Andrew Alty thought O2 bill was a mistake, but daughter’s TikTok use allowed massive uncapped charges to accrue A small business owner was left facing a £42,000 bill that he said nearly bankrupted him after his daughter racked up data roaming charges while the family were on holiday in Morocco. Andrew Alty, who owns a curtains business, was in Marrakech when he received a bill for £22,000 from net...
Andrew Alty thought O2 bill was a mistake, but daughter’s TikTok use allowed massive uncapped charges to accrue A small business owner was left facing a £42,000 bill that he said nearly bankrupted him after his daughter racked up data roaming charges while the family were on holiday in Morocco. Andrew Alty, who owns a curtains business, was in Marrakech when he received a bill for £22,000 from network provider O2, but at first he assumed it was a mistake. Continue reading...
Manchester United co-owner Sir Jim Ratcliffe's claims the UK has been "colonised by immigrants" will not lead to any sanction by the Football Association.
Manchester United co-owner Sir Jim Ratcliffe's claims the UK has been "colonised by immigrants" will not lead to any sanction by the Football Association.
The Supreme Court ruled Friday that President Trump overstepped his authority in ordering double-digit tariffs on nearly everything the U.S. imports. Here's some of the economic context to understand that decision. (Image credit: Mario Tama)
The Supreme Court ruled Friday that President Trump overstepped his authority in ordering double-digit tariffs on nearly everything the U.S. imports. Here's some of the economic context to understand that decision. (Image credit: Mario Tama)
Thawatchai Chawong/iStock via Getty Images Investment Thesis The State Street SPDR S&P 600 Small Cap Growth ETF ( SLYG ) is up an impressive 8.12% YTD, outperforming its large-cap counterpart by 11.26% and signaling to the market that a rotation out of mega-cap growth stocks is underway. This article explains why that argument is well-supported by the fundamentals, as SLYG's steep valuation discou...
Thawatchai Chawong/iStock via Getty Images Investment Thesis The State Street SPDR S&P 600 Small Cap Growth ETF ( SLYG ) is up an impressive 8.12% YTD, outperforming its large-cap counterpart by 11.26% and signaling to the market that a rotation out of mega-cap growth stocks is underway. This article explains why that argument is well-supported by the fundamentals, as SLYG's steep valuation discount and strong underlying earnings surprise figures are enough to offset quality concerns common to small-cap ETFs. As a result, I've assigned SLYG a "buy" rating, and I look forward to explaining why in further detail below. SLYG Overview According to its website, SLYG tracks the S&P SmallCap 600 Growth Index, selecting stocks that exhibit the strongest growth characteristics based on sales growth, earnings growth, and momentum. In addition, the Index's methodology document explains how the Index selects stocks with the worst value characteristics, since each small-cap stock is ranked separately on growth and value based on three metrics each, as follows: S&P Dow Jones Indices This distinction, which isn't mentioned on the State Street website, is crucial because it highlights how relatively high valuation ratios are a feature of SLYG rather than a bug. That's evident when comparing statistics like P/E and P/S to SLYG's small-cap value counterpart, the SPDR S&P 600 Small-Cap Value ETF ( SLYV ), but as I'm sure you can appreciate from the table below, the growth divide is enormous. I think there are many investors out there who are willing to pay an extra six points on trailing earnings (21.12x vs. 15.44x) for a group of stocks that have increased their earnings per share by 20.16% more over the last three years (15.86% vs. -4.30%). The Sunday Investor (ETF Compare Tool) As for other fund characteristics, the table above highlights SLYG's 0.15% expense ratio, $3.8B in assets under management, and September 24, 2000, inception date, making it an extremely well-established ETF...
tracielouise/E+ via Getty Images All figures are in United States Dollars unless otherwise noted. G/T = grams per tonne (of gold or silver). GEOs = gold-equivalent ounces. SEOs = silver-equivalent ounces. AISC refers to all-in sustaining costs. LOMP = life of mine plan. TPD = tonnes per day. UG = Underground. MTPA = million tonnes per annum. FS/DFS = Definitive Feasibility Study. Detour Lake Opera...
tracielouise/E+ via Getty Images All figures are in United States Dollars unless otherwise noted. G/T = grams per tonne (of gold or silver). GEOs = gold-equivalent ounces. SEOs = silver-equivalent ounces. AISC refers to all-in sustaining costs. LOMP = life of mine plan. TPD = tonnes per day. UG = Underground. MTPA = million tonnes per annum. FS/DFS = Definitive Feasibility Study. Detour Lake Operations (Company Website) High-Level Summary Below is a ~500-word summary for those that would prefer a more concise breakdown of the larger update below: Agnico Eagle Mines reported its Q4 and FY2025 results last week, reporting production of ~3.45 million ounces, a more than 1% beat vs. its guidance midpoint, with free cash flow surging ~105% year-over-year to ~$4.4 billion despite a 30% increase in capex spend. The company raised its dividend to $0.45/quarter, or US$1.80/share annualized, returned over 30% of free cash flow to shareholders, and noted it could return ~40% this year, planning to supplement dividends with share buybacks. Looking ahead to 2026, production is likely to be down marginally on higher costs , with increased costs largely because of higher royalties (gold price, with Agnico budgeting at $4,500/oz vs. an average realized price of $3,451/oz) and a stronger Canadian dollar , plus mid-single-digit inflation. On a positive note, Agnico has continued to stick to its knitting, remaining disciplined overall regarding M&A, focusing on the lowest-risk growth projects in jurisdictions it knows well, and continuing to aggressively drill its assets, with this yielding further growth in its mineral inventory, with total resources and reserves of ~144 million ounces at year-end. In fact, while production will remain flat over the next few years as higher production at Canadian Malartic, Macassa, and Meliadine offsets a temporarily lower grade profile at Detour Lake, there is a path to materially higher production next decade, with the potential to grow gold produc...
