Kagenmi/iStock via Getty Images INDZ is an actively managed India ETF designed to reduce passive index drag by selecting high-quality Indian companies with durable earnings power and disciplined valuations. India is a high-dispersion equity market where long-term outcomes are driven primarily by company-level fundamentals. While market-cap weighted indexes provide broad exposure, they also allocat...
Kagenmi/iStock via Getty Images INDZ is an actively managed India ETF designed to reduce passive index drag by selecting high-quality Indian companies with durable earnings power and disciplined valuations. India is a high-dispersion equity market where long-term outcomes are driven primarily by company-level fundamentals. While market-cap weighted indexes provide broad exposure, they also allocate capital indiscriminately across businesses with widely divergent quality, durability, and return potential. This structure embeds persistent performance drag by diluting exposure to the companies that matter most for long-term compounding. Structural growth, reform momentum, and rapid technology adoption continue to expand India’s opportunity set, but they also sustain index exposure to businesses that lack capital discipline or the ability to adapt. In this environment, owning everything equally is costly. Selectivity is essential to capturing durable returns. Our mission is to minimize passive index drag by systematically focusing on higher-quality companies with durable earnings power and disciplined valuations. Why Active Management Matters in India India’s equity returns are driven by a much smaller subset of stocks than the U.S., meaning that capturing most of the market’s gains in India requires far greater security selection rather than broad index exposure. What Is the VanEck India Select ETF (INDZ)? The VanEck India Select ETF ( INDZ ) is designed to provide selective exposure across high-quality Indian companies, combining active research with rules-driven discipline to support consistent, long-term compounding in a market defined by dispersion. Smaller Subset of Companies Drive Returns in India Source: VanEck, FactSet. Data as of February 28, 2006 - January 31, 2026. India is represented by the MSCI India Index. U.S. is represented by the S&P 500 Index. Past performance is no guarantee of future results. Index performance is not representative of fund performa...
India and France have agreed to increase connections between two of their largest ports and others, giving fresh momentum for a proposed commercial corridor stretching from South Asia to Europe that some analysts say could rival China’s Belt and Road Initiative. The agreement between India’s Adani Ports and France’s Port of Marseille Fos marks a key step towards making the India–Middle East–Europe...
India and France have agreed to increase connections between two of their largest ports and others, giving fresh momentum for a proposed commercial corridor stretching from South Asia to Europe that some analysts say could rival China’s Belt and Road Initiative. The agreement between India’s Adani Ports and France’s Port of Marseille Fos marks a key step towards making the India–Middle East–Europe Economic Corridor (IMEC) a reality. The memorandum of understanding, signed on Wednesday, proposes...
Listen to Odd Lots on Apple Podcasts Listen to Odd Lots on Spotify Watch Odd Lots on YouTube Subscribe to the newsletter 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 do...
Listen to Odd Lots on Apple Podcasts Listen to Odd Lots on Spotify Watch Odd Lots on YouTube Subscribe to the newsletter 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.
The Muslim holy month of Ramadan, featuring celebrations, prayers, pre-dawn breakfasts and post-sundown meals, began at sunrise in the Middle East and a day later in much of Asia. In the Muslim lunar calendar, months begin only when the new moon is sighted, which can lead to variations of a day or two Continue reading...
The Muslim holy month of Ramadan, featuring celebrations, prayers, pre-dawn breakfasts and post-sundown meals, began at sunrise in the Middle East and a day later in much of Asia. In the Muslim lunar calendar, months begin only when the new moon is sighted, which can lead to variations of a day or two Continue reading...
After the Fab Four fell and Wings took flight, McCartney embodied a strange, stylised sense of uncool, which would become bestselling success. A new documentary of old material memorialises his second coming Another hefty legacy project for Paul McCartney, who acts as off-camera interviewee and executive producer in this documentary by Morgan Neville. Man on the Run is comprised of archive film, p...
After the Fab Four fell and Wings took flight, McCartney embodied a strange, stylised sense of uncool, which would become bestselling success. A new documentary of old material memorialises his second coming Another hefty legacy project for Paul McCartney, who acts as off-camera interviewee and executive producer in this documentary by Morgan Neville. Man on the Run is comprised of archive film, photos and audio recordings of McCartney and his late wife, Linda, his children and others. Some of McCartney’s overlaid commentary seems to be new, and some pre-existing. The film tracks his tense, complicated, fruitful career from the endgame of the Beatles in 1969 to the definitive demise of his next band Wings in 1981, a few months after John Lennon’s death – although what exact psychological role Lennon’s life and death played in Wings’ beginning and end is not explicitly discussed. (The film does, once again, show us that startlingly strange and casual-seeming interview McCartney gave after Lennon’s shooting, his shock resulting in an apparently cold attitude – but what he may really have been thinking is something else not explored here in detail.) Continue reading...
