Elon Musk is making a habit of collecting 12-figure compensation packages. The latest come from SpaceX , which revealed in its S-1 filing Wednesday that Musk, the firm’s founder and chief executive officer, could receive more than 1.3 billion shares if the rocket, AI and social media company hits certain market capitalization and operational milestones. Structured as two awards, they’re worth abou...
Elon Musk is making a habit of collecting 12-figure compensation packages. The latest come from SpaceX , which revealed in its S-1 filing Wednesday that Musk, the firm’s founder and chief executive officer, could receive more than 1.3 billion shares if the rocket, AI and social media company hits certain market capitalization and operational milestones. Structured as two awards, they’re worth about $760 billion combined at the top of their respective market value targets, according to calculations by the Bloomberg Billionaires Index . To be sure, to get the maximum payout Musk will need to achieve milestones that only sound realistic in the realm of science fiction, including establishing a permanent human colony on Mars with at least 1 million inhabitants. Along with a similarly structured pay deal at Tesla Inc. , where Musk is also CEO, the 54-year-old now has about $1.8 trillion of equity awards on the line if his companies meet the targets. Taken individually, each would be the most expensive compensation plan ever granted if vesting conditions are achieved. The awards “are obviously unprecedented and it’s kind of hard to wrap your brain around it,” said Jason Schloetzer , associate professor of accounting at Georgetown University’s McDonough School of Business . Musk and SpaceX didn’t reply to requests for comment. Colonize Mars The larger SpaceX package was granted by the board in January and includes as many as 1 billion performance-based restricted Class B shares split into 15 equal tranches. For Musk to get the full amount Space Exploration Technologies Corp. , as the company is formally known, must achieve a market value of $7.5 trillion. Additionally, none of the awards vest until SpaceX establishes a colony on Mars. If the maximum market capitalization is reached under that arrangement, the award would be worth roughly $600 billion, according to Bloomberg calculations. The smaller compensation package is a restructured version of a deal Musk had at xAI ,...
Klaus Vedfelt/DigitalVision via Getty Images The Eldridge BBB-B CLO ETF ( CLOZ ) is one of the highest-yielding, best performing CLO ETFs in the market, with a 7.0% SEC yield, significant bond market outperformance since inception. In my opinion, with interest rates set to stabilize at a relatively high level, variable rate investments are set to outperform in the medium-term, including CLOZ . Thi...
Klaus Vedfelt/DigitalVision via Getty Images The Eldridge BBB-B CLO ETF ( CLOZ ) is one of the highest-yielding, best performing CLO ETFs in the market, with a 7.0% SEC yield, significant bond market outperformance since inception. In my opinion, with interest rates set to stabilize at a relatively high level, variable rate investments are set to outperform in the medium-term, including CLOZ . This makes the fund a strong investment opportunity, and a buy. (We also last wrote about it here .) CLOs and CLOZ - Quick Overview A quick look at CLOs as an asset class before looking at the fund itself. Senior secured loans are floating-rate loans from banks to medium-sized, riskier companies. These loans are senior to other debt and secured by company assets. Senior loans are sometimes bundled together in CLOs. Each CLO, or portfolio of senior loans, is divided into tranches. Income from the senior loans is used to make payments to all tranches. Senior tranches get paid first; junior tranches get paid last. CLO tranches are generally variable rate instruments, whose coupon rates fluctuate with Fed rates. Investors can buy into these tranches and receive income for doing so, with the income ultimately coming from the underlying senior loans. Here is a quick graph of how these are structured. Stanford Chemist SA Article CLOZ focuses on BBB-rated CLOs, with smaller investments in those rated BB. As an aside, long-time readers or investors in CLOZ might have noticed that allocations here have shifted through time, with the fund continuously upping its BBB investments, selling off their BB. As credit spreads have narrowed, I think this is the right choice for CLOZ. CLOZ CLOZ - Benefits and Advantages to Peers Above-Average 7.0% Forward Yield CLOZ's most important benefit is its above-average SEC yield, a standardized measure of monthly income, which currently stands at 7.0%. Dividend yields are a tad higher at 7.4%, but SEC yields are more up-to-date figures, and seem more rele...
Key Points Rigetting Computing is soaring because of a new funding round from the United States government. The company is barely generating any revenue and losing substantial money every quarter. At a market cap of $ 9.9 billion, the stock looks overvalued today. 10 stocks we like better than Rigetti Computing › Shares of Rigetting Computing (NASDAQ: RGTI) shot up 47% this week, according to data...
