Sam Campbell’s meta sitcom might well be the funniest show of the year, and Bob Mould and co return to the live stage as loud and joyous as ever. Here’s the pick of the week’s culture, taken from the Guardian’s best-rated reviews Continue reading...
Sam Campbell’s meta sitcom might well be the funniest show of the year, and Bob Mould and co return to the live stage as loud and joyous as ever. Here’s the pick of the week’s culture, taken from the Guardian’s best-rated reviews Continue reading...
A blue micromoon is a rare spectacle, though it’s not as blue or as micro as you might imagine This weekend the night skies will feature a rare spectacle – a blue micromoon. We take a look at what the phrase means and how to catch a glimpse of the event. Continue reading...
A blue micromoon is a rare spectacle, though it’s not as blue or as micro as you might imagine This weekend the night skies will feature a rare spectacle – a blue micromoon. We take a look at what the phrase means and how to catch a glimpse of the event. Continue reading...
As flights and hotels sell out and prices soar, supporters go to great lengths to see Gunners face Paris Saint-Germain Since Arsenal’s euphoric Premier League win last week, it has been a never-ending party in much of north London (apart from in Tottenham, although they had their own cause for celebration ). And with Arsenal poised to play in the Uefa Champions League final on Saturday, Gooner fev...
As flights and hotels sell out and prices soar, supporters go to great lengths to see Gunners face Paris Saint-Germain Since Arsenal’s euphoric Premier League win last week, it has been a never-ending party in much of north London (apart from in Tottenham, although they had their own cause for celebration ). And with Arsenal poised to play in the Uefa Champions League final on Saturday, Gooner fever is about to spread to the continent. So it was not surprising that in Stansted’s departure lounge, about 30 miles north-east of central London, the team’s iconic red-and-white shirts were an unmissable sight on Friday morning. Most Gunners – or Gooners, as they are colloquially known – were preparing to embark on (mostly indirect) journeys to Budapest, where Arsenal will face Paris Saint-Germain. “We’ll get there by train, plane and automobiles,” said Darren Cornish. The 53-year-old IT manager from Hemel Hampstead was not exaggerating. Arsenal fans the Guardian spoke to plan on trekking to the Hungarian capital via overnight buses and trains from surrounding countries after flights to Budapest spiked following their Premier League victory. Continue reading...
As Donald Trump swung this week between threats of new military action against Iran and predictions that a lasting ceasefire deal was imminent, many Iranians were left exhausted and gripped by uncertainty. Despite the partial lifting of an internet shutdown that began when the war started on 28 February, fears of worsening repression at home have also fuelled pessimism about the future among some ...
As Donald Trump swung this week between threats of new military action against Iran and predictions that a lasting ceasefire deal was imminent, many Iranians were left exhausted and gripped by uncertainty. Despite the partial lifting of an internet shutdown that began when the war started on 28 February, fears of worsening repression at home have also fuelled pessimism about the future among some of those to whom the Guardian spoke. Speaking over the phone from Tehran last weekend, Saeed, who participated in the large protests against the regime earlier this year and, like others, asked to use a pseudonym for security reasons, said he feared what he viewed as the worst possible outcome had now arrived. “I predicted much earlier that if the US were to attack with promises of coming to our rescue and leaving us without a definitive plan, like this current ceasefire, then it would be the worst outcome. The economy is worse than it was on 28 December [when the protests began] and with the number of raids, arrests and executions daily, we have been left with an emboldened regime. We are truly in a fucked up situation,” he said. For Saeed, the aftermath has deepened not only political fears but also divisions within families, exposing generational fault lines over how the crisis is understood. Asked whether his views were widely shared, he described sharp disagreements among friends and relatives. “Some of the elderly members in my family seem to think we [young protesters] are brainwashed and have brought shame to the country,” he said. “They believe everything said on state TV and don’t realise the regime has been executing young people just because they were out protesting. They think they were spies.” The anti-government protests that began in December and spread across the country were met with a deadly crackdown by security forces, according to rights groups. Thousands were reported killed, more than 50,000 arrested, according to the US-based Human Rights Activists ...
