Derick Hudson/iStock Editorial via Getty Images Introduction I’ve been highly bullish on the current tech giants and, more particularly, Meta ( META ), as I rated it a Strong buy back in late February . Since then, Meta has been one of the few tech giants not seeing a strong capital appreciation as it dropped following its earnings release and has lost nearly 7% since my last review. With that in ...
Derick Hudson/iStock Editorial via Getty Images Introduction I’ve been highly bullish on the current tech giants and, more particularly, Meta ( META ), as I rated it a Strong buy back in late February . Since then, Meta has been one of the few tech giants not seeing a strong capital appreciation as it dropped following its earnings release and has lost nearly 7% since my last review. With that in mind, I’ll dive into why I believe the company is still well positioned to appreciate higher, especially as it is down over 20% from its all-time high of $780 a share. Current Dynamics So let’s dive into the latest earnings to understand the latest drawdown, as Meta actually posted a double beat with revenue coming out to $56.31B, a beat of $760MM, and an astonishing 33.1% Y/Y increase, which is simply incredible considering the size of Meta. On the bottom line, Meta posted a Q1 GAAP EPS of $10.44, a great beat of $3.78, and a quarterly record for the firm. Though it is important to note that the GAAP figure was inflated by an $8.03B one-time tax benefit coming from the One Big Beautiful Bill Act, which partially offset non-cash tax charges from late 2025. On an adjusted basis, EPS would come to around $7.31, still a great number. Diving deeper, the great performance was heavily linked to the resilience of the advertising business, which saw simultaneous growth of impressions and pricing. Ad impressions across the Family of Apps grew by 19% while the average price per ad rose by 12%. This combination is rare in mature digital advertising platforms and indicates that Meta’s AI ranking improvements are unlocking both advertiser demand and inventory supply simultaneously. Furthermore, the Value Optimization Suite reached an annualized revenue run rate of $20B, more than doubling Y/Y, while Partnership Ads crossed a $10B run rate. I believe that these numbers represent the early-stage monetization of Meta’s advanced AI tools, which are already used by a majority of the platform...
Derick Hudson/iStock Editorial via Getty Images Introduction I’ve been highly bullish on the current tech giants and, more particularly, Meta ( META ), as I rated it a Strong buy back in late February . Since then, Meta has been one of the few tech giants not seeing a strong capital appreciation as it dropped following its earnings release and has lost nearly 7% since my last review. With that in ...
Derick Hudson/iStock Editorial via Getty Images Introduction I’ve been highly bullish on the current tech giants and, more particularly, Meta ( META ), as I rated it a Strong buy back in late February . Since then, Meta has been one of the few tech giants not seeing a strong capital appreciation as it dropped following its earnings release and has lost nearly 7% since my last review. With that in mind, I’ll dive into why I believe the company is still well positioned to appreciate higher, especially as it is down over 20% from its all-time high of $780 a share. Current Dynamics So let’s dive into the latest earnings to understand the latest drawdown, as Meta actually posted a double beat with revenue coming out to $56.31B, a beat of $760MM, and an astonishing 33.1% Y/Y increase, which is simply incredible considering the size of Meta. On the bottom line, Meta posted a Q1 GAAP EPS of $10.44, a great beat of $3.78, and a quarterly record for the firm. Though it is important to note that the GAAP figure was inflated by an $8.03B one-time tax benefit coming from the One Big Beautiful Bill Act, which partially offset non-cash tax charges from late 2025. On an adjusted basis, EPS would come to around $7.31, still a great number. Diving deeper, the great performance was heavily linked to the resilience of the advertising business, which saw simultaneous growth of impressions and pricing. Ad impressions across the Family of Apps grew by 19% while the average price per ad rose by 12%. This combination is rare in mature digital advertising platforms and indicates that Meta’s AI ranking improvements are unlocking both advertiser demand and inventory supply simultaneously. Furthermore, the Value Optimization Suite reached an annualized revenue run rate of $20B, more than doubling Y/Y, while Partnership Ads crossed a $10B run rate. I believe that these numbers represent the early-stage monetization of Meta’s advanced AI tools, which are already used by a majority of the platform...
shapecharge/E+ via Getty Images The following segment was excerpted from the Greenhaven Road Partners Fund Q4 2025 Shareholder Letter. Stahl's own firm, Horizon Kinetics Holding Company ( HKHC ), is effectively an invisible company. It went public through a reverse merger whereby a private company merges with a pre-existing public company (not a traditional IPO), has zero analyst coverage, no inve...
