JuSun/iStock via Getty Images Investment Thesis I believe that the market is misunderstanding Credo ( CRDO ), especially after Nvidia's ( NVDA ) GTC 2026 event, leading to a 21% pullback since my last coverage which has likely reset the story more than the company itself. This is not a one-trick AEC company in trouble but a company that is becoming the connective tissue in the infrastructure of AI...
JuSun/iStock via Getty Images Investment Thesis I believe that the market is misunderstanding Credo ( CRDO ), especially after Nvidia's ( NVDA ) GTC 2026 event, leading to a 21% pullback since my last coverage which has likely reset the story more than the company itself. This is not a one-trick AEC company in trouble but a company that is becoming the connective tissue in the infrastructure of AI. Copper is not going away where reliability is needed and at the same time, Credo is expanding into optics, retimers, and chip-to-chip connectivity. Not only is the demand for hyperscaler products continuing to accelerate but the company is gaining more and more pricing power at higher speeds and has multiple product ramps into 2027. Data by YCharts The Illusion of Weakness: Growth Outpacing Narrative Comfort I see the biggest disconnect between the share price and the operating performance. Credo has reported one of the strongest quarters in the entire infrastructure stack in the AI space and the share price has acted as though the company has broken. This is a problem because it is not a fundamental issue. It is a narrative issue. Revenue has come in at $407 million , up over 200% year over year, with gross profits margins at 68.6% and operating margins near 50% and free cash flows accelerating significantly. What’s more, the company has pointed out the fact that the company has, in effect, scaled more than sixfold in the past two years, which is a rare feat in the semiconductor industry. Yet, here’s where it gets fascinating. The share price did not fall because the revenue and the demand were down. It fell because the margin expectations have come down, and the company has now guided gross margin down to the mid-60s. Suddenly, the narrative has shifted from a software-like semiconductor company to a cyclical hardware supplier. I think this is a simplistic narrative, and I’ll tell you why. Data by YCharts What is missing from the market is an understanding that this mar...
Vivek Vishwakarma/iStock via Getty Images It pays to have dry powder on hand for amazing buying opportunities as they come up. The current market downturn can be trying times for those who are in the market just for capital gains. But for income and value investors, now represents a great opportunity to layer in capital and lock in high yields. At the risk of sounding clichéd, I think it’s time be...
Vivek Vishwakarma/iStock via Getty Images It pays to have dry powder on hand for amazing buying opportunities as they come up. The current market downturn can be trying times for those who are in the market just for capital gains. But for income and value investors, now represents a great opportunity to layer in capital and lock in high yields. At the risk of sounding clichéd, I think it’s time be greedy when others are fearful. This brings me to the following 2 opportunities, one in the BDC and the other in the REIT space. Both are trading at far below their intrinsic value, which could lead to the best of both worlds – high income and capital appreciation. In this article, I explore what makes each a compelling ‘Buy’, so let’s dive in! #1: Blackstone Secured Lending Fund Blackstone Secured Lending Fund ( BXSL ) is a BDC that originates and invests primarily in first-lien, senior secured loans to U.S. middle-market companies. It’s managed by Blackstone’s ( BX ) global credit platform, and benefits from BX’s deep sourcing networks, scale, and underwriting expertise. Unlike private equity, BXSL’s investments sit higher on the capital stack, putting it first in to collect in the event of a borrower liquidation. This is supported by the fact that 97.6% of its investments are first-lien senior secured debt. Its investments also have a weighted average loan to value ratio of 50.5%. This means that there is 49.5% of equity buffer that takes losses first, before BXSL sees any potential losses. BXSL’s $14.2 billion portfolio is well-diversified with no single investment making up more than 2% of portfolio total. As shown below, software, professional services, healthcare, insurance, and commercial services make up the top 5 sectors, making up 57% of portfolio total. Investor Presentation While software has carried headline risks around ‘SaaS-pocalpyse’ from AI disruption, management was careful to point out that not all software is the same. This includes proprietary system...
