The EU's Path to Service Growth and Clean Tech
The EU can boost growth by deepening single‑market integration for high‑value services and by accelerating clean‑tech investments. While the United States pursues protectionist manufacturing policies and retreats from climate commitments, it still enjoys a large services surplus that could wane. Europe’s fragmented financial markets and non‑tariff barriers limit the potential of its €1.4 trillion household savings pool. Leveraging EU‑wide instruments such as IPCEIs, the Innovation Fund and the proposed European Competitiveness Fund would reduce energy import costs and strengthen strategic autonomy.
Natural Resource Partners LP (NRP) Q4 2025 Earnings Call Transcript
Natural Resource Partners L.P. reported $42 million of free cash flow in 2025 and $190 million over the trailing twelve months, while net income reached $31 million. The partnership retired nearly $130 million of debt, leaving $70 million outstanding, and maintained a 75‑cent per unit...
BlackRock TCP Capital Corp (TCPC) Q4 2025 Earnings Call Transcript
BlackRock TCP Capital Corp (TCPC) reported Q2 2025 results showing nonaccruals fell to 3.7% of portfolio fair value, down from 4.4% in the prior quarter, while net asset value slipped due to markdowns on restructured assets. The $1.8 billion portfolio stayed...
Chart Industries Inc (GTLS) Q4 2025 Earnings Call Transcript
Chart Industries reported record Q4 2020 performance, achieving a $810 million backlog and its highest ever quarterly orders. The company signed 33 long‑term agreements, including 14 service contracts, and expanded its hydrogen trailer and water‑treatment businesses with notable contracts in the...
Calumet Inc (CLMT) Q4 2025 Earnings Call Transcript
Calumet Specialty Products Partners reported Q4 2019 adjusted EBITDA of $49.9 million and full‑year adjusted EBITDA of $262.8 million, driven by a 24% rise in specialty segment earnings to $207.9 million. The company reduced debt by $391 million, bringing leverage down to 4.0 times EBITDA...
Following Purge, Kyrgyz President Faces Calls to Ease up on Repressive Measures
President Sadyr Japarov orchestrated a sweeping purge in early February, sidelining security chief Kamchybek Tashiev and removing several ministers, regional mayors and parliamentary deputies. He also curbed the power of the GKNB, arresting its Bishkek head and announcing a new...
1stdibs.Com Inc (DIBS) Q4 2025 Earnings Call Transcript
1stdibs.Com reported its first quarter of adjusted EBITDA profitability, posting $1.3 million at a 6% margin in Q4 2025. Gross merchandise value slipped 5% to $90.2 million, while net revenue edged up 1% to $23 million and the take rate rose 140 basis points....
Cryo-Cell International Inc (CCEL) Q4 2025 Earnings Call Transcript
AVITA Medical reported Q4 2025 revenue of $17.6 million and full‑year revenue of $71.6 million, marking 11% growth year‑over‑year. Gross margin slipped to 82.1% for the year, driven by inventory reserves and a higher mix of CoHiliX and PermeDerm. Operating...
Carter's Inc (CRI) Q4 2025 Earnings Call Transcript
Carter's Inc. reported flat Q3 net sales of $758 million but saw adjusted operating income plunge to $39 million as tariffs pushed effective duty rates into the high‑30% range, adding $200‑250 million of pre‑mitigation costs. The company announced a strategic rightsizing plan that...
Fulgent Genetics Inc (FLGT) Q4 2025 Earnings Call Transcript
Fulgent Genetics reported Q4 2025 revenue of $84.1 million, a sequential increase and strong year‑over‑year growth across its Precision Diagnostics and Biopharma segments. Non‑GAAP gross margin improved to 44.3% while operating expenses fell, delivering a $0.7 million adjusted EBITDA and a $4.5 million...
Delek US Holdings Inc (DK) Q4 2025 Earnings Call Transcript
Delek US Holdings reported adjusted Q3 EPS of $1.52 and adjusted EBITDA of $319 million, excluding Small Refinery Exemption (SRE) impacts. Management highlighted a $60 million contribution from its Enterprise Optimization Plan (EOP) and raised the annual EOP run‑rate target to at...
