Company Overview - Shift4 Payments provides integrated payment processing, point-of-sale systems, eCommerce solutions, and business intelligence tools for merchants across multiple channels, specifically targeting stadiums, entertainment venues, and eCommerce [9] - The company reported a total revenue of $3.88 billion and a net income of $170.20 million for the trailing twelve months (TTM) [4] - As of February 10, 2026, the stock price was $59.81, reflecting a one-year price change of -51.1% [4][8] Recent Developments - Maestria Partners LLC disclosed a significant investment in Shift4 Payments, increasing its holding by 143,763 shares valued at approximately $10.16 million during the fourth quarter of 2025 [2] - The value of Maestria's position in Shift4 rose by $3.68 million, influenced by both share purchases and stock price movements [2] - This investment comes at a pivotal time as founder Jared Isaacman has recently left the company to become the NASA Administrator [7] Financial Performance - Despite a decline in stock value, Shift4 Payments experienced a revenue increase of nearly $3.0 billion, which rose by 22% compared to the same period in 2024 [11] - Operating income increased by 39% over the same timeframe, indicating better operational performance despite a significant income tax benefit affecting net income [11] Competitive Position - Shift4 Payments differentiates itself from other fintech companies by specializing in services for the hospitality industry, providing a competitive advantage over more generalized providers like PayPal [10] - The company's strategy focuses on delivering seamless, secure, and omni-channel payment experiences, leveraging its proprietary technology stack and broad integration capabilities [6]

Core Insights - Whetstone Capital Advisors, LLC sold all its shares in monday.com Ltd., amounting to 79,172 shares valued at approximately $15.33 million, during the fourth quarter of 2025 [2][6] - The sale reflects a broader trend of divesting from SaaS stocks that may struggle in the evolving market landscape influenced by artificial intelligence [6][11] Company Overview - monday.com Ltd. is a cloud-based software provider specializing in work management solutions, with a market capitalization of $3.80 billion and a revenue of $1.23 billion for the trailing twelve months (TTM) [4][5] - The company reported a net income of $118.74 million (TTM) and offers a scalable SaaS platform to enhance organizational workflows and collaboration [4][5] Market Performance - As of February 12, 2026, shares of monday.com Ltd. were priced at $73.63, reflecting a significant decline of 76.8% over the past year, underperforming the S&P 500 Index by 89.7 percentage points [7][10] - The stock's price has fluctuated between $68.68 and $316.98 over the past 52 weeks, indicating high volatility [10] Investment Implications - The decision to sell monday.com was significant as it was the largest position closed by Whetstone in the fourth quarter, suggesting a strategic shift in the fund's investment approach [6][9] - Despite the sale, Whetstone maintains a substantial investment in technology stocks, indicating a selective approach rather than a complete withdrawal from the sector [10]

Core Viewpoint - Sirius XM presents a compelling opportunity for income-seeking investors, especially given its high dividend yield compared to 10-year Treasuries [3][4]. Financial Performance - Sirius XM paid out $365 million in dividends in 2025 and generated $1.26 billion in free cash flow (FCF) last year, with expectations to reach $1.35 billion in 2026 [4]. - The company reduced total debt by $669 million during the year, including nearly $371 million in the fourth quarter [4]. Dividend Safety - The dividend is currently considered safe, with a commitment to returning capital to shareholders [5]. - The stock offers a dividend yield of 5.17%, translating to $517 in annual passive income on a $10,000 investment [3]. Market Position - Sirius XM has a market capitalization of $7.1 billion and generates 76% of its revenue from subscriptions, providing stability to its business model [7]. - The stock price is currently trading 97% below its peak, indicating potential for income-focused investors [1]. Challenges - The self-pay subscriber base declined by 301,000 in 2025, indicating a long-term cycle of decline attributed to technological advancements and increased competition from streaming platforms [8][9]. - Investors seeking capital gains may want to avoid this stock due to the challenges in expanding the user base and top line [8][9].