Victor Hanson: What Is It With The Fickle Europeans? Via The Daily Signal , This is a lightly edited transcript of a segment of “Victor Davis Hanson: In His Own Words” podcast from Daily Signal . What is it with the fickle Europeans ? I know that they have different interests than ours, but we’re both Western entities. You’d think that we’d be more collaborative on the effort to disarm and denucle...
Victor Hanson: What Is It With The Fickle Europeans? Via The Daily Signal , This is a lightly edited transcript of a segment of “Victor Davis Hanson: In His Own Words” podcast from Daily Signal . What is it with the fickle Europeans ? I know that they have different interests than ours, but we’re both Western entities. You’d think that we’d be more collaborative on the effort to disarm and denuclearize Iran. But a lot of strange things are happening. The traditional use of the Diego Garcia critical airbase in the Indian Ocean, run by the British, but often leased to us and allowed us to have a very valuable base for our long-range bombers. The British initially refused to allow us to use it. And then, only under conditions that it would be used for defensive purposes. I don’t know what that means. But I think they forgot the 1982 Falklands War. They were in big trouble going all the way across the world to attack a country in the Western Hemisphere. We were trying to be on friendly relationships so that [Argentina] wouldn’t join the other communist nations. And of course, we offered them 2 million gallons of gasoline. We offered them the use of a carrier if they needed it. We gave them sophisticated intelligence. Without the United States’ help, they would’ve had a very hard time retaking it. So, what’s happened? And then Spain has said that we can’t use at all the NATO base there in Spain. [President Emmanuel] Macron in France and [Chancellor Friedrich] Merz in Germany have also said they’ve expressed reservations. President Donald Trump is now trying to say, you know, we’re using all of our assets to disarm this common threat to the West. Could you just send a few ships to help us, you know, patrol the Strait of Hormuz ? And they’re reluctant. This gets back to the United States, who pays an inordinate amount of the NATO budget. And it keeps having to, you know, to harangue and hammer. “Please, please defend yourself. We are here to help you, but we’re across the ...
Palantir (NASDAQ: PLTR) looks expensive for a reason, and this video explores why the market still rewards its execution, scale, and momentum. BigBear AI (NYSE: BBAI) may seem like the cheaper opportunity, but its weaker revenue and higher uncertainty create a very different risk profile. Stock prices used were the market prices of March 13, 2026. The video was published on March 20, 2026. Continu...
Palantir (NASDAQ: PLTR) looks expensive for a reason, and this video explores why the market still rewards its execution, scale, and momentum. BigBear AI (NYSE: BBAI) may seem like the cheaper opportunity, but its weaker revenue and higher uncertainty create a very different risk profile. Stock prices used were the market prices of March 13, 2026. The video was published on March 20, 2026. Continue reading
The Western U.S. features beaches, great weather, and plenty of amenities. While expensive big cities like San Francisco and Los Angeles can make the West seem unfeasible for retirees, there are plenty of options. Also, the West isn't just its beautiful coastline. There are plenty of Western states with scenic views and outdoor activities that don't touch the Pacific Ocean. These are some of the b...
The Western U.S. features beaches, great weather, and plenty of amenities. While expensive big cities like San Francisco and Los Angeles can make the West seem unfeasible for retirees, there are plenty of options. Also, the West isn't just its beautiful coastline. There are plenty of Western states with scenic views and outdoor activities that don't touch the Pacific Ocean. These are some of the best places to retire in the West. 1. Las Cruces, New Mexico Las Cruces has sunshine for more than 300 days per year, along with warm weather that makes it easy to get out and about. It has several parks, museums, and other attractions to keep retirees busy. The city also offers recreational programs for people who are 50 years or older, which makes it easier to meet new people and get acquainted with the city. Houses are also relatively affordable, with the median price at $350,625, according to Realtor.com. The median rent is $1,700 per month, which is enough for most Social Security payments to cover. Las Cruces is located less than one hour away from the El Paso International Airport. It's also near the Rio Grande River. 2. Tucson, Arizona Tucson is warm year-round and has a median home price of $275,000, according to Realtor.com. If you'd prefer to rent a home, it also has a median rent price of $1,025 per month. Affordability is a strong suit for this city, and that detail is pivotal for retirees based on research from the Motley Fool's Best States to Retire to in 2026. The same index found that healthcare is a top concern for retirees, and Tucson delivers in this area as well. The Banner- University Medical Center and TMC Health offer specialized care for patients. The former is listed as one of the best hospitals in the nation for geriatrics and nephrology. Tucson features many outdoor activities and cultural sites like the Saguaro National Park and the Arizona-Sonora Desert Museum. Pickleball is extremely popular in the area, with Udall Park acting as a major hub fo...