If Arsenal win the Champions League final later today, expect euphoria across Africa. Judging by the scenes after last week’s Premier League title win – their first in 22 years – the celebrations will be immense. Boisterous fans flooded city centres in Nairobi, Addis Ababa, Kampala and Lagos. In Nigeria’s Zamfara state, people celebrated in the streets despite rising insecurity as a result of Boko...
If Arsenal win the Champions League final later today, expect euphoria across Africa. Judging by the scenes after last week’s Premier League title win – their first in 22 years – the celebrations will be immense. Boisterous fans flooded city centres in Nairobi, Addis Ababa, Kampala and Lagos. In Nigeria’s Zamfara state, people celebrated in the streets despite rising insecurity as a result of Boko Haram’s terrorism. For outsiders, the obvious question is: how did a club from north London become so deeply woven into African popular culture? The most dramatic scenes may come in Kenya, where last week tens of thousands of people – some estimates put the number as high as a million – poured on to streets and highways in a sea of red Arsenal shirts, a sight never witnessed before. Fans climbed lamp-posts, waved flags, sang club songs (including versions composed in local languages) and brought traffic to a standstill. In one widely shared clip, a supporter described the title as a victory that had “overcome the hatred of the entire world”. Jubilant fans also made celebratory pilgrimage to the grave of the late Kenyan opposition leader, prime minister and keen Arsenal supporter Raila Odinga. But Kenya was hardly unique. YouTube and TikTok are filled with videos of fans across Ethiopia turning the capital, Addis Ababa, into a site of car parades, chanting crowds and young men weaving in and out of traffic celebration. In another, a grandmother in an Arsenal shirt is celebrating alongside her grandsons. Manchester United fans – of which there are very man in the country – could only watch. In Uganda, thousands gathered in Nsambya, an Arsenal stronghold in Kampala, for an all-night concert called “vimbisa Arsenal” after watching the match on giant screens. One fan livestreamed the event for supporters unable to attend. Elsewhere, worshippers heading to church or mosque wore Arsenal-themed tunics while thanking God for the victory. And no one in Africa was surprised by the sp...
As a boy in the apartheid era I saw footage of the Gunners beaten in the 1969 League Cup final – on Saturday I will attend the Champions League showpiece with my son I fell for Arsenal in the white‑and-black world of apartheid, where television was banned as a tool of communist propaganda and the club of my dreams was 6,000 miles away and mostly invisible to me. So it feels fitting that a surreal ...
As a boy in the apartheid era I saw footage of the Gunners beaten in the 1969 League Cup final – on Saturday I will attend the Champions League showpiece with my son I fell for Arsenal in the white‑and-black world of apartheid, where television was banned as a tool of communist propaganda and the club of my dreams was 6,000 miles away and mostly invisible to me. So it feels fitting that a surreal love story that began for a small boy in South Africa in 1969 will reach a new peak on Saturday night in eastern Europe. This 65-year-old Arsenal fan and his 25-year-old son, who is just as besotted by the Gunners, will be at the Champions League final in Budapest as we face the dazzling powerhouse of Paris Saint-Germain. It’s the final game of Arsenal’s tumultuous grind of a season and we are as exhausted as we are still euphoric . We will remember that my last game of this campaign could have been Swindon’s 2-1 home defeat by Chesterfield in League Two. I have had my share of pain with Arsenal; but it would have been a far deeper burden to have spent 57 years supporting Swindon. Continue reading...
On this edition of Next Africa, we bring you Bloomberg's 2026 African startups to watch list. From Egypt to Mauritius, these companies are racing to solve some of the continent's toughest challenges. Plus, we hear from Moniepoint co-founder and CTO, Felix Ike, on building one of Africa's leading fintech platforms. We also speak with venture capital investors on opportunities and challenges of inve...
On this edition of Next Africa, we bring you Bloomberg's 2026 African startups to watch list. From Egypt to Mauritius, these companies are racing to solve some of the continent's toughest challenges. Plus, we hear from Moniepoint co-founder and CTO, Felix Ike, on building one of Africa's leading fintech platforms. We also speak with venture capital investors on opportunities and challenges of investing in the continent. (Source: Bloomberg)
For a finance minister tasked with eliminating billions of euros of spending and stabilizing Austria’s budget, Markus Marterbauer has so far managed to avoid becoming the scapegoat for his country’s economic woes. The mild-mannered former labor union economist consistently tops polls as the most popular minister in the three-way coalition government of Chancellor Christian Stocker — a centrist pat...
