Valvoline , an automotive maintenance services firm, could see its shares rise if oil prices move higher due to the U.S.-Iran war, according to Stifel. The investment firm upgraded the stock to buy from hold. It raised the stock's price target to $42 from $40, implying 28% upside from Friday's close. Oil prices have jumped this month due to the Iran War, with U.S. West Texas Intermediate crude futures for May delivery trading up around 40% over the past month. However, Valvoline is unlikely to feel the impact of those increases over the near term as less than 20% of its operating costs are linked to oil-derived lubricants used to service its customers' cars, Stifel said in a note to clients. "Concerns about oil-driven margin compression are overblown," analyst Chris O'Cull said Sunday in the note. "The recent pullback provides a compelling entry point, with market concerns regarding base oil inflation and gasoline prices appearing to be largely discounted." Finished lubricants, including motor oil, account for just 12% to 14% of Valvoline's total operating costs, according to Stifel. And those costs are unlikely to balloon over the next few weeks, largely due to the fact that base oil is less volatile than crude oil, analysts noted. Base oil accounts for roughly three-quarters of motor oil's composition, per the Tribology Lubrication Technology Society of America. "Short-term spikes typically don't flow through to base oil, and a prolonged increase would likely take 3–4 months to impact VVV's P & L, providing good visibility for implementing proactive pricing," O'Cull said. The analyst added that the company boasts two critical structural offsets to potential headwinds: "a direct revenue hedge through floating pricing for its 50% franchised network and rising waste-oil recovery revenue, which typically tracks crude prices." Stifel's call falls in line with consensus on Wall Street. Of the 17 analysts covering the stock, 12 have a buy or strong buy rating on MongoDB,...

Ondas Holdings press release ( ONDS ): Q4 net loss was $101.0 million for the three months ended December 31, 2025 Revenue of $30.1M (+629% Y/Y). Ended 2025 with $68.3 million in backlog up from $20.3 million in the prior quarter, reflecting accelerating global demand for OAS autonomous drone, counter-UAS and robotics solutions. Adjusted EBITDA loss was $9.9 million for the three months ended December 31, 2025, versus $8.1 million for the three months ended September 30, 2025 and $7.0 million for the three months ended December 31, 2024. Raising full-year 2026 revenue target to at least $375 million and establishing Q1 2026 revenue target of $38 - $40 million (vs. consensus of $28.37M) , representing approximately 640% and 820% year-over-year growth, respectively. Balance sheet strengthened with approximately $594.4 million in cash, cash equivalents and restricted cash as of December 31, 2025, and with approximately $960 million in net cash proceeds raised in January 2026, providing substantial capacity to support organic growth and strategic M&A

Robert Way/iStock Editorial via Getty Images Deckers Outdoors' ( DECK ) UGG brand is bringing back the Fluff Yeah line with a limited release as part of the spring campaign. UGG plans to host a two-day pop-up in Venice Beach to promote the release. The Fluff Yeah line, which was introduced in 2018 and sold through 2022, was a fluffy platform slide that combined the cozy feel of a slipper with the open, slingback silhouette of a sandal. It featured a plush sheepskin upper, sheepskin insole, and sheepskin-wrapped midsole, plus the brand's UGGplush lining and a molded rubber outsole so it can be worn both indoors and outside. The design was centered on a wide, fluffy band over the foot, an elastic logo backstrap to keep it secure, and a 1.5-inch platform that adds height and a chunky, fashion-forward look. The line included women’s and kids’ versions in a wide range of colors and patterns. BTIG analyst Janine Stichter noted the shoe product benefited from COVID-driven casualization. Interestingly, Stichter pointed out that search interest for Fluff Yeah has remained following its discontinuation in 2022, suggesting consumers still want the style. As for the UGG brand in general. Stichter highlighted that credit card data for UGG inflected positively in December and has remained positive on a year-to-date basis, suggesting the brand was able to capture late-season direct-to-consumer sales and is also seeing some product momentum around the initial spring selling season. Shares of Deckers ( DECK ) are down 3.1% on a year-to-date basis. More on Deckers Outdoor Deckers Outdoor: The Reasons Why I Upgrade From Hold To Buy Deckers: Market Share Gains Are Propelling A Low Valuation (Rating Upgrade) Deckers: HOKA Is Still Sprinting Forward Deckers Outdoor's UGG and HOKA's consistent growth earns a new Bull at Argus Can Deckers Outdoor sustain momentum? Analysts split on growth potential

