PM Images/DigitalVision via Getty Images Executive Summary The fourth quarter embodied market contradictions: GDP surged to 4.3%, while inflation remained stubbornly above the Federal Reserve's 2% target and unemployment was slightly elevated at 4.4%. Two 25-basis point rate cuts sparked multiple FOMC dissents, revealing deep divisions over mandate prioritization. The government shutdown disrupted...
PM Images/DigitalVision via Getty Images Executive Summary The fourth quarter embodied market contradictions: GDP surged to 4.3%, while inflation remained stubbornly above the Federal Reserve's 2% target and unemployment was slightly elevated at 4.4%. Two 25-basis point rate cuts sparked multiple FOMC dissents, revealing deep divisions over mandate prioritization. The government shutdown disrupted critical data collection, obscuring an already murky economic picture. Fixed income markets mirrored this complexity with positive performance for the quarter and compressed credit spreads that signaled risk appetite despite continued uncertainty. Against this backdrop, the Victory Income Fund (Institutional Shares) underperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the quarter ended December 31, 2025. Market Update & Commentary Markets saw a continuation of contradictory themes in Q4. Inflation declined throughout the quarter, though it remained above the Fed's 2% target. Year-over-year, the Consumer Price Index (CPI) declined from 3.0% at the end of Q3 to 2.7%. Year-over-year Core CPI, which excludes food and energy, declined from 3.0% to 2.6%. The unemployment rate was unchanged quarter-over-quarter, concluding the year at 4.4%, though it did peak mid-quarter at 4.5%. Yet GDP defied the slowdown narrative entirely, with growth surging to 4.3% annualized quarter-over-quarter and surpassing forecasts. This economic picture became murkier mid-quarter when the longest government shutdown in history disrupted data collection, resulting in a missing CPI report and clouding investors' view of an already uncertain economy. The Fed's two 25-bps cuts in Q4 – ostensibly responding to labor market softening – revealed deeper fault lines. Multiple dissents at both Federal Open Market Committee (FOMC) meetings highlighted internal division over whether inflation or employment should drive policy. This internal discord was compounded by external pressure to red...
slobo/iStock Unreleased via Getty Images Introduction The last time I covered Kimco Realty Corporation ( KIM ), I upgraded them to a Buy thanks to the solid yield they reached alongside a decent discount to fair value for this high-quality REIT. With a solid report released recently and the stock up nearly 15% since then, I believe the brief window of opportunity for Kimco's common stock has close...
slobo/iStock Unreleased via Getty Images Introduction The last time I covered Kimco Realty Corporation ( KIM ), I upgraded them to a Buy thanks to the solid yield they reached alongside a decent discount to fair value for this high-quality REIT. With a solid report released recently and the stock up nearly 15% since then, I believe the brief window of opportunity for Kimco's common stock has closed now towards a Hold, but the company's preferred stocks are certainly worth considering as higher-yield alternatives. Internal Developments Kimco Realty Corporation IR KIM's Q4 was solid overall, beating the market's expectations , with an FFO of $1.194 billion in 2025, which, when adjusted for their non-cash rent and recurring CAPEX, gets us to about $806 million in AFFO, although the CAPEX was abnormally high because Kimco signed a strong volume of leases, so their success is technically dragging this number down - albeit only temporarily. As for the guidance, we can see KIM also expecting another $300 million to $500 million in asset acquisitions and dispositions (net neutral), with slightly better 6% to 7% cap rates expected on their acquisitions (vs. 5% to 6% on dispositions), as well as net structured investments between $75 million and $125 million at an 8% to 10% weighted average yield. Based on KIM's guidance, we can also estimate their AFFO. Starting with a midpoint FFO expected to reach $1.2325 billion in 2026, this implies that KIM expects an 8.8% increase in AFFO to $876.5 million this year, which is not the best for a ~$15.34 billion market cap company, placing them at a P/AFFO of 17.50 today. Kimco Realty Corporation IR Financially, based on KIM's latest report , we can continue to see an overall normal position for a REIT, standing around the average of its industry in terms of leverage, maintaining a very solid debt maturity schedule, and an A-/A3 rating from all three major agencies. KIM's dividend now stands at a yield of about 4.58% now, meaning roughly...
Investing.com - Futures linked to the main U.S. stock indices rise, suggesting an extension to tech-driven gains in the previous session. Analysts assess hawkish overtones in minutes from the Federal Reserve’s January meeting, while oil climbs as military activity in the Middle East exacerbates worries over potential supply disruptions. Walmart and Deere are due to report quarterly results, provid...