For a finance minister tasked with eliminating billions of euros of spending and stabilizing Austria’s budget, Markus Marterbauer has so far managed to avoid becoming the scapegoat for his country’s economic woes. The mild-mannered former labor union economist consistently tops polls as the most popular minister in the three-way coalition government of Chancellor Christian Stocker — a centrist patch-up of conservatives, social democrats and liberals that’s defied skeptics with its stability since it was formed more than a year ago with the stated aim of keeping the far right out of power. But bickering around plans to halve Austria’s sales tax on staple foods like milk and eggs — and to fund the move with revenue from a tax on parcels — has put Marterbauer in the cross-hairs of international heavyweights such as Amazon.com Inc. , eBay Inc. and Zalando SE . The public spat highlights the kinds of undercurrents accompanying a government that relies on lengthy closed-door negotiations and compromise to stay afloat. It’s a policy initiative of the social democrats that seems set to be implemented, while others, such as an inheritance tax, are unlikely to materialize. “Marterbauer has extremist views on policy, but has proved to be very pragmatic in office and has done a good job as a manager,” said Thomas Hofer, a political analyst and consultant in Vienna. His popularity shows appreciation among Austrians for those that know what they’re doing, speak plainly, and don’t beat around the bush, Hofer said. The €2-per-parcel levy is part of a stimulus package agreed to by coalition members in January that will also be part of a two-year budget to be presented by Marterbauer on June 10. The tax would apply to companies with domestic mail-order revenue of more than €100 million ($116 million). That would mostly mean international retailers in Austria’s e-commerce market, which amounted to about €58 billion in 2023, according to a report from the EcoAustria research institute....
It's hard to score a deal if you're sticking with artificial intelligence (AI) stocks. Nvidia (NVDA 1.00%), for example, has a massive $5.2 trillion market cap, yet trades at an astounding 33 times earnings. A decade ago, it was difficult to even imagine a company growing this big, let alone trading at a premium valuation. But what if I told you one of my favorite artificial intelligence stocks st...
It's hard to score a deal if you're sticking with artificial intelligence (AI) stocks. Nvidia (NVDA 1.00%), for example, has a massive $5.2 trillion market cap, yet trades at an astounding 33 times earnings. A decade ago, it was difficult to even imagine a company growing this big, let alone trading at a premium valuation. But what if I told you one of my favorite artificial intelligence stocks still has a market cap under $20 billion with several major growth catalysts on the way, both in the short and long terms? To secure a bargain hunting for AI stocks, you'll have to think outside the box. If you do, you'll likely see the allure of this promising company. Don't believe what you hear about this AI stock Most investors believe that Rivian Automotive (RIVN +7.11%) is an electric vehicle (EV) stock. And in many ways that's true. Rivian does manufacture EVs. But that should be considered its legacy business. Moving forward, Rivian is very much an AI stock. Expand NASDAQ : RIVN Rivian Automotive Today's Change ( 7.11 %) $ 1.08 Current Price $ 16.28 Key Data Points Market Cap $21B Day's Range $ 15.11 - $ 16.60 52wk Range $ 11.57 - $ 22.69 Volume 1.7M Avg Vol 28.5M Gross Margin -441.39 % What makes Rivian an AI stock and not an EV stock? There is one important factor to understand. Take a look at Tesla (TSLA 1.40%). Tesla is trading near a record-high valuation of $1.3 trillion despite declining sales in its core auto business. Electric vehicle sales are struggling mightily across the industry, all while competition in the EV space is heating up. Why, then, is Tesla trading near record highs? Because the market no longer sees it as a legacy automotive manufacturing business. Instead, Tesla is now viewed as a bona fide AI stock. The company is injecting AI more aggressively into its design and manufacturing processes, as well as its in-vehicle experiences, particularly when it comes to self-driving features. According to the World Economic Forum, AI is quickly becoming ...
FEATURE You would think Tesla would give SpaceX a volume discount. That isn’t the case, though. It turns out, one of the biggest fans of Tesla’s Cybertruck is SpaceX. Elon Musk’s rocket company has spent $131 million on the avant-garde truck.