Bill Gates abruptly scrapped his keynote at a marquee AI summit in New Delhi, bowing out just hours before he was set to take the stage. The Gates Foundation said the decision was made “after careful consideration” to keep the spotlight on the event’s priorities. The move comes amid renewed scrutiny of Gates’s past relationship with convicted sex offender Jeffrey Epstein, a connection Gates has pr...
Bill Gates abruptly scrapped his keynote at a marquee AI summit in New Delhi, bowing out just hours before he was set to take the stage. The Gates Foundation said the decision was made “after careful consideration” to keep the spotlight on the event’s priorities. The move comes amid renewed scrutiny of Gates’s past relationship with convicted sex offender Jeffrey Epstein, a connection Gates has previously described as a “huge mistake” and one that foundation CEO Mark Suzman recently acknowledged had “sullied” the organization’s reputation, according to the Financial Times . The timing is awkward. India’s AI summit , a centerpiece of Prime Minister Narendra Modi’s push to position the country as a global tech heavyweight, opened this week with ambitions running high. Gates’s absence shifts attention, at least briefly, from AI investment and innovation to reputational risk management. The foundation’s India and Africa head will step in instead, while Microsoft has reiterated its own $50 billion commitment to expanding AI across the global south, a reminder that money and momentum behind the AI race continue apace. What You Need to Know Today Meanwhile, Mukesh Ambani is putting serious muscle behind India’s AI ambitions, pledging up to 10 trillion rupees ($110 billion) over the next seven years to build out infrastructure across Reliance Industries and Reliance Jio. Announced at New Delhi’s AI Impact Summit, the commitment plants Reliance firmly in the middle of a high-stakes tech spending spree that’s sweeping corporate India. The move follows rival Gautam Adani’s $100 billion AI pledge and Tata Group’s plans to partner with OpenAI, as the country courts $200 billion in AI-driven investment, turning the summit into more of a capital deployment parade. If India’s tycoons are writing eye-popping checks for AI, the companies building the brains are raising bigger money for themselves. OpenAI is close to locking in the first phase of a funding round expected to top $100 b...
A producer shares his tips for tight storylines, but they’re marred by verbal incontinence and hyperbole Creative writing handbooks are almost an industry in themselves: the fledgling author, dramatist or screenwriter can choose from hundreds of titles, all offering to unlock the secrets of storytelling. These books are of limited utility for literary fiction, where plot is secondary, but if you’r...
A producer shares his tips for tight storylines, but they’re marred by verbal incontinence and hyperbole Creative writing handbooks are almost an industry in themselves: the fledgling author, dramatist or screenwriter can choose from hundreds of titles, all offering to unlock the secrets of storytelling. These books are of limited utility for literary fiction, where plot is secondary, but if you’re writing for the screen or stage, or working on genre fiction, they can be helpful. Commercial, plot-driven storytelling is, this is an inherently formulaic business, and a working knowledge of narrative structure is a crucial foundation for an aspiring writer. In his bestselling 2014 treatise on the mechanics of narrative, Into the Woods , John Yorke demonstrated the uncanny prevalence of five-act structure (exposition, rising action, climax, falling action, denouement) in many popular movies, plays and television dramas. He reprises this theme in his new book, which starts with a lengthy disquisition on plot architecture. The five-act framework, Yorke explains, is elegantly conducive to an emotionally compelling journey, with the protagonist typically undergoing a transformative revelation at the story’s mid-point. He illustrates this with reference to hit TV programmes such as I May Destroy You, and films including Star Wars and Terminator 2. Continue reading...
J Studios/DigitalVision via Getty Images Summary In 2025, investors with globally diversified portfolios were well positioned to capture gains around the world, as a great global rebalancing gained traction. We head into 2026 with an optimistic outlook; many of the cyclical and secular themes that drove global equity market gains in 2025 will continue to provide our team with attractive and broade...