ArLawKa AungTun/iStock via Getty Images Introduction Fixed-rate preferred shares have come under pressure in recent weeks as Fed rate cut expectations shift from 2026 to 2027 amid energy price volatility. While this has resulted in some near-term losses for investors, it also presents a new buying opportunity as interest rates on both the short end and the long end of the yield curve arguably rema...
ArLawKa AungTun/iStock via Getty Images Introduction Fixed-rate preferred shares have come under pressure in recent weeks as Fed rate cut expectations shift from 2026 to 2027 amid energy price volatility. While this has resulted in some near-term losses for investors, it also presents a new buying opportunity as interest rates on both the short end and the long end of the yield curve arguably remain above levels that will likely prevail in the long term. Against this backdrop, I believe Invesco Mortgage Capital ( IVR )'s Series C 7.5% fixed-to-floating preferred shares ( IVR.PR.C ) offer a compelling double-digit total return outlook for investors with a horizon until the end of 2027, thus confirming my previous Buy rating . The bullish investment thesis can be summarized as: A well covered 8.12% current yield which is fixed until September 2027, with a potentially marginally higher yield starting in Q4 2027 even if the Fed lowers rates to 3.00%. The opportunity for incremental capital gains should long term interest rates decline over the next 21 months. Robust coverage of preferred equity by common equity market capitalization, further amplified by the discount the preferred shares trade at. Safety of Preferred Distributions IVR paid $13.1 million in 2025 preferred dividends , accounting for only 12.9% of 2025 GAAP net income before preferred distributions. Since IVR's reported earnings vary quite significantly dependent on mark-to-market gains/losses on investments and derivative hedges, the company also reports non-GAAP earnings called "earnings available for distribution". These non-GAAP earnings stood at $157.1 million in 2025 , or $170.2 million before preferred distributions. As such, we see that IVR preferred dividends accounted for only 7.7% of the company's non-GAAP earnings. Turning to preferred equity coverage by common equity, the company's $171 million in preferred equity is covered roughly 3.21x by common equity market capitalization, indicating that...
Banca Monte dei Paschi di Siena SpA shareholder PLT Holding submitted a slate of candidates for the bank’s board renewal, proposing outgoing Chief Executive Officer Luigi Lovaglio for a new term in a move that could set up a showdown over leadership weeks before a pivotal shareholder vote. The Tortora family investment vehicle PLT, which holds more than 1.2% of Paschi’s ordinary shares, put forwar...
Banca Monte dei Paschi di Siena SpA shareholder PLT Holding submitted a slate of candidates for the bank’s board renewal, proposing outgoing Chief Executive Officer Luigi Lovaglio for a new term in a move that could set up a showdown over leadership weeks before a pivotal shareholder vote. The Tortora family investment vehicle PLT, which holds more than 1.2% of Paschi’s ordinary shares, put forward a list of 12 candidates for the board of directors to ensure continuity of Paschi’s industrial plan and support execution of its ongoing transformation, it said in a statement on Saturday. The list also includes former UniCredit SpA chairman Cesare Bisoni as chairman. The move comes after the board excluded Lovaglio from its proposed slate of CEO candidates for the upcoming shareholder meeting, effectively laying the groundwork for his exit, months after completing the Mediobanca SpA takeover.
EyePoint ( EYPT ) has filed a lawsuit against Ocular Therapeutix ( OCUL ) in a Massachusetts federal court, alleging that its rival eye drug developer made false claims regarding its lead candidate, Duravyu. According to the lawsuit filed in Middlesex County Superior Court in Massachusetts on Friday, EyePoint ( EYPT ) accused Ocular ( OCUL ) of spreading false or misleading information regarding t...
