DNY59/E+ via Getty Images OBDC: The Market Has Already Priced In Deep Concerns, Regardless Of The Redemptions For me to say that the market has not been prepared for the upheavals that are taking place in the private credit space right now does not seem somewhat understated. After all, if you focus on the price action of the alternative asset managers that still own private credit businesses, I be...
DNY59/E+ via Getty Images OBDC: The Market Has Already Priced In Deep Concerns, Regardless Of The Redemptions For me to say that the market has not been prepared for the upheavals that are taking place in the private credit space right now does not seem somewhat understated. After all, if you focus on the price action of the alternative asset managers that still own private credit businesses, I believe the market has already made the judgment call that the previous high flyers in the financial sector are now facing a market reckoning of their own, and some could argue possibly of their own making. After all, there are always inherent risks to consider when (previously) drumming up the heartbeat of retail investors into what has traditionally been a more institutional space that is familiar to pension funds, insurance companies, and peers who arguably have a very long-term horizon and are not shaken up by market gyrations now and then. Notably, the retail public may not necessarily possess similar risk and time horizon characteristics and could even be more susceptible to gloomy narratives being pandered in the financial media (despite the resilience in the underlying portfolio of these BDCs). And these narratives have obviously made the previous merger between the publicly traded BDC unit in Blue Owl Capital Corporation ( OBDC ) and its non-publicly traded one in OBDC no longer feasible in the current market conditions. With market sentiments clearly souring and not seeing any fruitful respite, the pressure on management has intensified. And then when you consider the headwinds on portfolio visibility and construction, particularly in the AI-exposed software companies right now, you could guess why investors are now trying to flee and get away from companies that could potentially be exposed to AI disruption. We have already seen the impact and destructive way that has affected publicly listed software companies. Guess what. For privately held portfolios with much l...
Tesla stock recently announced it will pivot towards a monthly subscription model for its FSD software, positioning itself as an autonomy-as-a-service company.
Tesla stock recently announced it will pivot towards a monthly subscription model for its FSD software, positioning itself as an autonomy-as-a-service company.
Natali_Mis/iStock via Getty Images By Bruno Buriozzi, CFA How shifting correlations, volatility, and macro drivers undermine traditional diversification In March 2020, diversification broke down because liquidity disappeared. In 2022, it failed because inflation overwhelmed both stocks and bonds at the same time. Yet many institutional portfolios remained anchored to static allocation frameworks t...
Natali_Mis/iStock via Getty Images By Bruno Buriozzi, CFA How shifting correlations, volatility, and macro drivers undermine traditional diversification In March 2020, diversification broke down because liquidity disappeared. In 2022, it failed because inflation overwhelmed both stocks and bonds at the same time. Yet many institutional portfolios remained anchored to static allocation frameworks that assume risk relationships will eventually revert to historical norms, even as the underlying drivers of risk changed. This analysis examines why fixed portfolio structures struggle when regimes shift, and what portfolio managers must do differently when correlations, volatility, and macro forces no longer behave as expected. It is the first in a new series, Risk Regimes and Portfolio Resilience . Two Crises, Different Breakdowns March 16, 2020. The VIX hit 82.69, surpassing its 2008 crisis peak. Liquidity evaporated, correlations flipped, and diversification failed as markets moved from an initial flight to quality into widespread forced selling. In 2022, the breakdown looked very different. Inflation, not liquidity stress, became the dominant risk. Rising rates drove stocks and bonds lower together, producing the first simultaneous calendar-year loss for both asset classes since the Bloomberg Aggregate Bond Index was created in 1980. The classic 60/40 portfolio lost 16.7%, its worst calendar-year performance in modern history. The Question Every Portfolio Manager Should Ask Here’s the uncomfortable truth: most institutional portfolios operate under a dangerous fiction — that risk relationships remain stable enough to justify fixed allocation frameworks. We build models assuming correlations will revert to historical means, that volatility cycles predictably, and monetary policy acts as a reliable backstop. Then reality intervenes, regimes shift, and these assumptions unravel precisely when portfolios need them most. The question isn’t whether your portfolio can weather...