FEATURE You would think Tesla would give SpaceX a volume discount. That isn’t the case, though. It turns out, one of the biggest fans of Tesla’s Cybertruck is SpaceX. Elon Musk’s rocket company has spent $131 million on the avant-garde truck.
AlexSecret/iStock via Getty Images Consumer confidence is low, and surveys find that the majority of the US population thinks the economy is getting worse. According to Rasmussen, only 43% approve of the job Trump's doing. Gas prices are high - the other day I paid almost $7/gal - and there are widespread reports of consumers cutting back on non-essential goods and services. Reported inflation has...
AlexSecret/iStock via Getty Images Consumer confidence is low, and surveys find that the majority of the US population thinks the economy is getting worse. According to Rasmussen, only 43% approve of the job Trump's doing. Gas prices are high - the other day I paid almost $7/gal - and there are widespread reports of consumers cutting back on non-essential goods and services. Reported inflation has jumped, and the market fully expects the Fed's next move will be to raise rates. Despite this grim backdrop, the stock market is making new highs almost daily (the S&P 500 is up 28% in the past year!), and corporate profits are simply fabulous. I can't remember another time with such a disconnect. It's time to review some important macro indicators: Chart #1 Chart #1 shows that the M2 money supply continues to grow at a moderate pace - up just 5.1% in the past year and, in the past two years, up a mere 4.3% annualized. Headline inflation has jumped, however, thanks to the complications of the Iran war, which have sharply reduced the global supply of oil. If the Fed under new chair Kevin Warsh stands firm, higher prices for energy will not trigger a broad-based rise in prices. Meanwhile, the market has effectively tightened monetary policy by pushing 5-yr real interest rates up by 50 bps since the end of February and by pricing in the near-certainty of a one quarter point tightening over the course of the next 12 months. From 1995 through 2019, the M2 measure of the money supply grew at a compound annual rate of 6%, a period characterized by relatively low and stable inflation. The money supply then exploded by some $6 trillion from 2020 through early 2022 as the federal government sent out Covid "stimulus" checks that - at first - sat idle in bank checking and savings accounts. As consumers and businesses regained confidence and the economy emerged from the Covid shock in early 2021, that extra M2 eventually became monetized, and that in turn provided the fuel for a sharp ...
Key Points IonQ currently looks stronger on revenue, demonstrating a consistently larger and more stable financial baseline than Quantum Computing Inc. Over the last eight quarters, IonQ generated consistent quarter-over-quarter revenue growth, while Quantum Computing showed extreme volatility with minimal figures before a sudden late surge. Investors should carefully watch whether the massive rev...
Key Points IonQ currently looks stronger on revenue, demonstrating a consistently larger and more stable financial baseline than Quantum Computing Inc. Over the last eight quarters, IonQ generated consistent quarter-over-quarter revenue growth, while Quantum Computing showed extreme volatility with minimal figures before a sudden late surge. Investors should carefully watch whether the massive revenue gap between the two companies continues to widen or starts to narrow in upcoming quarters. 10 stocks we like better than IonQ › Quantum Computing Inc.: A Sudden Jump in Revenue Quantum Computing Inc. (NASDAQ:QUBT) primarily generates revenue by providing specialized software tools and application accelerators for quantum computers, focusing heavily on serving large commercial and government entities through its quantum optics and integrated photonics technology. While it completed the acquisition of NuCrypt and introduced its new deployment-ready computing architecture, it reported a net income margin of negative 110% for the quarter ended March 31, 2026. IonQ: Steadily Climbing Revenue IonQ (NYSE:IONQ) primarily develops general-purpose quantum computing systems and generates revenue by selling computational access through major cloud platforms and proprietary networks using ion-based technology. It commercially launched new Earth monitoring capabilities and secured an advanced defense research contract, and it reported a gross margin of about 24% for the quarter ended March 31, 2026. Why Revenue Matters for Retail Investors Revenue represents the total amount of money a business brings in from its core operations before any expenses are subtracted, serving as a fundamental baseline measure of overall consumer demand and business growth. Image source: The Motley Fool. Quarterly Revenue for Quantum Computing and IonQ Quarter (Period End) Quantum Computing Revenue IonQ Revenue Q2 2024 (June 2024) $183.0K $11.4 million Q3 2024 (Sept. 2024) $101.0K $12.4 million Q4 2024 (...
