Everything is “Everything is securities fraud,” I often say around here: If a bad thing happens at a company, and its stock drops, it will be sued for securities fraud, because the shareholders didn’t know about the bad thing. Occasionally, though, the company will have a defense: “You did know about the bad thing,” it might say; “it was right there on page 73 of our annual report.” This doesn’t w...
Everything is “Everything is securities fraud,” I often say around here: If a bad thing happens at a company, and its stock drops, it will be sued for securities fraud, because the shareholders didn’t know about the bad thing. Occasionally, though, the company will have a defense: “You did know about the bad thing,” it might say; “it was right there on page 73 of our annual report.” This doesn’t work that often. Page 73 of the annual report might say something like “we depend on the services of our chief executive officer, and if he were to do anything stupid that would be bad,” but it usually won’t say “our chief executive officer is currently sexually harassing several employees, and they’re going to go public with their complaints next week and we’ll have to fire him.” The bad thing will rarely be disclosed in explicit detail , because, you know, annual reports don’t work that way. Companies that are doing bad stuff don’t want everyone to know about it. They want to be able to sell stock at high prices, and disclosing the bad stuff would prevent that. Still you might get to thinking. Who reads annual reports all the way through? What if you did explicitly disclose the bad thing, in tedious detail, deep in the annual report? Disclose the details of the CEO’s sexual harassment, or write a paragraph like “just so you know, the income statement in this annual report is wrong because we have been doing the following sorts of accounting fraud,” and then spell it all out. Maybe no one will read it. And then, when the news comes out, you will have a defense. “Actually we didn’t mislead investors about this; it was all right there in the annual report.” I doubt this would work. Sure most people don’t read annual reports all the way through, but some people (or their algorithms) do, and someone would pretty quickly notice this and bring it to everyone else’s attention. Occasionally companies can conceal problems by burying them in their disclosure, but you can’t count on i...
Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting ...
Hello and welcome to the newsletter, a grab bag of daily content from the Odd Lots universe. Sometimes it’s us, Joe Weisenthal and Tracy Alloway, bringing you our thoughts on the most recent developments in markets, finance and the economy. And sometimes it’s contributions from our network of expert guests and sources. Whatever it is, we promise it will always be interesting. If you like chatting with us, check out the Odd Lots Discord , where you can hang out and talk with us and with other listeners 24/7. Here’s what Tracy’s thinking about... One of the things I think we learned from the post-pandemic period is that not all inflation is equal. Certain prices matter more than others. Broadly, there are two ‘types’ of inflation that I think are particularly important and potentially problematic. The first is inflation that is highly visible to the consumer. It’s grocery and gas prices. It’s price hikes that are very easy to see and felt more frequently. The reason this type of inflation matters more than others is because these types of high-frequency prices tend to impact people’s future expectations of inflation more, which is something that matters for actual future price increases (because of the wage-price spiral dynamic). There’s a great episode we recorded back in the day with Ulrike Malmendier all about this, and an excellent paper as well . This is one reason the price of eggs (as well as gas) became a political talking point during the 2024 elections. People buy lots of eggs and can see and track price increases easily. In 2026, it seems possible that the price of beef and tomatoes (and gas again) could assume a similar role. The second type of inflation that matters is what Professor Isabella Weber has dubbed “strategically systemic prices.” This is an idea borrowed from finance, where certain financial institutions are deemed systemically important in the sense that, if they go down, it would have outsized impacts on other financial institutions and the ...
Noko LTD/E+ via Getty Images The Global Leaders Strategy is focused on delivering attractive long-term performance by investing in a concentrated portfolio of companies that can uniquely solve a problem for their customers and generate attractive economics for shareholders. Given its concentrated nature the Global Leaders Strategy's performance is primarily an output of stock-picking. 2026 started...
