Marco_Bonfanti/iStock via Getty Images I am downgrading KVH Industries, Inc. ( KVHI ) to a Sell following a strong move from the ~$5 level at the time of my original publication to approximately $9–10 today. The initial thesis was predicated on a deeply mispriced, underfollowed microcap trading at ~2–3x EBITDA with a substantial net cash position, improving operating leverage, and a credible path ...
Marco_Bonfanti/iStock via Getty Images I am downgrading KVH Industries, Inc. ( KVHI ) to a Sell following a strong move from the ~$5 level at the time of my original publication to approximately $9–10 today. The initial thesis was predicated on a deeply mispriced, underfollowed microcap trading at ~2–3x EBITDA with a substantial net cash position, improving operating leverage, and a credible path to value realization via strategic actions such as a buyback or takeout. That asymmetry has largely played out. At current levels, the margin of safety has materially declined. The stock no longer reflects a clear dislocation but instead a more balanced risk/reward profile. While strategic value remains and a takeout is still possible, the investment case now relies more heavily on event-driven outcomes rather than valuation support. At the same time, industry dynamics have evolved. Competitive pressure from LEO providers and shifting bandwidth economics introduce greater uncertainty around growth, margins, and terminal value. While management has taken rational steps to reposition the business, the path to unlocking full value is less certain and likely more prolonged than initially anticipated. This is no longer a high-conviction asymmetric setup. It is a situation where investors are being paid less for taking on more uncertainty. For investors who established positions in the mid-single digits, I believe the correct action is to realize gains and redeploy capital into opportunities with clearer asymmetry and stronger forward return potential. In investing, discipline at exit matters as much as entry. This is an exit.
GummyBone/iStock Editorial via Getty Images There are seasons in the market where I've noticed good (even great) earnings don't push stocks continually higher. Micron Technology, Inc. ( MU ) is a really good recent example with its massive and historic quarter and guide. Yet, it's down nearly 13% since then. But NVIDIA Corporation ( NVDA ) is also a good candidate for great earnings, but not great...
GummyBone/iStock Editorial via Getty Images There are seasons in the market where I've noticed good (even great) earnings don't push stocks continually higher. Micron Technology, Inc. ( MU ) is a really good recent example with its massive and historic quarter and guide. Yet, it's down nearly 13% since then. But NVIDIA Corporation ( NVDA ) is also a good candidate for great earnings, but not great stock performance. In the past, I've looked at it simply: the market has reached its peak for rewarding good fundamentals. But I would still scratch my head as to "why now?" It wasn't until I realized fundamentals don't drive markets; sentiment, and more specifically, mass market human psychology, does. It turns out sentiment leads and fundamentals lag. Furthermore, it explains these seemingly seasonal times when the markets just "go down to go down" or, more directly, "go down on good news." There are narratives trying to explain the stock performance away, but they fall flat when scrutinized. Trying to find the needle of a bearish point in a haystack of great business fundamentals is a wasted effort because it leads nowhere; it merely scratches an intellectual itch while your long position sees profits erode. At the end of the day, I don't care about the reason per se as much as I care about whether my trades and investments are profitable and getting more profitable. After a life's worth of watching the markets and 12 years writing about them, I've realized the simple truth: the only thing that matters is what the share price says. It doesn't matter if I think the market is "wrong," the number didn't change. I can either find the truth of how the stock price got to where it is, or I can remain arrogant and say, "I know I'm right; everyone else (read: the market) is wrong." This article can serve as an example of how to either fight against the forces of the market or take the first step in understanding how to align yourself and your thinking with the market's mind to k...
GummyBone/iStock Editorial via Getty Images There are seasons in the market where I've noticed good (even great) earnings don't push stocks continually higher. Micron Technology, Inc. ( MU ) is a really good recent example with its massive and historic quarter and guide. Yet, it's down nearly 13% since then. But NVIDIA Corporation ( NVDA ) is also a good candidate for great earnings, but not great...