The Trump administration’s immigration surge into US cities last year resulted in 668,000 job losses, creating a “chilling effect” that pervaded local economies, hurt businesses and affected American-born workers, according to a report from the Brookings Institution. The Immigration and Customs Enforcement campaign adopted “shock and awe” tactics that were broader and far more visible than previou...
The Trump administration’s immigration surge into US cities last year resulted in 668,000 job losses, creating a “chilling effect” that pervaded local economies, hurt businesses and affected American-born workers, according to a report from the Brookings Institution. The Immigration and Customs Enforcement campaign adopted “shock and awe” tactics that were broader and far more visible than previous enforcement efforts, including one started under former president George W. Bush in 2008 and continued under former president Barack Obama, said the authors of the study, released on Friday. In the 86 cities that saw the sharpest rise in ICE arrests, they found roughly 13 lost jobs associated with each excess arrest. Industries that traditionally employ a large share of undocumented migrants, like construction, saw the biggest impact. Advertisement But employment in sectors like arts and entertainment, where few immigrants work, also fell sharply. The authors said that is because businesses cut staff as people stop going out when ICE raids dominate the news. “Enforcement at this scale and speed – visible, shocking, designed to produce fear beyond the directly targeted population – destroys jobs, disrupts businesses that Americans own and run, and depresses the local economies in which Americans live and work,” Marcela Escobari, Ian Seyal and Paul Beach wrote in the report. Advertisement The White House did not immediately return a request for comment on the report.
Getty Images Applied Optoelectronics, or AOI ( AAOI ), showed strong Q1-2026 financial results earlier this month. The company reported record revenue for the fourth consecutive quarter. High demand from data centers and CATV businesses is driving growth. The company continues to increase its manufacturing capacity and expects continued revenue growth for the rest of the year. The stock price is u...
Getty Images Applied Optoelectronics, or AOI ( AAOI ), showed strong Q1-2026 financial results earlier this month. The company reported record revenue for the fourth consecutive quarter. High demand from data centers and CATV businesses is driving growth. The company continues to increase its manufacturing capacity and expects continued revenue growth for the rest of the year. The stock price is up 848% over the last year. It has gained 57% since I covered the company last February on Seeking Alpha . AAOI is part of a larger ongoing sector rally around data center build-outs and AI infrastructure. The company says that it cannot keep up with the demand for its products. AOI believes that its FY2026 revenue may be more than $1.1 billion. Although the company’s stock price is far overvalued, it seems that the company’s revenue will sooner or later equate to the current valuation. I continue my rating of a Buy for the company. Q1-2026 Results The company reported a record $151.1 million in Q1 revenue, representing a 51% increase YoY and 13% QoQ. Gross profit was $43.9 million, representing a 44% increase YoY and a 5% increase QoQ. Profit margin was 29.06% versus 30.59% YoY and 31.24% QoQ. Revenue from data center products was $81.4 million, a 154% increase YoY and a 9% increase QoQ. Revenue from its CATV products was $66.8 million, a 4% increase YoY and a 24% increase QoQ. Revenue from its telecom products was $2.6 million, a decrease of 13% YoY and a decrease of 50% QoQ. 54% of the revenue came from data center products, and 44% came from cable TV products. The company reported a net loss of $14.3 million compared to a net loss of $9.2 million YoY and a net loss of $2 million QoQ. Cash and ST investments at the end of the quarter were $449.4 million, an increase of 760% YoY. Total current debt is $77 million. The company expects $198 million in Q2-2026 revenue. AOI will report in August. Current Synergies The company had strong 800G transceiver sales for Q1 and expect...
atakan/iStock via Getty Images Originally published on May 13, 2026 Foreword By Rick Rieder, Tom Parker & Pat Haskell When the drivers change, positioning matters A different kind of shock Fixed income dynamics are shifting as the drivers shaping outcomes change. Geopolitical tensions in the Middle East have contributed to an energy-driven supply shock, lifting inflation in the near term while wei...
