Critical infrastructure across the Gulf came under attack from Iran on Sunday with damage reported at civilian facilities in the United Arab Emirates, Bahrain and Kuwait. Gulf countries have faced repeated drone and missile salvoes from Iran over past weeks in response to US and Israeli strikes that began at the end of February. Iran has targeted energy and other industrial infrastructure in the o...
Critical infrastructure across the Gulf came under attack from Iran on Sunday with damage reported at civilian facilities in the United Arab Emirates, Bahrain and Kuwait. Gulf countries have faced repeated drone and missile salvoes from Iran over past weeks in response to US and Israeli strikes that began at the end of February. Iran has targeted energy and other industrial infrastructure in the oil-rich Gulf nations, accusing its neighbours of allowing US forces to carry out attacks from their...
PM says antisemitism is ‘abhorrent’ after booking of West, who has song called Heil Hitler and last year advertised swastika T-shirt Keir Starmer has said it is “deeply concerning” that Kanye West, the US rapper who has made a series of antisemitic comments, is to appear at a British music festival. The prime minister joins others who have criticised Wireless festival for booking the musician, als...
PM says antisemitism is ‘abhorrent’ after booking of West, who has song called Heil Hitler and last year advertised swastika T-shirt Keir Starmer has said it is “deeply concerning” that Kanye West, the US rapper who has made a series of antisemitic comments, is to appear at a British music festival. The prime minister joins others who have criticised Wireless festival for booking the musician, also known as Ye, to headline all three nights of the forthcoming event in London. Continue reading...
Wachiwit/iStock Editorial via Getty Images Introduction Netflix, Inc. ( NFLX ) is the world’s leading streaming platform with over 325 million paid subscribers across more than 190 countries. The company primarily derives its revenue through subscriptions with three pricing tiers (ad-supported, Standard, and Premium). This subscription revenue is complemented by a rapidly growing advertising busin...
Wachiwit/iStock Editorial via Getty Images Introduction Netflix, Inc. ( NFLX ) is the world’s leading streaming platform with over 325 million paid subscribers across more than 190 countries. The company primarily derives its revenue through subscriptions with three pricing tiers (ad-supported, Standard, and Premium). This subscription revenue is complemented by a rapidly growing advertising business that is becoming a meaningful contributor to overall revenue. Data by YCharts Despite macroeconomic headwinds from tariffs and geopolitical turmoil pressuring the consumer, Netflix continues to deliver a value proposition that is difficult for its customer base to relinquish. However, the market acknowledges this risk and has punished the stock in anticipation of weaker performance, with shares down 26% from ATH. With 1Q26 earnings on April 16th, 2026, I believe Netflix’s recent share price drop creates an attractive entry point for investors. In addition, I see three specific tailwinds that will assist Netflix in delivering an earnings beat and full-year guidance raise: a recently announced price increase, accelerating advertising revenue supported by an in-house ad tech stack, and a $2.8 billion breakup fee. As a result, I rate NFLX a Buy. Business Overview Netflix derives its revenue from two primary streams: subscriptions and advertising. While there is not a segment breakdown, there is clear commentary from management. In 2025, advertising revenue grew 2.5x to approximately $1.5 billion. For 2026, management has guided to a rough doubling of that figure to approximately $3 billion. As per Netflix Co-CEO Gregory K. Peters on their 4Q25 Earnings Call: Ad sales, 2.5x in 2025. We expect that business to roughly double again in 2026 to about $3 billion... So we're making good progress and the opportunity ahead of us is massive. We are still under 10% of TV time in all major markets which we compete. We've got hundreds of millions of households around the world still to ...
JasonDoiy/iStock Unreleased via Getty Images Investment Thesis Over the last year or two, I've written articles about three out of four of the leading ETFs within the niche "water fund" category ( PHO , FIW and PIO ), and Invesco S&P Global Water ( CGW ) is the last one of these left to analyze. With around $1 billion in AUM, CGW is the largest water ETF with meaningful international exposure, and...
JasonDoiy/iStock Unreleased via Getty Images Investment Thesis Over the last year or two, I've written articles about three out of four of the leading ETFs within the niche "water fund" category ( PHO , FIW and PIO ), and Invesco S&P Global Water ( CGW ) is the last one of these left to analyze. With around $1 billion in AUM, CGW is the largest water ETF with meaningful international exposure, and is around four times larger (in terms of assets) than Invesco Global Water ( PIO ), which uses a different indexing method than CGW, as outlined in some detail in my recent article on that fund. Overall, my thesis for CGW is that its prospects are quite weak versus U.S. focused water funds and also versus the wider market. An excessive degree of concentration (43% of the fund's value) in slow growth, state-dependent utilities is one of my main concerns, since this acts as a counterweight to some of the innovation and long-term compounding evident in some of the water-focused industrials owned by the fund. I would also say that the fund's approach of owning companies that have any operational link with "water" could be improved upon by individual investors. This might be achieved by identifying and owning a selection of individual industrial/water technology stocks with strong long-term prospects as a result of durable competitive positions in underpinning water infrastructure. Historical Performance Before understanding the sorts of equities owned by CGW, it makes sense to consider its long-term performance versus the broad market and some of its water fund peers. Data by YCharts As shown above, since June 13, 2007 (the inception of PIO, the newest of the four leading water funds), there has been a significant disparity in results from funds that superficially have a very similar thematic focus. First Trust Water ( FIW ), the U.S.-focused pick, has provided some of the strongest results (a 472% total return), and has been significantly ahead of the broad market until recen...