Welcome to the Thursday issue of India Edition; I’m Menaka Doshi . Each week, I bring you a ringside view of the billionaires, businesses and policy decisions behind India’s rise as an emerging economic powerhouse. You can subscribe here , and share feedback with me here . This week: Top takeaways from the India AI Summit, where to invest 10 lakh rupees and how to understand Trump. A Nation Prepar...
Welcome to the Thursday issue of India Edition; I’m Menaka Doshi . Each week, I bring you a ringside view of the billionaires, businesses and policy decisions behind India’s rise as an emerging economic powerhouse. You can subscribe here , and share feedback with me here . This week: Top takeaways from the India AI Summit, where to invest 10 lakh rupees and how to understand Trump. A Nation Prepares If there was a week that clearly outlined the double-edged sword facing India, this was it. The India AI Summit, underway in Delhi, underscores the productivity opportunities and capital and labor challenges of the AI technology transition in a fast-growing nation with a predominantly young, underemployed and low-income population. Of course, it isn’t just India’s future at stake. As I watch hours of summit discussions, it seems to me the artificial intelligence revolution will hit all countries and people with the combined impact of three of the most important economic events that have shaped the world we live in. Like globalization , AI will benefit many but also cause the deep ruin of some. As enterprise productivity rises, shareholders will gain more than employees (this time white-collar workers face a bigger threat than blue-collar). Already World Bank estimates show the world will be short 800 million jobs in the next decade. The trillions of dollars being invested in AI are at least partly reminiscent of the global financial crisis . The hyperscaler-led tide may currently lift all boats (think circa 2006), but leverage is mounting , monetization is unclear and equity valuations sky-high. As social media did, AI too threatens to colonize minds, blur facts and split society. At an elevated intensity. The young will be worst affected . “My message is one of cautious optimism,” Demis Hassabis, CEO of Google DeepMind, said in a discussion at the summit. AI will bring an incredible transformation, especially in science and medicine, but “societal challenges may end up ...
Tom Werner/DigitalVision via Getty Images Fund Highlights Concentrated, high conviction portfolio Distinctive approach is centered on linking valuations with barriers to entry Seeks to invest in businesses that are trading below what is believed to be its estimate of the companies' intrinsic value Focuses on businesses that are believed to have a sustainable competitive advantage or a high barrier...
Tom Werner/DigitalVision via Getty Images Fund Highlights Concentrated, high conviction portfolio Distinctive approach is centered on linking valuations with barriers to entry Seeks to invest in businesses that are trading below what is believed to be its estimate of the companies' intrinsic value Focuses on businesses that are believed to have a sustainable competitive advantage or a high barrier to entry in place Strategy provides the opportunity to invest in companies of all market capitalizations Market Recap U.S. equities were higher for a third straight quarter to end the year. Despite the government shutdown and a spike in job cuts, underlying growth remained resilient amid the U.S. Federal Reserve (Fed) completing a third rate cut in December and corporate profits exceeding expectations. The best performing benchmark sectors were Health Care, Communication Services, and Materials. The worst-performing sectors for the benchmark were Real Estate, Utilities, and Consumer Staples. Portfolio Review The Touchstone Focused Fund (Class A Shares, Load Waived) underperformed its benchmark, the Russell 3000® Index, for the quarter ended December 31, 2025. Within the Touchstone Focused Fund, the sectors where Fund holdings outperformed the most relative to the benchmark were Real Estate, Consumer Staples, and Materials. Sectors that lagged the most relative to the benchmark included Health Care, Information Technology, and Industrials. Stock selection detracted from performance for the quarter. Sector allocation contributed primarily due to the overweight in Communication Services and the zero weighting in Utilities. The three holdings that contributed the most to performance included Alphabet Inc. ( GOOGL ) (Communication Services sector), Applied Materials Inc. ( AMAT ) (Information Technology sector), and Coca-Cola FEMSA, S.A.B. de C.V. ( KOF ) (Consumer Staples sector). Alphabet outperformed in the quarter as the market has gained confidence in the competitiveness o...
Host Hotels & Resorts ( HST ) declares $0.20/share quarterly dividend , in line with previous. Forward yield 3.95% Payable April 15; for shareholders of record March 31; ex-div March 31. See HST Dividend Scorecard, Yield Chart, & Dividend Growth. More on Host Hotels & Resorts Host Hotels & Resorts: An Investment-Grade Leader In Its Luxury Niche Host Hotels & Resorts sells resort in Orlando, Jackso...
