Core Viewpoint - The S&P 500's high valuation suggests a potential decline in the stock market by 2026, as indicated by historical performance trends following similar valuation levels [3][8][10]. Company Insights - Warren Buffett has been a net seller of stocks since Q4 2022, with net sales totaling $184 billion as of September 2025, despite Berkshire Hathaway having a record $382 billion in cash and short-term investments [6][7]. - Berkshire Hathaway's Class A shares have increased over 6,100,000% since Buffett took control, significantly outperforming the S&P 500's return of about 46,000% [2]. Market Valuation - The S&P 500's average cyclically adjusted price-to-earnings (CAPE) ratio reached 39.4 in December, marking the highest valuation since October 2000, and has only exceeded this level during 25 months in its 68-year history [8][9]. - Historical data indicates that following periods when the S&P 500's CAPE ratio was above 39, the index has declined by an average of 4% in the subsequent year and has never increased during the three years following such high valuations, with an average decline of 30% [10][11].

Core Insights - Palantir Technologies and Intel have shown significant returns in 2025, with Palantir shares increasing by 145% and Intel shares by 88%, but analysts predict substantial declines in 2026 [1] Palantir Technologies - Palantir specializes in analytics and AI software, recognized as a leader in AI platforms and decision intelligence software by Forrester Research and IDC [3] - RBC Capital has set a target price of $50 per share for Palantir, indicating a 72% downside from the current price of $180.84, while Jefferies has a target of $70 per share, implying a 61% downside [4] - Palantir's revenue growth has accelerated for nine consecutive quarters, with a gross margin of 80.81% [5] - The company currently trades at 115 times sales, significantly higher than the next closest S&P 500 stock at 44 times sales, suggesting that the premium is unsustainable [6] Intel - Intel is the largest supplier of CPUs but has fallen behind competitors like TSMC due to manufacturing delays and missteps [7] - The company has lost over 35% market share in both personal computers and data center servers over the past decade [8] - Morgan Stanley has set a bear-case target price of $19 per share for Intel, indicating a 50% downside from its current price of $37.30, while Wedbush has a target of $20 per share, implying a 47% downside [4] - Intel's foundry business has struggled to attract major customers, and sales have dropped 23% over the last three years despite rising demand for AI processors [11] - The stock trades at 2.7 times sales, above its three-year average of 2.2 times, but underlying issues remain unaddressed [12]

Group 1: Sea Limited - Sea Limited, often referred to as the "Amazon of Southeast Asia," operates three business units: Shopee, Monee, and Garena, making it a significant player in the digital economy [3][4] - Shopee is the largest e-commerce platform in Southeast Asia, processing 10 billion orders worth $90.6 billion in the first three quarters of 2025 [3] - Sea Limited is projected to grow its revenue by over 30% in 2025, its fastest pace in four years, despite its stock being down 35% from its 52-week high [4] Group 2: Workiva - Workiva provides a platform that integrates with major digital storage, productivity, and accounting applications, allowing organizations to compile reports efficiently [5] - The company is expected to achieve record revenue in 2025 due to growth in its largest customer segments, although its stock is down 20% this year [7] - The majority of analysts covering Workiva rate it as a buy, indicating strong potential for future growth [7] Group 3: Douglas Elliman - Douglas Elliman is the fifth-largest residential real estate brokerage in the U.S., with significant operations in luxury markets [9] - The company sold $30.1 billion worth of real estate in the first three quarters of 2025, on track to exceed its 2024 sales total of $36.4 billion [9] - Despite a 46% increase in stock price in 2025, it remains undervalued compared to its all-time high and rivals, suggesting potential for further growth if interest rates decrease [10][11] Group 4: DigitalOcean - DigitalOcean focuses on providing cloud computing and AI services to small and mid-sized businesses, utilizing GPUs from top suppliers [12][13] - The company's AI-related revenues have more than doubled year over year for five consecutive quarters, indicating strong momentum entering 2026 [14] - DigitalOcean's stock is considered inexpensive, making it an attractive option for investors looking for growth in the AI sector [14]

