By Michael Martina and David Lawder WASHINGTON, March 5 (Reuters) - Reviving market access to Chinese industrial firms would undercut U.S. President Donald Trump's efforts to rebuild American manufacturing, the head of a congressional committee on China warned Treasury Secretary Scott Bessent, as Trump prepares to visit Beijing for trade talks. Chinese foreign direct investment into the U.S. has...
By Michael Martina and David Lawder WASHINGTON, March 5 (Reuters) - Reviving market access to Chinese industrial firms would undercut U.S. President Donald Trump's efforts to rebuild American manufacturing, the head of a congressional committee on China warned Treasury Secretary Scott Bessent, as Trump prepares to visit Beijing for trade talks. Chinese foreign direct investment into the U.S. has fallen dramatically in recent years as U.S. officials talk about the need to "de-risk" the United States' economy, though some media reports have suggested the two sides are looking at ways to revive reciprocal investment. John Moolenaar, the Republican chair of the House of Representatives' select committee on China, told Bessent in a letter seen by Reuters that Chinese companies routinely benefit from government support allowing them to operate at a loss and displace U.S. competitors. Inviting them to expand investment in the U.S. would provide relief to China's strained economy and undermine the administration's efforts to safeguard national security and rebuild American industrial strength, Moolenaar told Bessent in the letter dated March 4. "Beijing seeks to subsidize its broken economic model on the back of the American taxpayer and capitalize on the ill-gotten gains of its mass intellectual property theft by exporting its state-subsidized industrial overcapacity to our shores," Moolenaar said. The letter comes ahead of a highly anticipated meeting between Trump and Chinese President Xi Jinping, expected March 31 to April 2. The Trump administration hopes the leaders can agree to extend a delicate tariff truce amid an ongoing industrial and technological rivalry. The U.S. president, using controversial tariffs, has made reviving American manufacturing a focus of his economic agenda, including efforts to win investment commitments from partners and allies in key industries, such as semiconductor fabrication and shipbuilding. But Trump signed an executive order...
The JD.com headquarters building in Beijing. Photo: VCG JD.com Inc. swung to a net loss of 2.7 billion yuan ($391 million) in the fourth quarter of 2025, compared with a profit of 9.9 billion yuan a year earlier, as the fading impact of government trade-in subsidies weighed on its core electronics business and heavy investment in new ventures squeezed margins. The e-commerce company reported fourt...
The JD.com headquarters building in Beijing. Photo: VCG JD.com Inc. swung to a net loss of 2.7 billion yuan ($391 million) in the fourth quarter of 2025, compared with a profit of 9.9 billion yuan a year earlier, as the fading impact of government trade-in subsidies weighed on its core electronics business and heavy investment in new ventures squeezed margins. The e-commerce company reported fourth-quarter revenue of 352.3 billion yuan Thursday, marking growth of 1.5% from a year earlier and slightly beating analysts’ estimates.
Earnings Call Insights: Mistras Group, Inc. (MG) Q4 2025 Management View CEO Natalia Shuman reported "consolidated revenue growth of 5.1% in the fourth quarter versus the prior year," highlighting double-digit growth in aerospace and defense, power generation, and infrastructure end markets. Aerospace and Defense delivered $4.5 million of growth, up 21.9%, and Power Generation was up $3.3 million ...
Earnings Call Insights: Mistras Group, Inc. (MG) Q4 2025 Management View CEO Natalia Shuman reported "consolidated revenue growth of 5.1% in the fourth quarter versus the prior year," highlighting double-digit growth in aerospace and defense, power generation, and infrastructure end markets. Aerospace and Defense delivered $4.5 million of growth, up 21.9%, and Power Generation was up $3.3 million or 33.2% over the prior year quarter. Shuman stated the laboratories business hit a record high, with "61%" growth in the fourth quarter due to a rebuilt structure, a hub-and-spoke operating model, and dynamic pricing. Gross profit margin improved to 28.4%, contributing to GAAP net income of $3.9 million and EPS of $0.12 for the quarter, with adjusted EBITDA of $24.8 million, up 18.2% over the prior year quarter. She emphasized the company's Vision 2030 strategic plan, focusing on expanding wallet share through integrated solutions and data-driven services. The PCMS software offering grew "20.7% in the fourth quarter of 2025 and 25.2% for the full year versus the prior year comparable period." Recent project wins include bridge monitoring contracts and a long-term construction project with Bechtel for a new LNG terminal, as well as partnerships in the data center sector, notably with Batchelor & Kimball. Shuman shared that 2025 saw the building of a new executive team, elimination of unprofitable business, and streamlining of operations, with recent strategic hires such as a Vice President of Building and Infrastructure. CFO Edward Prajzner stated, "gross profit increased to nearly $205 million for the full year 2025, up 6.4% from $192 million for full year 2025, representing a gross profit margin of 28.4%, which was a 190 basis point improvement year-over-year." He added, "GAAP net income of $16.8 million or $0.53 per diluted share for the full year 2025 and non-GAAP net income of $28.1 million or $0.88 per diluted share." Cash from operations in Q4 was $32.1 million with ...
