Robert Dempsey: I'm doing very well, thank you. We survived the storm up here in Boston. We're also very excited coming off the heels of our successful FDA meeting that was completed yesterday. Absolutely. Last time you and I chatted, you mentioned you were looking forward to the FDA meeting to get some guidance. It was a Type C meeting — can you explain what that means and what the FDA had to say? Yes. It's an opportunity for us to engage the FDA. We sent them a list of questions as we were preparing for o ...

Like 2025, 2026 has already put the average American's wallet to the test — and it's still just beginning. During economic uncertainty, it's natural to feel confused about how you should maintain your investments. With that in mind, Eric Kelley, chief investment officer at UMB Bank, cut through the confusion to offer a handful of wise tips to manage your investments when the economy is challenging. 1. Don't Act on Panic Whatever you do when economic signs get confusing, don't panic and make drastic financia ...

Get ahead of the market by subscribing to Seeking Alpha's Wall Street Week Ahead, a preview of key events scheduled for the coming week. The newsletter keeps you informed of the biggest stories set to make headlines, including upcoming IPOs, investor days, earnings reports, and conference presentations. Wall Street's main averages were lower on Friday as investors continued to assess the latest company earnings, and technology stocks continued to decline. Investors turned their focus on U.S. President Donal ...

My previous article on Western Union ( WU ) was relatively bullish, with a focus on the firm's stable margins, encouraging new stablecoin initiative, and very low valuation, with the bonus of a ~10% dividend yield.I am an international analyst with a Buffett and Munger inspired approach to investing. My emphasis is on identifying high quality, shareholder-oriented companies which have been unfairly discounted by the market due to short term factors or irrational investor psychology. At the moment, I am part ...

Core Insights - Target has evolved from a small discount retailer in Minnesota to a leading discount retailer in the U.S., with annual sales exceeding $100 billion and ranking 8th in sales by the National Retail Federation [7][32]. Company History - The company was founded by George Draper Dayton in 1881, who initially assessed investment opportunities in the Midwest before establishing the Dayton Dry Goods Company [6][5]. - Under the leadership of Dayton and his successors, the company expanded significantly, including the opening of the first fully enclosed, air-conditioned shopping center in the U.S. in 1956 [3][4]. - The company was renamed The Dayton Company and later became known as Dayton's department store, which saw rapid growth and innovation, including the use of airplanes for transporting goods [4][3]. Brand Development - The first Target store opened in 1962, with a focus on providing a higher-quality experience for value-oriented shoppers [2][14]. - The iconic "Bullseye" logo was introduced in 1962 and has undergone several refinements over the years [8][10]. - Target's motto "Expect More. Pay Less." was unveiled in 1994, reinforcing its brand identity [20]. Financial Milestones - Target achieved $1 billion in annual sales for the first time in 1979 and exceeded $10 billion in annual revenue for the first time in 1992 [19][20]. - In 2021, Target's revenue reached a record $106 billion, with net income hitting $6.9 billion [32]. - The company has consistently paid dividends since its first payment in 1967, reflecting its financial stability [15]. Corporate Strategy and Initiatives - Target has committed to investing over $7 billion in corporate strategy initiatives, including store remodeling and enhancing the consumer experience [30][33]. - The company aims to source 100% of its electricity from renewable sources by 2030 as part of its sustainability goals [31]. - In response to the COVID-19 pandemic, Target adapted its services to include contactless delivery options and increased its minimum wage to $15 an hour [31]. Recent Developments - In 2025, Target announced a strategic plan to drive over $15 billion in sales growth by 2030, focusing on improving the consumer experience and supply chain [33]. - The company faced challenges, including a reduction in its corporate workforce by 1,800 jobs and a decline in stock price, attributed to backlash over its diversity initiatives [34]. - As of early 2026, Target's stock traded around $108 per share, significantly lower than its peak price in 2021, with a market capitalization of approximately $49 billion [34].