Delek Logistics Partners LP (DKL) Q4 2025 Earnings Call Transcript
MPLX reported Q4 2025 adjusted EBITDA of $1.8 billion, a 2% year‑over‑year increase, and a full‑year adjusted EBITDA exceeding $7 billion, reflecting a 6.7% three‑year CAGR. The company raised its quarterly distribution by 12.5%, returning $4.4 billion to unitholders in 2025. A $2.4 billion...
Treace Medical Concepts Inc (TMCI) Q4 2025 Earnings Call Transcript
Treace Medical Concepts reported third‑quarter 2025 revenue of $50.2 million, an 11% year‑over‑year increase, while adjusted EBITDA loss narrowed 49% to $2.6 million. The mix shifted toward lower‑ASP bunion correction systems, pulling gross margin down to 79.1% from 80.1% a year earlier....
Northwest Natural Holding Co (NWN) Q4 2025 Earnings Call Transcript
Northwest Natural Holding Co. reported fourth‑quarter 2024 adjusted earnings of $2.33 per share, slightly below the prior year due to regulatory lag, and set 2025 adjusted EPS guidance at $2.75‑$2.95. The company completed its largest Oregon gas utility rate case,...
Brown Advisory Introduces Value Select Strategies - #Wealth #AssetManagement #AssetFinance
Brown Advisory announced the launch of two global equity value strategies—Global Value Select and International Value Select—aimed at identifying companies trading below intrinsic value. The International strategy mirrors the global approach but excludes U.S. equities. A European‑domiciled UCITS fund will...
LiqTech International Inc (LIQT) Q4 2025 Earnings Call Transcript
LiqTech International reported Q4 2025 revenue of $16.5 million, a 13% increase year‑over‑year, driven by a 49% jump in systems and aftermarket sales to $8.2 million. The company posted a gross margin of 7.6% and narrowed its adjusted EBITDA loss to $5 million....
Gogo Inc (GOGO) Q4 2025 Earnings Call Transcript
Gogoro Inc. reported a record adjusted EBITDA of $59.9 million for 2025, driven by sharp margin expansion and a three‑fold rise in operating cash flow. Revenue fell 9.4% to $281.5 million as hardware sales softened, while battery‑swapping revenue grew 8.1% to $149 million...
From Tariffs to Trade Flows: Diversion Effects and China’s Exports to the EU
U.S. tariffs on Chinese imports have coincided with a near‑10% year‑on‑year rise in China’s exports to the EU during 2025, but the surge began before the tariff hike and has not accelerated since. A difference‑in‑differences analysis of over 3,000 product...
Alpha Metallurgical Resources Inc (AMR) Q4 2025 Earnings Call Transcript
Alpha Metallurgical Resources reported Q4 2025 adjusted EBITDA of $28.5 million, a 32% decline from the prior quarter, driven by lower tonnage and reduced coal inventory values. Total shipments fell to 3.8 million tons, while metallurgical coal realizations modestly improved to a...
Sunstone Hotel Investors Inc (SHO) Q4 2025 Earnings Call Transcript
Sunstone Hotel Investors (SHO) reaffirmed its full‑year earnings outlook despite a choppy operating environment and a government shutdown. Third‑quarter RevPAR rose 2% year‑over‑year, led by strong performance in San Francisco and Miami Beach, while adjusted EBITDAre reached $50 million and adjusted...
Product-Level Demand Separates Winning Industrial Deals
The real opportunity right now? Understanding product-level demand. Not all industrial is equal in 2026. If you’re evaluating an industrial deal in California and want a disciplined underwriting perspective, DM me “INDUSTRIAL.” #CaliforniaCRE #IndustrialInvesting #WarehouseSpace #CREStrategy #CommercialInvestor
US Natgas Deficit Shrinks, Prices Near Seasonal Average
U.S natural gas comparative rose 70 bcf to a deficit of 24 bcf week ending February 20 Henry Hub spot price decreased $0.19 from $3.27 to $3.08 Price is reverting to ~$3.07 May - October average after the polar vortex shock #energy #NaturalGas...
