Investors in Ford Motor Co. (Symbol: F) saw new options begin trading today, for the December 2028 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 945 days until expiration the newly trading contracts

Michail_Petrov-96/iStock via Getty Images Fund performance The equity portion of the Fund fell (gross of fees) and underperformed its benchmark over the quarter. ¹ uniQure ( QURE ) detracted as regulatory uncertainty resurfaced around its Huntington's disease gene therapy program as the Food and Drug Administration raised questions regarding trial design and comparability. Inspire Medical Systems ( INSP ) also weighed on performance as concerns emerged around procedure growth. Expectations became elevated after a period of strong performance, but as growth assumptions moderated, the stock experienced multiple compression. EyePoint ( EYPT ) was negative as investors discounted the binary risk associated with upcoming 'phase 3' data in retinal disease. Competition within retinal therapeutics remains intense, contributing to uncertainty around ultimate differentiation. Conversely, Veradermics ( MANE ) contributed as investor confidence increased around its extended-release oral minoxidil program for androgenetic alopecia, a form of hair loss. If successful, this could materially expand the addressable market. Tectonic Therapeutic ( TECX ) performed strongly as investors placed greater value on its G-protein coupled receptors-targeting biologics platform, which aims to unlock a historically difficult but highly validated class of drug targets. Vaxcyte ( PCVX ) was also beneficial as its next-generation pneumococcal vaccine program gained traction and visibility. As development progresses, investor focus shifted toward the magnitude of potential market share capture rather than just regulatory success. We view Vaxcyte as a differentiated story within vaccines, where innovation can meaningfully reshape an established market. Performance The latest available performance figures have been calculated net-of-fees in U. S. dollars for the period: Cumulative and annualized total return as of March 31, 2026 ((%)) NAV Market price Quarter to date -0.71 -2.80 Year to date -0.71 -2...

Investors in British American Tobacco plc (Symbol: BTI) saw new options become available today, for the July 2028 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 798 days until expiration the newly av

Investors in Natera Inc (Symbol: NTRA) saw new options become available today, for the December 18th expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 217 days until expiration the newly available contr

Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we

The head of Shell Plc in Brazil, who helped secure final approval for the Orca deepwater project, has decided to leave the oil major. Cristiano Pinto da Costa will be replaced by João Santos Rosa, the current head of Shell in Italy, Shell said in a press release on Friday. Pinto da Costa is pursuing new opportunities after almost 30 years with the company, he said in a post on LinkedIn. “We’ll be working together through a transition process that, I’m certain, will position him to take my beloved Shell Brazil even further,” Pinto da Costa said . Read more: Shell’s Government Payments Drop as Brazil Overtakes Nigeria Shell increased production by about 25% in Brazil under Pinto da Costa’s leadership to more than 500,000 barrels a day in March, and first oil at Orca is expected in 2029, the company said. Shell’s Brazilian exploration and production contracts have jumped to 70, compared to 30 when Pinto da Costa took over. Brazil is a key part of Shell’s international portfolio and Rosa will be tasked with extending the life of the massive Tupi deepwater oil field, where Shell is a partner with state-controlled producer Petroleo Brasileiro SA . Production at the field hit a peak around 2020 and Petrobras is working partners on projects aimed at sustaining output.

Earnings Call Insights: Creative Realities (CREX) Q1 2026 Management View CEO Richard Mills said the company posted Q1 revenue of $16.3 million, including $7.9 million from the CDM acquisition, while “extreme cold weather across the Southeast U.S.” delayed about $4 million of revenue into later quarters. CEO Mills said Q1 gross profit was $5.6 million and consolidated gross margin was 34.2%, adding that results were also impacted by “a onetime event as we terminated a CDM legacy subcontractor, which reduced gross margin by approximately $0.5 million.” CEO Mills said the company ended Q1 with ARR of $20.1 million and “an additional $4 million of ARR contracted and in place already that ARR will start at year-end,” and added: “We remain on track for our best year ever with company revenue exceeding $100 million and adjusted EBITDA margins reaching the high teens in the coming quarters.” Chief Financial Officer Tamra Koshewa said, “Revenue from our legacy CRI business decreased approximately 15% year-over-year,” citing install timing and “a decrease in our SaaS from expiration of certain customer contracts in 2025.” CEO Mills announced new customer wins and expansions, including: “we are the official digital signage provider for the Tennessee Titans and the new Nissan Stadium,” calling it “an $8.5 million deal,” and said the company won Dairy Queen in North America after an RFP and expects revenue to “grow between $1 million and $2 million a year on an annual basis.” CEO Mills said the AMC theater lobby network rollout with National CineMedia is “approximately 1,200 screens and large-format LEDs throughout the rest of 2026” with “expected revenue of this is $6 million to $7 million.” Outlook CEO Mills said weather-delayed Q1 installs shifted into Q2 and Q3 and that “we expect our second quarter results to improve compared to the first quarter with the remainder of 2026 showing growth acceleration and margin expansion.” CEO Mills reiterated synergy timing and longer-ter...

