Core Insights - Sensor Unlimited is a PhD economist specializing in financial economics, focusing on the mortgage market, commercial market, and banking industry [1] - The company provides insights on asset allocation and ETFs related to the overall market, bonds, banking, financial sectors, and housing markets [1] - Sensor Unlimited leads the investing group Envision Early Retirement, offering solutions for high income and growth through dynamic asset allocation [1] Features of Envision Early Retirement - The group offers two model portfolios: one for short-term survival/withdrawal and another for aggressive long-term growth [1] - Members have direct access via chat to discuss investment ideas and receive monthly updates on all holdings [1] - The service includes tax discussions and ticker critiques upon request [1]

Core Viewpoint - Warner's board has determined that Paramount's offer for acquiring Warner is superior to the previously agreed deal with Netflix, leading Netflix to withdraw from the acquisition due to financial unappeal [1] Group 1: Company Actions - Warner's leadership has consistently supported the deal with Netflix since December, even after acknowledging Paramount's superior offer [1] - Despite the new offer from Paramount, Warner's board maintained its recommendation in favor of the Netflix deal [1] Group 2: Industry Reactions - Netflix's co-CEOs expressed that while they would have been strong stewards of Warner's iconic brands, the acquisition was not essential at any price, indicating a strategic approach to investments [1] - The statement from Netflix's leadership highlights the importance of financial viability in acquisition decisions within the streaming industry [1]

Core Insights - Altria Group, Inc. and Philip Morris International Inc. are leading companies in the global tobacco industry, focusing on cigarette and nicotine product sales amid changing consumer preferences [1][2] - Altria has a market capitalization of approximately $116.6 billion, while Philip Morris has a larger market value of around $291.9 billion, reflecting its international presence and leadership in next-generation products [1][2] Altria Group, Inc. Overview - Altria's investment appeal is supported by resilient cash-flow generation and consistent shareholder returns, with a 4.4% adjusted EPS growth in 2025 and approximately $8 billion returned to shareholders through dividends and share repurchases [3][4] - The smokeable products segment generated over $11 billion in adjusted operating income in 2025, with margins expanding to 63.4% due to strong pricing execution [4] - Altria is advancing its smoke-free portfolio, particularly in modern oral nicotine, with a 10.9% shipment volume growth for the on! brand in 2025 [5] - Domestic cigarette volumes declined approximately 9.5% in 2025, indicating ongoing pressure in the combustible category [6] Philip Morris International Inc. Overview - Philip Morris demonstrated a strong growth profile in 2025 with a 14.8% adjusted EPS growth, net revenues exceeding $40 billion, and organic operating income growth of 10.6% [7][8] - Smoke-free products accounted for 41.5% of total net revenues and nearly 43% of gross profit in 2025, with IQOS heated tobacco units and ZYN nicotine pouches showing significant growth [9][10] - Despite a 1.5% decline in combustible cigarette shipments, pricing actions helped lift combustible net revenues by 2.5% [10] - Management projects 2026 adjusted EPS growth of 11.1% to 13.1%, indicating confidence in the company's operating momentum [11] Comparative Analysis - Altria's shares increased by 26.1% over the past year, outperforming Philip Morris's 21.7% gain, although both lagged behind the industry growth of 33.8% [12] - Altria trades at a forward P/E ratio of 12.4, while Philip Morris trades at a forward P/E of 21.82, indicating differing valuations [16] - Philip Morris is viewed as the stronger growth story due to its accelerated shift toward smoke-free products and global scale, while Altria is seen as a stable income choice reliant on its U.S. combustible franchise [17]

