matdesign24/iStock via Getty Images What's on Our Minds The events of the last month color the perspective on the entire quarter, having erased most of the gains that markets posted through February. Overall, the portfolio held up reasonably well on a relative basis in the month, helped by the resilience that came from our efforts to remain broadly diversified and from our sustained attention to t...
matdesign24/iStock via Getty Images What's on Our Minds The events of the last month color the perspective on the entire quarter, having erased most of the gains that markets posted through February. Overall, the portfolio held up reasonably well on a relative basis in the month, helped by the resilience that came from our efforts to remain broadly diversified and from our sustained attention to the financial strength and competitive advantages of the companies we have chosen to own. One key practical benefit of diversification is that we can resist a myopic focus on the day-to-day developments in the Persian Gulf, let alone on the abrupt market shifts created by late-night social media posts by the President. That sort of obsession on the immediate constitutes a behavioral trap summarized by Daniel Kahneman, "Nothing in life is as important as you think it is while you're thinking about it." The surprise nature of the attack by the US and Israel on Iran offers yet another reminder of the benefits of diversification in portfolio management. Just a year ago, the Trump administration announced sweeping tariffs on all its trading partners predicated on specious methodologies, sending stocks down indiscriminately, including many of our high-quality holdings that had demonstrated resilience in previous economic downturns. Rushing to adjust portfolios to those supposed "new realities" would have proved a fool's errand. By the summer, markets were once again obsessed not with global trade or its possible implosion, but with AI and the physical infrastructure build-out required to allow broader diffusion of the technology across the economy. By year-end, the ill-conceived tariffs of "Liberation Day" were barely a footnote in accounts of the market's performance, and the overall level of stocks was well above where it had stood on the day before tariffs were announced, let alone the week that followed. A better strategy last year, and a better permanent discipline, was to ha...
(RTTNews) - KT&G Corp. (033780.KS), a tobacco company, on Thursday reported that net income increased while operating income decreased in the first quarter of 2026 compared with the previous year.
(RTTNews) - KT&G Corp. (033780.KS), a tobacco company, on Thursday reported that net income increased while operating income decreased in the first quarter of 2026 compared with the previous year.
When it comes to Social Security, the timing of your claim matters. Even though your benefits are calculated based on your personal wage history, you only get them without a reduction if you wait until full retirement age to sign up. That age is 67 if you were born in 1960 or later. But you're allowed to claim Social Security as early as age 62. For many people, filing ahead of full retirement age...
When it comes to Social Security, the timing of your claim matters. Even though your benefits are calculated based on your personal wage history, you only get them without a reduction if you wait until full retirement age to sign up. That age is 67 if you were born in 1960 or later. But you're allowed to claim Social Security as early as age 62. For many people, filing ahead of full retirement age is an appealing choice. If you're thinking of doing the same, here are a few signs that you may be jumping to file for benefits too soon. Image source: Getty Images. Continue reading
Silex Microsystems AB surged in its first day of trading on Nasdaq Stockholm after an initial public offering that raised about 2 billion Swedish kronor ($220 million) for the specialist microchip-maker and its Chinese shareholder Sai MicroElectronics Inc . Trading was halted for volatility after shares traded as high as 210 kronor apiece, an increase of nearly 160% from its IPO price of 81 kronor...
Silex Microsystems AB surged in its first day of trading on Nasdaq Stockholm after an initial public offering that raised about 2 billion Swedish kronor ($220 million) for the specialist microchip-maker and its Chinese shareholder Sai MicroElectronics Inc . Trading was halted for volatility after shares traded as high as 210 kronor apiece, an increase of nearly 160% from its IPO price of 81 kronor per share. Cornerstone investors including Swedish pension funds and international firms bought about three-quarters of the shares being offered. Read More: Silex IPO Set to Jolt Stockholm from Listings Hiatus Silex operates the world’s leading facility for manufacturing micro-electro-mechanical systems, or MEMS, components that combine mechanical elements with semiconductor-style circuitry, according to its prospectus . The chips are used in technology that powers mobile phone accelerometers, which enables motion tracking for fitness and screen orientation, and steers lasers for lidar systems in autonomous driving. The firm plans to use the proceeds of the offering to help expand in the US by acquiring a manufacturing facility in the country and allowing it to operate closer to its customers, the prospectus shows. Still, the firm’s history as a Chinese-owned company and SMEI’s continued minority stake could pose a risk to its plans to expand in the the US, the document said. SMEI will retain about a 9.9% stake in Silex after the offering. The debut also serves as a broader test for IPO markets in Europe, which have slowed amid geopolitical tensions in the Middle East and investor caution around disruption linked to artificial intelligence. The timing coincides with renewed scrutiny of recent Stockholm listings, like Verisure Plc . The alarm company’s shares have begun to recover after falling as much as 37% below their offer price in last year’s IPO, which raised about €3.6 billion ($4.2 billion). ABG Sundal Collier, SEB and Nordea arranged the offering. The company trade...