Investing.com - Futures linked to the main U.S. stock indices rise, suggesting an extension to tech-driven gains in the previous session. Analysts assess hawkish overtones in minutes from the Federal Reserve’s January meeting, while oil climbs as military activity in the Middle East exacerbates worries over potential supply disruptions. Walmart and Deere are due to report quarterly results, providing possible insight into the state of key portions of the American economy.
Shinsei Motions/iStock via Getty Images Robotics is scaling globally, with installations near record highs and adoption expanding beyond factories into logistics and healthcare, driving durable automation growth. The robotics market is scaling into a meaningful force in the global economy. Industrial robot installations remain near record highs. The installed base continues to expand. Adoption is ...
Shinsei Motions/iStock via Getty Images Robotics is scaling globally, with installations near record highs and adoption expanding beyond factories into logistics and healthcare, driving durable automation growth. The robotics market is scaling into a meaningful force in the global economy. Industrial robot installations remain near record highs. The installed base continues to expand. Adoption is spreading beyond factory floors into logistics and healthcare. The latest World Robotics 2025 report confirms that robotics industry growth remains steady and broad-based. Economic cycles may create short-term volatility. The long-term direction is clear. Automation continues to compound across industries and regions. Robotic Installations Remain Near Record Levels Industrial robot demand has stabilized at an elevated level. In 2024, 542,000 industrial robots were installed globally, one of the strongest years on record. The global operational stock reached 4.66 million units, up 9 percent year over year. Global Operational Stock of Industrial Robots Source: International Federation of Robotics as of 2025. That installed base is critical. Once automation is integrated into production systems, it is rarely removed. It creates recurring demand for software, machine vision systems, semiconductors, and system upgrades. Installations are projected to reach 708,000 units by 2028, implying roughly 7 percent annual growth. Growth is steady and supported by a growing foundation of deployed systems. Global Annual Installations of Industrial Robots Source: International Federation of Robotics as of 2025. Robotics Growth Is Broadening Beyond Automotive Robotics is no longer dependent on automotive cycles. While automotive remains important, general industries are gaining share. Electronics, metal and machinery, plastics, and food production are increasing automation investment. Collaborative robots , often called cobots, are contributing to that shift. Cobots are designed to work safel...
Reliance, Inc. ( RS ) declares $1.25/share quarterly dividend , 4.2% increase from prior dividend of $1.20. Forward yield 1.49% Payable March 20; for shareholders of record March 6; ex-div March 6. The company raised its quarterly dividend by 4.2% after paying a quarterly dividend of $1.20 in each of the previous 4 quarters. See RS Dividend Scorecard, Yield Chart, & Dividend Growth. More on Relian...
Reliance, Inc. ( RS ) declares $1.25/share quarterly dividend , 4.2% increase from prior dividend of $1.20. Forward yield 1.49% Payable March 20; for shareholders of record March 6; ex-div March 6. The company raised its quarterly dividend by 4.2% after paying a quarterly dividend of $1.20 in each of the previous 4 quarters. See RS Dividend Scorecard, Yield Chart, & Dividend Growth. More on Reliance, Inc. Take Advantage Of The Rotation Into Commodities With Dividend Growth Stock Reliance (Technical Analysis) Reliance, Inc. (RS) Presents at Goldman Sachs Industrials and Materials Conference 2025 Transcript Reliance, Inc. Non-GAAP EPS of $2.96 beats by $0.14, revenue of $3.5B beats by $50M Reliance, Inc. Q4 2025 Earnings Preview Seeking Alpha’s Quant Rating on Reliance, Inc.
World champion Luke Littler is through to the semi-finals of the Premier League event in Glasgow on Thursday following the withdrawal of Michael van Gerwen.
World champion Luke Littler is through to the semi-finals of the Premier League event in Glasgow on Thursday following the withdrawal of Michael van Gerwen.
Beijing Blasts Trump After US Releases New Details On Alleged 2020 Chinese Nuclear Test Update: Despite the Lunar New Year holiday, Beijing has made it known it is not best pleased with Washington digging up Nuke blasts from the past. Issuing a statement via state mouthpiece (@HuXijin_GT), the CCP suggested an ulterior motive for the timing of this announcement: " Trump is eager to resume nuclear ...
