J Studios/DigitalVision via Getty Images "Civilization exists by geological consent, subject to change without notice." - Will Durant Most of us in the advisory community quietly assume that geopolitics is somebody else's problem, that diversification handles the rest, and that the commodities sleeve in a balanced portfolio takes care of itself. We've been reminded over the last twelve months that...
J Studios/DigitalVision via Getty Images "Civilization exists by geological consent, subject to change without notice." - Will Durant Most of us in the advisory community quietly assume that geopolitics is somebody else's problem, that diversification handles the rest, and that the commodities sleeve in a balanced portfolio takes care of itself. We've been reminded over the last twelve months that it doesn't always work that way. A basket of mining and refining equities tied to so-called critical materials is up roughly 135.27% on a trailing-year basis through the end of March (per Sprott's own published returns). That is not levered, not concentrated in a single name, not a meme-stock cohort. That is the boring industrial supply chain most of our asset allocation models treat as a footnote. So what happened, and does it matter for the Sprott Critical Materials ETF ( SETM )? Some Background SETM tracks the Nasdaq Sprott Critical Materials Index. The fund opened on February 1, 2023, runs at a 0.65% expense ratio, and as of late April held about six hundred million in assets across roughly one hundred and twenty-five mining and refining names (Source: Sprott, April 2026). By design, I think of it as the materials equivalent of an industrial-policy index, in the sense that it is broad, allies-weighted, and tilted toward the inputs that have been at the center of the post-globalization conversation. Uranium equities sit at roughly a quarter of the basket, copper at another quarter, lithium near twenty percent, rare earths around fourteen, and silver close to ten. So a single ticker gives you exposure to the four or five materials that have been at the center of every supply-chain story I've read since the second Trump administration began. Sprott, March 31, 2026 The 2025 Catalyst The catalyst I keep coming back to is China's decision a year ago to place seven of the seventeen rare earth metals under export controls. Reuters covered it in detail at the time, and the impl...
hapabapa Apple ( AAPL ) CEO Tim Cook flagged rising memory prices, which are expected to weigh more heavily on the company’s costs in coming quarters. Speaking on the company’s earnings call on Thursday, Cook said memory costs are set to be " significantly higher" in the June quarter and will have a larger effect beyond that. Memory costs had a " minimal impact" in the December quarter but rose in...
hapabapa Apple ( AAPL ) CEO Tim Cook flagged rising memory prices, which are expected to weigh more heavily on the company’s costs in coming quarters. Speaking on the company’s earnings call on Thursday, Cook said memory costs are set to be " significantly higher" in the June quarter and will have a larger effect beyond that. Memory costs had a " minimal impact" in the December quarter but rose in the March period, partly offset by carry-in inventory benefits, Apple said. "B eyond the June quarter, w e believe memory costs will drive an increasing impact on our business," Cook said. "We'll continue to evaluate this, we'll look at a range of options." Apple on Thursday reported strong second-quarter earnings driven by strong demand for the iPhone 17. Per-share profit was $2.01, beating estimates by $0.07, on revenue of $111.18B, which grew 16.5%, also ahead of expectations. Q1 gross margin of 49.3% did include the impact of tariff-related costs. Cook also said tariffs had a smaller impact in the March quarter compared with the prior period due to lower product volumes and reduced rates, adding the company would reinvest any tariff refunds into U.S. innovation and manufacturing. Shares are up 3.2% in premarket trading on Friday. More on Apple Apple Q2 Results: Big Growth, But Why You Shouldn't Buy Apple Inc. (AAPL) Q2 2026 Earnings Call Transcript Apple Q2: Why John Ternus May Be The Hero We've Been Waiting For Apple expects June quarter revenue growth of 14% to 17% as CEO transition to John Ternus set for September 1 Stocks to watch on Thursday after hours: AAPL, TEAM, RIVN
hapabapa Apple ( AAPL ) CEO Tim Cook flagged rising memory prices, which are expected to weigh more heavily on the company’s costs in coming quarters. Speaking on the company’s earnings call on Thursday, Cook said memory costs are set to be " significantly higher" in the June quarter and will have a larger effect beyond that. Memory costs had a " minimal impact" in the December quarter but rose in...
