Key Points If you keep your savings in a traditional IRA, you'll eventually have to take required minimum distributions (RMDs). Failing to take RMDs on time could lead to expensive penalties. There's an easy way to avoid losing money to missed RMDs. The $23,760 Social Security bonus most retirees completely overlook › Saving for retirement can be more complicated than you'd think. On top of figuri...
Key Points If you keep your savings in a traditional IRA, you'll eventually have to take required minimum distributions (RMDs). Failing to take RMDs on time could lead to expensive penalties. There's an easy way to avoid losing money to missed RMDs. The $23,760 Social Security bonus most retirees completely overlook › Saving for retirement can be more complicated than you'd think. On top of figuring out how much you can afford to save each month, you also need to find the right home for your retirement nest egg. For many people, a traditional IRA might read like the best choice in that regard. You can fund an IRA as long as you have earned income. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » Self-employed? Not a problem. IRAs were made for people like you. But if you're going to save for retirement in an IRA, there's one important thing you'll need to plan for. And failing to do so could cost you. Don't forget about RMDs If you keep your retirement nest egg in a traditional IRA, you'll eventually have to start taking required minimum distributions, or RMDs, starting at age 73 or 75 (it depends on your year of birth). RMDs are calculated each year based on your IRA balance and life expectancy. And if you don't take yours on time, it could cost you. The penalty for not taking an RMD on time is 25% of the amount you're supposed to withdraw from your IRA but don't. And if that sounds like a lot, you should know that the penalty used to be 50% but was lowered to 25% pretty recently. Now if you miss a small RMD, the financial hit may not be so terrible. A $300 skipped RMD, for example, will cost you $75. But if you have a $30,000 RMD, missing the deadline could cost you $7,500. So it's very important to understand when RMDs are due, and to plan for them ahead of time. How to avoid RMD penalties Depen...
The new rules come with a significant degree of risk even if they have succeeded already in their primary aim. When F1 was conceiving the new engines, the idea was to attract more car manufacturers into the sport, and particularly the Volkswagen Group. So the engines were simplified in their architecture, and the electrical part of the engine was made more important. As a consequence, Audi came in...
The new rules come with a significant degree of risk even if they have succeeded already in their primary aim. When F1 was conceiving the new engines, the idea was to attract more car manufacturers into the sport, and particularly the Volkswagen Group. So the engines were simplified in their architecture, and the electrical part of the engine was made more important. As a consequence, Audi came into the sport, taking over the Sauber team. Its official debut this season marks the first time the VW Group has ever taken part in F1. Porsche, another VW brand which was also planning an entry, did not, after its talks with Red Bull collapsed. But Ford has chosen to return, taking Porsche's place as Red Bull's partner, and its US rival General Motors has also entered, with an entirely new team bearing the name of its Cadillac brand. So far, so good. However, the engine rules, creating a near 50-50 split between the internal combustion and electrical parts of the engine, come with compromises. The combination of an electrical system with three times as much power as last year but a battery more or less the same size means the cars are energy starved. Attempts to make it easier to recover energy have led to moveable front and rear wings to reduce drag on the straights, and a complex series of rules and strategies, which definitely risk confusing the audience. And the need for so much energy management has annoyed the drivers, who are complaining about unusual driving techniques. There are various ways of recovering the energy and deploying it. Drivers have access to a "boost" mode for brief bursts of maximum power, and an "overtake" mode, which allows a driver within a second of a car in front to recover more energy and gives maximum power for longer. As the electrical motor can now supply 350kw (470bhp), and the cars will be depleting and replenishing their batteries several times a lap, a car with a full charge will have nearly twice as much power as one with an empty batt...
Leila Melhado/iStock via Getty Images In my last coverage of Sabesp ( SBS ), I reiterated a “Strong Buy” rating. In doing so, the Brazilian ADR has done very well, accumulating total returns in excess of 50%, counting dividends up to the time of writing. Seeking Alpha In doing so, I recognized the bull case from the company being a newly privatized state-owned company in Brazil (in this case, in m...
