What happened According to its SEC filing dated February 17, 2026, Flat Footed LLC sold its entire 314,076-share stake in Matson (MATX 3.59%) during the fourth quarter. The quarter-end value of the position decreased by $30.96 million, which includes both the impact of the share sale and changes in the stock price. What else to know Flat Footed LLC has fully liquidated its Matson holding. Top hold...
What happened According to its SEC filing dated February 17, 2026, Flat Footed LLC sold its entire 314,076-share stake in Matson (MATX 3.59%) during the fourth quarter. The quarter-end value of the position decreased by $30.96 million, which includes both the impact of the share sale and changes in the stock price. What else to know Flat Footed LLC has fully liquidated its Matson holding. Top holdings after the filing: NYSE: CNR: $122.77 million (29.3% of AUM) NASDAQ: DHC: $113.91 million (27.2% of AUM) As of February 17, 2026, shares of Matson were priced at $165.05, up approximately 12.1% over the past year, outperforming the S&P 500 by 2.27 percentage points Company overview Metric Value Revenue (TTM) $3.34 billion Net income (TTM) $444.8 million Dividend yield 0.91% Price (as of February 17, 2026) $165.05 Company snapshot Matson is a leading provider of ocean transportation and logistics services, with a strong presence in Hawaii, Alaska, Guam, and select Asia-Pacific routes. The company leverages its integrated logistics capabilities and expedited shipping to deliver reliable service to diverse commercial and government clients. Its strategic focus on niche markets and operational efficiency underpins its competitive position within the marine shipping industry. Matson generates revenue through shipping fees, logistics services, and terminal operations across domestic non-contiguous U.S. markets and select international routes. It provides ocean transportation services, including container shipping, expedited China-U.S. routes, and logistics solutions such as warehousing, freight forwarding, and supply chain management. Matson serves freight forwarders, retailers, consumer goods companies, automobile manufacturers, and the U.S. military. What this transaction means for investors Container shipping is a cyclical business, with profitability rising and falling with freight rates and cargo demand. After several years of unusually strong pricing in global shipping ...
Travellers are paying double the usual airfare on Cathay Pacific Airways flights from more than 50 cities to Hong Kong as the Iran war drives up demand for routes that avoid the conflict zone, with London, Madrid and Chennai seeing the steepest surges, the South China Morning Post has found. The US-Israeli attacks on Iran and subsequent retaliatory strikes that spilled over into neighbouring Gulf ...
Travellers are paying double the usual airfare on Cathay Pacific Airways flights from more than 50 cities to Hong Kong as the Iran war drives up demand for routes that avoid the conflict zone, with London, Madrid and Chennai seeing the steepest surges, the South China Morning Post has found. The US-Israeli attacks on Iran and subsequent retaliatory strikes that spilled over into neighbouring Gulf states over the course of a week have forced much of the Middle East’s airspace to remain closed, pushing airfares higher globally as airlines and passengers scramble to divert and rebook flights. An SCMP reporter tracked ticket prices for the earliest available direct flights by Cathay Pacific from 57 destinations across Europe, Asia-Pacific, the Americas and Africa – all routes available outside the Middle East, mainland China and Taiwan. Advertisement On average, the cheapest available ticket price for flights departing from Saturday onwards has surged by 93 per cent compared with the upper range of typical prices tracked by Google Flights over the past 12 months. Airfares on routes from Europe saw the steepest surges. While one-way economy tickets were unavailable, a business-class seat on Cathay’s London-Hong Kong flight on Saturday cost HK$53,486 (US$6,837) – about 600 per cent higher than the typical price of HK$7,400 for this period. Advertisement The second-priciest ticket overall was from Madrid, costing HK$51,258 (US$6,553) for a business-class seat – roughly 500 per cent more than the usual HK$8,500 fare.
In early October I wrote in this newsletter that if you felt like you’d missed out on easy money in Japan, you might want to look at South Korea. Nice valuations, same improving corporate governance vibe and, at the time at least, remarkably under-owned. This went pretty well. So much so that I had been meaning to point out that the KOSPI was getting a little overpriced. I wish I had: as the war i...