Key Points Rigetting Computing is soaring because of a new funding round from the United States government. The company is barely generating any revenue and losing substantial money every quarter. At a market cap of $ 9.9 billion, the stock looks overvalued today. 10 stocks we like better than Rigetti Computing › Shares of Rigetting Computing (NASDAQ: RGTI) shot up 47% this week, according to data from S&P Global Market Intelligence. The quantum computing start-up is soaring after the United States government announced a $2 billion investment fund into quantum research, of which Rigetti is recieving $100 million. The stock remains down 53% from all-time highs. Here's why Rigetti Computing rebounded this week, and whether the stock is a buy today. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » State capitalism in quantum On May 21st, the United States Department of Commerce announced a series of investments in companies involved in quantum computing. Rigetti Computing will receive $100 million in funding over the next three years to support its superconducting quantum computing research, with the government now owning an equity stake in the business. Quantum computing promises to revolutionize computing power if it can be commercialized. However, these businesses have struggled to move from a science project to a viable business, with Rigetti reporting revenue of just $4.4 million last quarter and large operating losses. Time to get in on the Rigetti Computing party? This new round of funding will give Rigetti Computing significant cash on its balance sheet, which it can use to fund research for many years. Investors should not believe this guarantees the stock will do well over the long-term, though. Rigetti has a market cap of $8.75 billion with close to zero in revenue. It is burning cash every...
cyano66/iStock via Getty Images Overview The debt markets continue to face pressure because of the high interest rate environment. As a result, plenty of credit-focused income funds have fallen in value and PIMCO Access Income Fund ( PAXS ) is no exception. When I previously covered PAXS, I issued a hold rating because of the fund's ability to support its distributions and the elevated valuation a...
cyano66/iStock via Getty Images Overview The debt markets continue to face pressure because of the high interest rate environment. As a result, plenty of credit-focused income funds have fallen in value and PIMCO Access Income Fund ( PAXS ) is no exception. When I previously covered PAXS, I issued a hold rating because of the fund's ability to support its distributions and the elevated valuation at the time. Since then, the share price has declined and the fund has released some updated reporting. Therefore, I wanted to reassess the fund's overall appeal and performance expectations through the remainder of the year. When I previously covered PAXS, the fund traded at a premium to NAV of 3.49%. Following the double-digit pullback in share price since then, PAXS now trades at a discount to NAV of 2.89%. Referring to the red line on the graph below, we can see that PAXS currently trades at a level that is somewhere in the middle of its historical price to NAV range. For instance, PAXS has traded at an average discount to NAV of 0.68% over the last five year period. CEF Data PAXS now offers investors a starting dividend yield of 12.7%, while issuing those payouts on a monthly basis. After reviewing the latest reporting, it is clear that the dividend coverage has slightly improved but there are some tradeoffs that investors should consider. The fund is best when utilized strictly as an income position. I believe that upside growth will be fairly limited, especially in an environment where interest rates stay elevated. If the debt markets were to face additional pressure, I don't think PAXS is likely to preserve capital through further headwinds. Fund Strategy According to the latest fund overview , PAXS now has total managed assets of $1.1B that are spread across a diverse range of income-producing securities. Management takes a top-down approach with its portfolio, which means that it takes macroeconomic influences into account. However, I am a bit cautious on managemen...
Key Points Wishbone Management sold its entire stake of 2,800,000 shares in Lightspeed Commerce last quarter; the estimated transaction value was $27.96 million based on quarterly average prices. Meanwhile, the quarter-end position value decreased by $33.82 million. The transaction represented roughly 21% of Wishbone Management's 13F reportable AUM for the quarter. 10 stocks we like better than Li...
