Core Viewpoint - Bill Ackman's investment strategy through Pershing Square Capital shows strong performance in 2025, with potential for continued success in 2026, focusing on building a diversified holding company similar to Berkshire Hathaway [1][2]. Group 1: Alphabet Inc. - Ackman's investment in Alphabet represents 22.6% of his marketable equities, driven by the belief that the market undervalues its AI capabilities and overestimates competition from AI chatbots [3][4]. - Alphabet's Google Cloud revenue grew by 34% year-over-year in Q3, with expanding operating margins and strong adoption of its AI accelerators, TPUs [4][5]. - The company has made significant advancements with its Gemini AI model, leading to a 15% growth in Google Search revenue in Q3 2025, and a partnership with Apple to enhance Siri, expected to generate billions in revenue [5][6]. Group 2: Brookfield Corp. - Brookfield Corp. accounts for 17.7% of Ackman's marketable equities, primarily driven by its subsidiary Brookfield Asset Management, which constitutes about 75% of its value [7][9]. - The company reported $154 million in net carried interest in Q3, a significant increase from $61 million year-over-year, with expectations of $25 billion in net carried interest over the next decade [10][11]. - Brookfield's Wealth Solutions insurance business is projected to double its assets in five years, with a 15% return on equity, leading to strong earnings growth [11]. Group 3: Uber Technologies - Uber Technologies makes up 15.5% of Ackman's marketable equities, facing concerns about competition from autonomous vehicles but positioned as a key partner for self-driving initiatives [12][13]. - The company has seen a 17% increase in monthly active users and a 4% rise in trips per user in Q3, contributing to strong top-line growth and 33% adjusted EBITDA growth [15][16]. - Despite significant investments in future technologies, Uber's stock is valued at around 22 times its trailing adjusted EBITDA, indicating strong growth potential [16].

Core Viewpoint - SEI Investments is positioned as a strong performer in the asset management sector, particularly due to its focus on institutional investors and its fintech capabilities, which are expected to drive growth in 2026 [1][2][3]. Company Overview - SEI Investments primarily serves institutional investors, differentiating itself from larger firms like BlackRock and Vanguard that cater to both retail and institutional clients [2]. - The company is recognized as a fintech, providing technology solutions for various financial entities, including fund managers and banks, to manage functions such as asset management, compliance, and cybersecurity [3]. Financial Performance - For the first nine months of 2025, SEI's revenue increased by 8% year-over-year, while expenses rose by only 5%, leading to a 32% jump in earnings [6]. - The operating margin improved to 28%, an increase of 8% compared to the previous year, and the return on equity stands at 27.7%, one of the highest in the sector [6]. Market Position and Analyst Sentiment - Analysts are optimistic about SEI, with a 12-month median price target of $109.50 per share, indicating a potential upside of approximately 27% [5]. - 80% of analysts covering SEI rate it as a buy, reflecting strong market confidence [5]. Industry Trends - There is a growing trend of outsourcing among fund managers, driven by the complexity of regulatory environments and the need for technological upgrades [9][10]. - A report indicates that 88% of fund managers plan to increase their outsourcing over the next year, which bodes well for SEI as a leading provider in this space [10]. Strategic Outlook - SEI is expected to continue investing in technology and automation to enhance its service offerings, with plans to optimize margins through cost management [7]. - The company's valuation at 15 times forward earnings is considered attractive for a fintech, suggesting potential for growth amidst increasing demand for its services [11].

Core Viewpoint - Artificial intelligence (AI) is expected to drive significant growth in the stock market in 2026, with a focus on AI infrastructure investments [1] Group 1: AI Computing Hardware Providers - Nvidia is the leader in AI computing, with unmatched graphics processing units (GPUs) and a strong ecosystem, leading to sold-out production capacity for cloud GPUs [4] - AMD is positioned as a second-choice GPU provider, potentially gaining market share as Nvidia's capacity is maxed out, presenting growth opportunities for AMD [6] - Broadcom is developing specialized computing units (ASICs) for AI, which could outperform GPUs in specific workloads, indicating a different approach to AI computing hardware [7][9] Group 2: Cloud Computing Providers - Alphabet and Amazon are heavily investing in AI through their cloud computing platforms, which are benefiting from the growing demand for AI workloads [10] - Google Cloud reported a 34% year-over-year revenue growth in Q3, while AWS saw a 20% increase, highlighting the strong demand for accessible AI computing power [12] - The trend of success in cloud computing for AI is expected to continue into 2026, with both companies likely to see significant returns on their investments in AI data centers [13]