Beijing Blasts Trump After US Releases New Details On Alleged 2020 Chinese Nuclear Test Update: Despite the Lunar New Year holiday, Beijing has made it known it is not best pleased with Washington digging up Nuke blasts from the past. Issuing a statement via state mouthpiece (@HuXijin_GT), the CCP suggested an ulterior motive for the timing of this announcement: " Trump is eager to resume nuclear testing and needs a plausible reason , and accusing China of conducting nuclear tests is the perfect pretext. Assistant Secretary of State Christopher Yeaw stated on Tuesday that the US is prepared to conduct low-yield nuclear tests in response to alleged secret nuclear tests by China and Russia. The US is being far too hasty; having just fabricated rumors that China conducted an explosive nuclear test nearly six years ago, they are already announcing their own low-yield nuclear test. Washington's motives for spreading these rumors are too clear ; they can't even be bothered to feign it." Hard to disagree with the latter point. * * * As Kimberley Hayek detailed earlier via The Epoch Times, a senior State Department official released additional evidence Tuesday in support of U.S. allegations that China conducted an underground nuclear test in June 2020, as global arms control frameworks unravel. Assistant Secretary of State Christopher Yeaw, while speaking to a Hudson Institute meeting, discussed data from a remote seismic station in Kazakhstan that recorded a magnitude 2.75 “explosion” approximately 450 miles from China’s Lop Nur test grounds on June 22, 2020. “I’ve looked at additional data since then. There is very little possibility I would say that it is anything but an explosion, a singular explosion,” Yeaw said, underscoring that the data were not consistent with blasts from mining. “It’s also entirely not consistent with an earthquake,” said Yeaw, a former intelligence analyst and defense official who holds a doctorate in nuclear engineering. “It is ... what you woul...
London ( UKX ) -0.30% to 10,654. Germany ( DAX:IND ) -0.43% to 25,166. France ( CAC:IND ) -0.50% to 8,387. In other parts of Europe, Industrial production in Switzerland fell by 0.7% Y/Y in Q4. Denmark’s consumer confidence index rose to -13.1 in February. Switzerland’s trade surplus widened to CHF 3.6B in January. The pan-European Stoxx 600 ( STOXX ) moved 0.24% lower to around €627.2, retreating...
London ( UKX ) -0.30% to 10,654. Germany ( DAX:IND ) -0.43% to 25,166. France ( CAC:IND ) -0.50% to 8,387. In other parts of Europe, Industrial production in Switzerland fell by 0.7% Y/Y in Q4. Denmark’s consumer confidence index rose to -13.1 in February. Switzerland’s trade surplus widened to CHF 3.6B in January. The pan-European Stoxx 600 ( STOXX ) moved 0.24% lower to around €627.2, retreating slightly from record highs reached in the previous session. Traders analyze the outlook for European Central Bank policy, with recent data reinforcing expectations that rate cuts could begin later this year if inflation continues to moderate. On the corporate side, Rio Tinto ( RIO ) led mining shares lower after reporting flat full-year profit; Nestle ( NSRGY ) climbed more than 3% after surpassing Q4 sales. In the bond market , the U.S. 10-year Treasury yield was up 2 basis points to 4.10%. Germany's 10-year yield was up 1 basis point to 2.76%. UK's 10-year yield was up 1 basis point to 4.39%. Currencies: ( EUR:USD ) ( GBP:USD ) ( CHF:USD ) ETFs: (NYSEARCA: EWG ), (NYSE: GF ), (NYSEARCA: EWI ), (NYSEARCA: EWQ ), (NASDAQ: FGM ), (NASDAQ: DAX ), (NYSEARCA: FLGR ), (NYSEARCA: FXB ), (NYSEARCA: EWU ), (NASDAQ: FKU ), (BATS: EWUS ), (NYSEARCA: FLGB ), (NYSEARCA: GREK ) More on Europe U.K. GDP Underwhelms With 0.1% Growth In Q4, FTSE 100 Slips And GBP/USD Advances Beyond The Rate Hold: Examining The ECB's Path Forward Amidst Euro Strength U.S. Dollar Stakes Get Raised - What To Do Now In The Rates Space? European markets rise over improved market sentiment UK's inflation eases to 3% in January
Microsoft (NasdaqGS:MSFT) is committing US$50b to expand AI infrastructure and skills across the Global South. The plan focuses on data centers, talent training, multilingual AI, and local innovation support. The initiative was announced at an AI summit in New Delhi and targets emerging markets across developing regions. For anyone tracking Microsoft (NasdaqGS:MSFT), this move sits at the intersec...
