Core Insights - A Co-CEO of Amylyx Pharmaceuticals executed significant insider selling, but the sale was primarily to cover option costs and tax obligations, not discretionary [6][7] - The company has shown strong stock performance, with a 313% increase over the past year, recovering from previous losses [4][7] Transaction Summary - Joshua B Cohen sold 138,167 shares for approximately $1.9 million, following the exercise of 200,000 stock options [1][2] - Post-transaction, Cohen holds 3,379,465 shares, representing a 4.07% insider ownership [2][7] Company Overview - Amylyx Pharmaceuticals focuses on developing therapeutics for neurodegenerative diseases, particularly amyotrophic lateral sclerosis (ALS) [5] - The company is advancing its flagship therapy, AMX0035 (RELYVRIO), which has shown effectiveness in slowing ALS progression [8] Financial Performance - The company's market capitalization is $1.57 billion, with a net income of -$149.28 million [4] - The stock price as of January 31, 2026, was $14.29, reflecting a significant recovery and growth [4] Investigations - Amylyx is currently under investigation for alleged breaches of fiduciary duties by its directors and officers, which may be a concern for investors [9]

Core Insights - The market is showing renewed interest in Costco Wholesale, with the stock up 13% in January 2026 after a stagnant previous year [1] - Costco's membership model continues to attract customers, leading to high renewal rates and robust profitability [1] Financial Performance - In the first quarter of fiscal 2026, Costco reported an 8.2% year-over-year increase in sales, with comparable sales rising 6.4% [2] - Digitally enabled sales surged by 20.5%, and earnings per share increased from $4.04 to $4.50 [2] - Membership renewal rates were 92.2% in the U.S. and Canada, and 89.7% worldwide, with paid memberships growing by 5.2% to 81.4 million [2] Business Model Adaptation - The company is evolving its business model by introducing self-checkout options and online registration and renewals [3] - While traditional e-commerce does not align well with Costco's warehouse model, the company is expanding grocery delivery through a partnership with Instacart and enhancing curbside pickup services [3] Market Response - Costco's monthly updates are well-received, with December sales showing an 8.5% year-over-year increase and comparable sales up 7% [4] - The stock has a market capitalization of $417 billion, with a current price of $940.10 and a P/E ratio of 52, indicating a premium valuation [6] Investment Considerations - Despite its reliable growth, Costco's stock is considered expensive, with a P/E ratio above 60 last year, which led to a market correction [6] - Currently trading at 52 times trailing-12-month earnings, the stock may appear less attractive, but long-term investors might consider dollar-cost averaging to capitalize on future growth [7]

Core Viewpoint - The PIMCO Active Bond ETF (BOND) is an actively managed fixed income fund that aims to provide diversified bond exposure with a strong annualized yield of 5.09% and a one-year total return of 8.65% [1][7]. Fund Overview - The fund has $6.85 billion in assets under management (AUM) and reported a dividend yield of 5.09% as of January 23, 2026 [4][6]. - As of January 22, 2026, the share price was $93.46, reflecting an 8.6% increase over the past year, although it underperformed the S&P 500 by 4.94 percentage points [3][4]. Investment Activity - Bouvel Investment Partners purchased an additional 85,742 shares of BOND during Q4 2025, increasing its total holdings to 237,842 shares, which now represent 6.38% of its reportable U.S. equity AUM [2][10]. - The estimated transaction value for this purchase was $8.02 million, contributing to a quarter-end position value increase of $7.94 million [2]. Investment Strategy - The investment strategy focuses on diversified exposure to fixed income instruments, primarily investment-grade bonds, with up to 30% allocation to high-yield securities [9]. - The portfolio includes a mix of U.S. Treasuries, agency, corporate, and mortgage-backed securities, with the flexibility to use derivatives for risk management and yield enhancement [9]. Competitive Advantages - BOND's active management allows for adjustments in response to changing interest rates, providing a competitive edge in navigating various market conditions [11]. - The fund offers monthly dividend payments, making it an attractive option for investors seeking fixed income [12].

Core Viewpoint - BigBear.ai's overreliance on government contracts is hindering its growth potential compared to Palantir Technologies, which has successfully diversified into the commercial market [1][12][13]. Group 1: Company Performance - BigBear.ai's stock has appreciated by 142% over the past three years, but it has recently faced challenges due to missed earnings expectations and lowered revenue guidance for 2025, projecting revenue between $125 million and $140 million, down from $158 million in 2024 [3][11]. - Palantir Technologies reported a 63% increase in overall revenue to $1.18 billion, with commercial revenue rising by 73% year over year to $548 million, indicating strong growth in its commercial segment [4][6]. Group 2: Market Position and Strategy - Palantir has successfully pivoted to focus on corporate customers, increasing its commercial customer count by 49% year over year to 742, which is expected to drive further growth [6][7]. - BigBear.ai has struggled to penetrate the commercial market, relying heavily on government contracts, which makes it vulnerable to changes in government budgets and contract timing [10][12]. Group 3: Valuation and Future Outlook - BigBear.ai trades at a lower valuation of 12.6 times sales compared to Palantir's 111 times sales, but this lower valuation is attributed to its limited growth prospects [14]. - The AI software platform market is projected to grow from $26 billion to $88 billion by 2034, with a compound annual growth rate (CAGR) of 14%, and Palantir is positioned to capture a larger share of this market [14][15].

Core Insights - Harmony Biosciences has shown promising financial performance, but the CFO, Sandip Kapadia, sold all her direct equity ownership in January 2026, raising questions about insider sentiment [1][6]. Financial Overview - As of January 31, 2026, Harmony Biosciences' stock price was $35.52, with a market capitalization of $2.1 billion, revenue of $825.94 million, and net income of $185.68 million [4]. - The transaction involved the sale of 20,961 shares for approximately $752,800, executed at a weighted average price of $35.92 per share [2][9]. Company Profile - Harmony Biosciences is a U.S.-based biopharmaceutical company focused on therapies for rare neurological diseases, with WAKIX being a notable product for treating narcolepsy [5]. Future Outlook - The company anticipates over $1 billion in revenue from WAKIX by the end of 2026, supported by an exclusive license for the medication [7]. - Other medications in advanced development stages are projected to sustain revenue generation into 2040, with a 10% increase in 2025 [8]. Insider Trading Context - Kapadia's sale fully liquidated her direct holdings, which had previously been reduced from 72,948 shares to zero over the past year [9]. - The sale price was slightly below the market close of $36.41 on the transaction date and below the current share price of $36.62 as of January 31, 2026 [9].

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]