GummyBone/iStock Editorial via Getty Images There are seasons in the market where I've noticed good (even great) earnings don't push stocks continually higher. Micron Technology, Inc. ( MU ) is a really good recent example with its massive and historic quarter and guide. Yet, it's down nearly 13% since then. But NVIDIA Corporation ( NVDA ) is also a good candidate for great earnings, but not great stock performance. In the past, I've looked at it simply: the market has reached its peak for rewarding good fundamentals. But I would still scratch my head as to "why now?" It wasn't until I realized fundamentals don't drive markets; sentiment, and more specifically, mass market human psychology, does. It turns out sentiment leads and fundamentals lag. Furthermore, it explains these seemingly seasonal times when the markets just "go down to go down" or, more directly, "go down on good news." There are narratives trying to explain the stock performance away, but they fall flat when scrutinized. Trying to find the needle of a bearish point in a haystack of great business fundamentals is a wasted effort because it leads nowhere; it merely scratches an intellectual itch while your long position sees profits erode. At the end of the day, I don't care about the reason per se as much as I care about whether my trades and investments are profitable and getting more profitable. After a life's worth of watching the markets and 12 years writing about them, I've realized the simple truth: the only thing that matters is what the share price says. It doesn't matter if I think the market is "wrong," the number didn't change. I can either find the truth of how the stock price got to where it is, or I can remain arrogant and say, "I know I'm right; everyone else (read: the market) is wrong." This article can serve as an example of how to either fight against the forces of the market or take the first step in understanding how to align yourself and your thinking with the market's mind to k...
PM Images/DigitalVision via Getty Images Co-authored by Relative Value. Overview When market conditions show increased uncertainty and the associated high volatility, we tend to look for safer trading/investment ideas. Pair trades among similar securities of the same issuer are a prime example of such an approach, as they offer virtually no credit risk. With this short article, we'll have a look a...
PM Images/DigitalVision via Getty Images Co-authored by Relative Value. Overview When market conditions show increased uncertainty and the associated high volatility, we tend to look for safer trading/investment ideas. Pair trades among similar securities of the same issuer are a prime example of such an approach, as they offer virtually no credit risk. With this short article, we'll have a look at Annaly Capital Management ( NLY ) and a pair trade opportunity, represented by its preferred stocks. The Series G preferred stock of the company ( NLY.PR.G ) has been overvalued compared to the other floating rate preferreds of the company. Now, with the falling equity market and the rising benchmark yields, we see an increased probability for a widening of the credit spreads and a potential for NLY-G to be fairly priced to its brothers. Company basics and performance Annaly Capital Management is the largest, by market cap, mortgage real estate trust in the US. As of the end of 2025, the company has approximately a fifth of its capital allocated to mortgage servicing rights, another fifth to residential credit, and the remaining large part to agency MBS. NLY capital allocation (annaly.com) As Annaly is investing in the agency MBS with way higher leverage than the other two main investment interests it has, the assets it holds in AMBS represent close to 90% of the whole investment portfolio: Annaly Capital portfolio (annaly.com) An upshifting yield environment is beneficial for the MSR portfolio, as it tends to increase its book value and also makes the prepayment less appealing. These, however, represent less than 10% of Anally Capital Management's investment portfolio. The by far largest chunk, the agency MBS, are long-duration fixed-rate securities: MBS types (annaly.com) Being fixed-income vehicles, their valuation is inversely correlated with the shifts of their benchmark yields, so a rise in the long-term treasuries is bad news for the largest part of Annaly's portfo...
GKV/iStock via Getty Images By Kyle Richards When assessing the financial health of the midstream space, leverage ratios remain a priority for investors. Over the past few years, MLPs and midstream corporations have used robust free cash flow and steady EBITDA growth to pay down debt and strengthen balance sheets. Read more about 2025 leverage ratios across the midstream space and why these metric...