格隆汇3月23日丨据伊朗迈赫尔通讯社，伊朗外交部表示，特朗普的言论旨在降低能源价格，并为其军事计划争取时间。虽然存在降温局势的倡议，但我们的回应是，美国应成为对话者，因为战争并非由我方发起。

Microsoft Defender and Rubrik Identity Resilience create a unified detection-to-recovery offering; customers achieve trusted recovery in hours instead of days SAN FRANCISCO, March 23, 2026--(BUSINESS WIRE)--Rubrik (NYSE: RBRK), the security and AI operations company, today announced a new integration with Microsoft Defender at RSAC 2026, enabling organizations to move from identity threat detection to rapid remediation and trusted recovery. The integration connects Microsoft’s real-time identity threat detection with Rubrik’s automated identity rollback and recovery capabilities, helping organizations respond faster to identity-based attacks. Identity has become the primary target for modern cyberattacks. According to Rubrik Zero Labs research, 90% of IT and security leaders say identity-driven cyberattacks are their organization’s top concern. Yet most security tools stop at detection, leaving organizations to manually investigate malicious changes and restore compromised identity systems. "Detection is only half of the battle," said Anneka Gupta, Chief Product Officer at Rubrik. "Organizations need the ability to quickly and surgically reverse malicious identity changes and completely restore their infrastructure. By combining Microsoft Defender’s threat detection with Rubrik Identity Resilience, we give security and IAM teams the power to move from a detected compromise to a trusted, recovered state in hours, instead of days." With this integration, organizations can extend Microsoft Defender detections directly into Rubrik’s identity recovery workflows, allowing teams to investigate incidents, reverse malicious identity changes, and restore trust across hybrid environments. Joint Rubrik and Microsoft Defender customers can now: Understand attack impact faster by correlating threat alerts with identity changes. Reverse malicious identity modifications without performing full domain restores. Restore trusted identity states using immutable recovery points. Maintai...

Gold's Biggest Fire-Sale In 43 Years: Perception Vs Opportunity Authored by Matthew Piepenburg via VonGreyerz.gold, If you are new to gold, or if you are a speculator in gold (or even worse, a levered speculator in gold), you are likely asking yourselves what in the “H. E. double tooth-picks” just happened to gold? It lost over 9% in the futures market in a single session and saw its worst week of price declines since February 1983. What gives? Gold loves chaos, and isn’t the current war, whatever you think of it, pure chaos? And what about gold-loving oil shocks, as we and others have often written and spoken ? And what about gold as an anti-inflation asset? Shouldn’t gold be ripping north in a world careening under the weight of oil-driven “everything” and “everywhere” inflation? All fair questions to say the least. But if, like us, you hold physical gold (that rising, strategic Tier-1 reserve asset) as a superior store of value over any paper currency system, including King Dollar, then the facts below will seem far less like an “apology” for the metal’s longer-term horizon. Physical Gold: Accumulating, Not Falling Instead, a little bit of perspective confirms that PHYSICAL gold is not falling, it’s openly accumulating by bigger players enjoying the mother of all “Fire Sale” signals from the paper gold markets. The insider whales, of course, are exploiting this opportunity while the headlines are shaking out the retail minnows. This is a classic and inevitable pattern, of which I recently warned . In short, there is an extraordinary and deliberate perception game in play right now, and many misinformed investors might be falling for it as paper gold currently falls in price. But this fall is strategic and not random. It reflects a set-up for rising physical gold rather than a confirmation of some typical blow-off top, as there is nothing typical about gold or its future monetary role in a monetary system in open decline, regardless of the DXY’s recent headlines. ...