EyePoint ( EYPT ) has filed a lawsuit against Ocular Therapeutix ( OCUL ) in a Massachusetts federal court, alleging that its rival eye drug developer made false claims regarding its lead candidate, Duravyu. According to the lawsuit filed in Middlesex County Superior Court in Massachusetts on Friday, EyePoint ( EYPT ) accused Ocular ( OCUL ) of spreading false or misleading information regarding the company and clinical findings of Duravyu. The intravitreal injection is currently undergoing late-stage development for ophthalmic conditions, including wet age-related macular degeneration (wet AMD), a condition targeted by Ocular’s ( OCUL ) lead asset, Axpaxli. Both treatments belong to a class of drugs known as tyrosine kinase inhibitors. The lawsuit seeks an injunction to block the defendant from continuing with the alleged dissemination of false claims, retraction of the statements, and recovery of financial damages. More on EyePoint Pharmaceuticals, Ocular Therapeutix EyePoint: The 'Pre-Readout' Surge Is Hiding A Commercial Reality Check EyePoint, Inc. (EYPT) Q4 2025 Earnings Call Transcript Ocular Therapeutix, Inc. (OCUL) Presents at 49th Annual Meeting of the Macula Society - Slideshow EyePoint outlines mid-2026 topline data target for DURAVYU in wet AMD and DME as Phase III trials advance Ocular drops after late-stage trial data for wet AMD therapy
Refereeing standards are "the worst we have seen for a long time" and "only getting worse" because of the use of the video assistant referee (VAR), says former Newcastle United and England striker Alan Shearer. The debate around the use of VAR continues to rage, with weekends often dominated by controversy around perceived incorrect officiating decisions in the Premier League. "They [referees] are...
Refereeing standards are "the worst we have seen for a long time" and "only getting worse" because of the use of the video assistant referee (VAR), says former Newcastle United and England striker Alan Shearer. The debate around the use of VAR continues to rage, with weekends often dominated by controversy around perceived incorrect officiating decisions in the Premier League. "They [referees] are too reliant on it and it's affecting the standard of refereeing now, and it's not a good look," Shearer said on BBC Radio 5 Live. Shearer's comments come after VAR was again the story in Friday's 2-2 draw between Bournemouth and Manchester United. United have made a formal complaint to referees' body Professional Game Match Officials Limited over what they feel was clear inconsistency in the decisions during the match at Vitality Stadium. Harry Maguire was sent off for pulling back Evanilson inside the box as United led 2-1 with 10 minutes to go. But that came just 10 minutes after Amad Diallo was denied a penalty for a similar incident at the other end, while United had also earlier been awarded a penalty for what United boss Michael Carrick deemed to be a comparable foul on Matheus Cunha.
Key Points Most people currently in their 60s and 70s have done especially well for themselves, making the most of a period of strong domestic economic growth. The bulk of their net worth, however, is tied up in nonliquid assets like real estate rather than in liquid assets like cash, stocks, or bonds. The $23,760 Social Security bonus most retirees completely overlook › What are baby boomers wort...
Key Points Most people currently in their 60s and 70s have done especially well for themselves, making the most of a period of strong domestic economic growth. The bulk of their net worth, however, is tied up in nonliquid assets like real estate rather than in liquid assets like cash, stocks, or bonds. The $23,760 Social Security bonus most retirees completely overlook › What are baby boomers worth right now, on average? The exact number depends on who you ask and what you mean by "average net worth." Baby boomers' age range is between 62 and 80. If you're using the frequently cited numbers from the Federal Reserve's most recent Survey of Consumer Finances, the average net worth for people between the ages of 65 and 74 is $1.78 million. The 75-and-up crowd's net worth, as well as the 55-to-64 cohort's, wasn't too far behind that figure. 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 » It sounds like a lot, but you'll want to take that $1.78 million figure with a grain of salt. While that's a respectable average, it's skewed higher by a small number of ultra-wealthy people. The more meaningful median -- or midpoint -- figure for 65-to-74-year-olds is a much lower $410,000 (and again, the people immediately above and below this age range are worth slightly less). You should also know that this data was gathered in 2022 (the last time the Federal Reserve conducted this survey), when the COVID-19 pandemic was still undermining incomes and economic activity. Much has changed for the better since then, most likely including these figures. That being said, bear in mind that total net worth includes assets like real estate, vehicles, and investments minus any debt. It's different from liquid net worth, which is just assets that can readily be converted into cash. In this vein, the average amount of money t...