Leila Melhado/iStock via Getty Images In my last coverage of Sabesp ( SBS ), I reiterated a “Strong Buy” rating. In doing so, the Brazilian ADR has done very well, accumulating total returns in excess of 50%, counting dividends up to the time of writing. Seeking Alpha In doing so, I recognized the bull case from the company being a newly privatized state-owned company in Brazil (in this case, in mid-2024). At the time, the state of São Paulo in Brazil owned 50.3% of the company, and post-privatization, the stake fell to 18.3%, and it was no longer the controlling shareholder. When the company was state-owned, decisions tended to be slow and dependent on politics. After privatization, the expectation was for cost-cutting initiatives and more professional management. And this would eventually have an impact on margins and return on capital for shareholders. Along with the privatization (where around R$14.7 billion was raised), came a giant investment plan , "CapEx", to commit R$70 billion to universalize water and sewage treatment—which still does not serve all families in Brazil's main state. Each investment goes into the RAB “Regulated Asset Base,” which basically determines how much return the regulator allows the company to earn through tariffs. Of course, sanitation is a regulated sector. The allowed return (regulatory WACC) is usually around ~8% on the asset base. So basically, the engine of Sabesp's thesis comes from the RAB amplified by the regulatory return yielding profits. I go over what has happened since my last take on the company—almost a year ago—to update why it's still worth being constructive on SBS even with the recent strong valuation. Privatization Is Beginning To Show Operational Results As expected, Sabesp's CapEx really accelerated post-privatization. The company reported R$10.4 billion in the first 9 months of 2025—up 151% vs. 9M24 and R$13.2 billion ttm. Investments in sewage grew by +240% and water by +46%, showing that the R$70 billion of ...
Sierra Space Corp. has raised $550 million, fueling its drive to become a defense contractor for the US government. The new capital will enable Sierra Space, which develops satellites and spacecraft, to expand production capacity and further build out its national security capabilities, the company said in a statement. The financing brings the company’s total valuation to $8 billion. The funding r...
Sierra Space Corp. has raised $550 million, fueling its drive to become a defense contractor for the US government. The new capital will enable Sierra Space, which develops satellites and spacecraft, to expand production capacity and further build out its national security capabilities, the company said in a statement. The financing brings the company’s total valuation to $8 billion. The funding round was led by LuminArx Capital Management , with participation from existing investors, including General Atlantic , Coatue and Moore Strategic Ventures . Sierra Space is backed by Turkish billionaire couple Fatih and Eren Ozmen . The Colorado-based company, which began as a spinoff from defense contractor Sierra Nevada Corp , had announced plans to go public as early as 2024 but has faced a slew of leadership changes over recent years and setbacks to its signature spaceplace. The company announced on Feb. 26 that it had appointed a new chief executive officer, Dan Jablonsky , who assumed the role this week . Sierra Space has been working to debut its Dream Chaser spaceplane for years but has faced numerous delays. It planned to unveil Dream Chaser in 2021, but is now targeting late 2026 for its first launch. Dream Chaser was intended to ferry cargo to the International Space Station, but in September , NASA and Sierra Space announced they were modifying a 2016 contract so the space agency would no longer be required to use the craft to do so. Sierra Space is separately working to build an inflatable space station that could serve as a commercial successor to the ISS, which is set to de-orbit in 2030. In September 2023, Sierra Space announced a $290 million funding round , with Japanese investors including MUFG as well as Kanematsu Corp. and Tokio Marine & Nichido Fire Insurance .
BJ's Wholesale Club (BJ) came out with quarterly earnings of $1 per share, beating the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $0.80 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 12.36%. A quarter ago, it was expected that this wholesale membership warehouse operator would post ea...
BJ's Wholesale Club (BJ) came out with quarterly earnings of $1 per share, beating the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $0.80 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 12.36%. A quarter ago, it was expected that this wholesale membership warehouse operator would post earnings of $0.83 per share when it actually produced earnings of $0.99, delivering a surprise of 19.28%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. BJ's , which belongs to the Zacks Consumer Services - Miscellaneous industry, posted revenues of $4.93 billion for the quarter ended January 2023, surpassing the Zacks Consensus Estimate by 2.46%. This compares to year-ago revenues of $4.36 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. BJ's shares have added about 12.3% since the beginning of the year versus the S&P 500's gain of 4%. What's Next for BJ's? While BJ's has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate re...