Gary Yeowell/DigitalVision via Getty Images WASDE-671, The Options Chain, And WEAT’s Structural Problem Thanks to what I have learned from the routines of great investors, I always like to start and end the day by reviewing price action to detect any anomaly and pull the thread if needed. That happened to me on May 12, with an approximately 7% increase in the price of wheat , which led me to the WASDE-671 report published on the U.S. crop. It turns out that the wheat crop has been the smallest since 1972, at 1.561 billion bushels, implying a 21% cut versus the 1.985 billion bushels of the previous cycle. And the culprit behind this situation is, on the one hand, a severe drought in the Hard Red Winter belt , the producing region across Kansas, Oklahoma, and Texas, and, on the other, an all-wheat planted area of 43.8M acres , which represents a historical low when reviewing the USDA Prospective Plantings Report. This is because this year, the pressure on farmers from high operating costs, such as diesel and fertilizers , has had enough of an effect to push them toward other more profitable crops such as soybeans or corn. So, as I continued my research, I decided to review the behavior of the Teucrium Wheat Fund ( WEAT ) to see what it was reflecting, and that is when I saw what I consider an opportunity. The first thing I looked at was the options chain, where the first July expiration showed an open interest call/put ratio of practically 13 to 1, with 29,643 contracts concentrated at the $30 strike, that is, a level that requires WEAT to rise 26% in about two months. And the market has positioned itself with fresh flow on May 12 at the $25 strike, with 1,172 contracts traded that day. To me, this is a signal of institutional money paying premium for an upside scenario. dtnpf.com Before continuing, it is important to understand how WEAT works and what it holds. Currently there are three CBOT Soft Red Winter (SRW) futures contracts distributed with a 35%, 30%, and 35%...

Tom Polen, CEO of medical technology company BD, says that in the next decade AI and robotics will transform health care in ways that will make today’s system seem archaic. Polen sits down with Bloomberg’s Caroline Hyde on the sidelines of the Consello Spark Summit. (Source: Bloomberg)

An anonymous bidder paid $9 million for lunch with Warren Buffett , National Basketball Association champion Stephen Curry and actress and entrepreneur Ayesha Curry. Buffett will match the winning bid for charities GLIDE and Eat. Learn. Play. , the two beneficiaries of the auction, according to a statement. The anonymous winner and seven guests will dine with the legendary 95-year-old investor and the Curry couple in Omaha on June 24. “I’m thrilled with the response to this auction and honored to support the important work being done by GLIDE and the Eat. Learn. Play. Foundation,” Buffett said in the statement. GLIDE dedicates its work to fighting systematic injustices, addressing pressing issues such as poverty, according to the statement. Meanwhile, Eat. Learn. Play., founded by Steph and Ayesha Curry, serves children in Oakland in a variety of capacities. For more than two decades, Buffett routinely hosted a lunch auction that raised more than $50 million to support Glide. He held the last auction in 2022, when an anonymous person spent a record $19 million to secure the lunch. This year’s winner exceeded the previous record of $4.6 million that cryptocurrency entrepreneur Justin Sun paid in 2019. Previous winners include hedge fund manager David Einhorn and Ted Weschler , who became a stock picker for Buffett’s Berkshire Hathaway Inc. after meeting the billionaire for lunch.