甬矽电子（688362）公告，公司实际控制人、董事长、总经理王顺波拟作为上海渠清如许创业投资合伙企业(有限合伙)的有限合伙人，以自有资金认缴出资500万元人民币。公司现为渠清如许的有限合伙人，认缴出资额1500万元人民币，出资比例为8.5227%。本次交易构成关联交易，但未构成重大资产重组。交易已经公司第三届董事会第八次独立董事专门会议、第三届董事会第二十九次会议审议通过。

The facilities will operate as flexible energy assets, supporting power grids by modulating consumption and leveraging on-site generation and storage.

[20:03更新] 伊朗傳媒引述消息：伊美無直接或透過中間人溝通；心理戰一日繼續，霍爾木茲海峽都不會回復到戰前狀態。 [早前報道] 美國同以色列對伊朗的軍事行動，第四個星期。美國總統特朗普下令，推遲對伊朗能源基建的軍事打擊。 特朗普周一表示，美國同伊朗過去兩日，就完整同全面解決在中東的敵對行動，有非常良好的對話，而且取得進展。 他下令美軍推遲針對伊朗核電廠同能源基礎設施，任何同所有的軍事打擊，為期五日，美國同伊朗的對話本星期會繼續。 特朗普本港時間周日早上曾經發出最後通牒，警告伊朗必須在48小時內全面開放霍爾木茲海峽，否則美軍將摧毀伊朗發電廠。伊斯警告若美國襲擊，必將報復，採取對等打擊，也會立即採取措施，包括完全關閉霍爾木茲海峽。

从4500美元到4100美元，不到一天时间，现货黄金连破五个关口，一口气跌回去年11月下旬价格。 Wind数据显示，23日现货黄金失守4100美元/盎司，截至发稿，盘中跌超8%，一度跌至4098.25美元/盎司。3月以来，现货黄金价格每盎司已下跌超1000美元。 黄金为何出现大跌？ 表面看是价格在跌，实则是市场对利率、流动性以及避险逻辑的预期正在同步重构。 01 北京师范大学教授万喆对中新经纬分析指出，黄金大跌的原因主要有三点。 一是技术性因素，此前半年涨幅过大，积累了大量获利盘，在跌破关键点位后，程序化交易与机构止损盘集中平仓，形成“越跌越卖”的负反馈。 二是美联储政策转向鹰派，降息预期大幅下调，首次降息窗口推迟，甚至不排除重启加息，推动美元与美债收益率走高。黄金不产生利息，持有机会成本变高，资金流向美元等生息资产。 三是避险逻辑发生变化，地缘冲突虽在持续，但油价上涨后市场转而担心通胀反弹，货币政策预期成为主导，黄金的避险属性对价格的支撑反而变弱。 中国外汇投资研究院研究总监李钢在接受中新经纬采访时表示，此轮大跌是多重因素叠加的结果。首先，上周美联储例会释放年内仅降息一次的信号，市场迅速下调降息预期并开始炒作加息可能，交易“高利率维持更久”的情形，实际利率显著上行，对黄金形成核心压制。其次，地缘局势短期未进一步升级，避险情绪边际降温，前期计入金价的风险溢价开始回吐。最后，2026年以来黄金涨幅较大，多头交易高度拥挤， 价格一旦跌破4500美元关键位置，便触发量化止损和杠杆资金平仓，形成踩踏效应，放大了跌幅。 02 整体来看，此轮大跌是利率预期收紧、避险逻辑松动与资金踩踏三重因素叠加的结果。至于后续走势，关键要看这些变量如何演绎。 万喆表示，短期来看，黄金仍有下行压力。在通胀数据明显回落、降息预期重新升温之前，美元与美债收益率的强势将继续压制金价，市场恐慌情绪修复也需要时间，金价可能延续震荡。 万喆指出，中长期而言，支撑黄金高位运行的因素尚未完全消失，降息周期未被取消，美国经济前景存在不确定性，地缘政治风险和全球央行购金趋势也未发生根本性变化。 李钢认为，黄金大概率将从此前的单边上涨转入高波动震荡阶段。短期内，市场往往不会立刻企稳，价格中枢可能在4000-4500美元区间内波动。中期来看，走势将更依赖美国经济数据、美联储政策信号及地缘局势。 “如果后续降息预期重新升...