Olaplex Holdings, Inc. (OLPX) came out with quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of breakeven. This compares to earnings of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +203.03%. A quarter ago, it was expected that this company would post earnings of $0.02 per share wh...
Olaplex Holdings, Inc. (OLPX) came out with quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of breakeven. This compares to earnings of $0.01 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +203.03%. A quarter ago, it was expected that this company would post earnings of $0.02 per share when it actually produced earnings of $0.02, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Olaplex, which belongs to the Zacks Consumer Products - Discretionary industry, posted revenues of $105.12 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.12%. This compares to year-ago revenues of $100.74 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Olaplex shares have added about 32.8% since the beginning of the year versus the S&P 500's gain of 0.4%. What's Next for Olaplex? While Olaplex has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of th...
Integrated Quantitative Investments LLC lessened its position in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 5.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,484 shares of the semiconductor company's stock after selling 3,882 shares during the period. Taiwan S...
Integrated Quantitative Investments LLC lessened its position in shares of Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM - Free Report) by 5.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,484 shares of the semiconductor company's stock after selling 3,882 shares during the period. Taiwan Semiconductor Manufacturing comprises 5.8% of Integrated Quantitative Investments LLC's portfolio, making the stock its largest position. Integrated Quantitative Investments LLC's holdings in Taiwan Semiconductor Manufacturing were worth $20,523,000 at the end of the most recent quarter. Get TSM alerts: Sign Up Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Childress Capital Advisors LLC increased its holdings in shares of Taiwan Semiconductor Manufacturing by 145.3% in the third quarter. Childress Capital Advisors LLC now owns 3,192 shares of the semiconductor company's stock valued at $891,000 after buying an additional 1,891 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Taiwan Semiconductor Manufacturing by 9.4% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 101,876 shares of the semiconductor company's stock valued at $28,470,000 after purchasing an additional 8,738 shares during the last quarter. Hantz Financial Services Inc. boosted its position in shares of Taiwan Semiconductor Manufacturing by 28.6% in the 3rd quarter. Hantz Financial Services Inc. now owns 37,216 shares of the semiconductor company's stock valued at $10,394,000 after purchasing an additional 8,284 shares during the period. Hollencrest Capital Management increased its stake in Taiwan Semiconductor Manufacturing by 125.3% in the 3rd quarter. Hollencrest Capital Management now owns 5,216 shares of the semiconductor company's stock worth $1,457,000 afte...
razihusin/iStock via Getty Images Shares of Babcock International Group PLC ( BCKIF ) ( BCKIY ), a European defense contractor with nuclear exposure, have risen 17.9% since my last report , outperforming the S&P 500’s 4.1% gain. As a beneficiary of the European security autonomy initiative, I believe that Babcock International Group is positioned well for the future. In this report, I discuss the ...
razihusin/iStock via Getty Images Shares of Babcock International Group PLC ( BCKIF ) ( BCKIY ), a European defense contractor with nuclear exposure, have risen 17.9% since my last report , outperforming the S&P 500’s 4.1% gain. As a beneficiary of the European security autonomy initiative, I believe that Babcock International Group is positioned well for the future. In this report, I discuss the company’s Q3 2026 trading update, and I will provide an update to my price target in support of my continued buy rating. Babcock International Group Continues To Grow Several European companies report their earnings once every six months and provide trading updates in between. Babcock International Group is one of those companies. On the 26 th of January, Babcock provides its Q3 trading update for the quarter ending December 31 st . I prefer detailed quarterly results, as they provide more information on a regular basis and also provide insights into variations between quarters. However, trading updates with limited financial details is what we have to work with. For the third quarter, the company noted that growth of the nuclear business continued in Q3, driven by new build energy projects and submarine support. This shows how aerospace and defense companies with nuclear exposure have a significant opportunity in the energy markets as well, driven by increasing demand for nuclear solutions as energy demand continues to increase. Aviation also grew its business, driven by the ramp-up of the Mentor 2 program for France. I am not a big fan of the Aviation business, as it is a relatively small portion of the business at <10% of sales in 2025. However, we also note that with European countries increasing their military readiness, we should see an uptick in military aircraft training demand. The Marine segment grew, driven by higher volumes for cargo handling and fuel gas solutions to shipyards and ship-owners as well as the acceleration of the Skynet program. Skynet is a family...