Noko LTD/E+ via Getty Images The Global Leaders Strategy is focused on delivering attractive long-term performance by investing in a concentrated portfolio of companies that can uniquely solve a problem for their customers and generate attractive economics for shareholders. Given its concentrated nature the Global Leaders Strategy's performance is primarily an output of stock-picking. 2026 started with a degree of intensity in capital markets we have unfortunately almost become accustomed to over the last years. Since 2022, markets have been shaped by the inflation shock following Russia’s invasion of Ukraine, one of the sharpest monetary tightening cycles in decades, and more recently, policy and geopolitical uncertainty alongside a narrow, AI-driven market rally. We do see a lot of opportunities for our investment approach in this environment, shaped by uncertainty and fear. We deeply believe in markets being inefficient over the short term, allowing us to take advantage of situations where strong, high-quality companies are undervalued due to temporary inefficiencies in the market. Our long-term investment mindset is embedded in everything we do, from our valuation frameworks to our research and engagement with companies. Our objective remains unchanged: We aim to help insulate our investors’ capital in bad times while we invest with a goal of delivering double-digit annual absolute returns. Over the first three months of 2026, we have encountered a number of headwinds. On one hand, there was weakness across risk assets more broadly (nothing we control for in our process); on the other, and by far the greater impact given our level of concentration, came from our investments which were impacted by the market’s perceived “AI loser” narrative. The result was an absolute correction of c.8.3% and underperformance relative to the MSCI ACWI Net Return Index. The largest drag was from investments most impacted by the “AI loser” narrative, making up just over one-third o...
William Luque/iStock via Getty Images Introduction To The iShares MSCI Global Gold Miners ETF The iShares MSCI Global Gold Miners ETF ( RING ), which began trading on January 31, 2012, has, so far, aggregated a total AUM of over $3B over the last 14 years. This ETF, which covers a pool of 43 global equities that are primarily involved in the business of gold mining, also makes distributions twice ...
William Luque/iStock via Getty Images Introduction To The iShares MSCI Global Gold Miners ETF The iShares MSCI Global Gold Miners ETF ( RING ), which began trading on January 31, 2012, has, so far, aggregated a total AUM of over $3B over the last 14 years. This ETF, which covers a pool of 43 global equities that are primarily involved in the business of gold mining, also makes distributions twice a year (at the current ETF price of $85, the annualized distribution yield works out to 0.73%). RING is priced at an expense ratio of 0.39%. How Is The RING ETF Built? RING, which is backed by iShares (the ETF brand of Blackrock), seeks to mirror the performance of an index constructed by MSCI (an independent index provider) called the MSCI ACWI Select Gold Miners Investable Market Index (MASGMIMI), so it would seem apt to see how the latter is built (also, RING’s minimal tracking errors, which are lower than the median ETF levels, suggest that it is fulfilling its role of being a passively managed vehicle). Seeking Alpha As some of you may have inferred through the nomenclature of MASGMIMI, that index is a subset of the MSCI ACWI Investable Market Index (MAIMI), whose purpose is to represent 99% of the global equity investment opportunity set (put another way, it covers large, mid, and small caps from both developed markets and emerging markets). Now MASGMIMI’s goal is to find at least 30 stocks from MAIMI that are involved in the business of gold mining. The primary criteria are to see if potential constituents in MAIMI are not only involved in the extraction and production of gold but are also not meaningfully hedging their exposure to gold prices (only a max 10% hedge on gold prices is permitted). As you can imagine, such specific criteria on hedging could potentially limit the pool of stocks to less than 30, and if that is the case, this index is also prepared to be a little flexible in the second round of screening. If we have a scenario where core gold miners with li...