Core Insights - The article emphasizes the resilience of dividend stocks, particularly Bristol Myers Squibb and Amgen, as attractive long-term investments despite facing challenges like patent cliffs [2][8][14] Group 1: Bristol Myers Squibb - Bristol Myers Squibb's stock has underperformed over the past year due to patent cliffs but has a strong product lineup, especially in oncology [3][8] - The company is introducing new formulations, such as a subcutaneous version of Opdivo, to mitigate competition from generics [4] - Bristol Myers has promising candidates in its pipeline, including BMS-986446 for Alzheimer's disease, which has received Fast Track Designation from the FDA [6][7] - The company has a forward dividend yield of 4.4% and has increased its payouts by 65.8% over the past decade, making it an attractive income stock [8] Group 2: Amgen - Amgen is facing challenges from a recent patent cliff but has strong growth drivers, including Tezspire for asthma and Tepezza for thyroid eye disease [9][10] - The company has a robust pipeline, including investigational drugs like MariTide for diabetes and weight management, which are in phase 3 studies [12][13] - Amgen's dividend yield is over 3%, and it has consistently increased its dividend since 2011, indicating a secure dividend program for income-seeking investors [14]

Core Viewpoint - Apple shares are expected to rise 35% before the end of the year, with a target price of $350 by 2026, driven by strong historical performance and growth potential in product segments [1][3][11] Financial Performance - Apple has shown significant returns, with a share price increase of 942% over the past decade, translating to a compound annual growth rate of 26.4%, outperforming the S&P 500 [4] - The company reported a net income of $112 billion for fiscal 2025, with a gross margin averaging 30.6% over the past five years, indicating strong profitability [6] Market Position - Apple holds a market capitalization of $3.8 trillion and is currently trading 9% below its peak, suggesting potential for upside if market sentiment improves [4][9] - The stock's current price-to-earnings (P/E) ratio is 34.7, significantly higher than the 10-year average of 24.6, indicating a potentially expensive valuation [7] Growth Catalysts - Strong iPhone sales growth, with a 6% year-over-year increase in Q4 2025, and expectations for double-digit growth in Q1 2026, are key drivers for future stock performance [9] - A new partnership with Alphabet to utilize Gemini AI models may enhance Apple's product offerings and spur consumer demand, potentially boosting stock prices [10] Analyst Sentiment - The consensus one-year price target for Apple is $288, suggesting an 11% upside from the current price, although analysts may not fully account for the elevated valuation [8]

Economic Outlook - The U.S. economic outlook is mixed, with the Atlanta Federal Reserve forecasting a fourth-quarter GDP growth of 5.3%, which could boost investor sentiment if realized [1] - However, macroeconomic indicators, particularly consumer sentiment and employment data, are less favorable, indicating potential challenges for consumer cyclical stocks like Six Flags [2] Consumer Sentiment - Recent data from the Jefferies U.S. Consumer Pulse survey shows declines in consumer confidence, with significant retrenchment in net buying conditions and personal finance views, suggesting consumers are becoming more cautious [3] - This cautious consumer behavior is not conducive to leisure spending, which is critical for Six Flags [3] Employment Data - The U.S. unemployment rate was reported at 4.4% at the end of December, slightly down from 4.5% the previous month, indicating a near full employment scenario [4] - However, there are emerging weaknesses in the job market, particularly for the 18- to 24-year-old demographic, which is vital for amusement park visitation [5] - Small business job growth and wage growth are stagnating, with the jobs index for this sector declining in December, further complicating the employment landscape for Six Flags [5] Financial Performance and Projections - Analysts have noted that Six Flags' fiscal 2027 adjusted EBITDA, attendance, and revenue forecasts are projected to be 9%, 3%, and 4% below consensus estimates, respectively [6] - The company has shown financial prudence by declining to acquire complete control of Six Flags Over Texas, as the deal did not align with its capital allocation goals [8] Strategic Considerations - Six Flags has potential strategies to unlock shareholder value, including the suggestion from activist investor Jonathan Litt to spin off its real estate holdings into a REIT or sell property assets to an experiential REIT [9] - Such transactions could provide reasons for investors to support Six Flags, although the company's willingness to pursue these options remains uncertain [10]

The company has an exciting future, but there are headwinds to consider in 2026.UPS (UPS 1.61%) stock presents investors with a classic investment conundrum. What do you do with a stock that looks positioned for long-term growth, but faces near-term risk? Here's why that's the case with UPS stock right now, and what you need to know before buying it.UPS' long-term growth prospectsMany people think that Amazon's growing delivery business could hurt established companies like UPS, but there's still plenty of ...