格隆汇5月15日｜印度将与阿联酋合作扩大战略原油与天然气储备，这是全球第三大石油消费国为应对未来供应中断风险而采取的重要举措。根据阿布扎比国家石油公司（ADNOC）的声明，该公司将考虑大幅提升在印度的原油储存规模，目标提升至3000万桶。两国还将合作在印度建立战略天然气储备，并探讨在位于霍尔木兹海峡之外的富查伊拉港建设原油储备设施。此次初步协议是在印度总理莫迪前往欧洲途中短暂停留阿布扎比期间宣布的。

POET Technologies (NASDAQ:POET) has gone from obscure micro-cap to one of the loudest tickers on WallStreetBets in a matter of weeks. The stock surged 114.72% in the past week alone after announcing a $500 million AI infrastructure deal with Lumilens. After that explosive run, our proprietary model suggests the upside is now stretched. Our 24/7 ... This Tiny AI Stock Is Suddenly Getting Massive Attention

Olemedia/iStock via Getty Images Investment Thesis The past month has been a real psychological thriller for POET Technologies Inc. ( POET ), the plot of which is so dynamic and full of unexpected twists that it cannot help but attract significant attention. I started my coverage with a neutral rating on the company until I revised my outlook to a Buy recommendation in late December 2025. From that point on, and in less than two quarters, POET’s market value has surged by more than 200%. The current mix of news, on the other hand, suggests incredible potential for POET’s hyperbolic growth to continue. Can we be sure, then, of the company's planned actions and outcomes exactly as described in recent press releases? It's still possible that implementation could run into new challenges. It was incredibly positive news that POET received its first major order, giving me a pleasant surprise. At the same time, though, this has disrupted my original plans after I locked in my purchases in my brokerage account earlier this week at $13.70 per share. Purpose of this article is to answer three questions: What new insights do the Q1 financial results offer? Why is the new deal and contract with a new partner significant? What areas of interest should we consider regarding POET’s new acquisitions? Despite the answers to these questions, the company’s story will continue to be incredibly compelling. This is mainly due to the role of photonic technologies in supporting the entire AI infrastructure. This is precisely where POET’s management is currently placing its bets. Key Takeaways from the Q1 2026 Quarterly Report POET’s financial results were not particularly impressive, given that the company has not yet begun the process of mass commercialization of its products. The more important factor is not the revenue figure of just $0.5 million, nor the fact that R&D expenses remain high ($4.5 million). As a result, it is worth considering the points related to new contracts and partn...

Source: Bloomberg, 0:00

中巴金融合作的一项重要新成果。 今年以来，在融资成本优势、汇率环境变化、政策制度优化以及人民币国际化深入推进等背景下，我国熊猫债市场延续热闹态势。近日，巴基斯坦成功在中国发行首笔人民币计价熊猫债，标志着巴基斯坦首次亮相中国境内人民币债券市场。 这是南亚地区首笔熊猫债，也被视为中巴金融合作的一项重要新成果。据了解，这是全球首单由亚洲基础设施投资银行（下称“亚投行”）与亚洲开发银行（下称“亚开行”）联合提供担保的主权熊猫债。该债券规模为17.5亿元，期限3年，票面利率2.5%，募集资金将用于支持巴基斯坦在水务、能源和卫生等领域的可持续和具有气候韧性的绿色基础设施建设。 从公开信息来看，该债券吸引了境内市场化投资者的积极参与，全场认购总量88.35亿元，获超5倍认购。据了解，本期债券由上述两家多边开发机构提供无条件且不可撤销的部分保证担保，提升了债券信用水平，降低了发行成本，充分体现了多边主义框架下国际金融机构协同支持发展中国家融资的积极成效。 公开信息显示，这是中国境内首单非全额保证担保债券，也是首只担保覆盖率低于100%（本息覆盖率95%）却获得境内AAA评级的债券。这一创新担保结构丰富了熊猫债市场增信工具箱，也为新兴市场动员私营部门资本树立了重要先例。 亚投行首席投资官康斯坦丁·利米托夫斯基 (Konstantin Limitovskiy) 称，此次发行充分体现了亚投行在动员私营资本、助力成员获得创新融资解决方案方面的重要作用。通过支持巴基斯坦发行首笔熊猫债，亚投行致力于帮助其拓展可持续基础设施融资渠道，并促进巴基斯坦实现长期经济韧性和发展目标。 “此次交易不仅使巴基斯坦得以进入中国在岸债券市场，还使其获得了具有竞争力的定价，从而支持该国可持续基础设施建设和人力资本发展。”亚开行中西亚局局长利娅·古铁雷斯（Leah Gutierrez）表示，“熊猫债的发行拓宽了巴基斯坦进入国际资本市场的渠道。” 熊猫债指境外机构在中国境内发行的人民币计价债券。央行数据显示，2026年1-3月，熊猫债券累计发行842.4亿元，新增10家境外机构进入银行间债券市场。另据Wind数据，截至5月15日，今年以来熊猫债发行额已超过1161亿元，较去年同期增长近76%。