David Gura, Christina Ruffini, and Lisa Mateo of “Bloomberg This Weekend” play Pointed! Wager your points, leverage your bets and answer wisely. A new quiz is available to play each week on Bloomberg.com (Source: Bloomberg)
David Gura, Christina Ruffini, and Lisa Mateo of “Bloomberg This Weekend” play Pointed! Wager your points, leverage your bets and answer wisely. A new quiz is available to play each week on Bloomberg.com (Source: Bloomberg)
GummyBone/iStock Editorial via Getty Images Q3 2026 Earnings Takeaway For Q3 2026 , NetApp, Inc.( NTAP ) reported a revenue and EPS of $1.71 billion and $2.12, respectively, which beat the analyst consensus of $1.69 billion and $2.07, respectively. NetApp Q3 2026 Summary (NetApp Investor Presentation) Turning over to key segmental quarterly results, Hybrid Cloud, which represents NetApp's storage ...
GummyBone/iStock Editorial via Getty Images Q3 2026 Earnings Takeaway For Q3 2026 , NetApp, Inc.( NTAP ) reported a revenue and EPS of $1.71 billion and $2.12, respectively, which beat the analyst consensus of $1.69 billion and $2.07, respectively. NetApp Q3 2026 Summary (NetApp Investor Presentation) Turning over to key segmental quarterly results, Hybrid Cloud, which represents NetApp's storage products, support and services, delivered a revenue of $1.54 billion, up 5% YoY, while Public Cloud's revenue was $174 million, flat YoY. However, excluding the divested Spot revenue, NetApp Public Cloud's revenue grew by 17% YoY. Q3 2026 Revenue (NetApp Investor Presentation) NetApp's consolidated gross margin was 71.2%, up 50 basis points(0.50%) YoY, driven by Public Cloud and Support services' outstanding gross margins of 85.1% and 92.5%, respectively. The attractiveness of these two divisions is their stickiness and criticality among enterprise customers. First, in Public Cloud, this segment is a beneficiary of the enterprise's continued preference for both on-premises and cloud storage solutions or 'hybrid.' A hybrid storage implementation enables an enterprise to meet its required performance, data confidentiality and regulatory compliance requirements. NetApp's Public Cloud provides a seamless bridge between their bread and butter enterprise on-premise storage and the cloud, enabling them to keep habituating customers to their software platform. Switching cost is also at play here. Rather than finding other solutions providers to provide the bridge, enterprise IT Decision Makers(ITDM) often choose to stay with NetApp to avoid the costly learning curve, potential failure of an uncertain new provider, and switching costs, given NetApp's economies of scale. Additionally, NetApp's public cloud enables it to participate in the growth of Cloud Computing TAM, which, according to Gartner, will grow at a CAGR of 20% until 2028. While I'm always skeptical of the 'projections' ...
primeimages/iStock via Getty Images Global markets are at the precipice. Nerves are increasingly frayed, yet complacency remains well entrenched. This is not uncharted territory. De-risking/deleveraging approaches critical momentum, before some policy response swiftly turns things around. The “Fed put,” the “TACO put,” the global policymaker “put”… When speculative deleveraging momentum gathered p...