shapecharge/E+ via Getty Images The following segment was excerpted from the Greenhaven Road Partners Fund Q4 2025 Shareholder Letter. Stahl's own firm, Horizon Kinetics Holding Company ( HKHC ), is effectively an invisible company. It went public through a reverse merger whereby a private company merges with a pre-existing public company (not a traditional IPO), has zero analyst coverage, no investor presentation, and trades OTC (not on the Nasdaq or NYSE). HKHC is not in any major index. Unlike virtually every S&P 500 company where Vanguard and BlackRock show up as top 10 shareholders through their passive products, those firms do not own HKHC. Instead, HKHC’s management shows up as its largest holder. I want to highlight Horizon Kinetics because it is a large holding of Maran Capital, a fund that we are invested in. As Dan Roller wrote in his Q4 letter, Maran’s strategy focuses on companies that are “typically inexpensive, well-run, with little to no leverage, and outside of those that dominate the indices.” In the case of HKHC, Dan serves on the board and helped to facilitate the reverse merger which brought it public. Horizon Kinetics is an asset manager with more than $10B in AUM. Last year, the share price was down by one third in an up market, which was a headwind for Maran and the Partners Fund. So what does Dan see? In his Q4 letter he wrote: “When it comes to what really matters—the fundamentals—HKHC is executing well and gives us exposure to a number of “inflation beneficiary” themes. Many of HKHC’s largest investments are in energy and precious metals royalties, real estate, mineral rights, water rights, and other inflation beneficiaries such as exchanges. HKHC shareholders get exposure to these investments in three ways: 1) investments held directly by HKHC on its balance sheet; 2) HKHC’s core asset management business, which has approximately $10 billion of assets under management (AUM) primarily invested in these same themes; and 3) future incentive ...
Lorry left at near 45-degree angle after ground gave way on road near Walton A lorry became stuck in a sinkhole after being sent to fix it. Contractors from a company called Stabilised Pavements were sent to fix the sinkhole on Butleigh Drove, near Walton in Somerset, when the ground gave way, the Times reported . Continue reading...
Lorry left at near 45-degree angle after ground gave way on road near Walton A lorry became stuck in a sinkhole after being sent to fix it. Contractors from a company called Stabilised Pavements were sent to fix the sinkhole on Butleigh Drove, near Walton in Somerset, when the ground gave way, the Times reported . Continue reading...
British government debt fell sharply on Tuesday, with reports suggesting Prime Minister Keir Starmer may face a leadership challenge or even resign as early as today.
British government debt fell sharply on Tuesday, with reports suggesting Prime Minister Keir Starmer may face a leadership challenge or even resign as early as today.
RistoArnaudov Britain's Keir Starmer was reportedly consulting colleagues on Tuesday about his ability to remain in office ahead of a critical cabinet meeting, following resignations by ministerial aides and nearly 80 lawmakers publicly urging him to step down. Starmer on Monday said he would “face up to the big challenges” and restore hope to the country, in part by forging closer ties with the E...
RistoArnaudov Britain's Keir Starmer was reportedly consulting colleagues on Tuesday about his ability to remain in office ahead of a critical cabinet meeting, following resignations by ministerial aides and nearly 80 lawmakers publicly urging him to step down. Starmer on Monday said he would “face up to the big challenges” and restore hope to the country, in part by forging closer ties with the European Union, six years after the U.K.'s acrimonious departure from the bloc. “I know I have my doubters and I know I need to prove them wrong, and I will,” Starmer said during a speech in London intended to kickstart his fightback against detractors, the AP reported. However, it did not appear to have the intended effect. In the hours after the speech, a steady stream of Labour lawmakers spoke to the media or posted on social media saying Starmer should resign, either now or soon. Several of those calling for him to go were ministerial aides, in an apparently coordinated move aimed at putting pressure on Starmer’s Cabinet to deliver an ultimatum, perhaps at its weekly meeting on Tuesday. The British Pound ( GBP:USD ) has extended its losses, dipping below the 1.3600 level against the Dollar ( DXY ). Labour has been plunged into gloom by heavy losses last week in local elections across England and legislative votes in Scotland and Wales. The elections have been interpreted as an unofficial referendum on Starmer, whose popularity has plummeted since he swept to power in a landslide less than two years ago . Starmer’s government has struggled to deliver promised economic growth, repair tattered public services and ease the cost of living, and been hamstrung by repeated missteps and policy U-turns on issues including welfare reform. He has been further hurt by his disastrous decision to appoint Peter Mandelson , a scandal-tarnished friend of Jeffrey Epstein, as Britain’s ambassador to Washington. Last week’s elections saw Labour squeezed from both right and left, losing votes...