Core Viewpoint - Growth stocks have experienced significant gains, with the S&P 500 Growth Index up over 112% since the start of 2023, outperforming the S&P 500 Value Index [1][2] Group 1: The Trade Desk - The Trade Desk faced challenges in 2025 due to a slow transition to its AI-powered ad-buying platform, Kokai, which alienated some advertisers [4] - Amazon's entry into the ad space has increased competition, potentially pressuring The Trade Desk's pricing and market share [5] - Despite a drop in stock price, The Trade Desk's digital advertising market is expected to grow at 15% annually through 2030, presenting a buying opportunity [7] - The stock is trading around $36, with a market cap of $17 billion and a forward P/E ratio of 17.4, alongside a projected 17% earnings growth for 2026 [8] Group 2: Fortinet - Fortinet's stock has declined about 33% from its peak, attributed to weak firewall sales and disappointing product updates [9][10] - The company anticipates a 12% year-over-year revenue growth, down from 14% in the previous quarter [10] - Transitioning to software products like SASE and SecOps shows promise, with billings in these areas growing 19% and 33% respectively [12] - The stock is priced around $76, with a forward P/E ratio of 26, indicating potential for future growth as software becomes a larger part of its business [13] Group 3: Marvell Technology - Marvell Technology is crucial in AI data centers, with its networking chips and custom AI accelerators driving growth [14] - Reports of Microsoft considering a rival chipmaker for its Maia chip have raised concerns, but demand for AI accelerators remains strong [15] - Marvell is projected to generate $8.2 billion in revenue this year, targeting $10 billion next year, despite potential revenue impacts from competition [15] - The stock is trading around $80, with a forward P/E ratio of 28.4, and expectations for 22% revenue growth and 27% earnings growth next year [18]

Core Insights - Tradeweb Markets has successfully transitioned to electronic trading, positioning itself as a leader in the industry and continuously innovating to enhance trading efficiency for clients [2][3] Company Strategy - Tradeweb has adopted a methodical approach to market expansion, starting with U.S. Treasury bond trading in 1999, which generated over $25 million in revenue within four years, followed by successful entries into mortgage-backed securities and European sovereign bonds [4] - The company has diversified its product offerings, including derivatives, global exchange-traded funds, and emerging market derivatives, which have contributed significantly to its financial success [4][5] Growth Opportunities - Tradeweb is poised for future growth due to several favorable trends, including increasing government debt, corporate capital raising at low interest rates, and the rising popularity of ETFs among both retail and institutional investors [6] - The digitization of workflows and a shift towards data-driven trading are making electronic markets more appealing, further supporting Tradeweb's growth [7] Technological Advancements - Automated trading, particularly through AI models, now accounts for over 40% of institutional trades, with 140 of Tradeweb's top 200 clients utilizing this technology, indicating a strong trend towards automation in trading [8] Market Position - Tradeweb's current market capitalization stands at $23 billion, with a gross margin of 87.32% and a dividend yield of 0.45%, reflecting its strong financial health [9] - The stock has experienced a 25% pullback from recent highs, providing a potential margin of safety for investors, while favorable industry trends are expected to continue into 2026 and beyond [10]

Core Viewpoint - Wheaton Precious Metals is positioned to benefit significantly from the ongoing gold boom, with CEO Randy Smallwood predicting gold prices could reach $5,000 per ounce within a year, supported by recent price increases [1][2]. Company Overview - Wheaton Precious Metals operates as a precious metals streaming company, financing mining projects in exchange for the right to purchase a fixed amount of production at discounted prices [4]. - The company has a market capitalization of $61 billion and has seen its stock return 128% over the past year, outperforming gold's 68% rise [3][11]. Business Model Advantages - The streaming model allows Wheaton to secure gold at steep discounts, enhancing profitability during gold price surges [4][11]. - Recent deals, such as the $300 million agreement with Hemlo Mining, exemplify the company's strategy to acquire gold at 20% of the spot price, leading to substantial profit margins [5][7]. Financial Projections - If gold prices rise by 10%, Wheaton could net $553 million from the initial deal with Hemlo, while additional production could yield further profits [8]. - The company has a portfolio of 23 operating mines with an average mine life of 27 years, providing stability and predictability to its revenue streams [9][10]. Dividend and Investment Appeal - Wheaton Precious Metals offers a dividend yield of 0.5%, which, while modest, adds to its attractiveness for investors looking to capitalize on the gold market [12].