Palantir Is Growing at a Jaw-Dropping Rate, but Is the Stock a Buy? Yahoo Finance After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued? Morningstar Trump Discloses Large Stock Purchases in Nvidia, Robinhood, Palantir and Other Tech Firms Quiver Quantitative
Palantir Is Growing at a Jaw-Dropping Rate, but Is the Stock a Buy? Yahoo Finance After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued? Morningstar Trump Discloses Large Stock Purchases in Nvidia, Robinhood, Palantir and Other Tech Firms Quiver Quantitative
Shares of Qnity Electronics have doubled this year, but Wall Street analysts are still finding lots of reasons to stay optimistic on the stock. Qnity Electronics, spun off from chemical giant DuPont de Nemours last November, is a low-profile but major player in the semiconductor supply chain. The company provides materials and products to major semiconductor manufacturers. Shares of Qnity Electron...
Shares of Qnity Electronics have doubled this year, but Wall Street analysts are still finding lots of reasons to stay optimistic on the stock. Qnity Electronics, spun off from chemical giant DuPont de Nemours last November, is a low-profile but major player in the semiconductor supply chain. The company provides materials and products to major semiconductor manufacturers. Shares of Qnity Electronics jumped 10% Tuesday after first-quarter profit and revenue both beat analysts' estimates. In its last quarter, Qnity earned an adjusted $1.08 per share on $1.32 billion in revenue, while analysts polled by FactSet were expecting earnings of 92 cents per share and revenue of $1.27 billion. The company also hiked its full-year earnings and revenue guidance versus prior forecasts. Week to date, the stock is up nearly 13%. Shares started off the year at $81.65 each, and have since nearly doubled to close at $168.36 on Tuesday. Yet analysts on Wall Street stayed bullish following its latest financials. "We expect the stock to hold its gains following a strong quarter and increased guidance for 2026," wrote Goldman Sachs analyst James Schneider. Oppenheimer analyst Edward Yang applauded Qnity as the "hidden engine of AI as materials momentum accelerates." "We continue to believe that materials now set the limits in AI chip packaging, and Q is the optimal way to express this theme as the industry's only full-stack materials platform," Yang wrote, using Qnity's ticker symbol. Overall, analysts reiterated their bullish opinions and hiked their price targets on Qnity. Here's what analysts at some of the biggest investment banks on Wall Street had to say after Qnity's report. Goldman Sachs: buy rating, price target $165 Schneider's new target, up from $130, is 2% below where shares of Qnity closed on Tuesday. "We believe investor positioning was constructive, supported by optimism around a broad‑based wafer start recovery in 2026, a favorable spending backdrop across leading-edge l...
US Space Command is inviting commercial companies to participate in a new series of classified wargames. The first exercise simulated a scenario involving a potential nuclear detonation in orbit. Gen. Stephen Whiting, the senior officer in charge of Space Command, discussed the new wargame series Tuesday in a discussion hosted by the Mitchell Institute for Aerospace Studies. Space Command is respo...
US Space Command is inviting commercial companies to participate in a new series of classified wargames. The first exercise simulated a scenario involving a potential nuclear detonation in orbit. Gen. Stephen Whiting, the senior officer in charge of Space Command, discussed the new wargame series Tuesday in a discussion hosted by the Mitchell Institute for Aerospace Studies. Space Command is responsible for military activities in space and is separate from the Space Force, which provides the people and equipment to support those operations. The new wargames, called Apollo Insight, combine military and commercial expertise to respond to simulated threats in space. Space Command plans to conduct four Apollo Insight "tabletop exercises" this year. Read full article Comments
BeOne Medicines ( ONC ) announced on Wednesday that the U.S. Food and Drug Administration granted accelerated approval for its lymphoma therapy, Beqalzi, pending the outcome of an ongoing, confirmatory study. The approval allows the Switzerland-based firm to market the B-cell lymphoma 2 inhibitor as a late-line option to treat adults with relapsed or refractory mantle cell lymphoma, a rare form of...
