Today's Stock Investing Pulse
Devon Energy’s $8B Marcellus Asset Offer Signals Aggressive Growth Post-Merger
Devon Energy completed its merger with Coterra, creating a larger diversified oil and gas operator. Stone Ridge Asset Management has signaled an $8 billion opening offer for Devon’s Marcellus assets, and the combined company expects to lift its dividend by roughly 30%.
Booking vs Airbnb's 4Q'25, Booking's Response to Existential Question
Booking Holdings reported a 12% year‑over‑year revenue increase in Q4 2025, reaching $4.3 billion, while Airbnb posted a 9% rise to $2.1 billion. Both companies saw higher gross booking value, but Booking’s net profit margin grew to 8.5% versus Airbnb’s 6.2%. Occupancy rates rose to 71% for Booking’s hotels and 68% for Airbnb’s listings, indicating continued travel demand. The earnings calls highlighted divergent pricing approaches, with Booking using dynamic algorithms and Airbnb emphasizing experience‑driven pricing.
The Eternity of Intelligent Investment
Benjamin Graham taught that investing success hinges on a proper psychological attitude, famously quoting Spinoza’s “sub specie aeternitatis” to stress an eternal perspective. The lesson, recalled by his disciple Marshall Weinberg, urges investors to detach from daily market noise and...
The Really Long Game
Vishal Niveshak announces his new book *The Long Game*, now available for pre‑order with shipping slated for the end of February 2026. The work distills lessons from 30 seasoned investors on cultivating patience, resisting short‑term market noise, and building a...
Airbnb Hits 9M Listings, Bookings up 10% YoY
Airbnb Q4 FY25 letter: "We ended 2025 with over nine million active listings around the world. During Q4 FY25, active listings grew relatively in-line with the YoY increase of Nights and Seats Booked [+10% YoY.]"
Investing Notes
Greenlight Capital highlighted Global Payments (GPN) after re‑acquiring shares at $77.85, noting its two‑step deal to sell issuer processing and acquire Worldpay. The firm projects $5 billion of free cash flow by 2028 and plans to return roughly $7 billion to shareholders,...
Record 76 Dividend Hikes, 33 Sustain Decade‑long Growth
There were a record 76 companies that increased dividends last week 33 of these companies have also managed to increase dividends for at least a decade The companies include:
Nothing But Net
The Security Analysis Podcast’s Feb 14, 2026 episode reviews Mark Mahaney’s book *Nothing But Net*, which distills ten timeless stock‑picking lessons from a veteran tech analyst. Mahaney, an early internet‑era analyst, survived both the dot‑com bubble and the 2008 financial crisis while...
Weekly Summary
This week’s Value Investing World roundup highlighted several investment themes. Ian Cassel’s “From Disaster to Triumph” case studies underscored resilient micro‑cap turnaround strategies, while Ben Thompson’s conversation with John Collison explored AI‑driven advertising and its implications for SaaS. Multiple analysts—including...
Why TAA Is Performing Well Now: Outperformance Attribution
Tactical Asset Allocation (TAA) strategies have outperformed the traditional 60/40 benchmark throughout 2025 and into early 2026. A detailed attribution shows 57% of the excess return stems from the diversified asset mix TAA typically holds, while 43% comes from active...
Amazon: 2026 Update
The author has refreshed his proprietary Amazon valuation model using the company’s latest 10‑K filing, projecting financial performance through 2026. The update incorporates recent trends in e‑commerce, cloud services, and advertising revenue streams. Detailed assumptions and calculations are hosted behind...
Uncommon Sense: Warren Buffett in Milan
In May 2008 Warren Buffett concluded a four‑day European roadshow in Milan, where he fielded questions from MBA students about investing, management, and life. The trip was part of Berkshire Hathaway’s hunt for family‑owned businesses to add to its decentralized...