Core Viewpoint - The recent sell-off in Mastercard and Visa stocks presents a significant buying opportunity for long-term investors despite concerns over consumer spending and proposed interest rate caps [1]. Financial Performance - Mastercard's revenue increased by 18%, while Visa's revenue rose by 15% [4]. - Mastercard's operating income grew by 25%, with operating margins reaching 55.8% and diluted EPS increasing by 24% [4]. - Visa's operating margin was 61.8%, with non-GAAP EPS rising by 15% [4]. Market Dynamics - Both companies reported high-single-digit to low-double-digit increases in payment volume and frequency, indicating resilience in their business models [5]. - The fee structure of Mastercard and Visa is based on transaction frequency and total sales, making them somewhat recession-resistant [5]. Shareholder Returns - In 2025, Mastercard returned $11.73 billion through stock buybacks and $2.76 billion in dividends, while Visa's latest quarter saw $3.73 billion in buybacks and $1.29 billion in dividends [8]. - Both companies yield less than 1% due to a preference for buybacks over dividends, but if funds were reallocated, Mastercard could yield about 3% and Visa about 3.1% [9]. Valuation and Investment Thesis - Both stocks are considered reasonably valued based on price-to-free cash flow and forward earnings expectations [10]. - Mastercard and Visa are viewed as foundational stocks for long-term portfolios due to their strong business models and global network effects [12]. Regulatory Environment - Concerns about capping credit card interest rates at 10% may persist, but it is believed that such a low cap would lead financial institutions to restrict credit access, ultimately harming consumers [13].

Core Viewpoint - The electric vehicle (EV) industry faced challenges in 2025, but companies like Lucid Motors and Nio are showing strong momentum heading into 2026, with differing investment prospects for risk-tolerant investors [1][2]. Group 1: Nio's Performance - Nio set a new monthly record for deliveries in December, achieving a 54.6% increase to 48,135 vehicles compared to the previous year [3]. - The fourth quarter saw an impressive 71.7% year-over-year growth in deliveries, totaling 124,807 vehicles [3]. - Nio's newer brands, Onvo and Firefly, contributed to only one-third of December's deliveries, indicating potential for further growth as market reach expands [4]. - Vehicle margins and gross profits improved significantly in Q3, suggesting that Nio's growth is becoming more profitable [4]. - Nio aims for 2026 to be its first breakeven year, which would be a significant milestone for both the company and the EV industry [9]. Group 2: Lucid's Performance - Lucid produced 8,412 vehicles in Q4, marking a 116% increase year-over-year, and delivered 5,345 vehicles, a 31% increase from the prior year [5]. - Lucid has set delivery records for eight consecutive quarters, with production of the Gravity SUV accelerating after overcoming supplier bottlenecks [6]. - Despite delivery growth, Lucid continues to experience cash burn, with widening adjusted EBITDA losses, and faces challenges in its market entry into Saudi Arabia due to the Public Investment Fund's significant stake [8]. Group 3: Investment Considerations - While both Nio and Lucid show delivery momentum, Lucid's financial challenges suggest that investors should monitor its stock from the sidelines [9]. - Investments in Nio are recommended to be limited to small positions, given its improving financial metrics compared to Lucid [9].

Company Overview - Arcellx, Inc. is a clinical-stage biotechnology company focused on innovative immunotherapies for cancer and other incurable diseases, primarily collaborating with oncology healthcare providers and patients in the U.S. and select global markets [5] - As of January 20, 2026, the company's stock price was $68.31, with a market capitalization of $3.95 billion and a revenue of $35.90 million for the trailing twelve months [4] Transaction Summary - Director David Charles Lubner sold 6,000 shares of Arcellx common stock for approximately $450,000 on January 20, 2026, reducing his direct holdings by 21.69% [1][2][8] - Post-transaction, Lubner holds 21,659 shares valued at approximately $1.56 million based on the closing price of $72.17 on the same date [2] Financial Performance - The company's stock fell approximately 15% in 2025, indicating struggles in its market performance [9] - Despite negative operating income, Arcellx has sufficient funding to operate through 2028, reflecting strong investor support [6] Development Milestones - Arcellx recently advanced its multiple myeloma treatment to the second phase of development, which could become a significant revenue generator if successful [7] Ownership and Transaction Implications - The transaction was executed under a Rule 10b5-1 prearranged plan, suggesting that the timing and scale of the sale were predetermined [8]