Bretton Capital Management, an investment management company, released the “Bretton Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index. In 2025, the Fund returned 11.58% compared to 17.88% for the Index. Although the market fluctuates daily between excitement and concern regarding a ...
Bretton Capital Management, an investment management company, released the “Bretton Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index. In 2025, the Fund returned 11.58% compared to 17.88% for the Index. Although the market fluctuates daily between excitement and concern regarding a potential bubble in artificial intelligence, the firm views the overall market as not in bubble territory at this stage but is modestly elevated. Given the Fund's long-term perspective, it is acceptable to reduce more speculative elements of the AI boom, which might resemble a bubble, even if this leads to a temporary lag during strong market phases. The Fund is focusing on areas of value that will provide good returns over the long term. Please review the Fund’s top five holdings to gain insights into their key selections for 2025. In its fourth-quarter 2025 investor letter, Bretton Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services, including online search and advertising, cloud solutions, and artificial intelligence, and is a significant contributor to the fund’s performance in the quarter. On March 04, 2026, Alphabet Inc. (NASDAQ:GOOG) stock closed at $303.45 per share with a market capitalization of $3.67 trillion. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -8.41%, and its shares gained 74.19% of their value over the last 52 weeks. Bretton Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its fourth quarter 2025 investor letter:
Bretton Capital Management, an investment management company, released the “Bretton Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index. In 2025, the Fund returned 11.58% compared to 17.88% for the Index. Although the market fluctuates daily between excitement and concern regarding a ...
Bretton Capital Management, an investment management company, released the “Bretton Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index. In 2025, the Fund returned 11.58% compared to 17.88% for the Index. Although the market fluctuates daily between excitement and concern regarding a potential bubble in artificial intelligence, the firm views the overall market as not in bubble territory at this stage but is modestly elevated. Given the Fund's long-term perspective, it is acceptable to reduce more speculative elements of the AI boom, which might resemble a bubble, even if this leads to a temporary lag during strong market phases. The Fund is focusing on areas of value that will provide good returns over the long term. Please review the Fund’s top five holdings to gain insights into their key selections for 2025. In its fourth-quarter 2025 investor letter, Bretton Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services, including online search and advertising, cloud solutions, and artificial intelligence, and is a significant contributor to the fund’s performance in the quarter. On March 04, 2026, Alphabet Inc. (NASDAQ:GOOG) stock closed at $303.45 per share with a market capitalization of $3.67 trillion. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -8.41%, and its shares gained 74.19% of their value over the last 52 weeks. Bretton Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its fourth quarter 2025 investor letter:
Bretton Capital Management, an investment management company, released the “Bretton Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index. In 2025, the Fund returned 11.58% compared to 17.88% for the Index. Although the market fluctuates daily between excitement and concern regarding a ...