While Chewy and its Autoship feature for customers ordering pet food , treats, or medicine is about as "pick-and-shovel" as it gets, there is a hidden gem that may be the ultimate pick-and-shovel pet stock: Idexx Laboratories (NASDAQ: IDXX) . Idexx Labs is a leading provider of a wide array of point-of-care platforms, diagnostic tests, and Software-as-a-Service offerings for the animal health indu...
While Chewy and its Autoship feature for customers ordering pet food , treats, or medicine is about as "pick-and-shovel" as it gets, there is a hidden gem that may be the ultimate pick-and-shovel pet stock: Idexx Laboratories (NASDAQ: IDXX) . Idexx Labs is a leading provider of a wide array of point-of-care platforms, diagnostic tests, and Software-as-a-Service offerings for the animal health industry, helping veterinarians care for our furry friends. The stock has delivered total returns of 20% annually since 1994, growing an initial $5,000 investment into $1.6 million today. Though investing $5,000 today may not yield as dramatic returns as it has already seen -- primarily due to the company's sheer size now -- I still believe Idexx offers market-beating potential. Just how much do I like the stock? It is currently my daughter's second-largest holding, and we'll be looking to add to the position soon after Idexx's share price dipped 18% from its 52-week high. Continue reading
AppLovin stock climbed Friday following a report that the advertising technology company is pursuing plans for a new social media platform. AppLovin was among companies that made a bid for TikTok's U.S. business last year. AppLovin's potential social network plans were first reported by Bloomberg Thursday.
AppLovin stock climbed Friday following a report that the advertising technology company is pursuing plans for a new social media platform. AppLovin was among companies that made a bid for TikTok's U.S. business last year. AppLovin's potential social network plans were first reported by Bloomberg Thursday.
U.S. President Donald Trump looks on before boarding Air Force One en route to Florida, at Pope Army Airfield on Fort Bragg, North Carolina, U.S., Feb. 13, 2026. Elizabeth Frantz | Reuters President Donald Trump said Friday that he is considering limited military strikes to pressure Iran over its nuclear program. "I guess I can say I am considering that," Trump said when asked by a reporter at a W...
U.S. President Donald Trump looks on before boarding Air Force One en route to Florida, at Pope Army Airfield on Fort Bragg, North Carolina, U.S., Feb. 13, 2026. Elizabeth Frantz | Reuters President Donald Trump said Friday that he is considering limited military strikes to pressure Iran over its nuclear program. "I guess I can say I am considering that," Trump said when asked by a reporter at a White House breakfast with U.S. governors. Trump said Thursday that he would make a decision in the next 10 to 15 days on whether to attack the Islamic Republic. He has left open the possibility that a deal could still be reached with Tehran over its nuclear program. Trump has previously said an attack on Iran would be "far worse" than the limited strikes launched by the U.S. last June against its nuclear facilities. Oil prices were stable Friday after rallying more than 5% this week as traders price in some risk of imminent U.S. military action. U.S. crude oil fell 28 cents to $66.15 per barrel by 10:39 a.m. ET. Global benchmark Brent was down 23 cents at $71.43 per barrel. A massive U.S. military buildup is underway in the Middle East. The USS Abraham Lincoln aircraft carrier is stationed in the the region. A second aircraft carrier, the USS Gerald Ford, is en route. The oil market's biggest fear is that a conflict between the U.S. and Iran could lead to a prolonged disruption of oil flows through the Strait of Hormuz. The strait is a vital chokepoint for the global oil trade. More than 14 million barrels per day of oil and condensates passed through the narrow waterway on average in 2025, according to data from consulting firm Kpler, which says that accounts for a third of total worldwide seaborne oil exports. About three-quarters of the oil that passes through the strait goes to China, India, Japan and South Korea, according to Kpler.
Emma McIntyre/Getty Images Entertainment The persistent memory crunch and spiking prices have partially dampened the enthusiasm that uplifted hardware stocks in 2025, but Apple ( AAPL ) stands out as a bright spot, according to Evercore ISI, following a week of conversations with investors. "Everyone appears to LONG memory and Underweight OEMs," said Evercore analysts, led by Amit Daryanani, in a ...