The Supreme Court ruled Friday that Donald Trump was not authorized to implement emergency tariffs to ostensibly block illegal drug flows and offset trade deficits. It's not immediately clear what the ruling may mean for businesses that paid various "reciprocal" tariffs that Trump changed frequently, raising and lowering rates at will during tense negotiations with the United States' biggest trade...
The Supreme Court ruled Friday that Donald Trump was not authorized to implement emergency tariffs to ostensibly block illegal drug flows and offset trade deficits. It's not immediately clear what the ruling may mean for businesses that paid various "reciprocal" tariffs that Trump changed frequently, raising and lowering rates at will during tense negotiations with the United States' biggest trade partners. Divided 6-3, Supreme Court justices remanded the cases to lower courts, concluding that the International Emergency Economic Powers Act (IEEPA) does not give Trump power to impose tariffs. Read full article Comments
The US Supreme Court struck down President Donald Trump's global tariffs. John Stoltzfus of Oppenheimer talks about how the ruling could impact markets. (Source: Bloomberg)
The US Supreme Court struck down President Donald Trump's global tariffs. John Stoltzfus of Oppenheimer talks about how the ruling could impact markets. (Source: Bloomberg)
Mohamad Faizal Bin Ramli/iStock via Getty Images I've written about Liberty Global Ltd. ( LBTYA )( LBTYB )( LBTYK ) six times now. This is my seventh article, and in my opinion, it's even more important than the Sunrise spin-off . Too many things happened that require attention: Liberty announced mixed results across its telecom businesses. Liberty refinanced its 2028 maturities. Liberty is acquir...
Mohamad Faizal Bin Ramli/iStock via Getty Images I've written about Liberty Global Ltd. ( LBTYA )( LBTYB )( LBTYK ) six times now. This is my seventh article, and in my opinion, it's even more important than the Sunrise spin-off . Too many things happened that require attention: Liberty announced mixed results across its telecom businesses. Liberty refinanced its 2028 maturities. Liberty is acquiring Substantial Group through its joint venture, Nexfibre. Liberty announced a strategic AI partnership with Alphabet Inc. ( GOOG )( GOOGL ) to bring Gemini into its products. Today, I want to focus on what I believe is the most important aspect of developing the investment thesis. Back in August, I wrote about Liberty being an " Asymmetrical bet on multiple spin-offs ". In that time, I was only speculating about what assets might be spun off. My prime candidates have been VMO2, VodafoneZiggo, and Telenet. There were risks about the potential form, as John Malone often used a "trackers", which often trade at substantial discounts. The announcement of the full spin-off of not just one, but two of their main telco assets changed everything. Before I dive into it, let me draw a parallel to the Sunrise Communications AG ( SNREY ) situation from April 2024. When the Sunrise spin-off was announced, Liberty stock was trading around $16, and it barely moved. I wrote that Liberty's shares traded below any realistic "deep-value territory" price, and the lack of investors' interest struck me. What happened next? The share price was steadily climbing above $20 as we were approaching the spin-off final date. As I see it, the market was slowly de-risking Liberty's valuation as the spin-off became more real, more tangible, more certain. And when Sunrise finally traded alone, it delivered over $12 in value to shareholders. Yesterday, when the new spin-off was announced, the share price rose 16.7% to $13. A sharper reaction than with Sunrise, the market is paying attention, but we are in ve...
After stepping away from figure skating, the US star climbed back on her own terms. Her journey culminated in a medal, but it was about much more than that Alysa Liu made her way through a mixed zone teeming with hundreds of reporters at a quarter past midnight early Friday morning, an Olympic gold medal draped around her neck, the sequins in her color-coordinated dress glimmering beneath the klie...
After stepping away from figure skating, the US star climbed back on her own terms. Her journey culminated in a medal, but it was about much more than that Alysa Liu made her way through a mixed zone teeming with hundreds of reporters at a quarter past midnight early Friday morning, an Olympic gold medal draped around her neck, the sequins in her color-coordinated dress glimmering beneath the klieg lights and crush of television cameras. The 20-year-old from West Oakland had just become the first American woman to win figure skating’s biggest prize in 24 years, drilling seven clean triples to leapfrog a pair of Japanese rivals from third place after Tuesday’s short program and gatecrash her sport’s most rarefied air. But to hear Liu tell it, her second gold in 12 days was merely a passing footnote in a Milan fortnight she doesn’t want to end. Liu’s carefree mindset should and will be studied in the weeks, months and years after these Olympics – especially these Olympics – as a counterpoint to the results-obsessed mindsets that have shattered the mental wellbeing of so many athletes thrust into the pressure-cooker of the world’s biggest sporting event. She spoke candidly and insightfully on how her unique journey from child prodigy, to burnout case to second-act skater gave rise to an indifference to scores or placements. All she wanted in the end was a chance to make the US team and share her artistry on the world stage. Continue reading...