atakan/iStock via Getty Images Originally published on May 13, 2026 Foreword By Rick Rieder, Tom Parker & Pat Haskell When the drivers change, positioning matters A different kind of shock Fixed income dynamics are shifting as the drivers shaping outcomes change. Geopolitical tensions in the Middle East have contributed to an energy-driven supply shock, lifting inflation in the near term while weighing on growth expectations. An energy-driven supply shock changes how fixed income behaves. When inflation pressure comes from the supply side rather than demand, yields can remain elevated even as growth slows, correlations between rates and spreads can flip and dispersion across sectors and ratings becomes more pronounced. In this context, where capital is allocated matters as much as how much is allocated. At the same time, artificial intelligence (AI) is accelerating a capital expenditure cycle that is reshaping corporate balance sheets, labor markets and the trajectory of productivity growth. The effects are already visible in credit markets, where AI-exposed sectors are dominating the narrative, generating different cash flow profiles and repricing more rapidly than the broader market, in both directions. Wider dispersion, more deliberate positioning Together, these forces are creating a fundamentally different opportunity set. Carry is playing a more central role, supported by higher starting yields that can absorb meaningful rate volatility. Outcomes across portfolios are diverging more noticeably, and this backdrop demands creativity, drawing on the full toolkit of global fixed income markets rather than relying solely on traditional core bonds. This is an environment where active fixed income can play a more meaningful role in portfolios. In this quarter's Fixed Income Outlook, our teams across global markets explore these themes in greater detail, highlighting the opportunities and risks we see across regions and sectors. Global fixed income: Getting paid while...
China’s MiniMax Group Inc. has begun preparations for a domestic initial public offering, according to a regulatory filing , as the fast‑growing artificial intelligence startup challenges local rivals including DeepSeek. The filing comes after the Shanghai-based company listed in Hong Kong in January, joining a wave of Chinese AI firms turning to public markets to fund costly model development and...
China’s MiniMax Group Inc. has begun preparations for a domestic initial public offering, according to a regulatory filing , as the fast‑growing artificial intelligence startup challenges local rivals including DeepSeek. The filing comes after the Shanghai-based company listed in Hong Kong in January, joining a wave of Chinese AI firms turning to public markets to fund costly model development and expansion. MiniMax is part of a group of Chinese AI firms, including developers such as DeepSeek , racing to build and commercialize large language models. The company has said it plans to keep investing in development, commercialization and cloud infrastructure, underscoring the capital‑intensive nature of the sector. It has also warned of risks including sustained losses and intensifying competition in the global AI race. MiniMax develops large “foundation models” capable of generating text, images, audio and video, powering consumer applications and corporate services worldwide, according to the filing. It has expanded rapidly since its founding in 2021, building a global user base and generating a significant share of its revenue overseas, though it remains unprofitable due to spending on research and computing infrastructure. The company now has more than 1 million users of its AI-based enterprise services, up fivefold from six months ago, President Yun Yeyi said in an interview with Bloomberg Television this week. MiniMax’s annual recurring revenue — a gauge of forward-looking sales — more than doubled over the past two months to at least $300 million, exceeding its own projection thanks to an influx of users tapping into its M2.7 model released in mid-March, according to Yun. READ: Devoted Gamer’s Fortune Soars to $3.5 Billion on MiniMax IPO
Editor's note: Seeking Alpha is proud to welcome Roberto Anzellotti as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » enviromantic/E+ via Getty Images Within the gold sector, DRDGOLD Limited ( DRD ) is a pleasant...
Editor's note: Seeking Alpha is proud to welcome Roberto Anzellotti as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » enviromantic/E+ via Getty Images Within the gold sector, DRDGOLD Limited ( DRD ) is a pleasantly atypical company. Given the prices of companies in the sector whose valuations have already incorporated all of gold's upside, DRDGOLD's upside potential of ~36% in the base case for a debt-free company makes the South African company an interesting Buy . DRDGOLD was founded in 1895 as a traditional gold mining company, operating through traditional mining until the early 2000s. With the acquisition of Crown Mines in 1998 and the subsequent acquisition of the Ergo plant in 2007, the company transitioned from a traditional mining company to a tailings treatment company. In this business model, modern technologies enable tailings to be treated by recovering every last trace of gold from mining waste. This recovery activity and subsequent environmental remediation are the company's core business. The company's operations are currently focused on two sites: Ergo and FWGR. Operational Model (DRDGOLD presentation at Mining Forum Europe - 13/15 April '26) Sibanye Stillwater ( SBSW ) holds a 50.1% stake in DRDGOLD. The potential synergies are very attractive: when its conventional sites are depleted, they are transferred to DRD for remediation, creating group synergies and reducing the group's environmental impact, as already happened with the Kloof 2 dump . Even possible future expansions, based on the recovery of mining sites for other types of precious metals, present synergies that could materialize in the near future, thereby helping to mitigate the geographical and revenue concentration issues mentioned earlier. Peer Analysis For a quick competitor analysis, I chose the fo...