Emma McIntyre/Getty Images Entertainment The persistent memory crunch and spiking prices have partially dampened the enthusiasm that uplifted hardware stocks in 2025, but Apple ( AAPL ) stands out as a bright spot, according to Evercore ISI, following a week of conversations with investors. "Everyone appears to LONG memory and Underweight OEMs," said Evercore analysts, led by Amit Daryanani, in a Friday investor note. "Everyone is looking at a high level and wondering how do IT Hardware names contend with memory headwinds, especially as pricing is up again >50% q/q and most are noting DRAM/NAND providers inability to meet consumer-centric demand and data points on recent price increases from PC OEMs to offset this. On the flip side, it's rare to hear a bear thesis on memory names (HDD/NAND/DRAM)—most see the path sustaining higher from the memory providers." Indeed, Micron Technology ( MU ) shares have surged 49% year to date, while Seagate Technology ( STX ) has jumped 48%, Western Digital ( WDC ) has soared 67% and Sandisk ( SNDK ) has rocketed 165% over that short time frame. Meanwhile, discussions on Apple ( AAPL ) have skewed positive, although shares have declined 4% year to date. "Stock remains a relative underweight as folks spend time thinking through the iPhone 17 cycle and potential levers for upside in H2:26/CY27," Daryanani said. "Most investors concede that some of the severe bear concerns have been removed (DOJ vs. GOOG, AAPL vs. EPIC). Folks are looking at a derisked capex story, coupled with personalized Siri and iPhone 18 as a set of next catalysts." Finally, investors demonstrated some frustration over Arista Networks ( ANET ), whose shares have only increased 4% year to date, despite its key role in the prolific data center buildout. "Most investors were surprised by how bullish ANET sounded on their last EPS call with a guide for 25% sales growth," Daryanani noted. "Though the question really is focused on—why isn't the stock working. Our sense ...
Guardant Health ( GH ) has acquired MetaSight Diagnostics for $59M upfront and up to $90M in milestone payments. The Israeli startup is known for developing early cancer and liver fibrosis detection tests that use liquid biopsy technology. Guardant will maintain MetaSight's team in Rehovot. MetaSight was founded in 2020 as a collaboration between between Israeli healthtech and life sciences invest...
Guardant Health ( GH ) has acquired MetaSight Diagnostics for $59M upfront and up to $90M in milestone payments. The Israeli startup is known for developing early cancer and liver fibrosis detection tests that use liquid biopsy technology. Guardant will maintain MetaSight's team in Rehovot. MetaSight was founded in 2020 as a collaboration between between Israeli healthtech and life sciences investment fund aMoon and Computer Science and Biology Professor Tomer Shlomi at the Technion. More on Guardant Health Guardant Health, Inc. (GH) Q4 2025 Earnings Call Transcript Guardant Health: Look For Explosive Revenue Growth Ahead Guardant Health: Shield Colorectal Cancer Screening To Sustain Growth Guardant Health outlines 27%–30% revenue growth for 2026 while expanding Shield and oncology portfolio Guardant Health guides Q4 and FY25 revenue above consensus
The ClearBridge Select Strategy underperformed in Q4 2025 compared with the broader market, as the S&P 500 returned 2.7% and the Russell 3000 Index gained 2.4% during the quarter. During Q4 2025, the fund initiated new positions in Wingstop (NASDAQ: WING ), BETA Technologies (NYSE: BETA ), Wix .com (NASDAQ: WIX ), Premium Brand Holdings ( PBH:CA ), CompoSecure, and XPO (NYSE: XPO ). In Q4 2025, th...
The ClearBridge Select Strategy underperformed in Q4 2025 compared with the broader market, as the S&P 500 returned 2.7% and the Russell 3000 Index gained 2.4% during the quarter. During Q4 2025, the fund initiated new positions in Wingstop (NASDAQ: WING ), BETA Technologies (NYSE: BETA ), Wix .com (NASDAQ: WIX ), Premium Brand Holdings ( PBH:CA ), CompoSecure, and XPO (NYSE: XPO ). In Q4 2025, the fund exited UnitedHealth Group (NYSE: UNH ), Crocs (NASDAQ: CROX ), Colgate-Palmolive (NYSE: CL ), Firefly Aerospace (NASDAQ: FLY ), and Chime Financial (NASDAQ: CHYM ). Source . More on ClearBridge Select Fund;I ClearBridge Select Strategy Q4 2025 Commentary Franklin Templeton ClearBridge Select Fund Q4 2025 Commentary Seeking Alpha’s Quant Rating on ClearBridge Select Fund;I