In early October I wrote in this newsletter that if you felt like you’d missed out on easy money in Japan, you might want to look at South Korea. Nice valuations, same improving corporate governance vibe and, at the time at least, remarkably under-owned. This went pretty well. So much so that I had been meaning to point out that the KOSPI was getting a little overpriced. I wish I had: as the war in the Middle East began, it fell 15% in a day. I’m not too worried about your portfolio, given that the index jumped 9% on Thursday and—though still 10% off its high—is up 75% over the last six months. You’re doing fine. That said, it is worth focusing on how Asia’s markets have reacted to the new war in the Middle East. Korea (being the most bubbly and artificial intelligence-capex dependent of the lot) fell the most. But the fall across the board was pretty impressive. And it happened mostly for obvious reasons: energy imports. Korea imports 70% of its oil from the Middle East. In Japan, it’s 90%. And in India, just over 50%. There are a million different ways to analyze the effects of the US-Israel war with Iran, but in the end it boils down to a reminder that scarcity hurts. Crises do not emerge from abundance: they come from scarcity. And, even putting this particular outbreak of violence aside, it’s scarcity that is the defining feature of our new world. Geopolitical fracturing has broken supply lines. A lack of capital expenditure and exploration combined with an excess of complacency has left the West, at least, supply constrained when it comes to pretty much every metal and mineral required to run a modern economy. The same dynamic has left the West horribly short of industrial capacity (a very bad thing, as it is being able to build stuff at speed that wins wars). Then there is energy, the key driver of all economic activity. In much of the West it was already too expensive for comfort. This week it is genuinely scarce. To see the effects of scarcity in real time,...
Crucible theatre, Sheffield A dynamic team of actors capture the spirit of female footballers during the first world war – though the storytelling is sometimes fumbled The rise of interest in women’s football continues off the pitch in this play by Stefano Massini, adapted for Sheffield Theatres by Tim Firth. Like Amanda Whittington’s The Invincibles and Offside by Sabrina Mahfouz and Hollie McNis...
Crucible theatre, Sheffield A dynamic team of actors capture the spirit of female footballers during the first world war – though the storytelling is sometimes fumbled The rise of interest in women’s football continues off the pitch in this play by Stefano Massini, adapted for Sheffield Theatres by Tim Firth. Like Amanda Whittington’s The Invincibles and Offside by Sabrina Mahfouz and Hollie McNish, The Ladies Football Club recounts the striking story of the game’s development during the first world war. While the men were away fighting, women took up their places in the factory and on the football field – before being rudely booted out of both after peace returned. This fictionalisation of that history is set on local turf, following the football-playing female munitions workers of Sheffield. The storytelling in Elizabeth Newman’s production has the pacy, frenetic rhythm of a match, passing rapidly back and forth between the dynamic 11-strong ensemble. It’s matched by Scott Graham’s movement direction, which strings together sequences of exaggerated lunges, kicks and headers, evoking the game without ever attempting to realistically replicate it on stage. This all makes for a relentless forward momentum, as the team move swiftly from lunchtime kickabouts to their first match to playing in front of tens of thousands in London. Continue reading...
Spain’s prime minister, Pedro Sánchez, called his 2019 political memoir A Manual for Resistance: a fitting title for a centre-left leader known for his survival skills and willingness to hold the line under pressure. So it was hardly surprising that he stood firm on Wednesday when Donald Trump threatened Spain with a trade embargo over his opposition to the US-Israeli bombing of Iran. “We are not ...
Spain’s prime minister, Pedro Sánchez, called his 2019 political memoir A Manual for Resistance: a fitting title for a centre-left leader known for his survival skills and willingness to hold the line under pressure. So it was hardly surprising that he stood firm on Wednesday when Donald Trump threatened Spain with a trade embargo over his opposition to the US-Israeli bombing of Iran. “We are not going to be accomplices to something that is bad for the world – and contrary to our values and interests – simply out of fear of reprisals,” Sánchez insisted. Having already stated that the strikes were “a violation of international law”, he summarised his government’s position simply as “no to war”. His defiance of US-Israeli aggression did not stop at words. On Monday, it had emerged that his administration was refusing the US use of the air bases at Rota and Morón – prompting the withdrawal of 15 US aircraft from Spain. The only precedent for a Spanish government blocking US use of these jointly run installations was with respect to Ronald Reagan’s 1986 strikes against Muammar Gaddafi’s Libya. Yet unlike his 1980s predecessor Felipe González, Sánchez’s stance places him apart from his European peers. With Trump threatening economic retaliation, and his fellow Nato leaders signalling different degrees of accommodation with Washington’s war plans, Sánchez’s position can appear a principled but perilous stand. The Spanish prime minister’s sense of morality has been referred to more than once over the past week but, in reality, it would be more accurate to describe him as a pragmatist. His defiance over the Iran conflict reflects a calculation that the geopolitical risks are manageable, the potential electoral rewards significant, and that the broad alignment with Trump’s militarism will not hold. Sánchez’s standoff over Nato defence spending targets last year already demonstrated his government’s willingness to break ranks with Trump. Spain was alone in refusing to commit ...
Canadian Prime Minister Mark Carney has called for former British prince Andrew Mountbatten-Windsor to be removed from the royal line of succession over his “deplorable” links to Jeffrey Epstein. The former duke was arrested in February on suspicion of misconduct in public office following allegations he shared sensitive information with the paedophile financier while serving as the UK’s trade env...