Taxpayer Got No Relief From Court After CRA Penalties on Late Filing of Foreign Holdings
A British Columbia taxpayer who filed Form T1135 late for 2021 and 2022 was hit with CRA penalties and interest, then sought judicial relief. The Federal Court examined the taxpayer’s claims of technical difficulties and financial hardship but found the...
‘Stupid’ Albanese Negative Gearing Plan Will Hurt Renters, First-Home Buyers
The Albanese government has asked Treasury to examine limiting negative gearing deductions to a maximum of two investment properties. Data from the ATO shows fewer than 100,000 Australians currently own three or more negatively geared homes, but the figure has...
Autodesk Tops Earnings Estimates as Billings Surge 33%
Autodesk reported fiscal 2026 Q4 earnings that topped estimates, posting adjusted earnings per share of $2.85 and revenue of $1.957 billion, both above analyst forecasts. Billings surged 33% year‑over‑year to $2.804 billion, driven by strong performance across its Design, Make and other...
Camber Property Group Sells Rent-Stabilized Portfolio For $80M
Camber Property Group sold a rent‑stabilized Brooklyn portfolio for $79.9 million, nearly matching its 2020 purchase price of $81.5 million. The eight pre‑war buildings comprise 387 units and benefit from a Section 610 rent‑subsidy amendment and a 40‑year Article XI tax abatement. The deal...
Automated Futures Strategy Nets $211 on Day One
Day 1 of running my automated futures trading strategy on MNQ. 3 contracts executed. 1 scalp taken. All trades followed predefined entry and risk management rules. Session result: $211. No hesitation. No moving stops. No discretionary overrides. This is the same futures trading strategy converted into a rule...
Talonvest Structures Permanent Loans for Self-Storage Trio
Talonvest Capital arranged $42.6 million of permanent financing for three Class A self‑storage properties owned by The William Warren Group. The largest loan, $25 million, funds a 1,261‑unit facility in Hawthorne, California, with a five‑year interest‑only structure. Two additional loans of $9 million and...
AI's White‑Collar Disruption Inevitable, Timing Only Question
When industrial companies were rewarded by the stock market for moving production to China, it was like a starting gun going off for jobs moving to China. Fade calls that AI will not be that disruptive to white collar jobs; the...
Zscaler Stock Drops After Solid Quarter Fails to Excite Investors
Zscaler reported a solid fiscal 2026 Q2, beating earnings and revenue estimates with $1.01 adjusted EPS and $815.8 million revenue, a 26% year‑over‑year increase. Annual recurring revenue climbed 25% to $3.359 billion, adding $155.5 million of new ARR. The company unveiled its AI...
Stocks Fall on Credit, War Jitters as Oil Surges: Markets Wrap
Wall Street stocks slipped as investors grew uneasy about artificial‑intelligence‑driven disruption and mounting private‑credit risks that fund many tech firms. The S&P 500 edged toward its worst monthly performance since March, while bonds and gold rallied and oil prices neared $67...
AI Adoption Drives Investment Shift Beyond Chipmakers
Investors are widening AI exposure beyond chipmakers as generative AI reaches half of U.S. households within three years, a pace unmatched by prior technologies. Alger’s research splits the market into “enablers” that build hardware and software and “adopters” that embed...
Futures and Microsoft Dip After XYZ Cuts, ZS Earnings
Back to the numbers... Stock futures and $MSFT (good job @hedgeye for highlighting Mr. Softee's share price weakness over the last week while the shows were talking about its "value") move lower after the close after $XYZ job reduction...
Grid Constraints Will Limit Electrification Before Copper Supply
Your "copper cliff" assumes demand is unlimited @simonnextclick It isn’t Grid bottlenecks, permitting delays, power shortages & capital constraints will cap electrification long before geology does #Copper #EnergyTransition #Grid #Electrification #Commodities @ctindale @wbaltzley02
The Closer – AI, Earnings, LatAm – 2/26/26
The Bespoke Institutional "Closer" newsletter for Feb 26, 2026 recaps today’s AI‑related equities, highlighting stocks tied to OpenAI. It then surveys the latest corporate earnings across sectors, followed by an analysis of Latin American market performance and recent fund‑flow spikes. The issue...
