From his multi-million pound beer brand to souvenir emporium flogging cufflinks, there’s such a cult of personality around the bumbling berk now that he’s basically morphing into Kim, Khloé et al. Stick to the farming, Jeremy! By now, five series in, the fatal flaw at the heart of Clarkson’s Farm has become unignorable. Ultimately, this is meant to be a show about failure; about an oafish man who ...
From his multi-million pound beer brand to souvenir emporium flogging cufflinks, there’s such a cult of personality around the bumbling berk now that he’s basically morphing into Kim, Khloé et al. Stick to the farming, Jeremy! By now, five series in, the fatal flaw at the heart of Clarkson’s Farm has become unignorable. Ultimately, this is meant to be a show about failure; about an oafish man who wades in to an industry he knows little about and mucks everything up. Except, well, it isn’t that any more, is it? Because in real life, Clarkson’s Farm has become so successful that Clarkson has now essentially colonised the entire Cotswolds in his image. His Farmer’s Dog pub is now such an attraction that it recently had to turn a nearby field into a 360-space car park – the same as a large supermarket – to cope with demand. His Diddly Squat farm shop is a souvenir emporium, catering to anyone who wants to buy branded hats and cufflinks , or to own a jar of honey with Clarkson’s face on it. And this isn’t even mentioning his Hawkstone beer brand, which reported sales of £21.3m in the year to March 2025 and has a stated goal of putting Peroni “out of business”. Clarkson’s Farm is on Prime Video Continue reading...
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zimmytws/iStock via Getty Images Written by Nick Ackerman, co-produced by Stanford Chemist The Nuveen AMT-Free Municipal Credit Income Fund ( NVG ) had been a fund that traded at a sizeable discount. However, with a sizeable distribution increase, we've been seeing that the discount narrows materially, as we highlighted previously . In fact, the fund has now begun to trade at a premium most recent...
zimmytws/iStock via Getty Images Written by Nick Ackerman, co-produced by Stanford Chemist The Nuveen AMT-Free Municipal Credit Income Fund ( NVG ) had been a fund that traded at a sizeable discount. However, with a sizeable distribution increase, we've been seeing that the discount narrows materially, as we highlighted previously . In fact, the fund has now begun to trade at a premium most recently. Going from a discount to a premium since our late 2024 update helped to drive a good portion of the total returns seen during this period. NVG Performance Since Prior Update (Seeking Alpha) Of course, that doesn't mean that the fund is earning its payout, and a muni fund paying over 7% is a pretty sure sign alone that it isn't. This is then confirmed by a lack of coverage through income alone, which is something to be aware of before diving into the fund. It changes the tax nature that one may expect with a muni fund and becomes more of a bet on interest rates falling. NVG Basics 1-Year Z-score: 0.94 Discount/Premium: 0.16% Distribution Yield: 7.48% Expense Ratio: 1.09% Leverage: 41.71% Managed Assets: $4.66 billion Structure: Perpetual NVG's investment objective is "to provide current income exempt from regular federal income tax and to enhance portfolio value relative to the municipal bond market." They will do this by "investing in tax-exempt municipal bonds that the Fund's investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued. In addition, they leave the fund open to invest a bit more in lower-rate credit quality muni securities: The Fund invests in municipal securities that are exempt from federal income taxes. The Fund uses leverage. By investment policy, the Fund may invest up to 55% of its managed assets in municipal securities rated at the time of investment Baa/BBB and below or judged by the manager to be of comparable quality. This fund is a fairly standard leveraged muni-focused CEF, which c...
Getty Images I Still Like Celestica (Even At Its All-Time Highs) Celestica Inc. ( CLS ) has been transforming from a low-margin electronics assembly business into a connectivity and cloud solutions giant that has enjoyed the hyperscalers' CAPEX for the past few years, and as a result, the quotes have gone up from $8-10/share in 2021 to over $426/share now. Unfortunately, CLS caught my eye only whe...
Getty Images I Still Like Celestica (Even At Its All-Time Highs) Celestica Inc. ( CLS ) has been transforming from a low-margin electronics assembly business into a connectivity and cloud solutions giant that has enjoyed the hyperscalers' CAPEX for the past few years, and as a result, the quotes have gone up from $8-10/share in 2021 to over $426/share now. Unfortunately, CLS caught my eye only when it was at less than $44/share ( in March 2024 ). My most recent bullish article on it came out in March 2026, when CLS was trading at ~$280/share. Seeking Alpha, Oakoff's latest take on CLS Right now, when the S&P 500 ( SPY ) is breaking new highs, and the tech sector's valuation keeps recovering from oversold levels seen in April 2026 , Celestica looks quite expensive versus its historical norms. I totally agree with skeptics on this finding. However, I do not agree that Celestica's valuation should come back to its past five-year median P/E or EV/EBITDA levels because its business has structurally changed, and its operating leverage has allowed Celestica to drive up earnings massively. What comes over the next 2-3 years should allow CLS to trade at relatively high valuation levels, and there might be continued repricing as Celestica's EPS consensus gets beaten by stronger-than-expected reports or revised up by analysts who assess the surrounding catalysts and market opportunities. This is my updated thesis on the stock in a nutshell, and I'm reiterating my previous Buy rating on it today. My Updated Reasoning On CLS Stock Yet again, in the most recent quarter at CLS, we saw a massive surge in the CCS segment sales (+76% YoY), which helped the firm secure $4.05 billion in consolidated revenues (+53% YoY). The market seems to have expected a gradual recovery in terms of the non-CCS business, which is lagging, so there was a top-line miss of ~2 bps (less than $1 million). It looks like a rounding error to me, so I'm not worrying about it much. What still looks awesome is t...