Canadian Prime Minister Mark Carney has called for former British prince Andrew Mountbatten-Windsor to be removed from the royal line of succession over his “deplorable” links to Jeffrey Epstein. The former duke was arrested in February on suspicion of misconduct in public office following allegations he shared sensitive information with the paedophile financier while serving as the UK’s trade envoy. Speaking to reporters in Tokyo, Carney said: “I certainly think his actions are deplorable and have caused him to be stripped of his royal titles, certainly merit, if that’s the word – necessitate is a better word – his removal from the line of succession.” Advertisement The prime ministers of Australia and New Zealand have previously said they would support the UK government in any plans to remove Andrew from the line of succession. Such a move would require an act of parliament and the agreement of the Commonwealth realms, including Canada. Advertisement Carney, a former governor of the Bank of England, added: “Even though he is well down the line, the point of principle stands.” Andrew has denied any wrongdoing over his links to the convicted sex offender but has not directly responded to the latest allegations.
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“When you get a demo and something works 90% of the time, that’s just the first nine.” — Andrej Karpathy The “ March of Nines ” frames a common production reality: You can reach the first 90% reliability with a strong demo, and each additional nine often requires comparable engineering effort. For enterprise teams, the distance between “usually works” and “operates like dependable software” determ...
“When you get a demo and something works 90% of the time, that’s just the first nine.” — Andrej Karpathy The “ March of Nines ” frames a common production reality: You can reach the first 90% reliability with a strong demo, and each additional nine often requires comparable engineering effort. For enterprise teams, the distance between “usually works” and “operates like dependable software” determines adoption. The compounding math behind the March of Nines “Every single nine is the same amount of work.” — Andrej Karpathy Agentic workflows compound failure. A typical enterprise flow might include: intent parsing, context retrieval, planning, one or more tool calls, validation , formatting, and audit logging . If a workflow has n steps and each step succeeds with probability p , end-to-end success is approximately p^n . In a 10-step workflow, the end-to-end success compounds due to the failures of each step. Correlated outages (auth, rate limits, connectors) will dominate unless you harden shared dependencies. Per-step success (p) 10-step success (p^10) Workflow failure rate At 10 workflows/day What does this mean in practice 90.00% 34.87% 65.13% ~6.5 interruptions/day Prototype territory. Most workflows get interrupted 99.00% 90.44% 9.56% ~1 every 1.0 days Fine for a demo, but interruptions are still frequent in real use. 99.90% 99.00% 1.00% ~1 every 10.0 days Still feels unreliable because misses remain common. 99.99% 99.90% 0.10% ~1 every 3.3 months This is where it starts to feel like dependable enterprise-grade software. Define reliability as measurable SLOs “It makes a lot more sense to spend a bit more time to be more concrete in your prompts.” — Andrej Karpathy Teams achieve higher nines by turning reliability into measurable objectives, then investing in controls that reduce variance. Start with a small set of SLIs that describe both model behavior and the surrounding system: Workflow completion rate (success or explicit escalation). Tool-call success rate w...
allanswart/iStock via Getty Images I'm a believer in psychological inversion in sentiment, margin of safety in value, growth in trend, sizing in thematics, and diversification in correlation. When I spot an opportunity, I don't think, "That's outside my circle of competence." Instead I think, "What do I need to know about this to make money on it?" Usually, I only need to understand 20% of what co...
allanswart/iStock via Getty Images I'm a believer in psychological inversion in sentiment, margin of safety in value, growth in trend, sizing in thematics, and diversification in correlation. When I spot an opportunity, I don't think, "That's outside my circle of competence." Instead I think, "What do I need to know about this to make money on it?" Usually, I only need to understand 20% of what constitutes the business and 80% about the flow of sentiment in the markets. That's why when SaaS recently sold off, I heard the concerns of the technologists, I then assessed the competency of management and the reputational positioning of large caps in the software industry, and I bet big on SaaS. ServiceNow ( NOW ) is down 40% since I last covered it, and I'm glad I didn't own it during that time. But as of very recently, I do. The Fear & The Opportunity This is classic macro fear offering opportunity to value traders. I get the technological constraints, but from emotional first principles, optimism and good leadership always seem to work around temporary problems. Just because the market doubts does not mean management will not overcome. A data recap on the lay of the land: U.S. software got de-rated amid an agentic AI sentiment surge. The S&P 500 software index ( XSW ) has fallen by over -25% since October 2025. In the 2022 reset, it fell by -45%, so don't deploy all your cash at once. The wisest investors I've studied always operate from the position of "We don't know what will happen, but we win via positioning anyway." Cash is always king. XSW Price Chart (Google) The question on many SaaS analysts minds right now is whether ServiceNow-like product positioning will be only optional in the agentic AI era. ServiceNow's entire strategy is built around the Now Platform single data model and workflow engine; this unifies Information Technology Service Management, Human Resources, Security, and Operations workflows. From first principles, indeed I can imagine myself asking...