Core Insights - Warren Buffett's tenure as CEO of Berkshire Hathaway officially ends on December 31, 2025, although he will remain as chairman of the board [1] - Under Buffett's leadership, Berkshire Hathaway's Class A shares have achieved a cumulative return of nearly 6,060,000% since he took over, significantly outperforming the S&P 500 [2] - The company, now valued at over $1 trillion, will transition to new leadership under Greg Abel, who has been with Berkshire for 25 years [3] Investment Philosophy - Buffett's investment strategy focused on long-term value, leading to approximately five dozen acquisitions across various sectors, with notable successes like GEICO and BNSF [5] - As of late December 2025, Berkshire's investment portfolio reached a market value of $316 billion, encompassing nearly 50 holdings [6] - Buffett's approach emphasized patience and a rejection of high-frequency trading, favoring investments in companies with sustainable competitive advantages [9] Transition to New Leadership - Greg Abel, the new CEO, shares a similar long-term investment philosophy with Buffett and is expected to continue the company's buyback program [17][19] - Abel's leadership may bring a more active management style to Berkshire's smaller holdings, with potential investments ranging from $10 million to $2 billion [21] - The new era may also see a shift towards including more technology and healthcare stocks in Berkshire's core holdings, areas where Buffett was historically less active [22] Market Position and Future Outlook - Berkshire Hathaway's current market cap stands at $1.1 trillion, with a gross margin of 24.85% [10] - The company has been a net seller of stocks for the past 12 quarters, totaling nearly $184 billion, while major indices have reached record highs [13] - Despite potential changes in investment focus, the foundational philosophies established by Buffett and Munger are expected to guide the company's future success [25]

Make sure to keep these changes on your radar.It's natural to think of Social Security as a program that matters to retirees only. After all, they're the ones who get to collect benefits.But you should be paying attention to Social Security happenings even if you're nowhere close to retirement age. That's because changes to the program could impact you -- for better or worse. Unfortunately, Social Security is in line for two specific changes in 2026 that could have a negative effect on working Americans. He ...

Company Overview - Universal Technical Institute (UTI) is a leading provider of technical education, focusing on training for automotive, diesel, and related skilled trades, leveraging a national campus network and partnerships with manufacturers to deliver industry-aligned curricula [6] - As of November 13, 2025, UTI's stock price was $29.38, with a market capitalization of $1.60 billion, revenue of $835.62 million, and net income of $63.02 million [4][10] Financial Performance - UTI ended its 2025 fiscal year with revenue of $835.6 million, reflecting a strong 14% year-over-year increase, while net income rose to $63 million, representing a 50% year-over-year growth [10] - Despite strong fiscal performance, UTI's stock price declined due to anticipated net income drop of about 33% year-over-year for the 2026 fiscal year as the company invests in expanding its business [11] Investment Activity - Needham Investment Management LLC increased its position in UTI by 239,000 shares during the third quarter, raising its total stake to 550,000 shares valued at $17.90 million, a net increase of $7.36 million from the previous quarter [2][3] - The increased stake represents 1.2% of Needham's 13F reportable assets under management (AUM) [3] Market Performance - UTI shares have increased by 44.5% over the past year, outperforming the S&P 500 by 33.3 percentage points [3] - The stock price experienced a decline to a 52-week low of $21.29 in November, despite the company's strong revenue growth [7]

Core Viewpoint - Royal Caribbean Cruises is experiencing significant growth driven by a new generation of younger travelers who appreciate cruise experiences, leading to increased bookings and onboard spending [1][2][8]. Financial Performance - The stock has increased over 300% in the past five years and is up more than 22% year to date as of December 30 [1][4]. - The current market capitalization of Royal Caribbean is $77 billion, with a current stock price of $281.70 [2]. - The company has a gross margin of 39.53% and a dividend yield of 1.24%, having reinstated its quarterly dividend of $1 in mid-2024 after a suspension during the pandemic [2][4]. Market Position - Royal Caribbean is perceived as a high-end cruise option, offering larger ships and unique attractions, which differentiates it from competitors like Carnival [6][10]. - The company holds approximately 26% market share among major cruise lines, while Carnival leads with over 32% [11]. Consumer Trends - Younger generations, particularly Generation Z and millennials, are prioritizing travel experiences over traditional financial milestones, which bodes well for the cruise industry as long as this trend continues [8]. - Bookings for 2026 are significantly higher than the previous year, indicating strong future demand [2]. Competitive Landscape - Royal Caribbean's stock trades at higher price-to-earnings ratios compared to competitors like Carnival and Norwegian Cruise Lines, and it carries a substantial debt of $20.6 billion [10]. - Despite the debt, Royal Caribbean is actively reducing its liabilities and is positioned to capture more market share [10][11].