Earnings Call Insights: Global Water Resources, Inc. (GWRS) Q4 2025 Management View Ron Fleming, Chairman, CEO & President, highlighted that "including 2024 and 2025, the test year and post test year for our Santa Cruz Water Company and Palo Verde Utilities Company rate case, we have increased the collective rate baseable assets of our company by $70 million or 59%." He reported a near record year...
Earnings Call Insights: Global Water Resources, Inc. (GWRS) Q4 2025 Management View Ron Fleming, Chairman, CEO & President, highlighted that "including 2024 and 2025, the test year and post test year for our Santa Cruz Water Company and Palo Verde Utilities Company rate case, we have increased the collective rate baseable assets of our company by $70 million or 59%." He reported a near record year for capital investments, with major spending on the recommissioning of the mothballed water reclamation facility in Pinal County and the acquisition of the City of Tucson water systems. Fleming indicated these investments will drive long-term value creation and benefit customers, but also noted increased expenses, including larger depreciation and a one-time asset write-off that negatively impacted income and EPS. Fleming emphasized, "2026 is about working hard to control expenses, and we have reduced the pace of capital investments." He also cited legislative and infrastructure wins in 2025, including Arizona’s Ag-to-Urban water law and full funding for the Highway 347 expansion, both expected to support regional growth. Michael Liebman, Senior VP, CFO & Corporate Secretary, stated, "Total revenue for 2025 was $55.8 million, which was up $3.1 million or 5.8% compared to 2024." He added, "Operating expenses for 2025 increased approximately $5.3 million or 12.2% to $48.6 million compared to $43.3 million in 2024." Christopher Krygier, Chief Operating Officer, reported, "we secured ACC approval to acquire the 7 public water utility systems from the City of Tucson, which we closed in July 2025," and outlined ongoing rate case efforts to secure recovery of recent investments. Outlook Management reiterated the focus on securing rate relief for significant capital investments and rising expenses, with Fleming stating, "we need new rates to keep up with all the investment and inflation that has occurred in our utilities." Krygier confirmed, "Since we last spoke in November, we fi...
Earnings Call Insights: ImmuCell Corporation (ICCC) Q4 2025 Management View P. F. Te Boekhorst, President and CEO, opened by highlighting a successful year, including hiring a new management team, expanding manufacturing capacity, resolving a multiyear backorder, and shifting strategic focus to maximize shareholder value from the First Defense franchise. He stated, "We achieved total product sales...
Earnings Call Insights: ImmuCell Corporation (ICCC) Q4 2025 Management View P. F. Te Boekhorst, President and CEO, opened by highlighting a successful year, including hiring a new management team, expanding manufacturing capacity, resolving a multiyear backorder, and shifting strategic focus to maximize shareholder value from the First Defense franchise. He stated, "We achieved total product sales of $27.6 million, and we earned $1.6 million of net operating profit, which was an improvement of $3.3 million compared to 2024, largely driven by significantly expanded gross margins." The CEO reported, "We compete in a large growing market with a highly differentiated product portfolio that has a lot of runway for further growth domestically and internationally. And so we decided to double down on this successful First Defense franchise." Timothy Fiori, CFO, stated, "Product sales for the fourth quarter of 2025 came in at $7.6 million, a decrease of 1.6% as compared to the fourth quarter of 2024... Domestic sales for Q4 grew 8.7% as compared to the fourth quarter of 2024 to $7 million, while international sales for Q4 declined a bit more than half to about $600,000 in the same period, mainly driven by order timing in Canada." The CFO noted, "Gross margin as a percentage of product sales increased to 38% during Q4 of 2025 compared to 37% during Q4 of 2024. Notably, we achieved this improvement despite Q4 2025 gross margin being suppressed by noncash inventory write-downs." Fiori explained, "In December, we announced a shift away from Re-Tain manufacturing to allow us to focus more on our highly successful First Defense product line. In December, we took a noncash write-down impairment charge of $2.7 million for certain Re-Tain-related property, plant and equipment." The CEO announced, "We previously announced that we are increasing our sales capacity, and I'm pleased to announce that we hired a senior international market development leader, added a new sales manager in t...