BeOne Medicines ( ONC ) announced on Wednesday that the U.S. Food and Drug Administration granted accelerated approval for its lymphoma therapy, Beqalzi, pending the outcome of an ongoing, confirmatory study. The approval allows the Switzerland-based firm to market the B-cell lymphoma 2 inhibitor as a late-line option to treat adults with relapsed or refractory mantle cell lymphoma, a rare form of non-Hodgkin lymphoma. The decision paves the way for the market entry of the first BCL2 inhibitor approved in the U.S. in a decade and the only BCL2 inhibitor cleared to treat mantle cell lymphoma. The aggressive cancer type is newly diagnosed in about 3,300 Americans each year. The continued approval of Beqalzi is subject to positive data from the company’s confirmatory trial CELESTIAL-RRMCL. The Phase 3 trial is currently underway internationally, targeting adults with R/R MCL. More on BeiGene BeOne Medicines AG (ONC) Q1 2026 Earnings Call Transcript BeOne Medicines AG 2026 Q1 - Results - Earnings Call Presentation Tracking Baker Brothers Portfolio - Q4 2025 Update BeOne projects 2026 revenue of $6.3B-$6.5B as it raises guidance by $100M BeiGene beats Q1 estimates
Sundry Photography/iStock Editorial via Getty Images As the bull market of 2026 advances, I continue to marvel at the speed of the rotation out of software stocks in the race to gobble up semiconductor names. A few years ago during COVID, cloud software companies' business models were thought to be invincible. Today, these stocks are being treated like legacy utility or manufacturing companies, wi...
Sundry Photography/iStock Editorial via Getty Images As the bull market of 2026 advances, I continue to marvel at the speed of the rotation out of software stocks in the race to gobble up semiconductor names. A few years ago during COVID, cloud software companies' business models were thought to be invincible. Today, these stocks are being treated like legacy utility or manufacturing companies, with the low P/E multiples to match. Atlassian ( TEAM ) has been in one of the worst-performing buckets: software companies whose products are primarily aimed at software developers and IT staff. Since the start of the year, Atlassian has lost half its value; in the past twelve months, the company has shed two-thirds of its value, corresponding to tens of billions in market cap wiped. Data by YCharts I last wrote a "Strong Buy" article on Atlassian in February, when the stock was trading at similar levels in the low $80s. Since then, while the rest of the stock market has enjoyed a sharp rebound rally, Atlassian has cooled off alongside the rest of its software peers. Meanwhile, its recent fiscal Q3 earnings print showed an acceleration in growth rates plus fierce RPO growth, offering yet another indication that its selloff is purely due to sentiment rather than real data. I reiterate my "S trong Buy" rating here. I continue to believe that most of the software selloff is due to a fundamental lack of understanding in the products involved. Agentic AI is powerful, but it's not capable of replacing all the incumbent tools that a company uses. As Atlassian itself stated in its most recent shareholder letter, the key value-add that Atlassian's platform provides is context. Its Teamwork Graph gives multiple teams and stakeholders in an organization the visibility on what others are working on and collaborating more seamlessly across deliverables. Atlassian platform (Atlassian Q3 shareholder letter) We think agentic AI will be a larger percentage of this ecosystem and population, b...
Healthcare is typically one of retirees' biggest costs. And this year, retirees are feeling the crunch due to the fact that Medicare costs went up. At the start of 2026, the standard monthly Medicare Part B premium rose from $185 to $202.90. The annual deductible for Part B, meanwhile, rose from $257 to $283. Image source: Getty Images. Continue reading
Healthcare is typically one of retirees' biggest costs. And this year, retirees are feeling the crunch due to the fact that Medicare costs went up. At the start of 2026, the standard monthly Medicare Part B premium rose from $185 to $202.90. The annual deductible for Part B, meanwhile, rose from $257 to $283. Image source: Getty Images. Continue reading
The world’s first dentist was a Neanderthal, according to a recent study. 59,000 years ago in what’s now southwestern Siberia, a Neanderthal had a toothache. It must have been a doozy because they were desperate enough to sit still while someone drilled into the tooth with a sharp stone tool, removing the infected tissue and ultimately relieving the pain. The process left behind a hole in the toot...