Group 1 - Wendel has signed a mandate with Natixis SA for share buybacks up to a maximum volume representing approximately 9% of its share capital, effective until December 18, 2026 [1][2] - The share buybacks will be conducted under the program authorized by the Shareholders' Meeting of May 15, 2025, and the liquidity agreement with Oddo BHF is suspended for the duration of the mandate [2] - The liquidity account currently holds 68,273 shares and €3,897,144.04 [2] Group 2 - Wendel is a leading listed investment firm in Europe, focusing on companies that are leaders in their respective fields, and has initiated a strategic shift into third-party asset management of private assets [3] - The company has made significant acquisitions, including a 51% stake in IK Partners in May 2024 and 72% of Monroe Capital in March 2025, with the acquisition of Committed Advisors announced in October 2025 [3] - As of December 31, 2025, Wendel Investment Managers manages €47 billion on behalf of third-party investors and approximately €5.5 billion in its Principal Investments activity [3]

Core Viewpoint - The company aims to generate a 7%+ income yield by investing in a portfolio of energy stocks while minimizing the risk of principal loss [1] Group 1 - The service offers subscribers access to exclusive investment ideas before they are released to the general public, with many ideas not being released at all [1] - Subscribers receive more in-depth research compared to what is available to the general public [1] - A two-week free trial is currently being offered for the service [1]

Core Insights - D-Wave Quantum Inc. reported a significant annual revenue growth of 179% year over year and a gross profit increase of 265% year over year, ending fiscal 2025 with a liquidity position of over $884 million [1][2] - Despite the impressive percentage growth, the actual revenue of $24.6 million for 2025 is considered small relative to the company's market valuation of nearly $6.7 billion, resulting in a price-to-sales ratio exceeding 260x [2] - D-Wave's bookings for the year decreased by 22% year over year to $18.7 million, and the company reported a loss of $1.11 per share, which is a 48% increase in losses compared to the previous year [2][3] Financial Performance - D-Wave experienced a negative free cash flow of $75.8 million in 2025, which is a 69% increase in cash burn compared to 2024 [3] - The company ended 2025 with $635.3 million in cash and equivalents, along with $249.1 million in marketable securities, totaling over $884 million, which could sustain operations for the next dozen years if necessary [4] Analyst Sentiment - Following the earnings report, analysts from Evercore ISI and Mizuho reduced their price targets for D-Wave Quantum stock, contributing to a 10.3% decline in stock price [1] - Despite current challenges, some analysts believe D-Wave Quantum could start generating positive free cash flow by 2028 [4]

Group 1 - Permian Resources Corporation (PR) has seen a share price appreciation of over 30% since being rated a Strong Buy in December [1] - The company is identified as undervalued and has strong fundamentals and good cash flows, making it an attractive investment opportunity [1] - Energy Transfer is highlighted as another company that was previously overlooked but is now considered a valuable investment [1] Group 2 - The focus is on long-term value investing, with an interest in sectors like Oil & Gas and consumer goods [1] - The analysis emphasizes a preference for companies with clear business models, avoiding high-tech and certain consumer goods sectors that are difficult to understand [1] - The article aims to connect with like-minded investors and build a community focused on informed decision-making and superior returns [1]

Group 1 - A book about the Great Depression by Andrew Ross Sorkin was published nearly four months ago, indicating a potential relevance to current economic conditions [1] - Bert Hochfeld has a long career in the tech industry, having worked for notable companies such as IBM and Raytheon Data Systems, and has been recognized for his analysis in the software sector [1] - Hochfeld founded his own independent research company, providing services to major institutions and hedge funds, and his hedge fund, Hepplewhite Fund, was rated as the best performing small-cap fund for five years ending in 2011 [1] - In 2012, Hochfeld was convicted of misappropriating funds from his hedge fund, which impacted his reputation [1] - Hochfeld has published over 500 articles on Seeking Alpha, focusing on information technology companies, and ranks in the top 0.1% of Tip Ranks analysts for his stock selections [1]