Nvidia Not Top Trade; Here Are Better Alternatives
There Are Better Things To Trade Than Nvidia also my short price targets on $NVDA https://t.co/LGkqEyi3XF
From Lender to Fintech: Tapping $13T Mortgage Market
Big quarter for figure: - 50% marketplace → they've become a fintech platform, not a lender - 19% first lien → they've entered a market 32x larger than their original one (HELOCs are $400 billion Market. 1st lien mortgages are $13...
DFC Reauthorization Is Here: The Good, the Bad, and the Next Steps for Connectivity
The U.S. Development Finance Corporation (DFC) received a major re‑authorization embedded in the FY2026 NDAA, boosting its contingent liability limit to $205 billion and expanding geographic eligibility for ICT projects. The bill creates a $5 billion equity revolving fund—though unfunded—and grants new...
Netflix's Bold Exit Strengthens Long-Term Value
Kudos to management for being willing to walk away. There will be plenty of opportunities over time to keep improving the customer value proposition and the long-term value of the business. This was the right decision by Netflix.
Netflix Finishes Second, Poised to Win the War
Congratulations to the team at Netflix for coming in second. If the history of bidding wars holds, they will end up as the real winner.
IRS Sent $447.8M in RRC Payments to Ineligible Taxpayers
The Treasury Inspector General for Tax Administration reported that the IRS mistakenly issued $447.8 million in Recovery Rebate Credit (RRC) payments to 300,843 ineligible taxpayers, many of whom were non‑resident aliens or received duplicate advances. The erroneous disbursements represent roughly 25 %...
Rental Market Mirrors Resale: Lower Rents, Slower Turnover
I spoke at a property management event today, and the general consensus is the rental market is somewhat like the resale market. Slightly lower rents, it’s taking longer to market properties, the good stuff goes quickly, and overpriced listings sit.
Netflix Slides 30% After Failed WBD Merger, Confidence Restored
Netflix’s stock is down ~30% since the WBD merger drama began. While losing WBD removes the last clear major growth lever, it likely reestablishes some investor confidence. Longer-term, we’ll see if they miss the lost IP. But recent major media...
Foreclosure Starts Surge to Early 2020 Levels
The national delinquency rate slipped to 3.65% in January, yet foreclosure starts surged to 42,000, matching early‑2020 levels. Late‑stage delinquencies rose 104,000 year‑over‑year, pushing the count of borrowers 90+ days delinquent to a July 2022 high. While mortgage rates fell, pre‑payment...
Permits
Permits and builders' confidence data would be more solid if that were the case. https://t.co/N1nLoES68j
Institutional Home Ownership Boosts Rental Diversity, Not Affordability
The only empirical finding I've seen on the effect of institutional ownership of single-family homes is that it makes neighborhoods slightly more diverse, to the extent that rentals are more accessible to more households. The issue is an affordability red...
Nearly Three‑quarters of U.S. Workers Eye Side Hustles
72% of workers in the U.S. have a side hustle or are considering pursuing one, according to SurveyMonkey’s 2025 study on workplace culture and trends. https://t.co/iAVeKwhZV4
Michigan Boosts Home Construction—But Whitmer Says Red Tape Still Blocks Affordability
Michigan reported adding almost 87,000 new or rehabilitated housing units, completing its 2022 statewide housing plan a year early. Governor Gretchen Whitmer set a new target of 115,000 units for 2024 and called for zoning reforms and a state affordable‑housing...
CME Goes Down Again, While Tariff Lawsuits Pile Onto Market Volatility
Gold and silver futures edged lower on Thursday, with gold slipping $10 to $5,217 per ounce and silver dropping $2.13 to $88.86. The market is nearing the March COMEX delivery cycle, but most contracts have been rolled over, easing immediate...
TMTB EOD Wrap
The Nasdaq‑100 (QQQ) slipped 1.2% on Tuesday, dragged down by a 3% decline in semiconductor stocks. Meanwhile, software equities posted a solid bid, narrowing the valuation gap between software and semis to its widest since Deepseek’s surge in January 2025 and...