Bretton Capital Management, an investment management company, released the “Bretton Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index. In 2025, the Fund returned 11.58% compared to 17.88% for the Index. Although the market fluctuates daily between excitement and concern regarding a potential bubble in artificial intelligence, the firm views the overall market as not in bubble territory at this stage but is modestly elevated. Given the Fund's long-term perspective, it is acceptable to reduce more speculative elements of the AI boom, which might resemble a bubble, even if this leads to a temporary lag during strong market phases. The Fund is focusing on areas of value that will provide good returns over the long term. Please review the Fund’s top five holdings to gain insights into their key selections for 2025. In its fourth-quarter 2025 investor letter, Bretton Fund highlighted stocks like Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services, including online search and advertising, cloud solutions, and artificial intelligence, and is a significant contributor to the fund’s performance in the quarter. On March 04, 2026, Alphabet Inc. (NASDAQ:GOOG) stock closed at $303.45 per share with a market capitalization of $3.67 trillion. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -8.41%, and its shares gained 74.19% of their value over the last 52 weeks. Bretton Fund stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its fourth quarter 2025 investor letter:
Ministers are discussing the possibility of intervening to protect the public against soaring household energy bills if the Middle East conflict drags on. Oil and gas prices have surged since Donald Trump started his bombing campaign against Iran, which has hit back by closing off a crucial shipping route through the strait of Hormuz, and attacking energy infrastructure. Household energy bills are...
Ministers are discussing the possibility of intervening to protect the public against soaring household energy bills if the Middle East conflict drags on. Oil and gas prices have surged since Donald Trump started his bombing campaign against Iran, which has hit back by closing off a crucial shipping route through the strait of Hormuz, and attacking energy infrastructure. Household energy bills are fixed until July, when the energy price cap is next set by the regulator, Ofgem. Forecasts suggest it could then rise by 10%, adding £160 a year to the average bill. The energy secretary, Ed Miliband, is understood to believe that prices cannot to be allowed to rise substantially, just as the government is able to claim that it has lowered bills due to decisions taken at the last budget. One source at the energy department said: “Driving down bills is one of our core cost of living messages. We can’t allow them to go back up, even if it involves more support for households. We hope the situation in the Middle East settles but we’re planning for all eventualities.” Another minister, asked what the government would do if bills went up sharply this July, said: “That can’t happen.” Treasury sources said any discussion about mitigation was premature, but acknowledged it would have to be on the table if the conflict was prolonged. Analysis by the Resolution Foundation earlier this week suggested an energy shock could more than wipe out expected gains in living standards this year. In her spring forecast speech on Tuesday, the chancellor, Rachel Reeves, promised to “protect families from the turbulence that we see beyond our borders”. She said that when governments lose control of the economy, people feel it “in their pay packets, in their bills and in their mortgages” – contrasting that with Labour’s approach. As well as driving up energy bills, rising oil and gas prices have also caused markets to dial down expectations for interest rate cuts by the Bank of England – another wa...
Tung Wah College, a tertiary institution in Hong Kong known for its nursing care and allied health programmes, will undergo a combined review next month on its application to become both a private university and a university of applied sciences (UAS) and is “very confident”, its head has said. Professor Sally Chan Wai-chi, president of the 16-year-old Ho Man Tin-based college, said on Thursday tha...
Tung Wah College, a tertiary institution in Hong Kong known for its nursing care and allied health programmes, will undergo a combined review next month on its application to become both a private university and a university of applied sciences (UAS) and is “very confident”, its head has said. Professor Sally Chan Wai-chi, president of the 16-year-old Ho Man Tin-based college, said on Thursday that it planned to adopt the name “Hong Kong Tung Wah University” if its application was approved. At a spring reception with the media, Chan revealed that the two applications, which would undergo an institutional review in April, had obtained the “blessing” of authorities. Advertisement “We are very confident. We know we have reached the level the review required, or rather, we have exceeded the minimum requirements. It’s impossible for us to only meet the minimum requirements,” said Chan, an internationally renowned scholar in nursing education and research. To become a university in Hong Kong, an institution must obtain programme area accreditation (PAA) in at least three areas of study, demonstrate a certain level of research capability, maintain a minimum student enrolment of 1,500 at degree level for the past two consecutive academic years, and obtain institutional review status. Advertisement Tung Wah College obtained PAA status in occupational therapy, biological sciences and applied social sciences in 2020, 2024 and 2025, respectively.
Bretton Capital Management, an investment management company, released the “Bretton Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index. In 2025, the Fund returned 11.58% compared to 17.88% for the Index. Although the market fluctuates daily between excitement and concern regarding a ...