ITV is in talks with their commercial partners about showing adverts during the mid-half drinks stoppages that will take place in every match at this summer’s World Cup. Global broadcasters have been briefed on Fifa’s stipulations for the three-minute hydration breaks, which will take place after 22 minutes of each half irrespective of the temperature. A two-minutes-and-10-second commercial break ...
ITV is in talks with their commercial partners about showing adverts during the mid-half drinks stoppages that will take place in every match at this summer’s World Cup. Global broadcasters have been briefed on Fifa’s stipulations for the three-minute hydration breaks, which will take place after 22 minutes of each half irrespective of the temperature. A two-minutes-and-10-second commercial break will be permitted if TV companies opt to cut away from the on-field action although they can also choose to stay stick with the live pictures or adopt a hybrid approach using a split screen. ITV may resist the temptation to sell full commercial breaks in favour of continuing the so-called “pic-in-pic advertising” it utilised for the first time during this year’s Six Nations Championship. ITV declined to comment, but sources at the commercial broadcaster indicated that its use of in-picture adverts whilst scrums are set in their Six Nations coverage had been well received by viewers, who they are wary of antagonising, particularly during such an important event as the World Cup. In-picture adverts are seen as less disruptive and enable commentary teams to continue their analysis of the match, as well as picking up details of any tactical instructions relayed by coaching staff to players during the break. ITV has joint live rights for the World Cup in the UK with the BBC, for whom adverts are not an issue, other than promoting its own programming. The World Cup will be the first major tournament to stop all matches midway through each half for three minutes, although hydration breaks were used at last summer’s Club World Cup when the in-stadium temperature exceeded 32 degrees. Fifa announced in December that it would introduce the break in each of the 104 World Cup matches as a “player welfare” measure, but it will also bring significant commercial benefits, particularly in the long term.
Key Points Centrus’ stock has skyrocketed over the past ten years. But its high valuations could limit its upside potential. 10 stocks we like better than Centrus Energy › Centrus Energy (NYSE: LEU), one of the few U.S. companies licensed to sell low-enriched uranium (LEU), saw its stock skyrocket more than 7,200% over the past decade. Let's see why this nuclear energy stock soared -- and where it...
Key Points Centrus’ stock has skyrocketed over the past ten years. But its high valuations could limit its upside potential. 10 stocks we like better than Centrus Energy › Centrus Energy (NYSE: LEU), one of the few U.S. companies licensed to sell low-enriched uranium (LEU), saw its stock skyrocket more than 7,200% over the past decade. Let's see why this nuclear energy stock soared -- and where it might head over the next ten years. Why did Centrus' stock soar? The Fukushima disaster in 2011 disrupted nuclear energy growth for more than a decade, as more countries paused their nuclear power projects. Those headwinds curbed the market's demand for LEU, the fuel used in most commercial nuclear reactors. 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 » Centrus originally enriched its own LEU on a commercial scale at its U.S. plants, but it shut down those facilities in 2023 because it became cheaper to simply import enriched uranium. That year also marked the end of the "Megatons to Megawatts" program -- a deal between the U.S. and Russia that allowed enriched weapons materials from dismantled Russian warheads to be downblended into LEU and sold to middlemen resellers like Centrus. Those changes, along with the decade-long drought in nuclear demand, reduced Centrus' revenue from $1.86 billion in 2012 to $193 million in 2018. Yet from 2018 to 2025, its revenue grew at a 13% CAGR to $449 million as several tailwinds kicked in. The nuclear energy market stabilized as more countries launched new decarbonization initiatives, the power-hungry data center, cloud, and AI markets expanded, and more companies introduced safer, more efficient reactors to meet that demand. As the market expanded, Centrus began enriching its own high-assay, low-enriched uranium (HALEU) for advanced reactors, which it sold in limit...