Kevin Warsh has put a fresh frame on the inflation debate, arguing that AI-driven productivity gains could allow the economy to grow faster without triggering inflation. If that supply-side view gains traction at the Fed, patience on rates becomes the base case, and the small-cap AI names that have been left for dead suddenly look ... Prediction. Kevin Warsh’s Fed View Could Unlock These 4 AI Stocks Under $10 That the Market Has Left for Dead

Nvidia vs. AMD: Who Will Win the Orbital-AI Race? MarketWise

A股市场上的活跃资金对于中韩半导体ETF的交投情绪高涨，交易价格屡创新高，基金溢价率从5月6日的8.32%升至35.94% 当地时间2026年5月15日，韩国首尔，首尔中区韩亚银行交易室的工作人员正注视着突破8000点的纪念仪式痕迹。当日，韩国综合股价指数（KOSPI）在开盘初期突破8000点后下跌，跌破7500点。图：视觉中国 【财新网】 5月15日，韩国股市经历了一场过山车式的极端行情。早盘，受益于前期AI半导体热潮的持续发酵，首尔综合股价指数KOSPI一度冲高至8046点，创下历史新高，距离本月6日首次突破7000点才隔了7个交易日。不过午后风云突变，KOSPI指数持续下挫，盘中跌幅一度超7%。截至收盘，KOSPI指数收跌6.12%，报7493.18点。其间韩国KOSPI 200期货指数暴跌超过5%，触发韩国卖方Sidecar熔断机制，暂停程序化交易5分钟。

格隆汇5月15日｜美国能源部长赖特：美国可以轻松将天然气出口翻倍，且不会影响国内价格。

财联社5月15日讯（编辑 史正丞） 当地时间周五，随着挑战英国首相斯塔默领导地位的竞争对手清除程序障碍，英国国债、英镑和英国股票面临的抛售压力进一步升温。 截至发稿， 英国10年期国债收益率拉升超10个基点 （收益率上升意味着国债遭抛售）、 英国富时100指数跌近2%，英镑也随之贬值 。与此同时，美国、德国、日本的主权债券也在同步下跌。除了英国国债抛售的外溢效应外，中东战争也在推高全球通胀和国债市场压力。 （来源：TradingView） 在上周末的英国地方选举惨败后，斯塔默面对的“逼宫”压力不断升温，周五的股汇债“三杀”则是对主要挑战者走上台面进行定价。 据央视新闻报道，当地时间14日， 英国议会下院的工党籍议员乔希·西蒙斯宣布辞职，以便曼彻斯特市长安迪·伯纳姆重回下院担任议员，继而有资格挑战首相斯塔默的工党党首地位。 西蒙斯在社交媒体上强调，他主动“让路”，是为了让伯纳姆争取重返议会，并推动“迫切需要的变革”。 预测市场Polymarket的投注数据显示，伯纳姆在2026年内成为英国首相的概率为42%，斯塔默至少坚持到年底的概率已经下降至27%。 资本市场皱起眉头 被称为工党“北境之王”的伯纳姆是现任大曼彻斯特市长。由于他去年曾批评英国政府“被债券市场绑架”，市场担心他的财政纲领可能会相当激进。 交易员们担心伯纳姆会打破当前政府的财政克制承诺，包括为住房和基础设施支出额外借款400 亿英镑，以及对伦敦和英格兰东南部高价住宅征收更高税费。 布朗兄弟哈里曼的外汇策略全球主管埃利亚斯·哈达德（Elias Haddad）在周五的报告中写道：“政治不确定性仍将主导英镑和英国国债的走势，而且考虑到英国财政信誉正在恶化，市场风险偏向下行。英国名义GDP增速目前低于10年期英国国债收益率，这使得遏制债务规模增长变得非常困难。” 哈达德也指出， 最新民调显示61%的工党成员会支持伯纳姆，而只有28%会支持斯塔默。 与此同时，英国上议院议员、前外交官彼得·里克茨将眼下的情景称为新一轮“威斯敏斯特心理戏剧”，认为这种状况将损害英国的国际声誉和影响力。 里克茨说道：“如果斯塔默在国内为保住职位而苦战，他在处理乌克兰和伊朗危机时就会受到掣肘。如果欧盟不知道几个月后谁是英国首相，他们就不会那么有兴趣与英国谈判建立更紧密的关系。”