Core Viewpoint - Symmetry Partners, LLC has initiated a significant position in the Dimensional Global Core Plus Fixed Income ETF, acquiring 2,471,670 shares valued at approximately $133.64 million, which now represents 7.91% of their reportable assets under management [2][3][6] ETF Overview - The Dimensional Global Core Plus Fixed Income ETF provides access to a diversified range of global fixed income markets, including government, corporate, and securitized sectors [5][7] - As of January 26, 2026, the ETF has an asset under management (AUM) of $2.12 billion and a share price of $54.43 [4] - The ETF offers a trailing twelve-month dividend yield of 3.43% and a one-year total return of 5.89% [4][3] Investment Strategy - The ETF's strategy focuses on broad exposure to global investment-grade and select lower-rated debt securities, aiming for total return through diversified fixed income allocations [7][8] - The fund is actively managed, which allows for a research-focused approach rather than passive index tracking [8][9] Performance and Holdings - The ETF's performance has underperformed the S&P 500 by 7.38 percentage points over the past year, with a total return of 5.9% [3] - Despite its relatively short track record since inception in 2023, the ETF has attracted significant investment interest, indicating confidence from investors like Symmetry Partners [9][10] Investor Implications - The substantial investment by Symmetry Partners has made the Dimensional Global Core Plus Fixed Income ETF their second-largest holding, reflecting strong conviction in its potential [6][8] - The ETF may be appealing to investors seeking to complement equity holdings with steady income as part of a diversified portfolio [10]

Core Insights - A top executive at OneStream exercised stock options and sold over 100,000 shares, valued at approximately $2.8 million, during a period of strong stock performance [1] Transaction Summary - Shares sold directly: 120,000 [2] - Transaction value: ~$2.8 million [2] - Post-transaction shares held directly: 990,961 [2] - Post-transaction value of direct ownership: ~$23.4 million [2] - Weighted average purchase price: $23.63, equal to the closing price on Jan. 16, 2026 [2] Company Overview - Current stock price (as of Jan. 31, 2026): $23.61 [4] - Market capitalization: $5.79 billion [4] - Revenue (TTM): $570.68 million [4] - Net income (TTM): -$82.75 million [4] - OneStream specializes in cloud solutions for the financial sector, automating and managing financial processes for various clients [5] Implications for Investors - The stock sale was part of a Rule 10b5-1 plan, indicating it was pre-scheduled and not a discretionary sale [6] - Hohenstein's indirect holdings remain unchanged at 790,279 shares, valued at approximately $18.66 million as of Jan. 31 [6] - The recent sale of 120,000 shares is significantly larger than Hohenstein's median sale size of 40,000 shares [7] - The transaction represented 6.31% of Hohenstein's direct shares outstanding post-sale [7] Acquisition Context - OneStream is set to go private in the first half of 2026 following an acquisition by Hg Capital [8] - The acquisition was announced shortly before the stock sale, occurring 17 months after OneStream's IPO [8] - Ongoing investigations regarding the acquisition raise concerns about fairness and fiduciary duties [8]

Core Insights - The rising adoption of generative AI models from OpenAI and Anthropic is significantly impacting major cloud computing platforms, with trillions of dollars committed to future infrastructure projects by these companies [1] Group 1: OpenAI and Microsoft - OpenAI's partnership with Microsoft has provided the latter with a first-mover advantage in integrating generative AI, with ChatGPT being heavily utilized across Microsoft's Azure cloud services [3][5] - The increasing use of OpenAI's software has led to a surge in AI workloads on Azure, driving demand for incremental cloud services [4] Group 2: Amazon's Role in AI Infrastructure - Amazon Web Services (AWS) has entered a $38 billion GPU leasing deal to support OpenAI, highlighting the competitive landscape among cloud providers [7] - Amazon has invested $8 billion in Anthropic, positioning itself strategically in the AI sector, with Anthropic utilizing AWS's GPU clusters and custom-designed chips [8][9] - If Amazon's AI accelerators can compete effectively with Nvidia and AMD's GPUs, AWS could gain significant pricing power and increase customer retention [10][11] Group 3: Google Cloud's Position - Google Cloud has experienced impressive growth, with OpenAI and Anthropic as key customers, leveraging its computing power and custom chips [12][13] - Anthropic's use of Google Cloud's Tensor Processing Units (TPUs) is expected to enhance Google Cloud's competitive position in the AI infrastructure market [14] - As OpenAI addresses its capacity challenges, Google Cloud is likely to benefit from increased user adoption and ongoing data center expansion [15]