Centrus Energy (LEU 4.19%), one of the few U.S. companies licensed to sell low-enriched uranium (LEU), saw its stock skyrocket more than 7,200% over the past decade. Let's see why this nuclear energy stock soared -- and where it might head over the next ten years. Why did Centrus' stock soar? The Fukushima disaster in 2011 disrupted nuclear energy growth for more than a decade, as more countries p...
Centrus Energy (LEU 4.19%), one of the few U.S. companies licensed to sell low-enriched uranium (LEU), saw its stock skyrocket more than 7,200% over the past decade. Let's see why this nuclear energy stock soared -- and where it might head over the next ten years. Why did Centrus' stock soar? The Fukushima disaster in 2011 disrupted nuclear energy growth for more than a decade, as more countries paused their nuclear power projects. Those headwinds curbed the market's demand for LEU, the fuel used in most commercial nuclear reactors. Centrus originally enriched its own LEU on a commercial scale at its U.S. plants, but it shut down those facilities in 2023 because it became cheaper to simply import enriched uranium. That year also marked the end of the "Megatons to Megawatts" program -- a deal between the U.S. and Russia that allowed enriched weapons materials from dismantled Russian warheads to be downblended into LEU and sold to middlemen resellers like Centrus. Those changes, along with the decade-long drought in nuclear demand, reduced Centrus' revenue from $1.86 billion in 2012 to $193 million in 2018. Yet from 2018 to 2025, its revenue grew at a 13% CAGR to $449 million as several tailwinds kicked in. Expand NYSE : LEU Centrus Energy Today's Change ( -4.19 %) $ -8.50 Current Price $ 194.58 Key Data Points Market Cap $4.0B Day's Range $ 187.50 - $ 201.99 52wk Range $ 49.40 - $ 464.25 Volume 26K Avg Vol 1.1M Gross Margin 23.24 % The nuclear energy market stabilized as more countries launched new decarbonization initiatives, the power-hungry data center, cloud, and AI markets expanded, and more companies introduced safer, more efficient reactors to meet that demand. As the market expanded, Centrus began enriching its own high-assay, low-enriched uranium (HALEU) for advanced reactors, which it sold in limited quantities through small-scale government contracts. What will happen over the next ten years? The world's nuclear capacity could expand by up to 2.6 times fro...
Key Points Berkshire Hathaway CEO Greg Abel bought $15 million worth of the company's stock. Berkshire announced its first stock buybacks since 2024. This shows confidence by the new leadership in the value provided by Berkshire shares. 10 stocks we like better than Berkshire Hathaway › Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) stock has been under pressure in recent months, and for a few reason...
Key Points Berkshire Hathaway CEO Greg Abel bought $15 million worth of the company's stock. Berkshire announced its first stock buybacks since 2024. This shows confidence by the new leadership in the value provided by Berkshire shares. 10 stocks we like better than Berkshire Hathaway › Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) stock has been under pressure in recent months, and for a few reasons. Most obviously is the retirement of legendary CEO Warren Buffett, who stepped down from the top spot at the end of last year. In fact, Berkshire hit an all-time high just before Buffett's retirement announcement in May 2025, and has yet to regain that level, despite the S&P 500 rising by more than 21% since that time. In addition, Berkshire recently reported its fourth-quarter earnings, and while there wasn't anything terrible about them, they certainly weren't great. Insurance underwriting income fell sharply, and most of Berkshire's other business segments saw single-digit increases in their operating earnings. 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 » Finally, many shareholders were hoping to hear ambitious plans in Abel's first shareholder letter -- especially for putting some of the company's $373 billion cash hoard to work. Instead, he spent most of the letter emphasizing that he'll continue to use Warren Buffett's principles for running the company, something that has been reiterated many times by both Abel and Buffett and is generally understood by investors already. A reason for investors to be excited Berkshire made two revelations that could get investors excited about the value of the company's shares. First, new CEO Greg Abel said he bought $15 million worth of Berkshire stock with his own money and pledged to use his full salary to keep doing the same every year he's running the sho...