Victor Golmer/iStock Editorial via Getty Images Summary Following my coverage on Zalando ( ZLDSF ) last December, which I upgraded to a buy rating as the B2B business was becoming more apparent, and that the AI impact was not proving to be as bad as I thought, this post is to provide an update on my thoughts on the business and stock. I still like the stock. Inventory risk is easing, B2B continues to scale with better margins, and AI is becoming more useful across product discovery, fulfillment, and partner onboarding. I reiterate my buy rating. Q1 2026 earnings review Last week, ZLDSF dropped its Q1 results, which saw solid reported revenue growth of ~24% y/y with GMV up ~22% y/y. But that reported growth was helped by the inclusion of ABOUT YOU, so the cleaner like-for-like picture was much more subtle. Pro forma GMV grew 6% y/y, while pro forma revenue grew 3.4% y/y. For segment performance, B2C grew 2.1% pro forma, while B2C GMV grew 6%. As for B2B, it is much better. On a pro forma basis, B2B revenue grew ~17%, with growth driven by ZEOS Fulfillment, which includes Zalando Fulfilment Solutions and multi-channel fulfillment, and by the inclusion of SCAYLE. Importantly, B2B gross margin also improved from 12.4% to 18.2%, suggesting ZLDSF is capturing better economics as it scales. At the EBIT level, B2B adj. EBIT margin expanded to 8.6% from 2.4%, and even if we exclude the EUR4 million provision release, B2B margin would still have been 7.4%. At the consolidated level, adj. EBIT grew to EUR64.8 million, with adj. EBIT margin expanding from 1.9% to 2.2%. Inventory risk has improved, and this directly addresses my prior concern I will start by touching on inventory. In my previous coverage, inventory was one of the issues I was paying attention to as the worry was that if ZLDSF had too much stock, it might need to discount more aggressively, which would pressure gross margin and weaken earnings quality. We saw progress in Q3 2025, and I am encouraged that ZLDSF is...

格隆汇5月15日｜美国总统特朗普于5月13日至15日对中国进行国事访问。中共中央政治局委员、外交部长王毅15日向媒体介绍中美元首会晤情况和共识：会晤中，两国元首同意将“中美建设性战略稳定关系”作为两国关系的新定位，为未来3年乃至更长时间的中美关系作出战略指引，受到两国人民和国际社会的欢迎。中方认为： 这应该是合作为主的积极稳定，通过交流合作不断增强中美关系的韧性。中美作为世界前两大经济体，你中有我、我中有你，谁也离不开谁，合则两利、斗则俱伤。对抗对两国和世界注定是一场灾难，合作则可以办成许多有利于两国和世界的大事。 这应该是竞争有度的良性稳定，不搞你输我赢的零和博弈。大国之间存在竞争不足为奇，但不能以竞争来定义全部中美关系。中美之间即便有竞争，也应是相互借鉴的良性竞争，你追我赶的积极竞争，遵守规则的公平竞争。竞争的目的是为了彼此做更好的自己。 这应该是分歧可控的常态稳定，不能像过山车一样起伏不定。双方都应保持政策的连续性和稳定性，尤其要信守作出的承诺，始终相向而行，以中美合作的正面预期为各自发展和国际形势提供更多的确定性。 这应该是和平可期的持久稳定，不能发生冲突对抗甚至战争。和平共处是中美两国的最大公约数，中美冲突对抗的后果是谁都不能承受的。关键在于遵守中美三个联合公报，尊重彼此社会制度和发展道路，尊重对方核心利益和重大关切，尊重各自的发展权利。 总之，“中美建设性战略稳定关系”不是一句口号，而应是双方坚守的目标，共同采取的行动。我们要沿着两国元首明确的方向，不断丰富这一新定位内涵，将其转化为具体政策和实际举措，共同开启中美关系的新篇章。