rarrarorro Iran is reviewing a U.S.-backed “one-page” peace proposal aimed at ending conflict and restarting broader negotiations. However, Tehran considers it would formally end the conflict while leaving unresolved key U.S. demands that Iran suspend its nuclear programme and reopen the Strait of Hormuz, according to a Reuters report that cites sources. An Iranian foreign ministry spokesperson t...
rarrarorro Iran is reviewing a U.S.-backed “one-page” peace proposal aimed at ending conflict and restarting broader negotiations. However, Tehran considers it would formally end the conflict while leaving unresolved key U.S. demands that Iran suspend its nuclear programme and reopen the Strait of Hormuz, according to a Reuters report that cites sources. An Iranian foreign ministry spokesperson told ISNA that Tehran would respond to the proposal, while Iranian lawmaker Ebrahim Rezaei described it as “more of an American wish-list than a reality.” W hile multiple reports on Wednesday suggested Washington and Tehran are closing in on a one-page memorandum to end the war and begin talks on key issues. “They want to make a deal. We’ve had very good talks over the last 24 hours, and it’s very possible that we’ll make a deal,” U.S. President Donald Trump told reporters in the Oval Office on Wednesday, adding that “it’ll be over quickly.” A Pakistani source and another person familiar with the matter said negotiators were close to agreeing on a one-page memorandum that would formally end the conflict. The deal would include talks on reopening the Strait of Hormuz, lifting U.S. sanctions on Iran, and placing limits on Iran’s nuclear programme, the report added . The memo would halt hostilities and launch 30 days of talks on key issues. Key sticking points remain Iran’s uranium enrichment program, sanctions relief, and regional security issues. WTI crude futures stabilized above $95 per barrel on Thursday after tumbling over 13% in the previous session, as investors weighed the prospects for a Middle East peace deal. Dear readers : We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on oil This Market Looks Like 1999: Investors Should Prepare For A Bubble Burst And Recession U.S. Economy: The Housing Market Worsens Dow Jones, Nasdaq And S&P 500 Intraday Outlook: Stocks...
Sports betting has seen significant growth in recent years. Now, the newest iteration of online betting is emerging, with prediction markets like Kalshi opening up new avenues for individuals to trade on sporting events, and even political and economic decisions. It is another iteration of financial markets, though it currently operates in a legal gray area. It is hard to predict exactly which pla...
Sports betting has seen significant growth in recent years. Now, the newest iteration of online betting is emerging, with prediction markets like Kalshi opening up new avenues for individuals to trade on sporting events, and even political and economic decisions. It is another iteration of financial markets, though it currently operates in a legal gray area. It is hard to predict exactly which platforms will win the most customers in prediction markets, sports betting, and other trading platforms that pop up in the years ahead. But there is one data provider that should win regardless of who comes out ahead: Genius Sports (NYSE: GENI) . Image source: Getty Images. Continue reading
Aker BP press release ( AKRBF ): Q1 GAAP EPS of $1.20. Total income of $3.03B (-5.3% Y/Y) beats by $70M . Capital expenditure: USD 1.6 billion, reflecting high activity across the development portfolio. Dividend: USD 0.6615 per share was paid in the quarter. Net production averaged 398 mboepd, with production efficiency of 97 percent across the portfolio. More on Aker BP ASA Aker BP: Favorable Pro...
Aker BP press release ( AKRBF ): Q1 GAAP EPS of $1.20. Total income of $3.03B (-5.3% Y/Y) beats by $70M . Capital expenditure: USD 1.6 billion, reflecting high activity across the development portfolio. Dividend: USD 0.6615 per share was paid in the quarter. Net production averaged 398 mboepd, with production efficiency of 97 percent across the portfolio. More on Aker BP ASA Aker BP: Favorable Prospects Continue (Maintaining Buy) Aker BP: A High-Yield Dividend Compounder With Structural Cost Advantage Aker BP ASA (AKRBY) Q4 2025 Earnings Call Transcript Aker BP reports Q4 results; initiates FY26 outlook Historical earnings data for Aker BP ASA
Dangote Industries Ltd is seeking more opportunities to raise money from global investors after the African company made its first foray into international markets last month. The industrial conglomerate is looking to the bond market to potentially fund some of its businesses, including energy and fertilizer assets, Dangote’s chief financial officer, Murat Erden , told Bloomberg News. Dangote Fert...