Core Insights - Silver has experienced its worst price collapse in history, indicating a significant downturn in the market for this precious metal [1] - The decline marks the largest percentage drop since the 1980s, highlighting a critical moment for investors and stakeholders in the silver industry [1] Industry Summary - The current market conditions for silver are unprecedented, with historical comparisons showing a drastic shift in pricing dynamics [1] - Investors may need to reassess their strategies in light of this significant price decline, as it could impact future demand and supply scenarios in the silver market [1]

Core Viewpoint - 2025 is projected to be a significant year for tech stocks, but real estate investment trusts (REITs) are highlighted as a promising investment option for stabilizing portfolios and generating dividend income [1] REITs Background and Performance - REITs provide essential benefits such as steady income through dividends, competitive performance, and diversification from stocks and bonds, making them critical for investors [2] - The Nareit 2026 REIT Outlook indicates that REITs showed strong operational performance in 2025, supported by high interest rates, solid fundamentals, and substantial dividends [2] Dividend Structure - By law, REITs are required to distribute at least 90% of their taxable income to shareholders, with many distributing 100%, resulting in higher and more consistent dividends compared to traditional stocks [3] Market Presence - Over 70% of U.S. pension funds incorporate REITs into their investment strategies, with more than 75% of pension plans with assets exceeding $25 billion holding REITs [4] Retirement Accounts - Investors with defined contribution plans, such as 401(k)s, are encouraged to seek REIT funds to enhance their retirement savings, as these accounts provide a tax-efficient way to gain exposure to REITs [5] International REITs - In 2025, North and South American REITs returned 5.5%, while Asian REITs achieved 28% and European REITs 19.9%, indicating a shift in performance dynamics [6] - While U.S. REITs are recognized for their familiarity and competitive performance, incorporating international REITs can enhance portfolio resilience [7]

Core Viewpoint - The analysis maintains a strong buy recommendation for Meta Platforms Inc. (META), emphasizing confidence in the company's advertising capabilities despite recent market rallies [1]. Group 1: Company Performance - The company is recognized for its effective advertising engine, which is believed to drive significant growth and profitability [1]. Group 2: Investment Strategy - The investment approach focuses on identifying high-potential opportunities with a favorable risk-reward ratio, aiming for a minimum upside potential of 3-5 times the downside risk [1]. - Emphasis is placed on leveraging market inefficiencies and contrarian insights to maximize long-term compounding while safeguarding against capital impairment [1]. - A 2-3 year investment horizon is adopted to endure market volatility, highlighting the importance of patience, discipline, and intelligent capital allocation for achieving substantial returns over time [1].

Core Viewpoint - Apollo Commercial Real Estate Finance (ARI) plans to sell its loan portfolio to Athene, which is expected to be a transformational deal aimed at addressing the valuation gap between ARI's market price and the intrinsic value of its assets [4][10]. Financial Details - The transaction is expected to deliver approximately $1.4 billion of net cash to ARI [1][7]. - After the repayment of most financing facilities and transaction expenses, ARI anticipates a common equity book value per share of about $12.05 [2][7]. - The purchase price for the loan portfolio is set at 99.7% of total loan commitments, excluding two loans with a principal balance of $146 million [3][7]. Strategic Implications - The sale is designed to close a long-standing valuation gap, as ARI's stock has traded at an average of about 0.76 of net book value for several years [9][11]. - Management plans to evaluate commercial real estate-related strategies to unlock additional value, including potential M&A opportunities [12][13]. - If no new asset strategy is identified by year-end, ARI's board may explore all strategic alternatives, including dissolution [14]. Governance and Transaction Process - The transaction has been approved by ARI's board following a recommendation from a special committee of independent directors [15]. - A 25-day go-shop period will allow for additional interest in the portfolio before a stockholder vote [17][18]. - Apollo has agreed to a 50% reduction in ARI's annual management fee and will reimburse up to $10 million of transaction expenses [16].

Group 1 - President Trump nominated Kevin Warsh to succeed Jerome Powell as Chair of the Federal Reserve, leading to a decline in Bitcoin prices below $83,000 [1] - Warsh's reputation as an inflation hawk and strong-dollar advocate suggests that his leadership could significantly alter market interpretations of Federal Reserve policy signals [2] - The announcement from Trump dampened expectations for rapid rate cuts, resulting in a spike in the dollar while precious metals and cryptocurrencies experienced sharp declines [3] Group 2 - Bitcoin has broken below the critical 2-day 200 EMA and SMA, which historically serve as support during bull markets [4] - Following a countertrend rally of approximately 21% to 22%, Bitcoin faced rejection in a heavy resistance zone between $95,500 and $106,800 [5] - A failure to reclaim these moving averages may indicate a shift into a more aggressive bearish phase, with a breakdown below the $79,000 to $80,000 support range potentially confirming a downtrend towards $75,000 to $70,000 [6] Group 3 - Momentum and money-flow indicators for Bitcoin remain weak, characterized by declining spot volume and reduced whale participation, limiting the likelihood of a sustained upside move in the near term [7]