholder/Analyst Call Transcript Summit Midstream Corporation (SMC) Q1 2026 Earnings Call Transcript Summit Midstream: One More Year Of Transition Summit Midstream outlines path toward $245m 2026 adjusted EBITDA midpoint while targeting Double E FID this summer Summit Midstream keeps common dividend suspended, declares Series A preferred payout