當局選定全港15個對角行人過路處，將於下半年分批啟用。有立法會議員希望能夠擴展至更多地點，當局指要考慮路況是否合適。 15個路口對角行人過路處，包括位於旺角西洋菜南街與山東街交界、將軍澳寶邑路和唐俊街交界，屆時會容許行人「打斜」過馬路。在立法會交通事務委員會，有議員關注會否在更多地區設立對角行人過路處。 民建聯新界東北議員陳克勤稱：「我現在手頭上有兩個大埔，一個安慈路、安祥路交界，另一個安埔路及安慈路交界。政府會如何做？按優先次序或同步進行？我理解這不是太難，這不是太空科技，是否能快些？」 運輸及物流局副秘書長葉家昇說：「首先是路面闊度是否適合，可以『打斜角』給長者，及所有人步行時候需要多少時間。大家都想到路口越闊，『打斜』過路的時間越長，即是長者『打斜』過，每邊三條線、六條線的路口，對角行人過路處可能相對未必這麼適合。」 亦有議員建議可否在過路處加入藝術設計，供旅客「打卡」。 選舉委員會界別議員姚柏良指出：「如果曾到東京，澀谷十字路口都是遊客必到的『打卡』地方。我們未來在設計上，會否引入本地特色、藝術圖像及創意視覺元素？」 葉家昇回應：「要小心考慮及取得平衡，整件事的初心是方便行人及交通使用者，有時路口太多人逗留『打卡』影相，未必能方便平常行人，甚至對交通有影響。」 當局稱，會先做好15個對角行人過路處選址，如果找到合適路口，會再積極考慮加設。

juststock/iStock via Getty Images My readers know I am not a big fan of Lemonade ( LMND ). Or say it differently or more accurately, I have problems with the current valuation of company, and the narrative supported by the management, while the company remains unprofitable. We have entered the AI era, and I understand companies want to surf the AI trend to be financed, developed, and ultimately provide what they promised. AI will certainly revolutionize many industries, and the insurance industry will be affected. It already is. And, somehow, against all odds, I may have found an insurtech combining AI, technology, and something even more revolutionary in this sector: profitability. Its name is Root ( ROOT ). A Mini-Progressive I am a fan of metaphors and comparisons. I called Chubb ( CB ) the "One"; Progressive ( PGR ) is "The Motor king". Root could be named either "A Successful Lemonade" or—to be less clickbait - "A Mini-Progressive". Root was founded in 2015 and went public in 2020 at $27.00 per share . At that time, the company generated $275.3 million in premiums in 2019 with a loss of $281.8 million. IPO Prospectus - Root In 2025, the company posted a premium volume of $1.4 billion and a post-tax income of $40.3 million. Not bad for a company that was still bleeding in 2023 by posting a $147 million post-tax loss for a net premium volume of $399.9 million ($635 million before reinsurance). Root - FY2025 Shareholder Letter In Q1 2026, Root posted an underwriting gain of $31.3 million (for a net combined ratio of 91.4%) and a post-tax income of $35.9 million. Root - Q1 2026 Shareholder Letter How did the company become profitable? First, through the scaling. With a premium growth from $0.4 billion to $1.4 billion in 2025, the company succeeded in expanding its footprint, reducing its fixed costs and improving its profitability. Second, by massively improving the loss ratio. Progressive vs. Root When you want the leader of the motor insurance industry, you go st...

OneStream, the AI operating system for modern Finance that unifies core financial and operational processes, embedding the governance, context, and control required to make AI work for Finance, and Microsoft today announced a significant expansion of its strategic partnership. The companies have committed to investing over the next three years to scale and advance AI infrastructure and accelerate the adoption and value of artificial intelligence within the Office of the CFO.

mtcurado/iStock Unreleased via Getty Images Introduction Nordea ( NRDBY ) ( NBNKF ) is a Finland-based financial institution focusing on serving the Nordic region. Thanks to a combination of low loan loss provisions and a robust underlying performance, the bank is in good shape and is working towards meeting its profitability targets for 2030. With an anticipated dividend payout ratio of approximately 70%, one could also consider Nordea to be a dividend stock—although foreign investors should look into reducing the dividend tax pressure as Finland has a high dividend tax rate. Data by YCharts A good result in the first quarter of the year One of the key elements in Nordea’s investment thesis is the fact the bank has been able to keep its loan loss provisions extremely limited. Nordea reported a lower net interest income compared to the same period last year, but it also saw a higher net fee and commission income as well as a higher net insurance result. This all helped to keep the impact on the operating income somewhat limited (there still was a 2% decrease). Nordea Investor Relations As the income statement above shows, the total amount of operating expenses increased by more than 15% to 1.51 billion EUR, and the almost 200 million EUR increase in staff costs is the main driver behind this increase. This doesn’t mean Nordea staff suddenly got a double-digit pay raise, but the restructuring expenses were booked as a staff cost. The fine print mentioned that about 168 million EUR of a 190 million EUR restructuring expense was booked as a staff cost (with the remainder booked as an "other expense" or as an accelerated depreciation item). While this does impact the reported profitability (1.35 billion EUR versus 1.62 billion EUR), the underlying result is, of course, much better. The pre-loan loss result still decreased on a YoY basis, but this was more manageable. Moreover, whereas the bank recorded a net loan loss provision in Q1 2025, there was a loan loss reversal...