It’s nasty out there. It might not feel like it given how nice your portfolio looks, and how unfazed by geopolitical crises, bond carnage, index concentration, wild valuations and looming mega IPOs the market seems. But it is. This calm can’t possibly last. Put most of the list above out of your mind and just look at the upcoming listings of OpenAI and SpaceX. These alone will push market concentr...
It’s nasty out there. It might not feel like it given how nice your portfolio looks, and how unfazed by geopolitical crises, bond carnage, index concentration, wild valuations and looming mega IPOs the market seems. But it is. This calm can’t possibly last. Put most of the list above out of your mind and just look at the upcoming listings of OpenAI and SpaceX. These alone will push market concentration (of the big tech firms this time around) beyond the bubbles of “the Roaring 20s, the Nifty 50 ’70s, Japan ’80s and TMT [technology, media and telecom] ’90s,” says Bank of America’s Michael Hartnett. The only giant bubble it wouldn’t beat is the 1880s railway bubble. Big technology makes up 48% of the market today. Railways made up 63% then. “So bubbly,” says Hartnett, and he’s right. We all know that really. Unless you sincerely think this will be the biggest bubble of all time, the end is in sight. It’s just a matter of timing. That doesn’t mean you should panic (never panic!). But it does mean you might want to dodge some of the danger by going right back to the basic building blocks of our economies: where the value often is in bubble times. We regularly discuss this here and on the Merryn Talks Money podcast. Why would you pay more for the ethereal (say a hyperscaler) than you would for the material, the firm that makes the latter possible (a miner or a turbine maker, for example)? Maybe portfolios should be more focussed on the bottom of the pyramid of need. Less on expensive tech stocks, entertainment and the like, more on the basic resources and infrastructure that make the latter possible. That’s an idea that is gaining plenty of traction (check out the Siemens Energy share price ). But as you smartly seek shelter from the coming storm, there’s an even smarter way to tap basic needs, one that always make sense. It’s something we don’t talk about enough. The most basic of resources, the one that makes everything else in the material world possible: water. You w...
Fokusiert/iStock via Getty Images If you have followed Vistry Group PLC ( BVHMF ) for the past few years, you would have noticed how the story shifted from it being the next NVR , with a transition to a partnership model under a great CEO, to a problematic business with liquidity and profitability issues and the CEO leaving the company. You would have noticed how the optimism and enthusiasm around...
Fokusiert/iStock via Getty Images If you have followed Vistry Group PLC ( BVHMF ) for the past few years, you would have noticed how the story shifted from it being the next NVR , with a transition to a partnership model under a great CEO, to a problematic business with liquidity and profitability issues and the CEO leaving the company. You would have noticed how the optimism and enthusiasm around this company switched to pessimism, with around an 80% drawdown in the stock price from its post-COVID high in 2024. Therefore, I figured it is a good time to review what happened in the past few years to find out whether this was a frog in a boiling pot or the next NVR with a few years of temporary issues that delayed its transition to the new business model. The short answer is it is definitely not the next NVR due to inherent differences between the two. However, this doesn't mean it cannot be a good investment at its current valuation. Background The story of Vistry's transition to an asset-light partnership model with lower gross margin but higher return on capital employed (ROCE) has been told many times in the past 3 years and attracted a lot of attention that I assume you have probably heard it by now. Therefore, I am not going to repeat all the details here. You can read this article and watch this interview if you haven’t heard the thesis. In summary, traditional UK homebuilders typically buy and build up an inventory of land and go through a slow and overcomplicated process of getting planning permission. Unlike the rules-based zoning system in the US, there is a discretionary case-by-case permitting system in the UK. Basically, builders need to ask the Local Planning Authority (LPA) for permission to do any development on any land. As part of the process, they have to go through public consultation and also Section 106 negotiation. Under Section 106, builders are obligated to contribute a portion of the total development to affordable housing or make a payment ...