primeimages/iStock via Getty Images Global markets are at the precipice. Nerves are increasingly frayed, yet complacency remains well entrenched. This is not uncharted territory. De-risking/deleveraging approaches critical momentum, before some policy response swiftly turns things around. The “Fed put,” the “TACO put,” the global policymaker “put”… When speculative deleveraging momentum gathered pace in the summer of 2019, the Federal Reserve restarted QE. When autumn 2022 UK gilt deleveraging sparked global bond deleveraging, the Bank of England postponed QT and intervened with aggressive gilt purchases (QE) and a temporary liquidity facility. As the March 2023 SVB/bank crisis spurred fear and deleveraging, the Federal Reserve and Federal Home Loan Banks responded urgently with $500 billion of liquidity injections. During the August 2024 yen “carry trade” unwind (Nikkei plunged 12.4% on August 5th), the forces of de-risking/deleveraging were abruptly reversed by BOJ Governor Shinichi Uchida’s reassuring comments (BOJ won’t raise rates when markets are unstable). And when markets were at the cusp of unraveling during the “liberation day” April 2025 instability, the “TACO put” (tariff pause) unleashed a major short squeeze, unwind of hedges, liquidity surge, and blow-off excess for the ages (i.e., AI arms race, “private credit” lending finale, crypto blowoff, and caution thrown to the wind across global asset markets). The current backdrop is unique. The IRGC currently retains the capacity to essentially shut the Strait of Hormuz. Iranian missiles and drones could potentially destroy major Middle East oil production and refining capacity. After three weeks, it’s anything but clear when bombings and assassinations will neutralize the IRGC ability to hold the world’s markets and economy hostage. Risks to global markets, finance, and economies are the most extreme in decades. With inflation risk pummeling global bond markets, now typical central bank QE responses would ...
Costco Wholesale (COST 0.29%) continues to prove to investors that it's worthy of their hard-earned savings. Share prices are already up 13% in 2026 (as of March 19). At the same time, the S&P 500 has lost 3.5% of its value. This continues an impressive run for the warehouse-club retailer. If you'd invested $1,000 in this leading retail stock 10 years ago, here's how much you'd have today. Costco ...
Costco Wholesale (COST 0.29%) continues to prove to investors that it's worthy of their hard-earned savings. Share prices are already up 13% in 2026 (as of March 19). At the same time, the S&P 500 has lost 3.5% of its value. This continues an impressive run for the warehouse-club retailer. If you'd invested $1,000 in this leading retail stock 10 years ago, here's how much you'd have today. Costco has been a magnificent portfolio holding. Over the past decade, shares generated a total return of 659%. This phenomenal gain would've turned a $1,000 initial investment 10 years ago into $7,590 right now. Given the market's love affair with technology and artificial intelligence (AI) stocks, the fact that a boring retailer can be such a winning investment is a breath of fresh air. The company reported solid financial gains. Net sales and net income were up 137% and 241%, respectively, between fiscal 2015 and fiscal 2025 (ended Aug. 31, 2025). Costco is an elite business when it comes to stability and predictability. It's a safe holding due to its steady fundamentals in all economic scenarios. Expand NASDAQ : COST Costco Wholesale Today's Change ( -0.29 %) $ -2.79 Current Price $ 971.99 Key Data Points Market Cap $431B Day's Range $ 970.55 - $ 980.75 52wk Range $ 844.06 - $ 1067.08 Volume 72K Avg Vol 2.2M Gross Margin 12.93 % Dividend Yield 0.53 % The market certainly appreciates this. Costco stock's current price-to-earnings ratio of 50.7 is 73% more expensive than it was exactly 10 years ago. It's also well about the 10-year average P/E of 39. While the stock has done well, it's also trading at a premium that isn't favorable for new investors unless they are planning to hold the stock for the long term. A lot of growth is already priced into this stock.
Key Points Costco's dependable revenue and profit gains have significantly lifted the stock since March 2016. Drastically improving market sentiment has been an important tailwind for investors over the years. 10 stocks we like better than Costco Wholesale › Costco Wholesale (NASDAQ: COST) continues to prove to investors that it's worthy of their hard-earned savings. Share prices are already up 13...