hapabapa Apple ( AAPL ) CEO Tim Cook flagged rising memory prices, which are expected to weigh more heavily on the company’s costs in coming quarters. Speaking on the company’s earnings call on Thursday, Cook said memory costs are set to be " significantly higher" in the June quarter and will have a larger effect beyond that. Memory costs had a " minimal impact" in the December quarter but rose in the March period, partly offset by carry-in inventory benefits, Apple said. "B eyond the June quarter, w e believe memory costs will drive an increasing impact on our business," Cook said. "We'll continue to evaluate this, we'll look at a range of options." Apple on Thursday reported strong second-quarter earnings driven by strong demand for the iPhone 17. Per-share profit was $2.01, beating estimates by $0.07, on revenue of $111.18B, which grew 16.5%, also ahead of expectations. Q1 gross margin of 49.3% did include the impact of tariff-related costs. Cook also said tariffs had a smaller impact in the March quarter compared with the prior period due to lower product volumes and reduced rates, adding the company would reinvest any tariff refunds into U.S. innovation and manufacturing. Shares are up 3.2% in premarket trading on Friday. More on Apple Apple Q2 Results: Big Growth, But Why You Shouldn't Buy Apple Inc. (AAPL) Q2 2026 Earnings Call Transcript Apple Q2: Why John Ternus May Be The Hero We've Been Waiting For Apple expects June quarter revenue growth of 14% to 17% as CEO transition to John Ternus set for September 1 Stocks to watch on Thursday after hours: AAPL, TEAM, RIVN
Of everything SanDisk (NASDAQ:SNDK) said in its fiscal Q3 report, the real story is a paradox. They posted an adjusted gross margin of 78.4%, a level that sits above the 75.1% gross margin Wall Street expects NVIDIA (NASDAQ:NVDA) to post when it reports its fiscal Q1. And yet the stock fell roughly 6% after hours. ... SanDisk’s Gross Margins Just Topped NVIDIA’s. Wall Street Sold Anyway.
Of everything SanDisk (NASDAQ:SNDK) said in its fiscal Q3 report, the real story is a paradox. They posted an adjusted gross margin of 78.4%, a level that sits above the 75.1% gross margin Wall Street expects NVIDIA (NASDAQ:NVDA) to post when it reports its fiscal Q1. And yet the stock fell roughly 6% after hours. ... SanDisk’s Gross Margins Just Topped NVIDIA’s. Wall Street Sold Anyway.
Proto Labs press release ( PRLB ): Q1 Non-GAAP EPS of $0.54 beats by $0.15 . Revenue of $139.3M (+10.4% Y/Y) beats by $4.16M . CNC machining revenue grew 19.7% year-over-year. Revenue per customer contact increased 20.4% year-over-year. Financial Guidance and Outlook: In fiscal year 2026, Protolabs expects to generate revenue growth between 6% and 8%. In the second quarter of 2026, the Company exp...
Proto Labs press release ( PRLB ): Q1 Non-GAAP EPS of $0.54 beats by $0.15 . Revenue of $139.3M (+10.4% Y/Y) beats by $4.16M . CNC machining revenue grew 19.7% year-over-year. Revenue per customer contact increased 20.4% year-over-year. Financial Guidance and Outlook: In fiscal year 2026, Protolabs expects to generate revenue growth between 6% and 8%. In the second quarter of 2026, the Company expects to generate revenue between $140.0 million and $148.0 million. In the second quarter of 2026, the Company expects diluted net income per share between $0.29 and $0.37, and non-GAAP diluted net income per share between $0.50 and $0.58. Shares +5% PM. More on Proto Labs Proto Labs: Mixed Results No Cause For Excitement Proto Labs, Inc. 2025 Q4 - Results - Earnings Call Presentation Proto Labs, Inc. (PRLB) Q4 2025 Earnings Call Transcript Proto Labs Q1 2026 Earnings Preview Proto Labs outlines 6%-8% revenue growth for 2026 while advancing production and digital initiatives
BrightSpring Health Services press release ( BTSG ): Q1 GAAP EPS of $0.67 beats by $0.40 . Revenue of $3.61B (+129756.1% Y/Y) beats by $220M . Revenues of $14,725 million to $15,225 million, or 14.1% to 17.9% growth. (vs. consensus of $14.85B) Pharmacy Segment Revenue of $12,850 million to $13,300 million, or 12.3% to 16.2% growth. Provider Segment Revenue of $1,875 million to $1,925 million, or 2...