POSCO Holdings, Inc.’s PKX subsidiary POSCO Future M recently secured a major contract for artificial graphite anode material, valued at about KRW 1.0149 trillion. The agreement spans five years, from 2027 to 2032, with potential for extension. It underscores strong and sustained demand for high-performance anode materials for lithium-ion batteries in EV applications. This contract carries strong strategic significance, as artificial graphite anodes play a vital role in enhancing battery longevity, enabling faster charging and boosting overall performance factors that are increasingly critical in the fast-growing EV market. The agreement also fast-tracks POSCO Future M’s evolution from a primarily domestic supplier into a global leader in anode materials. It further aligns with the company’s broader strategy of widening its international customer footprint and diversifying supply chains amid rising geopolitical tensions. The contract lays the groundwork for a “quantum leap” in the company’s anode business by supporting capacity expansion and overseas investments, including its recently announced artificial graphite anode plant in Vietnam. The company has approved an investment of about KRW 357 billion to build an artificial graphite anode plant in Vietnam. The agreement ensures clear demand visibility, which supports the Phase 1 investment. This allows the company to proceed with a Phase 2 expansion to meet higher volumes. The contract and capacity build-out establish a solid base for long-term growth and strengthen POSCO Future M’s ability to capitalize on increasing global EV demand. Shares of PKX are up 7% over the past year compared with the industry’s 6% fall. Image Source: Zacks Investment Research PKX Zacks Rank & Key Picks PKX currently carries a Zacks Rank of #3 (Hold). Some better-ranked stocks in the Basic Materials space are Impala Platinum Holdings Limited IMPUY, Fortuna Mining Corp. FSM and NEXA Resources S.A. NEXA. IMPUY, FSM and NEXA sport a Zacks Ra...

Trump delays strikes on Iran's power plants for 5 days. And, ICE deploys to airports Good morning. You're reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day. Today's top stories President Trump says he's postponed military strikes against Iranian power plants, after he threatened on Saturday to "obliterate" them if Iran didn't reopen the Strait of Hormuz in 48 hours. On social media this morning, Trump said the U.S. had "very good and productive conversations" over the past two days, and that he would postpone strikes on Iranian power plants and energy infrastructure for five days, "subject to the success of the ongoing meetings and discussions." toggle caption Getty Images/Getty Images Europe 🎧 Iran's Defense Council said Monday that the only way for "non-belligerent" countries to pass through the Strait of Hormuz is through coordination with Iran, and warned that any attack on Iran's coasts or islands would trigger mine-laying across the Gulf sea lanes. As the war enters its fourth week and attacks escalate, some Iranians tell NPR's Emily Feng that the internet blackout is really scary because they cannot receive warnings about where the next strikes will be. Congress returns to session this week, as Democrats and Republicans struggle to negotiate a deal to fund the Department of Homeland Security to help alleviate chaos at U.S. airports. The Senate faces the first big hurdle, as Senate Republicans need Democratic support to secure DHS funding before the upcoming recess. Sponsor Message 🎧 Both parties have remained deeply divided since the DHS ran out of funds on Feb. 14 , NPR's Claudia Grisales says. Democrats have been demanding significant reforms for immigration enforcement agents, including the removal of their masks, which has become a key point of contention for Republicans. The standoff has resulted in delayed paychecks for several DHS components,...