Key Points Costco's dependable revenue and profit gains have significantly lifted the stock since March 2016. Drastically improving market sentiment has been an important tailwind for investors over the years. 10 stocks we like better than Costco Wholesale › Costco Wholesale (NASDAQ: COST) continues to prove to investors that it's worthy of their hard-earned savings. Share prices are already up 13% in 2026 (as of March 19). At the same time, the S&P 500 has lost 3.5% of its value. This continues an impressive run for the warehouse-club retailer. If you'd invested $1,000 in this leading retail stock 10 years ago, here's how much you'd have today. 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 » Costco has been a magnificent portfolio holding. Over the past decade, shares generated a total return of 659%. This phenomenal gain would've turned a $1,000 initial investment 10 years ago into $7,590 right now. Given the market's love affair with technology and artificial intelligence (AI) stocks, the fact that a boring retailer can be such a winning investment is a breath of fresh air. The company reported solid financial gains. Net sales and net income were up 137% and 241%, respectively, between fiscal 2015 and fiscal 2025 (ended Aug. 31, 2025). Costco is an elite business when it comes to stability and predictability. It's a safe holding due to its steady fundamentals in all economic scenarios. The market certainly appreciates this. Costco stock's current price-to-earnings ratio of 50.7 is 73% more expensive than it was exactly 10 years ago. It's also well about the 10-year average P/E of 39. While the stock has done well, it's also trading at a premium that isn't favorable for new investors unless they are planning to hold the stock for the long term. A lot of growth is already priced into this stock. ...
After more than a quarter century tracking the seemingly endless growth of the wine industry, Rob McMillan was finally vindicated last year as California’s vigneron of doom. McMillan is the author of Silicon Valley Bank’s annual state of the US wine industry report, and the 2025 edition was a doozy. Since 2018, the bank has warned the industry that a correction in demand would shake the wine world...
After more than a quarter century tracking the seemingly endless growth of the wine industry, Rob McMillan was finally vindicated last year as California’s vigneron of doom. McMillan is the author of Silicon Valley Bank’s annual state of the US wine industry report, and the 2025 edition was a doozy. Since 2018, the bank has warned the industry that a correction in demand would shake the wine world. That reality is now here, with 2025 revenue down, the volume of wine produced dropping and a “bumpy bottom” in demand forecast in 2027 and 2028. “I was very direct when the industry was going fine, but nobody ever likes it when you say things are disastrous,” McMillan said. “Now, everybody understands what I’m talking about.” A ‘sunsetting’ customer base In the 1990s, McMillan said, options among beer and spirits “really sucked” and an entire generation of baby boomers gravitated towards wine. The industry responded, particularly on the premium side of things where wines start in the $20-$40 range, and areas like Napa Valley and Sonoma county rose to the occasion. “My generation really enjoyed learning about wine,” he said, noting the major addendum that many boomers lived through some “particularly generous times from an economic standpoint”, which helped the surge in the premium wine category. “We would go and geek out about how many days of sunlight the vines would get, what the sugar was like at harvest.” Now, millions of those baby boomers, long a mainstay of the cellar door, are “sunsetting” each year – industry parlance for drinking their last glass. His report paints a dire future for wineries that expect the bygone era of exponential growth to return. Instead, the document says wineries that adapt will be well placed to survive, and thrive, albeit in a more stable way. “There is a growing divide characterized by the separation between wineries that adapt and those that remain tethered to the previous era of strong growth,” the report reads. “2026 will mark the po...
Burnley are unchanged from their 0-0 draw (oh dear) with Bournemouth last time out. Armando Broja, formerly of Fulham, has to make do with a place on the bench. Fulham are 12th but only four points behind Brentford in 7th and a European place. Oh, the memories of Bobby Zamora and Zoltan Gera putting Juventus to the sword. Marco Silva has made one change to last weekend’s team that drew 0-0 (uh oh)...
