ozgurdonmaz/iStock Unreleased via Getty Images Apple ( AAPL ) and Meta Platforms ( META ) have opposed a Canadian bill, noting that, if passed, it could require them to break the encryption of their devices and services, Reuters reported. Bill C-22 was proposed by Canada's ruling Liberal Party and is currently being debated in the House of Commons. Canadian law enforcement officials noted that t...
ozgurdonmaz/iStock Unreleased via Getty Images Apple ( AAPL ) and Meta Platforms ( META ) have opposed a Canadian bill, noting that, if passed, it could require them to break the encryption of their devices and services, Reuters reported. Bill C-22 was proposed by Canada's ruling Liberal Party and is currently being debated in the House of Commons. Canadian law enforcement officials noted that the bill would help them probe security threats earlier and act more quickly, the report added . Apple and Meta did not immediately respond to Seeking Alpha's request for comment. The move is part of a broader push by governments to expand lawful access to encrypted data, which the companies say risks weakening user security. The Canadian bill consists of provisions that, depending on how they are implemented, could be similar to a U.K. data access provision order sent to Apple in 2025, according to the report. Last year in February, Apple said it was removing its advanced, end-to-end encrypted security feature for cloud data in the U.K. after it was ordered by the government to create a so-called 'back door' to access user data. Reportedly, security officials in the U.K. had demanded that Apple create a 'back door,' which would enable them to retrieve all the content any Apple user globally has uploaded to the cloud. In August 2025, U.S. director of national intelligence Tulsi Gabbard said that the U.K. had "agreed to drop" its demand after months of closely working with partners in the U.K. End-to-end encryption means that only the user — not even Apple, Meta or law enforcement — can access the data without a key. The technology is used in services like Meta's WhatsApp and Apple's iMessage, and security experts say it provides strong protections against spying and cybercrime. "At a time of rising and pervasive threats from malicious actors seeking access to user information, Bill C-22, as drafted, would undermine our ability to offer the powerful privacy and securit...
Love Employee/iStock via Getty Images Market Update U.S. equities were mostly lower in the first quarter of 2026. The Russell 3000 declined 4%, and the S&P 500 posted its first quarterly decline in a year. The year began on a constructive note as declining yields, improving leading indicators, and rising mortgage applications supported a broadening rally. However, sentiment reversed sharply in Mar...
Love Employee/iStock via Getty Images Market Update U.S. equities were mostly lower in the first quarter of 2026. The Russell 3000 declined 4%, and the S&P 500 posted its first quarterly decline in a year. The year began on a constructive note as declining yields, improving leading indicators, and rising mortgage applications supported a broadening rally. However, sentiment reversed sharply in March following the Iran conflict escalation. The near-blockage of the Strait of Hormuz sent crude oil surging over 75%, reigniting inflation fears and shifting the Fed narrative from rate cuts to potential hikes. Equity market leadership changed sharply as the quarter progressed. Early cyclical broadening gave way to a narrow, commodity-driven market that benefited energy, agriculture, and hard-asset industries. Large-cap Growth was the only style box to post double-digit losses, hampered by Big Tech weakness and AI displacement concerns in software. Conversely, Small Caps proved resilient; the Russell 2000 finished higher while the Equal-Weight S&P 500 remained flat. Sector dispersion was extreme in the S&P 500, with Energy surging over 35% while Technology fell over 9%. From a factor perspective, Value, Momentum, and Yield drove returns. Quality was mixed, while Growth and Volatility factors detracted. Key Performance Takeaways The London Company Small Cap portfolio decreased 1.8% (-2.0% net) during the quarter vs. a 0.9% increase in the Russell 2000 Index. Both sector exposure and stock selection were headwinds to relative performance. The Small Cap portfolio trailed its benchmark in Q1 and came up short of our 85-90% upside capture expectations. Early signs of broadening gave way to a narrower, macro-driven market where our structural underweight to Energy and commodity-linked industries was a significant detractor—similar to early 2022 when Russia invaded Ukraine. Lower-quality, more speculative areas also proved surprisingly defensive. While frustrating, we've navigated...
Earnings Call Insights: Opendoor Technologies (OPEN) Q1 2026 Management View "We entered into contract in over 5,000 homes. That's 2x bigger than Q4 and 3x bigger than Q3" (CEO Kasra Nejatian). "We've now sold through over 80% of the October cohort... Margins for our core cash products have come down only 90 basis points" (CEO Nejatian). "More than 1/3 of our acquisition contracts in Q1 were cash ...
Earnings Call Insights: Opendoor Technologies (OPEN) Q1 2026 Management View "We entered into contract in over 5,000 homes. That's 2x bigger than Q4 and 3x bigger than Q3" (CEO Kasra Nejatian). "We've now sold through over 80% of the October cohort... Margins for our core cash products have come down only 90 basis points" (CEO Nejatian). "More than 1/3 of our acquisition contracts in Q1 were cash now more later. This time last year, that number was exactly 0" (CEO Nejatian). "We purchased 2,474 homes in Q1, up 45% from Q4" and "resale contribution margin... clos[ed] Q1 at 4.4%, up 3.4 percentage points quarter-over-quarter" (Chief Financial Officer Christy Schwartz). "Starting in Q2 2026, we expect to be adjusted EBITDA profitable on a 12-month go-forward basis" (CFO Schwartz). Outlook "Revenue... expected revenue growth of approximately 25% quarter-over-quarter" (CFO Schwartz). "We expect the contribution margin for Q2 2026 to fall in the middle of our 5% to 7% goal" (CFO Schwartz). "We expect Q2 adjusted EBITDA to be breakeven, plus or minus a few million dollars" and "we see Q2 as an inflection point" (CFO Schwartz). "We expect Opendoor to be breakeven or profitable, adjusted net income profitable, by the end of this year on a 12-month go-forward basis" (CFO Schwartz). Financial Results "Q1 closed at 4.4%" resale contribution margin and "fixed operating expenses were $33 million in Q1" (CFO Schwartz). "The percentage of homes on the market for more than 120 days fell to 10%, down from 33% at year-end and 51% at the end of Q3" (CFO Schwartz). "We ended the quarter with $999 million in unrestricted cash" and "we held 3,420 homes in inventory... $1.1 billion in net inventory" (CFO Schwartz). "Our nonrecourse asset-backed borrowing capacity remains robust at $7.1 billion with $1.5 billion committed" (CFO Schwartz). Q&A Mike Alfred, Alpine Fox LP: asked if Opendoor is prepared for AI-driven changes in real estate; CEO Nejatian said, "yes, we believe we're well positio...