Host Hotels & Resorts ( HST ) declares $0.20/share quarterly dividend , in line with previous. Forward yield 3.95% Payable April 15; for shareholders of record March 31; ex-div March 31. See HST Dividend Scorecard, Yield Chart, & Dividend Growth. More on Host Hotels & Resorts Host Hotels & Resorts: An Investment-Grade Leader In Its Luxury Niche Host Hotels & Resorts sells resort in Orlando, Jackson Hole for $1.1B Host Hotels & Resorts FFO of $0.51 beats by $0.04, revenue of $1.6B beats by $110M Seeking Alpha’s Quant Rating on Host Hotels & Resorts Historical earnings data for Host Hotels & Resorts
Advanced Machine Intelligence Labs Chairman Yann LeCun argues that today’s AI is powerful information retrieval — not true intelligence. He speaks at an Indian AI summit in New Delhi. (Source: Bloomberg)
Advanced Machine Intelligence Labs Chairman Yann LeCun argues that today’s AI is powerful information retrieval — not true intelligence. He speaks at an Indian AI summit in New Delhi. (Source: Bloomberg)
Key PointsSeveral catalysts, including the rise of artificial intelligence, have sent the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite to new heights.
Key PointsSeveral catalysts, including the rise of artificial intelligence, have sent the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite to new heights.
PM argues party wants to send women back to ‘old days’ and urges Andrew Mountbatten-Windsor to speak to authorities Reform UK’s plans to repeal the Equalities Act is “shocking” and unBritish, Keir Starmer has said, warning legislation that has provided decades of protection for women would be ripped up. In a pre-recorded interview with BBC Breakfast, the prime minister said the legislation was Bri...
PM argues party wants to send women back to ‘old days’ and urges Andrew Mountbatten-Windsor to speak to authorities Reform UK’s plans to repeal the Equalities Act is “shocking” and unBritish, Keir Starmer has said, warning legislation that has provided decades of protection for women would be ripped up. In a pre-recorded interview with BBC Breakfast, the prime minister said the legislation was British at its core and represented “basic values”, before arguing Reform wanted to send women back to the “old days” when they were not treated equally. Continue reading...
The Cheesecake Factory ( CAKE ) declares $0.30/share quarterly dividend , 11.1% increase from prior dividend of $0.27. Forward yield 1.87% Payable March 17; for shareholders of record March 4; ex-div March 4. The company raised its quarterly dividend by 11.1% after paying a quarterly dividend of $0.27 in each of the previous 15 quarters. See CAKE Dividend Scorecard, Yield Chart, & Dividend Growth....
The Cheesecake Factory ( CAKE ) declares $0.30/share quarterly dividend , 11.1% increase from prior dividend of $0.27. Forward yield 1.87% Payable March 17; for shareholders of record March 4; ex-div March 4. The company raised its quarterly dividend by 11.1% after paying a quarterly dividend of $0.27 in each of the previous 15 quarters. See CAKE Dividend Scorecard, Yield Chart, & Dividend Growth. More on The Cheesecake Factory The Cheesecake Factory Incorporated (CAKE) Q4 2025 Earnings Call Transcript Cheesecake Factory Q4 Earnings Preview: Fighting The Wrong Enemy The Cheesecake Factory: Ahead Of Q4, Long-Term Trends Are What Matter Cheesecake Factory signals up to 26 new units in 2026 while raising dividend and share repurchase authorization Cheesecake Factory falls after 'challenging' operating environment impacts results
Broadstone Net Lease ( BNL ) declares $0.2925/share quarterly dividend , 0.9% increase from prior dividend of $0.2900. Forward yield 6.0% Payable April 15; for shareholders of record March 31; ex-div March 31. The company raised its quarterly dividend by 0.9% after paying a quarterly dividend of $0.2900 in each of the previous 7 quarters. See BNL Dividend Scorecard, Yield Chart, & Dividend Growth....
Broadstone Net Lease ( BNL ) declares $0.2925/share quarterly dividend , 0.9% increase from prior dividend of $0.2900. Forward yield 6.0% Payable April 15; for shareholders of record March 31; ex-div March 31. The company raised its quarterly dividend by 0.9% after paying a quarterly dividend of $0.2900 in each of the previous 7 quarters. See BNL Dividend Scorecard, Yield Chart, & Dividend Growth. More on Broadstone Net Lease Broadstone Net Lease: Buy This High Yield Overlooked By The Market Broadstone Net Lease, Inc. (BNL) Analyst/Investor Day - Slideshow Broadstone Net Lease FFO of $0.36 misses by $0.02, revenue of $118.3M beats by $1.95M Broadstone Net Lease Q4 2025 Earnings Preview Seeking Alpha’s Quant Rating on Broadstone Net Lease
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...