BrightSpring Health Services press release ( BTSG ): Q1 GAAP EPS of $0.67 beats by $0.40 . Revenue of $3.61B (+129756.1% Y/Y) beats by $220M . Revenues of $14,725 million to $15,225 million, or 14.1% to 17.9% growth. (vs. consensus of $14.85B) Pharmacy Segment Revenue of $12,850 million to $13,300 million, or 12.3% to 16.2% growth. Provider Segment Revenue of $1,875 million to $1,925 million, or 28.0% to 31.4% growth. Total Adjusted EBITDA5 of $795 million to $825 million, or 28.7% to 33.6% growth. The Amedysis and LHC acquisition is expected to contribute approximately $30 million in Adjusted EBITDA in 2026. More on BrightSpring Health Services BrightSpring Health Services, Inc. (BTSG) Analyst/Investor Day - Slideshow BrightSpring Health Services, Inc. (BTSG) Analyst/Investor Day Transcript BrightSpring Health Services, Inc. (BTSG) Q4 2025 Earnings Call Transcript Mid-Cap healthcare stocks ranked by quant ratings after earnings season BrightSpring targets 14% revenue growth and 25% EBITDA expansion in 2026 as company accelerates integration and margin initiatives
Ares Management Corporation press release ( ARES ): Q1 Non-GAAP EPS of $1.24 misses by $0.09 . Ares declared a quarterly dividend of $1.35 per share of its Class A and non-voting common stock, payable on June 30, 2026 to its Class A and non-voting common stockholders of record at the close of business on June 16, 2026. More on Ares Management Corporation Whitestone REIT: Purchase Highlights Opport...
Ares Management Corporation press release ( ARES ): Q1 Non-GAAP EPS of $1.24 misses by $0.09 . Ares declared a quarterly dividend of $1.35 per share of its Class A and non-voting common stock, payable on June 30, 2026 to its Class A and non-voting common stockholders of record at the close of business on June 16, 2026. More on Ares Management Corporation Whitestone REIT: Purchase Highlights Opportunity In Ares Management Ares Management: High-Yield Growth Story With Elevated Risks Ares Management: Beware Catching The Private Credit Falling Knife Ares Management, JPMorgan help finance Apollo's $800M investment in GoodLife - report Ares Management Corporation Q1 2026 Earnings Preview
Estee Lauder press release ( EL ): Q3 Non-GAAP EPS of $0.91 beats by $0.26 . Revenue of $3.71B (+4.5% Y/Y) beats by $20M . Reflecting the Company’s strong performance through the nine-months-ended March 31, 2026, its fiscal 2026 full-year outlook now assumes: Organic net sales growth of approximately 3%, at the high-end of its prior range Adjusted operating margin to range between 10.7% to 11.0% A...
Estee Lauder press release ( EL ): Q3 Non-GAAP EPS of $0.91 beats by $0.26 . Revenue of $3.71B (+4.5% Y/Y) beats by $20M . Reflecting the Company’s strong performance through the nine-months-ended March 31, 2026, its fiscal 2026 full-year outlook now assumes: Organic net sales growth of approximately 3%, at the high-end of its prior range Adjusted operating margin to range between 10.7% to 11.0% Adjusted diluted net earnings per common share to range between $2.35 and $2.45 vs. 2.22 consensus More on Estee Lauder Estée Lauder And Puig Brands: A Good Match? Estée Lauder: The Storm Is Finally Over, But There Are Risks Involved Estee Lauder: Valuation Premium Is Unjustified Estee Lauder Q3 2026 Earnings Preview Puig says no decision has been made on deal with Estée Lauder
CreativaImages/iStock via Getty Images Stocks as a Zero-Sum Game I have several investment-related pet peeves, each of them possibly worthy of a whole Seeking Alpha article. A top-of-mind one is the idea that investing is very much like gambling: on each trade or asset held, an investor will either gain a certain amount or lose by the same extent. In my view, this represents a fundamental confusio...
CreativaImages/iStock via Getty Images Stocks as a Zero-Sum Game I have several investment-related pet peeves, each of them possibly worthy of a whole Seeking Alpha article. A top-of-mind one is the idea that investing is very much like gambling: on each trade or asset held, an investor will either gain a certain amount or lose by the same extent. In my view, this represents a fundamental confusion between short-term alpha generation and long-term beta gains from investing in cash-flow producing assets, like stocks. The thinly veiled belief behind this idea is that asset prices revert to a mean. Think about it: because investing is a win-or-lose proposition with roughly equal chances assigned to each, at least under this investment framework, winning a few consecutive times increases the chances of an investor losing next, since "what goes up must come down". This is why, I think, many investors are obsessed with buying stocks after they have taken a beating (it's cheap now!) or selling stocks right after they have skyrocketed (sell high!). Worth noting, those who follow me probably know that I largely subscribe to the opposite strategy . In my view, wealth generation happens when an investor "aggressively rides the beta tailwinds of market tranquility", which implies holding on to (and ideally leveraging) an investment as it climbs higher over the years, while cutting the losers when the share price starts to crumble. Let's keep things simple and visual. Look at the performance of the S&P 500 ( SPY ) over the past 30 years below. Do you think an investor would have made much money being afraid of heights—i.e., selling out of the position whenever the index posted a winning streak—or by waiting for the index to correct to, only then, finally, jumping in? The answer is generally no. Instead, gains have often been left on the table out of fear that SPY "had gone too far". Data by YCharts There may be one specific case, however, in which expecting share prices to rever...