Core Viewpoint - The pharmaceutical industry is facing significant challenges due to patent expirations, particularly impacting Bristol Myers Squibb, which is experiencing a steep patent cliff that is affecting its stock performance [1][2][4]. Patent Cliff Impact - Bristol Myers Squibb's stock is down over 25% from its peak due to the impending patent expirations of key drugs, leading to a potential decline in sales [2][4]. - The company anticipates a 48.9% drop in Revlimid sales to $2.9 billion and a 61.7% decrease in Sprycel sales to $493 million by 2025 [4]. - The patents for top-selling drugs Eliquis and Opdivo will expire between 2027 and 2029, which together generated $24.4 billion in sales in 2025, approximately half of the company's total revenue [4]. Growth Potential - Excluding Opdivo, Bristol Myers Squibb's growth portfolio saw a 23% increase in sales, reaching $16.3 billion in 2025 [5]. - Cobenfy, a new antipsychotic drug for schizophrenia, is in phase 3 trials for Alzheimer's-related psychosis, with potential annual sales of $3.4 billion by 2030 if approved [5]. Financial Metrics - Bristol Myers Squibb has a market capitalization of $124 billion, with a current stock price of $60.66 and a dividend yield of 4.10% [6][7]. - Analysts project a decline in total sales from $48.2 billion in 2025 to $45.2 billion by the end of 2027, with earnings expected to remain flat in 2026 [7][8]. Investment Considerations - The current dividend is considered safe, costing less than half of the company's earnings, which may provide stability during business contractions [8]. - The stock is trading at less than 10 times this year's earnings estimates, reflecting the market's awareness of the patent cliff [8]. - If Cobenfy succeeds, it could offset the lost sales from Eliquis and Opdivo, potentially leading to business growth and a rise in stock valuation [9].

Company Performance - Energy Transfer's units appreciated 11.9% in January, which is lower than the energy sector's overall performance of 14.4% [4] - The company operates pipelines for transporting and storing gas and oil, making it less sensitive to commodity price fluctuations compared to upstream companies [5] Financial Metrics - Energy Transfer has raised its distributions every quarter for several years, with the latest increase from $0.3325 to $0.335 per unit [6] - The current distribution yield is 7.3%, significantly higher than the S&P 500's yield of 1.2% [6] - For the first nine months of 2025, Energy Transfer generated $8.2 billion in adjusted distributable cash flow, compared to $4.6 billion in distributions to unit holders [8] Investment Appeal - Given its strong cash flow and attractive yield, Energy Transfer is positioned as an appealing option for income-focused investors seeking stability in the energy sector [9]

Core Viewpoint - HG Vora Capital Management has completely liquidated its stake in Six Flags Entertainment, selling 2,175,000 shares valued at approximately $49.42 million, indicating a lack of confidence in the company's future performance [2][5]. Company Overview - Six Flags Entertainment operates amusement and water parks across North America, with a diversified presence in 17 states, Canada, and Mexico, leveraging well-known intellectual properties to attract visitors [4][7]. - The company employs around 5,000 people and is headquartered in Charlotte, North Carolina [7]. Financial Performance - As of February 17, 2026, Six Flags' stock price was $15.55, with a market capitalization of $1.58 billion and a trailing twelve months (TTM) revenue of $3.10 billion. However, the company reported a net income loss of $1.60 billion for the same period, which included a $1.5 billion non-cash impairment charge [3][5]. - Six Flags' stock has decreased by 60% over the past year, reflecting significant challenges faced by the company [5]. Investment Insights - HG Vora had previously increased its holdings in Six Flags, but the decision to divest indicates a strategic shift in response to the company's ongoing struggles and poor stock performance [5][8]. - CEO John Reilly acknowledged the company's underperformance in 2025 but expressed optimism about future improvements through investments in park infrastructure, new attractions, and enhanced services [6][8].

Core Viewpoint - Marathon Petroleum's strong midstream income supports its dividend even if refining margins decline, with significant cash returns to shareholders expected to continue [1][2]. Financial Performance - In the fourth quarter, Marathon Petroleum reported adjusted earnings of $4.07 per share, exceeding analyst expectations, driven by refining margins capturing 114% of the benchmark crack spread, an increase from 96% in the previous quarter [1]. - Cash from operations reached $2.7 billion, nearly 60% higher than the previous year [1]. Shareholder Returns - The company returned $4.5 billion to shareholders through share repurchases and dividends during the year, with expectations for stronger cash returns moving forward [2]. Cash Flow Model - Marathon operates on a two-pronged cash flow model, with its midstream subsidiary MPLX LP generating fee-based income from pipelines and processing plants [3]. - MPLX distributions to Marathon are projected to exceed $3.5 billion annually over the next two years, up from $2.8 billion [6]. Refining Segment - The refining segment processes over 3 million barrels per day, with a refining margin of $18.65 per barrel in the fourth quarter, a 44% year-over-year increase [4]. - The refining segment accounts for approximately half of the company's adjusted EBITDA [8]. Market Outlook - Management anticipates tight global refining supply and steady distillate demand through 2026, with regional refinery closures tightening the domestic market [8]. - The stock is currently valued at around $200 per share, with a 1.9% dividend yield, and is considered fairly valued given its midstream stability [9].