The Xtrackers International Real Estate ETF and the iShares Global REIT ETF both invest worldwide, but their construction determines whether property exposure stays tied to U.S. REIT cycles or expands across global markets.Xtrackers International Real Estate ETF (HAUZ) stands out for yield and recent return, while iShares Global REIT ETF (REET) brings greater scale, liquidity, and U.S. REIT concentration to the real estate ETF space.This comparison looks at HAUZ and REET, two global real estate exchange-tra ...

Core Viewpoint - Intel is poised to regain its competitive edge in the semiconductor industry, with significant stock gains and strategic partnerships enhancing its market position [1][2]. Group 1: Stock Performance - Intel's stock surged by 80% in 2025, particularly in the latter half of the year, driven by favorable developments including government investments and a partnership with Nvidia [2]. - The stock is currently trading at $37.29, with a market capitalization of $175 billion [6][7]. Group 2: Competitive Landscape - Intel has lagged behind Taiwan Semiconductor Manufacturing Company (TSMC) due to delays in advanced process node development, resulting in lost market share in key areas like server and client CPUs [5]. - TSMC's upcoming 2nm process node is expected to be 15% more powerful and 35% more energy efficient than its 3nm node, which has already gained traction among major customers [8]. Group 3: Manufacturing Capacity and Technology - Intel's Fab 52 facility in Arizona is equipped with advanced semiconductor manufacturing equipment and has a current production capacity of 10,000 wafer starts per month, with potential to quadruple that output [9][10]. - Intel's 18A process is reported to outperform TSMC's and Samsung's equivalent nodes, positioning the company favorably as it ramps up production [10]. Group 4: Financial Outlook - Intel is expected to report an adjusted profit of $0.34 per share in 2025, a significant improvement from a loss of $0.13 per share in 2024, indicating strong earnings growth potential [14]. - Analysts project a 12-month median price target of $40 for Intel's stock, suggesting a potential upside of 10% in the next year, although the stock is currently considered expensive [12][13]. Group 5: Future Catalysts - New catalysts, including the partnership with Nvidia and the ramp-up of the 18A process, could drive further stock gains in 2026, potentially exceeding current price targets [16].

Core Insights - The article discusses the rapid growth of the AI semiconductor market, highlighting the potential of high-bandwidth memory (HBM) as a key component for AI infrastructure [1][10] Group 1: AI Market Growth - Artificial intelligence is projected to contribute $15.7 trillion to the global economy by the end of the decade, with productivity gains accounting for $6.6 trillion and consumer-related applications for $9.1 trillion [2] - Nvidia has dominated the AI chip market, holding over 90% market share in GPUs, which are essential for training large language models [3][5] Group 2: Competitive Landscape - The emergence of application-specific integrated circuits (ASICs) is expected to challenge Nvidia's GPU dominance by 2026, as companies like Alphabet and Meta are ordering custom AI processors from Broadcom and Marvell Technology [6][7] - Broadcom anticipates its AI revenue to double to $8.2 billion in the current quarter, supported by significant contracts from major tech firms [7] Group 3: Memory Demand - The demand for high-bandwidth memory (HBM) is surging, with Micron Technology estimating HBM market revenue to grow from $35 billion in 2025 to $100 billion in 2028 [11] - Micron's revenue increased by 57% year over year in Q1 fiscal 2026, reaching $13.6 billion, driven by high demand for HBM [13] Group 4: Future Outlook - Analysts forecast a 288% increase in Micron's earnings this year to $32.14 per share, indicating strong growth potential in the HBM segment [14] - Micron's current trading valuation is below 10 times forward earnings, suggesting it may be an attractive investment opportunity as the demand for HBM continues to rise [15]