The world’s first dentist was a Neanderthal, according to a recent study. 59,000 years ago in what’s now southwestern Siberia, a Neanderthal had a toothache. It must have been a doozy because they were desperate enough to sit still while someone drilled into the tooth with a sharp stone tool, removing the infected tissue and ultimately relieving the pain. The process left behind a hole in the tooth that paleoanthropologist Alisa Zubova of the Russian Academy of Sciences and her colleagues recognized, tens of millennia later, as dental work. Archaeologists unearthed the tooth at Chagyrskaya Cave in Russia, and it’s now the oldest known evidence of dentistry—or any direct medical treatment. Read full article Comments
Molar found in Siberia features deep hole that appears to show earliest known evidence of dental treatment Neanderthals used stone drills to treat cavities almost 60,000 years ago in what is the earliest known evidence of dental treatment. The single molar, which was unearthed in a cave in southern Siberia, features a deep hole that appears to have been created using a sharp, thin stone tool durin...
Molar found in Siberia features deep hole that appears to show earliest known evidence of dental treatment Neanderthals used stone drills to treat cavities almost 60,000 years ago in what is the earliest known evidence of dental treatment. The single molar, which was unearthed in a cave in southern Siberia, features a deep hole that appears to have been created using a sharp, thin stone tool during the lifetime of the tooth’s owner. Continue reading...
The following companies are expected to report earnings after hours on 05/13/2026. Visit our Earnings Calendar for a full list of expected earnings releases.Cisco Systems, Inc. (CSCO)is reporting for the quarter ending April 30, 2026. The computer networks company's consensus ea
The following companies are expected to report earnings after hours on 05/13/2026. Visit our Earnings Calendar for a full list of expected earnings releases.Cisco Systems, Inc. (CSCO)is reporting for the quarter ending April 30, 2026. The computer networks company's consensus ea
Richard Drury/DigitalVision via Getty Images This is a massive amount of inflation that companies are passing on to each other through much of the economy. The Producer Price Index final demand (PPI), which tracks inflation in prices that companies pay each other, spiked by 1.38% in April from March (+17.8% annualized), seasonally adjusted, the worst since the historic one-month spike in March 202...
Richard Drury/DigitalVision via Getty Images This is a massive amount of inflation that companies are passing on to each other through much of the economy. The Producer Price Index final demand (PPI), which tracks inflation in prices that companies pay each other, spiked by 1.38% in April from March (+17.8% annualized), seasonally adjusted, the worst since the historic one-month spike in March 2022, driven by services and energy. It had already spiked by 8.7% annualized in March – and by 7.0% and 6.6% annualized in February and January before the energy price spike hit (blue in the chart). Year-over-year, it spiked by 6.0%, the worst since December 2022, according to data from the Bureau of Labor Statistics today (red in the chart). The shocker is the spike in services, and services dominate the PPI. The services PPI weighs 68% of the overall PPI, and it completely blew out – that was in addition to the spike in energy prices, and it also shows how some of the energy price increases have moved into other parts of the economy. The services PPI spiked by 1.18% (+15.1% annualized) in April from March, seasonally adjusted. Year-over-year, the services PPI jumped by 5.5%, the worst since November 2022. The low point, the point of the coolest recent services PPI inflation, was in December 2023 at 1.8%. The inflation rate has multiplied by more than three since then. Within the services PPI: Trade services (weigh 19% in overall PPI) spiked a huge +2.7% month-to-month, not annualized, in April from March. Transportation & warehousing services (weigh 4.9% in overall PPI) exploded by 5.0%, not annualized, in April from March. But “other services” (weighs 38% in overall PPI) ticked up only +0.1%, after no change in the prior month. This is really bad. Core PPI Final Demand, which excludes energy and food components, spiked by 1.03% (+13.1% annualized) in April from March, seasonally adjusted. This shows the massive impact of the blowout of the services inflation in PPI since t...