Bretton Capital Management, an investment management company, released the “Bretton Fund” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Bretton Fund returned 1.44% in Q4 2025 compared to 2.66% for the S&P 500 Index. In 2025, the Fund returned 11.58% compared to 17.88% for the Index. Although the market fluctuates daily between excitement and concern regarding a potential bubble in artificial intelligence, the firm views the overall market as not in bubble territory at this stage but is modestly elevated. Given the Fund's long-term perspective, it is acceptable to reduce more speculative elements of the AI boom, which might resemble a bubble, even if this leads to a temporary lag during strong market phases. The Fund is focusing on areas of value that will provide good returns over the long term. Please review the Fund’s top five holdings to gain insights into their key selections for 2025. In its fourth-quarter 2025 investor letter, Bretton Fund highlighted stocks like Microsoft Corporation (NASDAQ:MSFT). Microsoft Corporation (NASDAQ:MSFT) is a multinational software company that develops and supports software, services, devices, and solutions. On March 04, 2026, Microsoft Corporation (NASDAQ:MSFT) stock closed at $405.20 per share. One-month return of Microsoft Corporation (NASDAQ:MSFT) was 2.93%, and its shares gained 2.09% over the past 52 weeks. Microsoft Corporation (NASDAQ:MSFT) has a market capitalization of $3.012 trillion. Bretton Fund stated the following regarding Microsoft Corporation (NASDAQ:MSFT) in its fourth quarter 2025 investor letter: "Microsoft Corporation's (NASDAQ:MSFT) stock returned 17% as earnings per share increased 16%. Like Google, its growth and cash generation has come from different lines of business, in Microsoft’s case from its productivity software (Office), cloud computing, AI, gaming (Xbox), and its Windows operating system, giving their economic model significant resiliency." Microsoft (MSFT) ...
The US won’t give India the same kind of economic advantages it gave China, which allowed that country to emerge as a major competitor, Deputy Secretary of State Christopher Landau said on Thursday, signaling Washington’s cautiousness in negotiations over a trade deal. While the US wants to work with India to unlock its “limitless potential,” India should understand that “we are not going to make ...
The US won’t give India the same kind of economic advantages it gave China, which allowed that country to emerge as a major competitor, Deputy Secretary of State Christopher Landau said on Thursday, signaling Washington’s cautiousness in negotiations over a trade deal. While the US wants to work with India to unlock its “limitless potential,” India should understand that “we are not going to make the same mistakes with India that we made with China 20 years ago,” Landau said at the Raisina Dialogue, India’s flagship conference on geopolitics and geoeconomics. Landau also offered to work with India to address long and short term issues in meeting its energy challenges as supply disruptions from the Middle East crisis threaten fuel stockpiles. India has avoided taking sides in the widening conflict, as it finalizes a trade deal under negotiation since US President Donald Trump took office. Washington last month cut tariffs on Indian goods to 18% from 50% after several rounds of talks. India, like other countries, is attempting to balance growth at a time when the US is using tariffs in geopolitical negotiations. It is attempting to diversify and reduce its reliance on the US as a trade partner. It signed a trade deal with the European Union, apart from deals with several other nations. “It is in our interest and we think it is also in India’s interest to be partners,” said Landau. “We have many many win-win situations with India.”
Layoff announcements slid in February, according to a new report from the global outplacement firm Challenger, Gray & Christmas, amid other emerging signs the labor market may be stabilizing Employers revealed plans to slash 48,307 roles last month, compared to the 108,435 job cut announcements seen in January. Reductions were posted in fields like technology and transportation, Challenger said. “...