Microsoft (NasdaqGS:MSFT) is committing US$50b to expand AI infrastructure and skills across the Global South. The plan focuses on data centers, talent training, multilingual AI, and local innovation support. The initiative was announced at an AI summit in New Delhi and targets emerging markets across developing regions. For anyone tracking Microsoft (NasdaqGS:MSFT), this move sits at the intersection of its cloud, AI, and enterprise software businesses. The company is tying long term AI...
AndreyPopov/iStock via Getty Images Investment Thesis Compass Diversified ( CODI ) shares are up +33% YTD after management submitted all its late financial statements, becoming current on the Securities and Exchange Commission "SEC" filings. The small private equity investment company has been hit by a scandal after an internal investigation revealed that the CEO of Lugano, one of its subsidiaries...
AndreyPopov/iStock via Getty Images Investment Thesis Compass Diversified ( CODI ) shares are up +33% YTD after management submitted all its late financial statements, becoming current on the Securities and Exchange Commission "SEC" filings. The small private equity investment company has been hit by a scandal after an internal investigation revealed that the CEO of Lugano, one of its subsidiaries, has violated the company's accounting guidelines, resulting in inaccurate financial statements. This caused technical defaults on CODI's borrowings, resulting in what management termed the "Lugano Events of Default", requiring negotiations that ended up with debt forbearance and higher interest expense ( p.30 ). Despite submitting the restated financials, CODI's shares are still down ~70% from the 52-week high in early 2025, right before the accounting scandal. The restatements revealed deeper losses between 2022 and 2024 than previously estimated. Beyond this accounting issue, I believe that companies with a poor track record of profitability and execution rarely provide sustained, risk-adjusted returns. Despite becoming current on its SEC filings, CODI's poor economics haven't changed. Investors holding CODI's Series A, Series B, and Series C preferred stock ( CODI.PR.A ), ( CODI.PR.B ), and ( CODI.PR.C ) are in a better position compared to equity holders. Quick Note on Adjusted EBITDA By focusing on adjusted EBITDA as its primary performance metric, CODI's management fails to capture a key market concern - its high leverage. The typical accounting misalignments that make EBITDA useful compared to GAAP are also scarce, e.g., real estate depreciation, derivatives, etc. In this case, the drawbacks of using adjusted EBITDA outweigh its benefits for investors. This analysis limits the use of adjusted EBITDA for valuation purposes, as opposed to performance tracking. Restated Financials CODI's restated financials revealed a pattern of losses that suggests it doesn't have th...
cemagraphics/iStock via Getty Images Bitcoin ( BTC-USD ) rarely rewards narrative-based investors for long. Time and again, it has shown a habit of reversing its dominant trend against the prevailing story of the moment. A large portion of the Tech Insider Network’s edge has been staying on the right side of Bitcoin’s big turns in both directions by following a process rooted in analyzing sentimen...
cemagraphics/iStock via Getty Images Bitcoin ( BTC-USD ) rarely rewards narrative-based investors for long. Time and again, it has shown a habit of reversing its dominant trend against the prevailing story of the moment. A large portion of the Tech Insider Network’s edge has been staying on the right side of Bitcoin’s big turns in both directions by following a process rooted in analyzing sentiment through technical analysis rather than headlines. Since December 2022, when Bitcoin was trading around $16,000, we went against the crowd at the time and called for the start of a new bull cycle . In the months that followed, we published seven additional pieces reaffirming Bitcoin as a buy, and we issued 13 buy alerts to premium members at key points from roughly $25,000 up through $60,000. Then, at the height of Bitcoin’s narrative hype, in October 2024, we did something we’ve learned is essential in crypto: we shifted from enthusiasm to discipline when risk was rising and narratives turned euphoric. In our article, Bitcoin Bull Market Intact As Risk Increases , we wrote: We do believe risk has increased. As a result, we will likely reduce some risk on the next rally to all-time highs.” It was a classic period of exuberance—when pundits were confidently calling for $200,000+ in short order, yet the risk/reward was already deteriorating beneath the surface. From there, we followed up with three additional articles explaining why Bitcoin’s risk was far higher than the mainstream narrative suggested. We backed that view with nine sell alerts, reducing most of our Bitcoin exposure between $95,000 and $113,000—once again stepping aside as conditions began to deteriorate. Now, with a new bear cycle likely underway, sentiment is back in the driver’s seat. As the larger trend resolves, new narratives are emerging—most of them designed to pull investors in at precisely the wrong time. In this report, I’ll outline where crowd psychology is most likely to push Bitcoin in the comin...