J Studios/DigitalVision via Getty Images Summary In 2025, investors with globally diversified portfolios were well positioned to capture gains around the world, as a great global rebalancing gained traction. We head into 2026 with an optimistic outlook; many of the cyclical and secular themes that drove global equity market gains in 2025 will continue to provide our team with attractive and broadening opportunities in 2026. A weak dollar environment, diverging monetary and economic outlooks, and regional fiscal policies support positioning portfolios with a cyclical tilt. Secular growth themes, including the AI infrastructure buildout, also provide powerful tailwinds. Although we see continued upside in the US market and continue to identify many US companies with exciting growth trajectories, we believe that international markets are poised to outperform again in 2026. Investment Manager Discussion Throughout 2025, we focused on a key theme—a great global rebalancing supported by stimulative fiscal policies, particularly in Europe, and a weak dollar environment. Our outlook reflected our view that America First policies, including tariffs, would not be impediments to international markets but could instead be catalysts, providing opportunities across sectors. Indeed, this proved to be the case. While US equities posted strong gains in absolute terms, international equities outperformed, with strength across emerging and developed markets. Growth and value styles both generated strong returns, reflecting tailwinds from both cyclical trends and secular growth themes. Data as of 12/31/25 - Calamos Global Equity Fund Average Annual Returns (%) QTD 1-YEAR 3-YEAR 5-YEAR 10-YEAR SINCE A SHARE INCEPTION SINCE I SHARE INCEPTION Calamos Global Equity Fund I Shares - at NAV (Inception—3/1/07) -1.34 18.53 24.44 10.30 13.19 N/A 10.16 A Shares - at NAV (Inception—3/1/07) -1.43 18.22 24.13 10.01 12.91 9.88 N/A A Shares Load adjusted -6.13 12.63 22.15 8.94 12.36 9.59 N/A MSCI Worl...
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”? (...
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 inve
If you've built savings by contributing to a pretax retirement account, you will generally be required to begin taking required minimum distributions (RMDs) at age 73 (or 75 if you were born in 1960 or later). Once the money is distributed, you don't have to spend it, but you cannot leave it in a tax-deferred account. If you're in the fortunate position of not needing your RMD to pay everyday livi...
If you've built savings by contributing to a pretax retirement account, you will generally be required to begin taking required minimum distributions (RMDs) at age 73 (or 75 if you were born in 1960 or later). Once the money is distributed, you don't have to spend it, but you cannot leave it in a tax-deferred account. If you're in the fortunate position of not needing your RMD to pay everyday living expenses, it's time to come up with a plan for the best ways to use them. Here are five ideas worth considering. Image source: Getty Images. Continue reading
Once a rival, always a rival. As Prime Minister Narendra Modi kicked off the busiest day of India’s AI Summit in New Delhi, he orchestrated a photo op with 13 other business and political leaders, all standing in a line and holding each other’s hands above their heads. Well, all of them except two. Sam Altman and Dario Amodei , chief executive officers of rivals OpenAI and Anthropic PBC, were posi...
Once a rival, always a rival. As Prime Minister Narendra Modi kicked off the busiest day of India’s AI Summit in New Delhi, he orchestrated a photo op with 13 other business and political leaders, all standing in a line and holding each other’s hands above their heads. Well, all of them except two. Sam Altman and Dario Amodei , chief executive officers of rivals OpenAI and Anthropic PBC, were positioned next to each other and, awkwardly, refused to clasp each other’s hands. Instead, they stood with their arms crossed in the air, also avoiding eye contact. Amodei had worked at OpenAI, but left to co-found his company because he felt that OpenAI was becoming too commercially focused. The two are now leading the most valuable closely held AI companies in the world, with OpenAI worth about $500 billion and Anthropic valued at $380 billion.
Smart money is rotating into the mining sector as the artificial intelligence boom creates a massive supply shock for essential physical infrastructure.
Smart money is rotating into the mining sector as the artificial intelligence boom creates a massive supply shock for essential physical infrastructure.
Occidental Petroleum ( OXY ) declares $0.26/share quarterly dividend , 8.3% increase from prior dividend of $0.24. Forward yield 2.21% Payable April 15; for shareholders of record March 10; ex-div March 10. The company raised its quarterly dividend by 8.3% after paying a quarterly dividend of $0.24 in each of the previous 4 quarters. See OXY Dividend Scorecard, Yield Chart, & Dividend Growth. More...
Occidental Petroleum ( OXY ) declares $0.26/share quarterly dividend , 8.3% increase from prior dividend of $0.24. Forward yield 2.21% Payable April 15; for shareholders of record March 10; ex-div March 10. The company raised its quarterly dividend by 8.3% after paying a quarterly dividend of $0.24 in each of the previous 4 quarters. See OXY Dividend Scorecard, Yield Chart, & Dividend Growth. More on Occidental Petroleum Occidental Petroleum: Give It Time Occidental Petroleum: Buffett Overhang Still Exists Occidental Petroleum: Higher Gas Prices, Dividend Hike & Divestiture Tailwinds Ahead Top large-cap energy stocks ranked by lowest RSI Occidental Q4 earnings on deck as estimates trend lower