Dangote Industries Ltd is seeking more opportunities to raise money from global investors after the African company made its first foray into international markets last month. The industrial conglomerate is looking to the bond market to potentially fund some of its businesses, including energy and fertilizer assets, Dangote’s chief financial officer, Murat Erden , told Bloomberg News. Dangote Fertiliser Ltd , which operates Africa’s largest urea plant, raised $750 million from a private bond placement in April. Owned by Africa’s richest man, billionaire Aliko Dangote , the company also spans cement and infrastructure businesses and is critical to the economy of Nigeria, where it is headquartered. Dangote Cement Plc alone generated almost $3.2 billion of revenue last year, while Dangote Sugar Refinery Plc produced around $610 million. The group’s oil refinery, the biggest in Africa, plans to increase capacity from 650,000 barrels of crude per day to 1.4 million by 2028. Lagos-based Dangote, who is worth $35.4 billion on the Bloomberg Billionaires Index, has set a target of investing at least $40 billion to fund growth over the next five years. He wants to build the biggest deep seaport in Nigeria, boost output of urea to 12 million tons by 2030, diversify into liquefied gas, and construct a 20,000 megawatt power plant. Erden said that the company is “opportunistically” looking at issuing bonds to align the financing of some subsidiaries with their dollar revenues and to fund long-term capital investment programs. Plans to raise funds also include selling about 10% of the oil refinery in an IPO on multiple African stock exchanges this year. Seeking Core Investors While several Dangote entities have listed shares in Nigeria, none had raised financing from international capital markets before April’s transaction. “For decades bankers have covered Dangote and have been hoping for a capital markets event across the group, so this was a very long time coming,” said Stefan ...
From Nov. 19 to Nov. 20, Inner Mongolia Rural Commercial Bank put 57 homes up for auction on Alibaba’s asset auction platform —bare-shell apartments in Hulunbuir listed at slightly below market rate. As of Nov. 28, not one had sold, and not a single user had registered to bid. The bank is far from alone. A Caixin review found that lenders across China — including the “Big Six” state-owned banks — ...
From Nov. 19 to Nov. 20, Inner Mongolia Rural Commercial Bank put 57 homes up for auction on Alibaba’s asset auction platform —bare-shell apartments in Hulunbuir listed at slightly below market rate. As of Nov. 28, not one had sold, and not a single user had registered to bid. The bank is far from alone. A Caixin review found that lenders across China — including the “Big Six” state-owned banks — are listing all manner of real estate on auction platforms, from apartments and shops to office buildings and parking garages. Many of these properties arrived via debt-for-asset swaps: after failing to sell at court-ordered auctions, ownership was transferred from the debtor to the bank. These properties are distinct from judicial auction properties because the banks hold title.
Earnings Call Insights: eHealth (EHTH) Q1 2026 Management view "We're pleased with our first quarter results, which came in ahead of expectations. driven by stronger-than-anticipated Medicare enrollment volume at favorable unit economics." (CEO & Director Derrick Duke) "From a financial standpoint, our priorities this year are achieving breakeven or better operating cash flow and positioning the c...
Earnings Call Insights: eHealth (EHTH) Q1 2026 Management view "We're pleased with our first quarter results, which came in ahead of expectations. driven by stronger-than-anticipated Medicare enrollment volume at favorable unit economics." (CEO & Director Derrick Duke) "From a financial standpoint, our priorities this year are achieving breakeven or better operating cash flow and positioning the company for sustainable, profitable growth once the Medicare Advantage reset cycle is complete." (CEO & Director Duke) "During the quarter, we implemented headcount reductions and vendor consolidation initiatives. These actions are expected to reduce our fixed operating cost base by approximately $30 million in 2026 compared to 2025, representing roughly a 20% reduction." (CEO & Director Duke) "First quarter revenue was $88 million, ahead of our expectations. GAAP net loss was $4.7 million and adjusted EBITDA was $9 million, exceeding our internal plan." (CEO & Director Duke) "Last month, we launched final expense insurance offerings." (CEO & Director Duke) "We delivered a strong start to the year, meeting our revenue, earnings and operating cash flow expectations and achieving a greater Medicare enrollment profitability compared to a year ago." (Senior VP & CFO John Dolan) Outlook "Based on our execution year-to-date and with the annual enrollment period still ahead of us, we are maintaining our 2026 guidance ranges for revenue, GAAP net income, adjusted EBITDA and operating cash flow." (Senior VP & CFO Dolan) "We are updating our outlook for 2026 net adjustment revenue, which is now expected to be in the range of $8 million to $20 million." (Senior VP & CFO Dolan) "Our revised 3-year outlook, which we published today in our earnings slides, reflects a return to revenue growth in 2027 alongside adjusted EBITDA margin expansion, positive operating cash flow and breakeven or better free cash flow." (CEO & Director Duke) "Our 3-year forecast reflects mid-single-digit revenue g...