如果你在一家公司干了 13 年，一路做到高级总监，绩效常年优秀，甚至还收到过 CEO 的亲笔表扬信——你大概不会想到，自己会在某一天被贴上“最低绩效”的标签，然后直接被裁出局。 但这，正是发生在 Meta 前高级总监 Nicolas Franchet 身上的真实故事。 更关键的是，这起看似普通的裁员纠纷，正在演变成一场关于“年龄歧视”的公开对抗：据 Franchet 发起的诉讼指控，Meta 在去年裁员 5% 的计划中，高龄员工被裁比例远高于年轻员工，涉嫌年龄歧视。 裁员并不“随机”：年龄越大，被裁概率越高？ 时间回到 2025 年初。 当时，Meta 内部开始流传一条消息：公司将进行新一轮裁员，规模约为员工总数的 5%。实际上，这在过去几年并不罕见，毕竟自 2022 年以来，科技行业经历了多轮“去泡沫式”收缩，大厂裁员早已常态化。 但这一次，不同之处在于裁员的“命中人群”。 根据 Franchet 在诉讼中披露的数据（来源于 Meta 提供给被裁员工的信息）： ● 40 岁以上员工，被裁概率是年轻员工的 1.5 倍 ● 50 岁以上员工，被裁概率是 40 岁以下员工的 2.5 倍 换句话说，这不是简单的“优化”，而更像是一次有明显年龄倾向的筛选。 而 Meta 对此保持沉默，没有回应这些数据是否属实。 13 年老员工 + “高绩效”，仍被裁掉 从被裁结果来看，Franchet 似乎只是一个“绩效不达标”的管理者。但把时间线拉长，就会发现问题所在： ● 在 Meta 工作 13 年，曾在旧金山及 Menlo Park 总部任职 ● 一路晋升至高级总监（Senior Director） ● 一直被评为“高绩效员工” 甚至在 2023 年，Franchet 还获得了一笔极其罕见的股权激励——限制性股票单位（RSU）。当时，Meta CEO 扎克伯格亲自写信表示： “这类股权奖励仅授予极少数人，你的重要贡献已得到公司最高管理层的认可。” 诉讼书中也明确写道：“在 Meta 的整个职业生涯中，Franchet 一直是表现突出的员工，获得了来自上级、同事及下属的一致好评。” 然而，转折发生在 2025 年 1 月。扎克伯格在一份内部备忘录中宣布，Meta 将启动“基于绩效的裁员”，同时公司还上线了一套新的员工评价机制，允许管理者将员工标记为“最低绩效”。 一个月后，这套系统直...

伊朗塔斯尼姆通讯社援引伊朗一位高级别安全事务官员：没有进行过谈判，目前也没有谈判，我们将继续做出回应并捍卫国家。霍尔木兹海峡不会因为心理战就恢复到战前状态。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何意见、观点或结论是否符合其特定状况。据此投资，责任自负。

Ellen Wald, global energy center nonresident senior fellow at Atlantic Council, says, “we’re seeing in real time” the impact of the war in Iran on energy and other markets. This following a Truth Social post from President Donald Trump postponing military strikes against Iranian energy targets. (Source: Bloomberg)

China's open-source dominance threatens US AI lead, US advisory body warns Reuters