Layoff announcements slid in February, according to a new report from the global outplacement firm Challenger, Gray & Christmas, amid other emerging signs the labor market may be stabilizing Employers revealed plans to slash 48,307 roles last month, compared to the 108,435 job cut announcements seen in January. Reductions were posted in fields like technology and transportation, Challenger said. “February’s dip is a nice reprieve from the elevated job cut plans to start the year,” Andy Challenger, chief revenue officer for Challenger, Gray & Christmas, said in a statement. Still, “with U.S. involvement in a growing war in Iran, the end of Q1 may bring more layoff plans as companies tighten belts amid uncertainty and higher costs,” he added. Do you have a story about navigating the job market? Reach out to Emma Ockerman here. Just two months into the year, the job market has already been rocked by steep cuts from major employers like Amazon and UPS, as well as Block’s recent headline-making announcement that it would slash 40% of its staff amid AI advancements. (To be sure, many are questioning whether Square’s layoffs have more to do with the hype surrounding AI rather than its current capabilities.) But the layoff rate, as measured by the federal government, has remained fairly steady. At 1.1% in December, it was still a hair below the rate of 1.3% seen before the pandemic slammed into the economy in March 2020. Kory Kantenga, head of Economics, Americas, at LinkedIn, said in an analysis on Wednesday that “mentions of layoffs on LinkedIn remain on par with fall levels after a brief rise in November,” adding the government’s layoff rate was “expected to remain unchanged in January and year-over-year” when it’s posted next week. The Labor Department’s much-anticipated jobs report containing last month’s payroll growth data, meanwhile, will be published Friday morning. It’s expected to show a monthly gain of nearly 60,000 new positions, as well as a steady 4.3% unempl...
STORY: :: Nvidia Nvidia has reportedly stopped production of its second-most advanced artificial intelligence chips, known as H200 chips, intended for the Chinese market. The Financial Times reported the update on Thursday, citing two people with knowledge of the situation. The report said the U.S. chipmaker has reallocated manufacturing capacity at chip contract maker TSMC away from making H200 c...
STORY: :: Nvidia Nvidia has reportedly stopped production of its second-most advanced artificial intelligence chips, known as H200 chips, intended for the Chinese market. The Financial Times reported the update on Thursday, citing two people with knowledge of the situation. The report said the U.S. chipmaker has reallocated manufacturing capacity at chip contract maker TSMC away from making H200 chips to its next-generation Vera Rubin hardware. Reuters could not immediately verify the report. Nvidia and TSMC did not immediately respond to requests for comment. Last week, Nvidia said it had received licenses from the U.S. government to ship "small amounts" of its H200 chips to customers in China. However, this move suggests Nvidia does not expect any meaningful H200 sales in China in the near term. In January, U.S. President Donald Trump's administration gave a formal green light to China-bound sales of Nvidia's H200 chips. But shipments remained stalled due to guardrails built into the process.
Scott Barbour/Getty Images News Shell ( SHEL ) has signed a contract for geological exploration of the Zhanaturmys field in the Aktobe region in Kazakhstan, the country's energy ministry said Thursday, without providing details on the amount of investment. The contract, which runs until 2032, includes seismic surveys, data collection, and technical assessments in accordance with regulatory requ...
Scott Barbour/Getty Images News Shell ( SHEL ) has signed a contract for geological exploration of the Zhanaturmys field in the Aktobe region in Kazakhstan, the country's energy ministry said Thursday, without providing details on the amount of investment. The contract, which runs until 2032, includes seismic surveys, data collection, and technical assessments in accordance with regulatory requirements and subject to obtaining the necessary regulatory approvals, the ministry said. Shell's ( SHEL ) Kazakhstan Country Chair Suzanne Coogan said the contract is "another confirmation of Shell’s commitment to long‑term cooperation with the Republic of Kazakhstan." The deal comes even as Shell ( SHEL ) is engaged in international arbitration with Kazakhstan; in January , Shell and partners in the Karachaganak field lost an international arbitration case, leaving them liable to pay as much as $4B in compensation to the government. More on Shell Shell: Integrated Gas Is In Demand Shell: Positioned To Benefit From A Potential Capital Rotation Into European Energy Shell's Latest Results Disappoint, But External Factors Merit A Rating Upgrade
Hector Vivas/Getty Images Entertainment Societe Generale’s Albert Edwards, one of Wall Street’s most notorious bears, isn’t waiting around for the AI apocalypse. In his latest Global Strategy Weekly, the veteran strategist argues that the macroeconomic disaster many predict for 2028 is already unfolding in real time. “The AI macro doomsday scenario is not for 2028. It’s here right now!” Edwards de...