Key Points Wishbone Management sold its entire stake of 2,800,000 shares in Lightspeed Commerce last quarter; the estimated transaction value was $27.96 million based on quarterly average prices. Meanwhile, the quarter-end position value decreased by $33.82 million. The transaction represented roughly 21% of Wishbone Management's 13F reportable AUM for the quarter. 10 stocks we like better than Lightspeed Commerce › Wishbone Management reported a full exit from Lightspeed Commerce (NYSE:LSPD) as of its May 14, 2026, SEC filing, with an estimated $27.96 million sale based on quarterly average pricing. What happened According to a May 14, 2026, SEC filing, Wishbone Management sold its entire 2,800,000-share stake in Lightspeed Commerce (NYSE:LSPD) during the first quarter of 2026. The estimated transaction value was $27.96 million, calculated using the average closing price for the quarter. The move eliminated the position, which had previously represented a significant portion of the fund's assets. What else to know Top holdings after the filing: NYSE:CPA: $53.68 million (39.6% of AUM) NASDAQ:AVT: $40.36 million (29.8% of AUM) NASDAQ:ROP: $31.85 million (23.5% of AUM) NASDAQ:MCHP: $9.69 million (7.1% of AUM) As of May 14, 2026, Lightspeed Commerce shares were priced at $8.81, down about 15% over the past year and underperforming the S&P 500, which is instead up about 25% in the same period. Company Overview Metric Value Revenue (TTM) $1.19 billion Net Income (TTM) ($691.79 million) Market Capitalization $1.2 billion Price (as of market close May 14, 2026) $8.81 Company Snapshot Lightspeed Commerce offers a cloud-based SaaS platform featuring omni-channel point-of-sale (POS), payments, analytics, inventory, and customer management solutions, along with hardware and implementation services. The firm generates revenue primarily through recurring software subscriptions, payment processing fees, and sales of POS hardware and related services. It serves small and midsize b...
Long before people scanned Tripadvisor or started booking their own holidays, they looked to TV travel shows to tell them where to go, and foremost among these was Wish You Were Here …?, fronted by Judith Chalmers. A triumph of middlebrow escapism, the show ran on ITV for nearly 30 years, from the early 1970s to the early 2000s. Chalmers, who has died aged 90, was the welcoming, lightly glamorous ...
Long before people scanned Tripadvisor or started booking their own holidays, they looked to TV travel shows to tell them where to go, and foremost among these was Wish You Were Here …?, fronted by Judith Chalmers. A triumph of middlebrow escapism, the show ran on ITV for nearly 30 years, from the early 1970s to the early 2000s. Chalmers, who has died aged 90, was the welcoming, lightly glamorous face of Wish You Were Here, on which she was part champion of “abroad” and part consumer watchdog, balancing those roles with a warmth that made her one of the most admired and accomplished broadcasters of her generation. In many years’ worth of globetrotting – from African safaris to US theme parks to funiculars in the Alps – she never lost her poise. TV travel royalty was how she was widely regarded. The BBC’s rival programme – Holiday – suffered from too rapid a turnover in presenters, whereas for ITV, Chalmers became a fixture. Millions tuned in, and the travel industry hung on her judgments, which were invariably considered and fair-minded. Chalmers had an instinctive understanding of her viewers’ aspirations, and indeed apprehensions. Danger was seldom in the air on Wish You Were Here, the programme’s character formed in the era before gap years and the rise of adventure holidays. Prominent on TV from when her career began in the 50s, and with a distinguished track record in radio, Chalmers embodied the genteel values of a now vanished age. That she hosted both Woman’s Hour and the Miss World contest speaks of how minimally feminism impinged on the mainstream media during her heyday, and the mainstream was precisely the space that Chalmers occupied. In the hands of Victoria Wood, she became an object of parody: a character who was clearly modelled on Chalmers, all chirpiness and tanned skin, turned up in Wood’s sketches. “I came out looking more like her than I intended,” Wood said. “I’d hate to think she minded. If she did, I’d stop.” A 1974 episode of the long-runni...
Key Points The U.S. Department of Commerce will award D-Wave Quantum $100 million to improve accuracy in quantum computers. D-Wave will burn through that cash in under a year. These 10 stocks could mint the next wave of millionaires › Yesterday, as you've probably heard, The Wall Street Journal reported on a Trump Administration plan to award $2 billion in grants to nine quantum computing companie...
Key Points The U.S. Department of Commerce will award D-Wave Quantum $100 million to improve accuracy in quantum computers. D-Wave will burn through that cash in under a year. These 10 stocks could mint the next wave of millionaires › Yesterday, as you've probably heard, The Wall Street Journal reported on a Trump Administration plan to award $2 billion in grants to nine quantum computing companies -- D-Wave Quantum (NYSE: QBTS) among them -- and to take U.S. government equity stakes in the companies in return. D-Wave stock started moving one day before the announcement, then rocketed higher yesterday -- and higher again today. Up 17.2% through 11:20 a.m. Friday, D-Wave shares have gained an astounding 66% in just three days of trading, and investors are wondering: Is any price too high to pay for this quantum computing stock? Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Now it's official Shortly after WSJ broke the story, the U.S. Department of Commerce confirmed that not only does it plan to award grants, but it has in fact already signed letters of intent to do so. Operating under the CHIPS and Science Act, Commerce will "support and accelerate critical research and manufacturing of technologies for the quantum ecosystem to ensure continued United States leadership and national security." Two quantum foundries, Globalfoundries (Nasdaq: GFS) and International Business Machines (NYSE: IBM), will receive $375 million and $1 billion, respectively. D-Wave and five others will receive $100 million apiece, and a ninth company will receive $38 million. Each of the seven non-foundry recipients will focus on specific technologies needed to build quantum computers. D-Wave in particular will focus on optimizing qubit counts and error rates to improve accuracy. What does this mean for D-Wave stock? Will ...