AKart Design Two Harbors Investment ( TWO ) board's ad hoc committee said that CrossCountry Mortgage's unsolicited proposal to acquire the mortgage servicing rights-focused REIT constitutes a “superior” proposal to the merger agreement it had previously reached with UWM Holdings ( UWMC ), according to a company statement on Monday. CrossCountry Mortgage (CCM) would pay $10.70 per share in cash plus the $25.4M termination fee that Two Harbors ( TWO ) would be required to pay to UWMC to end their merger agreement. During a "match right period," UWMC has proposed revised terms, and UWMC and Two Harbors ( TWO ) are in talks regarding the revised terms. Additionally, the REIT received an unsolicited proposal from another third party, offering $10.75 per share plus the termination fee, that " could reasonably be expected to lead to a 'Company Superior Proposal' under the UWMC merger agreement," Two Harbors said. Two Harbors ( TWO ) stock climbed 4.6% to $11.20 in premarket trading on Monday. UWM Holdings ( UWMC ) stock gained 2.0%. Because of the recent developments, Two Harbors ( TWO ) has postponed its special meeting of stockholders to April 7, 2026. The UWMC merger agreement remains in effect. There's no guarantee that the process will result in Two Harbors ( TWO ) entering into an amended agreement with UWM Holdings ( UWMC ), terminating the UWMC agreement, or entering a definitive agreement with CCM or any other party, the company said. UWMC and TWO originally agreed to an all-stock transaction in December. More on Two Harbors Investment Two Harbors: New Takeover Offer Provides A Lifeline Two Harbors Investment Corp. 2025 Q4 - Results - Earnings Call Presentation Two Harbors: Tepid Book Value Growth, Underwhelming Earnings (Downgrade) Two Harbors gets all-cash proposal, competing with UWM Holdings deal Two Harbors adjourns meeting to solicit more votes on merger with UWM Holdings

百濟神州擴大與Intas在印度的生物相似藥合作夥伴關係 作者 Investing.com hk.investing.com

格隆汇3月23日｜以色列军方表示，正在德黑兰市中心实施空袭。

百濟神州擴大與Intas在印度的生物相似藥合作夥伴關係 作者 Investing.com Investing.com 香港 - 股市報價& 財經新聞

一隻雪豹近日懷疑在新疆吐魯番的沙漠迷路，當地公安展開營救行動，雪豹獲救時身體非常虛弱，正接受醫學監察。 從片段中可以見到，一隻雪豹獨自在沙漠中緩慢行走，之後躺臥在沙地上，似乎精神不振。 這裡是新疆吐魯番的庫木塔格沙漠，《新華網》報道，有遊客上周六在沙漠發現雪豹身影，隨即報警求助。 當地公安局、林草部門隨即展開聯合營救行動，花了約六小時，最終在當晚約八時，用鐵籠成功捕捉雪豹，並連夜移交至新疆野生動物救護中心，正接受專業治療和健康監察。 據報救援過程無人員受傷，初步檢查顯示，這隻雪豹是成年雌性，除了身體虛弱、脫水症狀外，並無明顯外傷。 雪豹棲息在高海拔山區，出現在沙漠是極為罕見，有專家估計，雪豹可能是在追逐獵物時，誤闖沙漠地區。 新疆鄯善縣林業和草原局草原站站長李紅彪稱：「根據周邊的地理環境分析，這隻雪豹極有可能是從天山山脈，在追逐獵物的時候迷路了，後期待雪豹身體狀況，符合野生動物生存條件後，我們將選擇合適的時候放歸自然。」 雪豹有「雪山之王」之稱，屬於國家一級保護動物，主要分布在新疆、西藏、青海、甘肅等，西部的高海拔地區，受非法捕獵的因素影響，雪豹數量正急劇下降。