Burnley are unchanged from their 0-0 draw (oh dear) with Bournemouth last time out. Armando Broja, formerly of Fulham, has to make do with a place on the bench. Fulham are 12th but only four points behind Brentford in 7th and a European place. Oh, the memories of Bobby Zamora and Zoltan Gera putting Juventus to the sword. Marco Silva has made one change to last weekend’s team that drew 0-0 (uh oh) with Forest – Rodrigo Muniz in for Raúl Jiménez up top. Yes, this is the only Premier League offering this afternoon but it’s an extremely important one for Burnley. They need points and they need them now – nine separate them and Nottingham Forest in 17th with only seven games to go after today. There is only one 3pm kick-off in the Premier League (angrily shakes fist) but fear not because there is a raft of games up and down Britain that will shape seasons. The business end of 2025-26 is almost upon us and plenty of teams in the EFL and Scotland are jostling for position for the final straight. In the Premier League, Scott Parker takes his Burnley side to Craven Cottage as they look to close the still sizeable gap to survival. Fulham are still in the hunt for a European place. In Scotland, Premiership leaders Hearts aim to bounce back from defeat to Kilmarnock last weekend as they host Dundee. Their fellow title contenders don’t play until later (Rangers) or tomorrow (Celtic). In the Championship, playoff hopefuls Southampton and Wrexham are in action while Leicester and West Brom are among those looking to boost their survival chances. In League One, leaders Lincoln are at home to Rotherham and could take a giant leap towards automatic promotion with a win. Meanwhile there’s a pivotal game in the relegation battle as Gary Caldwell and Wigan host his old side Exeter. In League Two, Bromley are aiming to reach the third tier for the first time in their history. The league leaders host Barrow looking to respond to some early results involving the chasing pack. And it’s wor...
A partial US government shutdown has lead to long lines for travelers and missed paychecks for thousands of government workers. Bloomberg News' Senior Editor Wendy Benjaminson and Managing Editor of Space & Aviation Benedikt Kammel join David Gura and Christina Ruffini this morning on Bloomberg This Weekend to break it down. Watch the show LIVE every Saturday and Sunday morning. (Source: Bloomberg...
A partial US government shutdown has lead to long lines for travelers and missed paychecks for thousands of government workers. Bloomberg News' Senior Editor Wendy Benjaminson and Managing Editor of Space & Aviation Benedikt Kammel join David Gura and Christina Ruffini this morning on Bloomberg This Weekend to break it down. Watch the show LIVE every Saturday and Sunday morning. (Source: Bloomberg)
If you have been watching Taiwan Semiconductor Manufacturing and wondering whether the current share price still makes sense, this breakdown is designed to help you focus on what the numbers are actually saying about value. The stock recently closed at US$329.24, with returns of 3.0% year to date, 88.1% over 1 year, 267.3% over 3 years and 201.4% over 5 years. However, the share price has seen a 2...
If you have been watching Taiwan Semiconductor Manufacturing and wondering whether the current share price still makes sense, this breakdown is designed to help you focus on what the numbers are actually saying about value. The stock recently closed at US$329.24, with returns of 3.0% year to date, 88.1% over 1 year, 267.3% over 3 years and 201.4% over 5 years. However, the share price has seen a 2.7% decline over the last 7 days and a 9.1% decline over the last 30 days. Recent attention on Taiwan Semiconductor Manufacturing has centered on its role as a key semiconductor manufacturer. Investors are closely watching how demand for chips for data centers, consumer electronics and industrial uses shapes sentiment. Commentary around the stock has also focused on supply chain capacity, capital spending plans and broader interest in semiconductor names as part of long term technology trends. Simply Wall St currently gives Taiwan Semiconductor Manufacturing a value score of . The rest of this article will walk through what that means using approaches like DCF and multiples, before finishing with a way to think about valuation that goes beyond any single model. Advertisement Approach 1: Taiwan Semiconductor Manufacturing Discounted Cash Flow (DCF) Analysis The DCF model estimates what a business could be worth by projecting its future cash flows and then discounting those cash flows back to today. It aims to translate future cash generation into a single present value per share. For Taiwan Semiconductor Manufacturing, the model used is a 2 Stage Free Cash Flow to Equity approach. The latest twelve month free cash flow is NT$898.9b. Analysts have provided forecasts for several years, and these are extended further by Simply Wall St, with projected free cash flow of NT$5,073.8b in 2035. The ten year path includes discounted projections such as NT$1,243.8b in 2026 and NT$1,850.0b in 2029, all expressed in NT$ to match the company’s reporting currency. When all these projected ...