Berkshire Hathaway (BRKA +2.59%)(BRKB +2.52%) stock has been under pressure in recent months, and for a few reasons. Most obviously is the retirement of legendary CEO Warren Buffett, who stepped down from the top spot at the end of last year. In fact, Berkshire hit an all-time high just before Buffett's retirement announcement in May 2025, and has yet to regain that level, despite the S&P 500 risi...
Berkshire Hathaway (BRKA +2.59%)(BRKB +2.52%) stock has been under pressure in recent months, and for a few reasons. Most obviously is the retirement of legendary CEO Warren Buffett, who stepped down from the top spot at the end of last year. In fact, Berkshire hit an all-time high just before Buffett's retirement announcement in May 2025, and has yet to regain that level, despite the S&P 500 rising by more than 21% since that time. In addition, Berkshire recently reported its fourth-quarter earnings, and while there wasn't anything terrible about them, they certainly weren't great. Insurance underwriting income fell sharply, and most of Berkshire's other business segments saw single-digit increases in their operating earnings. Finally, many shareholders were hoping to hear ambitious plans in Abel's first shareholder letter -- especially for putting some of the company's $373 billion cash hoard to work. Instead, he spent most of the letter emphasizing that he'll continue to use Warren Buffett's principles for running the company, something that has been reiterated many times by both Abel and Buffett and is generally understood by investors already. A reason for investors to be excited Berkshire made two revelations that could get investors excited about the value of the company's shares. Expand NYSE : BRKA Berkshire Hathaway Today's Change ( 2.59 %) $ 18905.56 Current Price $ 749612.57 Key Data Points Market Cap $1.1T Day's Range $ 739000.00 - $ 749612.57 52wk Range $ 685150.00 - $ 812855.00 Volume 217 Avg Vol 750 Gross Margin 23.63 % First, new CEO Greg Abel said he bought $15 million worth of Berkshire stock with his own money and pledged to use his full salary to keep doing the same every year he's running the show. Second, and more significant, Berkshire disclosed that it resumed buying back its own shares for the first time since the second quarter of 2024. Berkshire's buyback program isn't as formal as those of most other companies. It allows for buybacks when...
Key Points Investors were alarmed by the size of its proposed purchase of the Warner Bros studio and streaming assets. The deal is now off the table, removing significant uncertainty -- and that could be a good thing for investors. 10 stocks we like better than Netflix › With its shares already down roughly 28% from an all-time high of $134 reached in mid-June, Netflix (NASDAQ: NFLX) has faced sig...
Key Points Investors were alarmed by the size of its proposed purchase of the Warner Bros studio and streaming assets. The deal is now off the table, removing significant uncertainty -- and that could be a good thing for investors. 10 stocks we like better than Netflix › With its shares already down roughly 28% from an all-time high of $134 reached in mid-June, Netflix (NASDAQ: NFLX) has faced significant challenges over the past few months. The situation came to a head in late 2025 when its management revealed plans to acquire the studio and streaming assets of Warner Bros -- a move some analysts feared could undermine shareholder value by loading Netflix's balance sheet with debt. However, in late February, Netflix withdrew its bid for Warner Bros, allowing skeptical investors to rest a little easier. Let's explore what this stunning reversal might mean for the company's stock in March and beyond. 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 » What went wrong with Netflix's plan? It looked like a done deal. On Dec. 5, Netflix announced that it would acquire Warner Bros. for a total enterprise value of $82.7 billion (including taking on its debt). The acquisition would have given the combined company access to Warner Bros.' iconic intellectual properties like Harry Potter, the DC Comic Universe, and Game of Thrones, along with the tools to monetize them more effectively through Netflix's streaming empire. But despite the clear synergies, the market reacted extremely negatively to the proposal, sending Netflix shares down double-digits and prompting analyst downgrades. It's easy to see why investors were skeptical. According to research from Fortune magazine, a whopping 70%-75% of acquisitions fail to create shareholder value for the acquiring company. And with a target as large as Warner Bros., ...