Hector Vivas/Getty Images Entertainment Societe Generale’s Albert Edwards, one of Wall Street’s most notorious bears, isn’t waiting around for the AI apocalypse. In his latest Global Strategy Weekly, the veteran strategist argues that the macroeconomic disaster many predict for 2028 is already unfolding in real time. “The AI macro doomsday scenario is not for 2028. It’s here right now!” Edwards declares, pointing to mounting evidence that artificial intelligence is already wreaking havoc on employment and consumer spending. Since ChatGPT’s November 2022 launch, AI has been the rocket fuel propelling the S&P ( SP500 ) ( SPY ) ( IVV ) ( VOO )higher. But Edwards believes that story is beginning to disintegrate. The adverse effects on jobs, he argues, are already plain to see, and consumption is “heading for a brick wall” as a result. The consumer running on fumes Edwards highlights a troubling disconnect in the data: consumer spending growth near 3% has become entirely unsupported by real personal disposable income, which has been flat for six months. The U.S. consumer, he argues, is running on fumes. The saving ratio has collapsed to 3.6% — a level not seen since the euphoria of the 2006 housing bubble. Edwards dismisses any notion that households are saving less because they “anticipate higher future income growth.” Instead, he sees the savings decline as a short-term reaction to real incomes hitting a wall. “Another steep fall in the (savings rate) is unlikely from these very low levels, underpinning my view that we are heading for an AI-related consumer crunch,” Edwards writes. Pain spreading beyond tech What makes this moment particularly concerning, according to Edwards, is how the damage is spreading beyond the obvious tech sector. Earlier this year, markets saw a rotation out of tech and into the broader market. But now the pain is reaching sectors one might not expect — including insurance, fund management, and logistics. Edwards presents a stark assessment of...
(RTTNews) - UK stocks are swinging between gains and losses on Thursday with investors largely staying cautious, while keeping an eye on news from the Middle East. Travel-related stocks are having a tough outing due to airspace closures in the Middle East region forcing carriers to cancel tens of thousands of flights over the past one week. The benchmark FTSE 100 was up 7.65 points or 0.08% at 10,...
(RTTNews) - UK stocks are swinging between gains and losses on Thursday with investors largely staying cautious, while keeping an eye on news from the Middle East. Travel-related stocks are having a tough outing due to airspace closures in the Middle East region forcing carriers to cancel tens of thousands of flights over the past one week. The benchmark FTSE 100 was up 7.65 points or 0.08% at 10,575.30 a little over half an hour past noon. The index, which dropped to 10,525.95 in early trades, recovered to 10,637.75 before paring gains. Rentokil Initial is soaring nearly 12% after reporting higher annual profits. Admiral Group is surging 4% as it posted record profits despite a challenging economic backdrop. Entain is climbing up 5.3%, and Weir Group is advancing 4.15%. Mondi is up 3.1%. Convatec Group, JD Sports Fashion, Intertek Group, Airtel Africa, Centrica, Bunzl, DCC, Standard Chartered, United Utilities, BT Group, Diploma, Prudential and Halma are also up with strong gains. Reckitt Benckiser is down more than 5% after maintaining its revenue growth targets for this fiscal year. Aviva is down by about 3% despite meeting 2025 profit targets. 3i Group, Rio Tinto, Aviva, Easyjet, IAG, Metlen Energy & Metals, British American Tobacco, St. James's Place and BAE Systems are down 1%-3.3%. Data from S&P Global showed the S&P Global UK Construction PMI fell to 44.5 in February of 2026 from 46.4 in the previous month, contrasting with expectations that it would improve slightly to 47 to reflect a deeper contraction in the British construction activity. UK new car sales rose 7.2% year-on-year to 90,100 units in February 2026, marking the highest February volume in 22 years, according to the Society of Motor Manufacturers and Traders (SMMT). The surge was largely driven by private retail registrations, which climbed 17.6% to 35,227 units. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.