Seema Shah, chief global strategist at Principal Asset Management, says earnings suggest there isn’t as much exposure to the conflict with Iran as expected and sees US markets being able to keep the impacts “quite contained.” (Source: Bloomberg)
Seema Shah, chief global strategist at Principal Asset Management, says earnings suggest there isn’t as much exposure to the conflict with Iran as expected and sees US markets being able to keep the impacts “quite contained.” (Source: Bloomberg)
Earnings Call Insights: Bio-Rad Laboratories (BIO) Q1 2026 Management View Jonathan DiVincenzo (President & COO) said Bio-Rad “reported Q1 results within our revenue guidance” while facing “several external pressures, most notably associated with the ongoing conflict in the Middle East,” adding that in 2025 the region “represented over 9% of our Diagnostics segment, primarily driven by our blood t...
Earnings Call Insights: Bio-Rad Laboratories (BIO) Q1 2026 Management View Jonathan DiVincenzo (President & COO) said Bio-Rad “reported Q1 results within our revenue guidance” while facing “several external pressures, most notably associated with the ongoing conflict in the Middle East,” adding that in 2025 the region “represented over 9% of our Diagnostics segment, primarily driven by our blood typing franchise,” and that the conflict “will be a significant headwind for revenue and margin for full year 2026.” DiVincenzo said Life Science “reported net sales were flat,” with “academic demand…constrained, particularly in the Americas,” and noted Bio-Rad’s customer checks suggest “there continues to be considerable disruption,” plus “a lag between funding approvals and purchasing activity.” He added, “In biopharma, we are seeing early signs of stabilization,” with “later-stage companies…more robust,” and Bio-Rad expects “gradual improvement through the year.” DiVincenzo highlighted digital PCR momentum: “ddPCR instrument revenue grew 24% over prior year,” and said the QX700 platform is “driving both competitive wins and conversion from qPCR,” with “over 99% of our digital PCR assays…available on the new QX700 series.” Roop Lakkaraju (Executive VP & CFO) reported “net sales…approximately $592 million,” and said Bio-Rad’s non-GAAP results were “$51 million or $1.89 diluted earnings per share,” while the Sartorius fair-value change “contributed $562 million to our reported net loss of $527 million or $19.55 per diluted share.” Norman Schwartz (Chairman & CEO) said Bio-Rad’s M&A posture has evolved: “our focus has shifted from early-stage opportunities to companies with demonstrated revenue and margin profiles,” targeting “companies within the $100 million to $500 million revenue range,” adding, “We’re not, at the moment, focused on anything transformative.” Outlook Lakkaraju said, “We have decided to adjust our 2026 guidance,” citing Middle East demand softness and logis...
Hudbay Minerals press release ( HBM ): Q1 Non-GAAP EPS of $0.40 beats by $0.06 . Revenue of $757.3M (+27.3% Y/Y) beats by $70.14M . Reaffirmed full year 2026 consolidated production guidance including 110,000 to 138,000 tonnes of copper and 217,000 to 272,000 ounces of gold. Reaffirmed 2026 cost guidance, including consolidated cash costi guidance of $(0.30) to $(0.10) per pound of copper and sust...
Hudbay Minerals press release ( HBM ): Q1 Non-GAAP EPS of $0.40 beats by $0.06 . Revenue of $757.3M (+27.3% Y/Y) beats by $70.14M . Reaffirmed full year 2026 consolidated production guidance including 110,000 to 138,000 tonnes of copper and 217,000 to 272,000 ounces of gold. Reaffirmed 2026 cost guidance, including consolidated cash costi guidance of $(0.30) to $(0.10) per pound of copper and sustaining cash costi guidance of $1.70 to $2.10 per pound of copper. More on Hudbay Minerals Inc. Hudbay Minerals Inc. (HBM:CA) Presents at TD Music City Mining Forum 2026 - Slideshow Hudbay Minerals Inc. (HBM:CA) Presents at NBF 2026 Canadian Leveraged Finance Conference - Slideshow Hudbay Minerals Inc. (HBM:CA) Arizona Sonoran Copper Company Inc. - M&A Call - Slideshow Hudbay Minerals Q1 2026 Earnings Preview Hudbay Minerals repays $472.5M of 2026 notes