GKV/iStock via Getty Images By Kyle Richards When assessing the financial health of the midstream space, leverage ratios remain a priority for investors. Over the past few years, MLPs and midstream corporations have used robust free cash flow and steady EBITDA growth to pay down debt and strengthen balance sheets. Read more about 2025 leverage ratios across the midstream space and why these metrics matter for investors. Midstream’s Current Leverage Ratios Are in Line With Targets A decade ago, it was fairly common for midstream companies to have leverage ratios (defined as net debt/adjusted EBITDA) around 5x. Today, most midstream names have target leverage ratios between 3x and 4x. The chart below shows year-end 2025 leverage ratios for all constituents in the Alerian MLP Infrastructure Index (AMZI) and the Alerian Midstream Energy Select Index (AMEI), excluding NextDecade ( NEXT ). Data largely reflects companies’ stated leverage, which could have some variations in the calculations. However, using company-reported metrics provides a cleaner comparison against companies’ leverage targets. It also appropriately accounts for specific capital structure treatments, such as hybrid notes. Some names include pro forma adjustments to prevent recent M&A timing, like Sunoco’s ( SUN ) Parkland acquisition , from distorting year-end figures. For companies that did not explicitly provide leverage, it was calculated using reported year-end net debt and full-year adjusted EBITDA. The average leverage among the names shown in the chart below is 3.8x. Of the companies shown with stated targets, the average leverage target is 3.7x. Most companies reported leverage within or near their target ranges. Looking across the sector, over two-thirds of midstream companies currently maintain leverage ratios at 4x or below, though there is some variation. Midstream Leverage Ratios Vary, With Canadian C-Corps at the Higher End The U.S. 1099 issuers shown in the chart are uniformly below 4x le...
The acquisition strengthens DeleteMe’s capabilities to reduce personal data exposure across open web, data brokers and social media platformsBOSTON, March 24, 2026 (GLOBE NEWSWIRE) -- DeleteMe, the leading platform for proactive privacy protection and personal data removal, today announced it has acquired Block Party, the social media privacy and safety tool that helps individuals and organization...
The acquisition strengthens DeleteMe’s capabilities to reduce personal data exposure across open web, data brokers and social media platformsBOSTON, March 24, 2026 (GLOBE NEWSWIRE) -- DeleteMe, the leading platform for proactive privacy protection and personal data removal, today announced it has acquired Block Party, the social media privacy and safety tool that helps individuals and organizations secure their social media presence at scale. Block Party by DeleteMe helps organizations protect t
Micron 's (NASDAQ: MU) business model is improving. Here's what investors need to know. *Stock prices used were the afternoon prices of March 21, 2026. The video was published on March 23, 2026. Continue reading
Micron 's (NASDAQ: MU) business model is improving. Here's what investors need to know. *Stock prices used were the afternoon prices of March 21, 2026. The video was published on March 23, 2026. Continue reading
Late-night hosts discussed Trump’s bluffing on Iran ‘talks’ and his callous reaction to Robert Mueller’s death Late-night hosts reacted to Donald Trump ’s tweet celebrating Robert Mueller’s death , his ICE intervention at chaotic airports and his bluffing on “talks” with Iran . Continue reading...
Late-night hosts discussed Trump’s bluffing on Iran ‘talks’ and his callous reaction to Robert Mueller’s death Late-night hosts reacted to Donald Trump ’s tweet celebrating Robert Mueller’s death , his ICE intervention at chaotic airports and his bluffing on “talks” with Iran . Continue reading...
narvikk/iStock via Getty Images Shares of Vertical Aerospace ( EVTL ) are under pressure on Tuesday and dipped to a record low after the company issued a warning that it has “substantial doubt it can continue to conduct its normal business operations in the foreseeable future” without liquidating assets or restructuring its obligations. “Our limited cash and cash equivalents, recurring losses from...