Core Insights - SM Energy reported fourth-quarter 2025 adjusted earnings of 83 cents per share, exceeding the Zacks Consensus Estimate of 73 cents, but down from $1.91 in the same quarter last year [1][10] - Total quarterly revenues were $705 million, missing the Zacks Consensus Estimate of $766 million and declining from $852 million year-over-year [1][10] Operational Performance - Production volume for the fourth quarter was 206.9 thousand barrels of oil equivalent per day (MBoe/d), a 1% decrease from 208 MBoe/d year-over-year, and below the Zacks Consensus Estimate of 209 MBoe/d [3][10] - Oil production increased approximately 1% year-over-year to 108.4 thousand barrels per day (MBbls/d), but fell short of the Zacks Consensus Estimate of 111 MBbls/d [4] - Natural gas production was 428.3 million cubic feet per day, up 1% year-over-year, while natural gas liquids production decreased 10% year-over-year to 27.1 MBbls/d [4] Realized Prices - The average realized price per Boe was $36.92, down from $43.68 in the year-ago quarter [5] - Average realized oil price decreased 16% to $58.17 per barrel, while natural gas prices fell 17% to $1.81 per thousand cubic feet, and natural gas liquids prices declined 16% to $20.67 per barrel [5] Costs & Expenses - Unit lease operating expenses rose 4% year-over-year to $5.55 per Boe, while general and administrative expenses decreased 4% to $2.10 per Boe [6] - Total operating expenses for the quarter decreased to $523 million from $565 million in the previous year [7][10] Capital Expenditures - Capital expenditures for the fourth quarter totaled $216 million, with adjusted free cash flow amounting to $198 million [8][10] Balance Sheet - As of December 31, 2025, SM Energy had cash and cash equivalents of $368 million and a net debt of $2.4 billion [11] Guidance - For Q1 2026, total production is expected to be between 30.5-32.5 million barrels of oil equivalent (MMBoe), with oil accounting for approximately 52% [12] - Full-year 2026 net production volume is projected to be in the range of 146-153 MMBoe, with about 54% from oil, and capital expenditures forecasted between $2.65-$2.85 billion [12]

Core Insights - Robinhood Markets' shares have declined nearly 30% this year, primarily due to sell-offs in cryptocurrencies, particularly Bitcoin, which has dropped from approximately $88,000 to nearly $68,000 [1][9] - The company's transaction revenues are significantly impacted by crypto trading, leading to a 44% year-over-year decline in crypto Daily Average Revenue Trades (DARTs) to 0.5 million in January 2026, and a 38% drop in crypto revenues in Q4 2025 [2][9] Company Performance - Robinhood's focus on the cryptocurrency sector includes increased tokenization and platform enhancements, aiming for greater cost efficiency and revenue growth [6] - The acquisition of Bitstamp and the upcoming WonderFi deal align with Robinhood's strategy to expand its crypto services across the European Economic Area [7][9] - Despite the recent downturn in crypto, Robinhood's crypto revenues are positioned for growth due to rising investor interest in cryptocurrencies [8] Competitive Landscape - Unlike Robinhood, competitors like Charles Schwab and Interactive Brokers have performed better during the crypto sell-offs [3] Business Diversification - Robinhood is transitioning from a brokerage focused on digital assets to a more diversified financial services platform, reducing reliance on transaction-based revenues from 75% in 2021 to 59% in 2025 [17] - The company is expanding into prediction markets and has acquired a 90% stake in MIAX Derivatives Exchange to launch a dedicated futures and derivatives exchange by 2026 [18] Product Innovation - Major product launches in 2025 include Robinhood Cortex, an AI assistant, and the Legend platform for advanced trading [14] - The introduction of banking services and a Gold credit card aims to position Robinhood as a digital banking alternative [15] Financial Health - As of December 31, 2025, Robinhood reported cash and cash equivalents of $4.26 billion, indicating a strong balance sheet [21] - The company initiated a share buyback plan, with plans to repurchase up to $1.5 billion of its outstanding common stock [22] Market Outlook - Analysts have turned bearish on Robinhood due to concerns over crypto sell-offs, with revised earnings estimates for 2026 and 2027 at $2.36 and $2.82 per share, respectively [23] - Despite the challenges, Robinhood's ongoing business transformation and global expansion efforts position it as a next-generation fintech platform [28]