Core Viewpoint - Microsoft is experiencing a significant stock decline, with shares dropping over 25% from their peak, marking the second-worst drawdown in the last decade [1][2]. Group 1: Reasons for Decline - Microsoft is facing challenges due to its heavy reliance on OpenAI, which contributes $281 billion to Azure's $625 billion cloud computing backlog [4]. - OpenAI is under pressure from competition and financial scrutiny, needing to raise $100 billion to stabilize its operations while Microsoft plans to invest $120 billion in AI infrastructure this year [5]. - The software industry, particularly legacy products like Windows, is experiencing a sell-off, adding to the pressure on Microsoft [6]. Group 2: Investor Concerns - The uncertainty surrounding Microsoft's stock price makes it difficult to predict how low it may fall, prompting investors to assess the likelihood of worst-case scenarios [7]. - Microsoft is developing its own AI models to reduce dependence on OpenAI, which is also taking steps to counter competition by launching new AI products and acquiring relevant technologies [8]. - The stickiness of Microsoft's software is highlighted by a significant global outage caused by a cybersecurity issue, indicating that companies are unlikely to replace essential software with unproven AI solutions [9][10]. Group 3: Market Outlook - As Microsoft's valuation decreases, the associated risks diminish, potentially increasing upside for investors; the stock is currently trading at less than 25 times earnings, close to its lowest P/E ratio in a decade [11]. - There is a belief that Microsoft stock could trade higher in a year if the company's fundamentals remain strong [11].

Core Viewpoint - The Schwab U.S. Dividend Equity ETF (SCHD) has experienced significant outperformance in early 2026, driven by a surge in crude oil prices, which has positively impacted its energy stock holdings [2][15]. Group 1: ETF Performance - The Schwab U.S. Dividend Equity ETF has a current income yield of 3.5% over the last 12 months and has delivered robust returns historically [1]. - Despite a lackluster performance in the previous year with only a 0.4% return, the ETF surged nearly 15% in early 2026, significantly outperforming the S&P 500's less than 1% rise [2][5]. Group 2: Sector Exposure - The ETF tracks the Dow Jones U.S. Dividend 100 Index, focusing on 100 top dividend stocks, with a high sector weighting in energy stocks at 19.9% as of the end of last year [4][5]. - The high exposure to energy stocks negatively impacted the ETF's returns last year due to falling oil prices [5]. Group 3: Oil Market Influence - Crude oil prices have rallied sharply in 2026, with Brent oil prices increasing by 15% to over $70 a barrel, influenced by potential supply disruptions in Venezuela and Iran [7]. - The rise in crude prices has benefited the ETF, particularly as two of its top holdings are major oil companies, Chevron and ConocoPhillips, which have seen significant stock price increases this year [8][15]. Group 4: Dividend Growth - Chevron has increased its dividend by 4%, marking 39 consecutive years of growth, with a compound annual growth rate of 6% over the last five years, significantly higher than the S&P 500's 5% [11]. - ConocoPhillips has a current dividend yield of 2.9% and increased its dividend by 8% late last year, aiming for dividend growth within the top 25% of S&P 500 companies [13][14]. - Both companies are expected to continue increasing their dividends, with Chevron projecting over 10% annualized growth in free cash flow through 2030 and ConocoPhillips anticipating an additional $7 billion in annual free cash flow by 2029 [14].

Core Insights - Alphabet's financial performance has shown a consistent upward trajectory, contrasting with negative investor narratives about its position in cloud computing and artificial intelligence [3][5]. Financial Performance - Over the past decade, Alphabet's revenue has increased from $75 billion to over $400 billion, achieving a compound annual growth rate (CAGR) of over 18% [7]. - Operating income has risen from $19.4 billion to $129.2 billion, reflecting a 566% increase and a CAGR of close to 21% [7]. - Net income has increased to more than eight times its initial value, with net margins improving by 11 percentage points to 32.8% [7]. - Earnings per share have grown from $1.14 in 2015 to $10.81 last year, indicating a significant improvement in earnings on a per-share basis [7]. Research and Development - Alphabet has increased its research and development spending five-fold over the past decade, while also improving its operating margin by more than six percentage points to 32% [7]. Market Position - As of the latest data, Alphabet's market capitalization stands at $3.8 trillion, with a current stock price of $314.67 [8]. - The company has executed substantial share buybacks, reducing its outstanding share count from approximately 13.7 billion shares to about 12.1 billion [7]. Recent Developments - In 2025, Alphabet reported a 15% increase in revenue and a 32% rise in net income, indicating strong upward momentum [8].