narvikk/iStock via Getty Images Shares of Vertical Aerospace ( EVTL ) are under pressure on Tuesday and dipped to a record low after the company issued a warning that it has “substantial doubt it can continue to conduct its normal business operations in the foreseeable future” without liquidating assets or restructuring its obligations. “Our limited cash and cash equivalents, recurring losses from operations, and dependency on raising additional capital indicate that a material uncertainty exists that may cast significant doubt regarding our ability to continue as a going concern,” the company said in a filing with the U.S. Securities and Exchange Commission. For 2025, Vertical Aerospace ( EVTL ) reported a net profit of £202.6M ($271.6M) for 2025, or £2.63 per share, but a loss of £0.57 per share ($0.76) on a diluted basis, missing expectations for a loss of £0.0075 ($0.01). Last year, Vertical ( EVTL ) reported a loss of £38.46 per diluted share. On its balance sheet, Vertical ( EVTL ) raised $175M in capital, ended the year with $93M in cash and cash equivalents, and anticipates approximately $23M in near-term receipts from R&D tax reliefs and another $5M in government grants and VAT. At the same time, Vertical ( EVTL ) expects to spend $195M in flight testing, certification, and manufacturing, an outflow that must be covered through either government grants, R&D tax relief, or additional funding. Operationally , Vertical ( EVTL ) is making solid progress towards its goal of achieving certification and scaling production of its electric vertical take-off and landing (eVTOL) aircraft. This includes the launch of Valo, its commercial eVTOL aircraft designed for 4-6 passengers, its battery pilot program line, and completed a third prototype to provide increased flight capacity. It also completed hover, vertical flight, and wingborne flight, including the first winged eVTOL flight in open European airspace and airport-to-airport flight at the Royal International Air ...
Tom Werner/DigitalVision via Getty Images Figma, Inc. ( FIG ) was once the hottest IPO in the market. However, excessive investor optimism combined with an overall bearish tone around software companies has pulled shares back well below the IPO level. I have closely followed Figma and its market dynamics, publishing my initial thoughts shortly after the IPO, as well as periodic quarterly updates. ...
Tom Werner/DigitalVision via Getty Images Figma, Inc. ( FIG ) was once the hottest IPO in the market. However, excessive investor optimism combined with an overall bearish tone around software companies has pulled shares back well below the IPO level. I have closely followed Figma and its market dynamics, publishing my initial thoughts shortly after the IPO, as well as periodic quarterly updates. Maintaining a Hold rating on the stock has been the correct call and one that I have been consistent about. Seeking Alpha However, the ongoing pullback in shares has now reached a point where building a small position in the name is probably worth the risk. As discussed more below, the recent Q4 report was better than feared, and the stock actually reacted favorably post-earnings. The biggest challenge has been fighting the general negative investor sentiment across software companies - something that is not just FIG-specific. Data by YCharts Figma has quickly turned into a multi-product company with improving metrics. From a fundamental and operational standpoint, I believe there are many qualities investors should like. Of course, the story is not perfect, and the company continues to deal with some post-IPO mess. However, growth metrics have been strong, sentiment is negative, and valuation is cheap. In my opinion, this marks a potentially great entry point for someone with a contrarian viewpoint. Financial Update Figma's recent Q4 results were better than expected, with growth and guidance also coming in strong. During the quarter, revenue grew an impressive 40% YoY to $303.8 million, over $10 million above consensus estimates for ~$293.2 million. Given Figma's recent IPO status, investors will continue to look at revenue growth as the leading metric. Of course, there are several factors that go into this story, but at the heart of it, Figma is a growth company. Investors want to see growth rates beat guidance and expectations. Figma Figma Given the software subscriptio...
Legendary investor Warren Buffett took a controlling stake in Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) in 1965. It was a struggling textiles manufacturer back then, and after deciding the business was no longer viable, Buffett turned it into a holding company for his various investments. He served as the CEO of Berkshire until the end of 2025, when he stepped down and handed the reins to his c...
Legendary investor Warren Buffett took a controlling stake in Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) in 1965. It was a struggling textiles manufacturer back then, and after deciding the business was no longer viable, Buffett turned it into a holding company for his various investments. He served as the CEO of Berkshire until the end of 2025, when he stepped down and handed the reins to his chosen successor, Greg Abel. Berkshire stock delivered a compound annual return of 19.7% during Buffett's 60-year tenure, which would have been enough to turn an investment of just $500 back in 1965 into over $24.2 million at the end of 2025. The same investment in the S&P 500 would have grown to just $210,997 over the same period. Berkshire typically invests in companies with steady growth, reliable cash flows, and experienced management teams, and it aims to hold them for the long term -- which often means decades . As a result, Berkshire's portfolio managers never chase the latest stock market trends, not even those as powerful as artificial intelligence (AI). Continue reading