The Pentagon on Friday released a second tranche of videos and documents of unidentified aerial phenomena (UAP) – or UFOs – answering few questions about the existence of alien life but fueling what has quickly become a ratings winner for the White House. The first reveal earlier this month of 162 files of previously secret or rarely seen accounts of UAP sightings received more than a billion hits...
The Pentagon on Friday released a second tranche of videos and documents of unidentified aerial phenomena (UAP) – or UFOs – answering few questions about the existence of alien life but fueling what has quickly become a ratings winner for the White House. The first reveal earlier this month of 162 files of previously secret or rarely seen accounts of UAP sightings received more than a billion hits on the government website set up to house them, according to a press release from the war department, the Trump administration’s preferred term for the Department of Defense. Friday’s release, also stretching back decades, features a further 50 videos and documents, including first-hand testimony from civilians and military members. In one video from the Middle East in 2019, taken “likely from an infrared sensor aboard a US military platform operating within the US Central Command area of responsibility”, according to the Pentagon, three UAP are captured flying in formation over the Persian Gulf. Another formation of four unidentified objects is seen flying past vessels on the water off Iran in a video from 2022. Footage taken over Syria in 2021 shows a mysterious object racing away at speed akin to instantaneous warp-speed acceleration from science fiction movies. Few of the objects seem to resemble flying saucers, discs or other traditionally perceived forms for UAP, although one October 2022 clip taken at an undisclosed location shows a cigar-shaped entity racing over what appears to be a residential area. None of the videos are accompanied by explanations, and the Pentagon’s all-domain anomaly resolution office (AARO) has previously stated it has no evidence to suggest any of the thousands of objects seen on video, or described in written testimony, is of extraterrestrial origin. In its 8 May release, a statement from the defense department said the public “can ultimately make up their own minds about the information contained in these files”. Additionally, the informa...
CHUNYIP WONG/iStock via Getty Images Our recent coverage of silver has focused on the supply-demand dynamics in the market. In February we went over the reasons it appeared the Chinese silver prices were way ahead of the West. A few days later, we asserted that COMEX inventories won't run out. We provided the backing for that post by showing that there were at least 30 billion ounces out there . I...
CHUNYIP WONG/iStock via Getty Images Our recent coverage of silver has focused on the supply-demand dynamics in the market. In February we went over the reasons it appeared the Chinese silver prices were way ahead of the West. A few days later, we asserted that COMEX inventories won't run out. We provided the backing for that post by showing that there were at least 30 billion ounces out there . In March, we pointed out how the most extreme "structural deficit" market we have seen, Cocoa, had the price collapse by 77%. We now go over the developments in the solar market and how that is shaping up the demand dynamic for 2026. Solar Is Big Solar consumes a very large amount of silver, and while that silver is there to be recycled down the line, we are talking about 25 years of waiting on average. That is how long it takes for a solar panel to die out. In the interim, a lot of silver is going into these panels. Conservative estimates project solar silver demand reaching 220-250 million ounces annually by 2030 , compared to 194 million ounces in 2026 . Source: Discovery Alert (emphasis ours) . This is likely to be the biggest swing factor in industrial demand in the medium term. From our point of view, the die has been cast to reduce this and reduce this significantly for 2026. Just look at what some of the big names are doing. Chinese module manufacturer LONGi has revealed that it will begin mass production of base-metal PV cells in the second quarter of 2026, moving toward copper-based metallization as rising silver prices and cost pressures weigh on the solar manufacturing supply chain. The company disclosed in investor communications on Jan. 5 that it has already started building part of the production capacity required for the shift. LONGi framed the move as a strategy to reduce metallization costs and manage raw material exposure while maintaining performance in its back-contact cell platform. LONGi said BC architectures are better suited to alternative metallizat...