(RTTNews) - European stocks were moving lower on Thursday as earnings proved to be a mixed bag and reports emerged that the U.S. military is prepared to strike Iran as early as this weekend.
(RTTNews) - European stocks were moving lower on Thursday as earnings proved to be a mixed bag and reports emerged that the U.S. military is prepared to strike Iran as early as this weekend.
Supitnan Pimpisarn/iStock via Getty Images Performance Review The Fund (Institutional Class) returned 1.17 percent in the fourth quarter, outperforming its benchmark, the Bloomberg U.S. Treasury Bill 1–3 Month Index, by 0.16 percent. Positive relative performance was driven primarily by carry (earned income). Spreads had a neutral contribution to relative performance, as spread widening within the...
Supitnan Pimpisarn/iStock via Getty Images Performance Review The Fund (Institutional Class) returned 1.17 percent in the fourth quarter, outperforming its benchmark, the Bloomberg U.S. Treasury Bill 1–3 Month Index, by 0.16 percent. Positive relative performance was driven primarily by carry (earned income). Spreads had a neutral contribution to relative performance, as spread widening within the Fund’s asset-backed securities allocation offset tightening in other sectors. Duration modestly detracted from relative performance. Strategy and Positioning The Fund increased exposure to collateralized loan obligations (CLOs) which can offer attractive risk-adjusted yields, supporting strong carry income and offering total return potential should spreads tighten. The Fund modestly decreased duration over the quarter. The Fund continues to favor mortgage credit sectors, such as front-sequential collateralized mortgage obligations (CMOs) within Agency residential mortgage-backed securities (RMBS) and non-Agency RMBS, reflecting improved relative value versus investment-grade (IG) corporate bonds and stable underlying fundamentals. QTD Contributors / Detractors Carry contributed 1.3 percent to absolute return and 0.3 percent to relative return. Spread tightening in Agency RMBS contributed to performance. IG and high yield credit spread tightening contributed to performance. Spread widening in asset-backed securities (ABS) detracted on the margin. Economic and Market Review Economic growth in 2025 was resilient despite policy uncertainty and a cooler labor market. The recent third quarter real gross domestic product (GDP) reading revealed positive underlying growth momentum driven by consumer spending and a continued boost in artificial intelligence (AI) investment. Looking ahead, we expect the U.S. economy to move toward equilibrium in 2026 with growth stabilizing around 2 percent, supported by continued consumer spending bolstered by wealth effects from rising asset prices...
American States Water ( AWR ) declares $0.504/share quarterly dividend , in line with previous. Forward yield 2.75% Payable March 5; for shareholders of record Feb. 23; ex-div Feb. 23. The company has now announced a dividend of $0.504 for three consecutive quarters. See AWR Dividend Scorecard, Yield Chart, & Dividend Growth. More on American States Water American States Water: Now Is The Time To ...
American States Water ( AWR ) declares $0.504/share quarterly dividend , in line with previous. Forward yield 2.75% Payable March 5; for shareholders of record Feb. 23; ex-div Feb. 23. The company has now announced a dividend of $0.504 for three consecutive quarters. See AWR Dividend Scorecard, Yield Chart, & Dividend Growth. More on American States Water American States Water: Now Is The Time To Buy America's Longest-Reigning Dividend Grower American States Water: Still A Hold Rating After 2 Years Seeking Alpha’s Quant Rating on American States Water Dividend scorecard for American States Water Financial information for American States Water
The start of the year has been an absolutely brutal one for software companies. There's a big fear that the rise of AI and advanced coding models will pull the rug out from this industry. But even before these AI fears, software companies were seeing their growth slow. So how does the business actually work? And more importantly, what types of companies will actually survive the SaasPocalypse (or ...
The start of the year has been an absolutely brutal one for software companies. There's a big fear that the rise of AI and advanced coding models will pull the rug out from this industry. But even before these AI fears, software companies were seeing their growth slow. So how does the business actually work? And more importantly, what types of companies will actually survive the SaasPocalypse (or maybe the CaSaaStrophe)? On this episode, we speak with Jared Sleeper, a longtime software investor who is now a partner at Avenir. We talk about the history of software, the evolution of business models, and where the threat is most acute. He also talks about why investors are so nervous, and their fears that in the long term, many of these companies will be worth zero, while in the short term, they're not even making much money on a GAAP basis. (Source: Bloomberg)