Core Insights - Brown University has made a significant investment in Chime Financial, acquiring 102,805 shares valued at approximately $2.59 million [2][6] Company Overview - Chime Financial is a leading U.S. fintech platform that provides mobile banking services, including checking, savings, early paycheck access, and overdraft protection [5] - The company generates revenue primarily through interchange fees from card transactions processed via partner FDIC-insured banks [5] - As of January 31, 2026, Chime's stock price is $25.42, with a market capitalization of $9.52 billion and a revenue of $2.07 billion [4] Financial Performance - Chime Financial reported a net income of -$984.77 million for the trailing twelve months (TTM), which is common for newly public companies [4][8] - The investment by Brown University represents 1.8% of its 13F reportable assets under management after the trade [9] Investment Context - Brown University's investment aligns with its strategy, as college students are a key demographic for Chime's services [6] - The university's investment portfolio is relatively small, with only 10 holdings, ranking 7th among Chime's holdings [7]

Core Viewpoint - ASML Holding N.V. is a critical player in the technology sector, serving as the sole producer of advanced lithography machines essential for semiconductor manufacturing, making it a monopoly in this niche market [1][2][3]. Company Overview - ASML is based in Veldhoven, Netherlands, and is the only provider of extreme ultraviolet (EUV) lithography machines necessary for producing advanced semiconductor chips [3][4]. - Major tech companies, including Nvidia, Taiwan Semiconductor Manufacturing, and Microsoft, rely on ASML's products [3]. Financial Performance - ASML's market capitalization is approximately $552 billion, with a current stock price of $1,423.22 [5][6]. - The company has a gross margin of 52.8% and a net margin of 29.38%, indicating strong profitability [9]. - Despite a slight dip in sales for Q3 2025, ASML's revenue has grown at a compound annual growth rate of 17.6% over the past decade [8][9]. Market Position - ASML's EUV lithography machines are crucial for manufacturing sophisticated chips used in various technologies, including cellphones, computers, and electric vehicles [4]. - Competitors exist in the broader lithography market but only in the less advanced deep ultraviolet (DUV) segment, which cannot produce as sophisticated chips as ASML's EUV machines [6]. Cash Reserves and Dividends - The company holds cash reserves of over €6 billion, significantly exceeding its €3.16 billion in debt, allowing for continued dividend payments and increases [10]. - ASML has consistently grown its dividend for 10 years, with a five-year growth rate of 22.92%, although the current yield is relatively low at 0.54% [10]. Stock Performance - ASML has achieved an 81.9% return over the past 12 months, outperforming the S&P 500 [11].

Core Insights - Obermeyer Wealth Partners has increased its stake in the F/m U.S. Treasury 3 Month Bill ETF by 186,777 shares, with an estimated transaction value of $9.33 million [2] - The ETF has a total asset under management (AUM) of $6.31 billion and a current price of $49.88, with a dividend yield of 4.03% [4][5] - F/m Investments has filed an application with the SEC to digitize ownership of the ETF's shares on a blockchain ledger, which could make it the first known U.S. ETF to be digitally tokenized [7][8] ETF Overview - The F/m U.S. Treasury 3 Month Bill ETF aims to provide investment results that correspond to the performance of U.S. Treasury 3-month bills, investing at least 80% of its assets in that bond market [5] - The ETF has shown a 1-year total return of -0.24% and a growth of only 0.22% over the last five years [4][6] Investment Implications - Investing in TBIL may offer lower risk due to its focus on short-term bonds, which are less susceptible to default and interest rate fluctuations [6] - The potential digitization of shares may attract investors interested in blockchain technology, although it may not appeal to those averse to the blockchain space [8]

Core Viewpoint - Certain top-quality AI stocks are currently trading at reasonable prices, presenting investment opportunities as the market enters 2026 [2] Group 1: Meta Platforms - Meta Platforms reported double-digit revenue growth, reaching $59 billion, and anticipates significant advancements in AI [3] - The stock is trading at a valuation of 24 times forward earnings estimates, indicating it is undervalued [3] - Meta's market capitalization stands at $1.8 trillion, with a gross margin of 82% and a dividend yield of 0.29% [5] - The company is focusing on developing AI tools, including large language models, with plans to launch new products in the coming months [6] Group 2: Amazon - Amazon has established a strong presence in AI through its Amazon Web Services (AWS) unit, which has an annual revenue run rate of $132 billion [9] - The stock is trading at 30 times forward earnings estimates, suggesting it is also undervalued [10] - Amazon's market capitalization is $2.6 trillion, with a gross margin of 50.05% [8]