The Stagflation Narrative: What Doomers Get Wrong Authored by Lance Roberts via RealInvestmentAdvice.com, The stagflation narrative dominating financial social media isn’t completely wrong. That’s what makes it so dangerous. After more than 30 years of managing client portfolios through actual inflationary cycles, not watching them on YouTube, I’ve learned that the most damaging investment advice isn’t built on outright lies. It’s built on partial truths, stretched past the point where the data still holds. If you haven’t read Commodity Supercycle: The Enemy Of The Bull Thesis (Part 1) , it is an important primer to today’s discussion. Let’s dig in. The doomers have legitimate inputs. Supply chains are genuinely under pressure, and the dollar currently faces real structural headwinds. Central banks have been buying gold at a historic pace. Equity valuations in certain segments are stretched, and every one of those observations is defensible. However, the leap from those observations to “sell everything, go all-in on commodities, bonds are dead forever, the great reset is here,” is where the analysis ends and the storytelling begins. I want to do two things here. First, I’ll score the stagflation narrative claim-by-claim. We will give credit where it’s earned and expose where the logic collapses. I’ll lay out what a sound investment framework actually looks like when the data, not the narrative, drives the decision. Moreover, why the boom-bust nature of commodity markets and the AI-driven capex cycle both fundamentally change where allocations belong. The Stagflation Narrative Spreading Across Social Media Spend an hour on X, and you’ll encounter some version of the same script. The Federal Reserve has destroyed the currency. The 1970s are back, only worse. Commodities are going to surge for the next decade. Gold is the only real money. Bonds are a guaranteed way to lose purchasing power. Anyone still holding a diversified portfolio is either naive or not paying atte...

There’s been much discussion about the possibility of an AI bubble of late. Of course, not everybody has the risk tolerance or conviction to make bearish bets on the highest-flyers within the hottest corners of the AI chip scene as Dr. Michael Burry has. But for the average retail investor, the big takeaway might not ... If an AI Bubble Forms and Pops, the Mag 7 Won’t All React the Same Way

Italian Prime Minister Giorgia Meloni is struggling to reach an agreement with her coalition partners over an electoral law originally devised to improve the Italian premier’s chances at the next general election. Meloni has even reached out to the opposition, which is against the initiative, amid inconclusive talks with her allies. The premier’s Brothers of Italy party and its allies, the nationalist League and the center-right Forza Italia, have clashed over how big a seat bonus should be awarded to the leading party in the winning coalition, according to people familiar with the matter. “There’s real openness to dialogue with the opposition, as long as it respects the general framework of the law, which is devised to favor governability and stability,” Alessandro Battilocchio, one of the Forza Italia lawmakers working on the law, said in an interview. The seat bonus is intended to ensure a winning coalition can govern comfortably. Meloni has helmed one of Italy’s longest-serving governments, though polls indicate she could face the prospect of a hung Senate . The lack of progress on one of her top legislative priorities follows Meloni’s setback in a March referendum . Though the ballot asked voters to approve an overhaul of the courts, it quickly became a plebiscite on Meloni herself — and Italians defeated the government by a margin of seven percentage points. The electoral law used in the next general election, due next year, is crucial: The latest poll by Youtrend for daily Corriere della Sera , published Friday, shows a difference of just 0.1% between the government and opposition coalitions. An agreement in principle reached in February was for 35 and 70 extra seats in the lower and upper chambers of Parliament for whatever coalition had the most votes above a threshold of 40%, respectively, with a maximum of 230 MPs in the 400-member lower house, the Chamber of Deputies, and 114 MPs in the 200-seat Senate. One option under early consideration, some of the p...

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