With its shares already down roughly 28% from an all-time high of $134 reached in mid-June, Netflix (NFLX +0.47%) has faced significant challenges over the past few months. The situation came to a head in late 2025 when its management revealed plans to acquire the studio and streaming assets of Warner Bros -- a move some analysts feared could undermine shareholder value by loading Netflix's balanc...
With its shares already down roughly 28% from an all-time high of $134 reached in mid-June, Netflix (NFLX +0.47%) has faced significant challenges over the past few months. The situation came to a head in late 2025 when its management revealed plans to acquire the studio and streaming assets of Warner Bros -- a move some analysts feared could undermine shareholder value by loading Netflix's balance sheet with debt. However, in late February, Netflix withdrew its bid for Warner Bros, allowing skeptical investors to rest a little easier. Let's explore what this stunning reversal might mean for the company's stock in March and beyond. Expand NASDAQ : NFLX Netflix Today's Change ( 0.47 %) $ 0.46 Current Price $ 99.12 Key Data Points Market Cap $417B Day's Range $ 98.11 - $ 100.19 52wk Range $ 75.01 - $ 134.12 Volume 1.9M Avg Vol 52M Gross Margin 48.59 % What went wrong with Netflix's plan? It looked like a done deal. On Dec. 5, Netflix announced that it would acquire Warner Bros. for a total enterprise value of $82.7 billion (including taking on its debt). The acquisition would have given the combined company access to Warner Bros.' iconic intellectual properties like Harry Potter, the DC Comic Universe, and Game of Thrones, along with the tools to monetize them more effectively through Netflix's streaming empire. But despite the clear synergies, the market reacted extremely negatively to the proposal, sending Netflix shares down double-digits and prompting analyst downgrades. It's easy to see why investors were skeptical. According to research from Fortune magazine, a whopping 70%-75% of acquisitions fail to create shareholder value for the acquiring company. And with a target as large as Warner Bros., the stakes were quite high. Even if operational results improved, it could take years or even decades to defray the cash and debt used to make the deal. Investors are comparing these prospects to other, less risky uses of the capital, such as buybacks, which could have a...
The Passive Aggressive Market: Bogle's Warning Came True Authored by Michael Lebowitz via realinvestmentadvice.com , Since the pandemic, the line between passive investing and aggressive speculation has blurred. The current bout of speculative fervor extends beyond financial markets. For instance, we see the same impulse in the explosion of sports betting and the surge in event-betting sites like ...
The Passive Aggressive Market: Bogle's Warning Came True Authored by Michael Lebowitz via realinvestmentadvice.com , Since the pandemic, the line between passive investing and aggressive speculation has blurred. The current bout of speculative fervor extends beyond financial markets. For instance, we see the same impulse in the explosion of sports betting and the surge in event-betting sites like Kalshi and Polymarket. In the investment arena, margin debt is at record highs (as shown below), and zero-day-to-expiry (0DTE) stock options now account for approximately 50 percent of all options volume. Furthermore, the number of leveraged ETFs and their trading volumes have risen sharply. To wit, we share a quote from The Kobeissi Letter: There are now a record 108 long and 31 short tech-related leveraged ETFs, 139 in total. This is 3 TIMES more than the 2nd largest sector, financials, with 47 total funds. By comparison, Consumer Discretionary has 44 ETFs, while Communication Services has 34 ETFs. In other words, tech has more leveraged ETFs than the next 3 sectors COMBINED. While not as easy to quantify as margin debt or sports betting, this aggressive speculative behavior is showing up in passive securities. It is most visible, for instance, in the fierce rotations between sector and factor ETFs. In this article, we explore how the speculative environment and aggressive trading in passive ETFs are playing out. We also examine how to identify and capitalize on sector and factor rotations, turning passive investors’ aggressive behavior into an opportunity. Passive Investment Strategy Timeline In 1952, Harry Markowitz and his Modern Portfolio Theory laid the groundwork for passive strategies. His thesis is that diversification across a broad market portfolio maximizes returns for a given level of risk. He argued for what has since been termed indexing. John Bogle is known as the “ father of indexing .” In 1976, he launched the First Index Investment Trust at Vanguard. His...