财联社3月23日讯（记者 梁祥才） 国内黄金行业迎来又一宗标志性整合。 紫金矿业 （601899.SH/02899.HK）拟通过“协议转让A股+定向增发H股”的组合方式，斥资约182.58亿元取得 赤峰黄金 （600988.SH）控制权。 在紫金矿业看来，赤峰黄金拥有较大黄金资源量，但整体矿山勘探投入相对滞后，资源潜力有待释放。紫金矿业总裁林泓富亦表示，赤峰黄金在境内外的矿山都具有良好的找矿前景和产能提升潜力。 “A+H”组合拳拿下赤峰黄金控制权 今日，紫金矿业与赤峰黄金双双公告，紫金矿业全资子公司紫金黄金，与赤峰黄金控股股东、实控人李金阳及其一致行动人浙江瀚丰签署《股份转让协议》。 具体来看，转让标的为李金阳及浙江瀚丰合计持有赤峰黄金241,925,746股A股股份，占赤峰黄金当前总股本的12.73%；转让价格为41.36 元/股，较赤峰黄金停牌前A股收盘价溢价1.3%。转让完成后，李金阳及浙江瀚丰将不再持有赤峰黄金任何股份。 同日，赤峰黄金与紫金黄金签署《战略投资协议》，向紫金黄金定向增发H股股份，进一步巩固控制权。 增发标的为310,902,731股H股普通股，发行价格为30.19港元/股，认购总额预计为93.86亿港元，折合人民币约82.52亿元。募集资金拟主要用于赤峰黄金海外矿山建设与勘探、优质矿业资产收购、一般性公司用途。 本次交易前，紫金矿业其他全资子公司已持有赤峰黄金18,833,400股股份，占比0.99%。交易全部完成后，紫金矿业旗下全资子公司合计将持有赤峰黄金571,661,877股股份，约占增发完成后上市公司总股本的25.85%。 本次交易完成后，赤峰黄金控股股东将由李金阳变更为紫金黄金，实际控制人为上杭县财政局。 资源潜力成核心考量 紫金矿业副董事长、总裁林泓富在今日召开的公司2025年度业绩说明会上表示，收购赤峰黄金，一是符合公司资源优先的战略安排；二是赤峰黄金在境内外的几座矿山都具有良好的找矿前景和产能提升潜力；三是因全球治理秩序、信用货币超发等问题都没有得到根本解决，从中长期看，黄金维持高价位或进一步上涨的逻辑没有变化。他同时表示，紫金矿业不会成为单纯的投资平台，核心资产肯定还是在公司的手上。 根据公告，截至2025年底，赤峰黄金拥有黄金资源量583吨，平均品位1.54克/吨；铜资源量59万吨，平均品位0.35%；锌（铅）资源量56万...

Steve Ballmer once shared how Charlie Munger bluntly questioned his decision to hold Microsoft stock. Munger's Blunt Question Put Ballmer On The Spot Speaking on the Acquired podcast in 2025, Ballmer recalled a candid exchange during a country club Q&A session in Los Angeles, where Munger didn't hold back. "Steve, you know, I'm wondering why you held on to your Microsoft stock when your partners over there didn't," Munger said. "I know you're not that smart." The remark, characteristic of Munger's famously direct style, drew laughs — but also underscored a serious investing principle. Don't Miss: ‘I'm Loyal,' Ballmer Fired Back Ballmer said his response was simple: "No, Charlie, but I'm loyal." Unlike some early Microsoft insiders, including Bill Gates, who diversified portions of their holdings over time, Ballmer chose to hold on to most of his stake in the company he joined in 1980 as employee No. 30. For Ballmer, the decision wasn't purely financial. "It's sort of a from-the-heart kind of thing," he said, adding that even in a worst-case scenario, "me and my family, we can live … I'm OK either way it goes." Trending: This Startup Thinks It Can Reinvent the Wheel — Literally Charlie Munger Slams Diversification Strategy Munger, the longtime business partner of Warren Buffett, once told shareholders that his family's entire portfolio was concentrated in just three major investments. While many financial advisors highlight diversification — spreading money across stocks, mutual funds and ETFs to limit risk — Munger argued that such a strategy isn't necessary for investors who truly understand their positions. "Diversification is a rule for those who don't know anything," he said, adding that Buffett refers to them as "know-nothing investors." See Also: 1.5 Million Users Are Already Working Inside This AI Platform — Investors Can Still Get In A Risk That Turned Into A $125 Billion Fortune Today, Ballmer is worth more than $125 billion, according to Forbes, with much ...