Unconventional Strategies Driving Eagle's Global Value Edge
First Eagle's Global Value portfolio managers Julien Albertini and Christian Heckon: * The Secret Warren Buffett Principle They Still Use Today * Why 15% of the Portfolio Is in Gold * Why This Fund Owns 100 Stocks Instead of 10 * The AI Investment Opportunity Most Investors Are Missing * A Software Stock Trading Far Below Intrinsic Value * Why Walmart Mexico Looks Better Than Walmart * What the Roman Empire Teaches About Customer Acquisition * The Biggest Edge Isn’t Stock Picking
Credo's AI‑grade Interconnect Chips Set for 4× Growth
Deepdive on $CRDO and why this is an opportunity- Credo makes chips that move data between servers inside data centers. As AI models get bigger, they need faster, lower-power links — CRDO builds exactly that. Revenue is expected to grow...
Big IPOs Ahead, Demand Outpaces Supply This Year
Very few IPOs lately... but massive ones on the horizon Relative to equity market cap, however, issuance should register close to the average volume from 2015-2019 GS: we expect corporate equity demand will continue to outweigh supply this year. https://t.co/aAnRqLwUJG
Bull Markets End on Bubbles or Inflation, Not Yet
Secular bull markets always end with a valuation reversal, either because they reach bubble levels unsupported by fundamentals (1929 and 2000) or because they get derated by inflation (1968). Whenever the current trend comes to an end (hopefully not...
Revisiting SpaceX IPO Valuation After Prospectus
I valued SpaceX for its IPO a few weeks ago, with minimal information and a promise to revisit the valuation, when the prospectus was made public. The prospectus is public, the offering price has been set and my update is...
Investor Conference Surge Highlights TMD
It's a big month for investor conferences... many of our top holdings are presenting multiple times. Yesterday it was $HIMS, $TMDX, $MDB, $PRCT, $CIFR and several others. Today it's $CRDO, $ALAB, $APP, $RDDT, $HROW, $PLTR, $NBIS, $CRWV, $EOS, $RBRK, $LITE...
Morgan Stanley Bullish: $775 Target, 30%
Morgan Stanley out positive on $META Top pick; $775 PT ~30% upside. We detail and size Meta AI search, business and consumer subscriptions, core ad upside, and the Neocloud safety valve, each of which could add $1-3 to '28...
MSTR Stock Unattractive; Debt and Preferred Safer
"I don't see any scenario where you'd really want to own MSTR stock right now, given how dire the options are" Jeff Dorman ranks the Strategy capital structure from safest to riskiest "In a worst case where MicroStrategy defaults, you'd want to...
Patience Pays: 14‑Year Lag Leads to 17,862% Returns
Did you know that Sir John Marks Templeton, wo started his investment fund in 1954 when he was 42 years old, underperformed the market for the first 14 years. Yet, when he retired in 1991, he achieved one of the...
Stocks Outperform Bonds and Commodities Over Century
Stocks for the long run... US stocks produced a 6.9% real return (closer to 5% for ex-US) 1802-2025 Bonds 3.3% Bills 2.5% Gold 0.9% Oil 0.4% (since the early 1900s) Dollar -1.5% My take: commodities may be tempting, but their long-term returns are dreadful https://t.co/LdXZjJ7FjN
Rate Hikes Dwarf Earnings Growth in S&P Valuation
Another way of illustrating the offsetting forces between earnings growth and interest rates is via the Discounted Cash Flow Model (DCF): S&P 500 below. Currently, with 5-year payout CAGR of 12% the S&P 500 index is fairly valued at an...
Tech Industries Show Wider ROIC Gaps Than Consumer, Industrial
Michael Mauboussin on ROIC by industry: "The dispersion of returns is generally lower for industries in the consumer and industrial sectors and higher for industries in the technology sector." "A company’s ROIC is determined in part by the industry it competes...
Earnings Growth + Expanding P/E = Best Returns
The somewhat cosmic looking Earnings & Valuation scatter plot below shows 150 years of stock market history. Along the horizontal axis is earnings growth and along the vertical axis is the annual change in the P/E-ratio. Together with dividends these...
GE Aerospace Holds Pricing Power Amid Flat Departures
Airline departures flatten; fuel costs spike. GE Aerospace says engine maintenance orders remain steady—aftermarket pricing power holds. Risk: deeper capacity cuts. Trade: overweight GE.— Viktor Kopylov, PhD, CFA. More insights: t.me/si14Kopylov
Seek Microcap CEOs Prioritizing EPS Growth, No Dilution
Find a microcap CEO that is 100% focused on growing earnings per share with no/low dilution. That's a book in a sentence and a strategy that has worked for 100 years.