Core Viewpoint - Delivery companies, including Uber and DoorDash, have lost their legal attempt to block New York City's new tipping law, which mandates that food delivery apps must offer customers the option to tip delivery workers and suggest a minimum tip of 10% [2][3]. Group 1: Legal Developments - Uber and DoorDash sought an injunction against the new law, arguing it infringed on their First Amendment rights, but the judge ruled they did not show a strong likelihood of success in their claims [2]. - The law requires delivery platforms to prompt customers for tips during checkout rather than at the time of delivery, which DoorDash claims creates undue pressure on customers [3]. Group 2: Financial Implications - City regulators have alleged that Uber and DoorDash's app modifications have cost delivery workers over $550 million by discouraging customer tipping [4]. - A DoorDash spokesperson indicated that the new legislation could lead to an immediate decline in orders for small businesses in New York [5]. Group 3: Labor Economy Context - The new law is being implemented amid ongoing concerns within the Labor Economy, which consists of approximately 60 million U.S. workers earning about $25 an hour or less [6]. - Research indicates that sentiment among Labor Economy workers remains stagnant despite overall economic improvements, with many expecting their income to remain flat while monthly expenses rise [7].

Core Insights - The Schwab Emerging Markets Equity ETF (SCHE) offers lower costs and higher yields compared to the iShares MSCI Emerging Markets ETF (EEM), which has a longer history and greater tech exposure [1][4][10] Cost and Size Comparison - SCHE has an expense ratio of 0.07%, significantly lower than EEM's 0.72%, which could lead to compounded savings over time [3][4] - As of January 22, 2026, SCHE's one-year return is 28.4%, while EEM's is 37.9% [3] - SCHE has a dividend yield of 2.9%, higher than EEM's 2.2% [3][9] - SCHE has assets under management (AUM) of $12.0 billion, compared to EEM's $25.1 billion [3] Performance and Risk Comparison - Over the past five years, SCHE's maximum drawdown is -35.70%, while EEM's is -39.82% [5] - The growth of $1,000 invested over five years is $1,036 for SCHE and $1,044 for EEM [5] Holdings and Diversification - EEM tracks large- and mid-cap companies with a 30% tilt towards technology, while SCHE has a 22% tech exposure and holds over 2,100 stocks, making it more diversified by company count [6][7] - EEM's top holdings include Taiwan Semiconductor Manufacturing, Tencent Holdings, and Samsung Electronics, which make up 21.5% of its assets [6] - SCHE's top holdings also feature Taiwan Semiconductor, Tencent, and Alibaba Group, comprising nearly 22% of its assets [7] Investment Implications - Both SCHE and EEM provide passive investment opportunities in emerging markets, holding over 1,000 stocks each [8] - The significant difference in expense ratios suggests that SCHE may be a more cost-effective option for investors seeking exposure to emerging markets [10]

Core Viewpoint - Taiwan Semiconductor Manufacturing Company (TSMC) is significantly investing to meet the growing demand for AI chips, with a planned capital expenditure of up to $56 billion, indicating strong confidence in sustained AI demand despite some caution from its CEO [2][4][5]. Company Overview - TSMC holds a dominant market share in the logic chip market, essential for AI computing, and is increasing production capacity to meet demand [2]. - The company's stock has increased over 300% since the start of the AI race in 2023, yet it is still considered undervalued compared to major tech companies [7][8]. Financial Performance - TSMC's revenue rose by 26% year over year during its last quarter, and it trades at 25 times forward earnings, which is competitive compared to the broader market [8][10]. - The company projects nearly 30% revenue growth by 2026 and expects a compound annual growth rate (CAGR) of 25% through 2029 [11]. Market Dynamics - Continued spending by AI hyperscalers on data centers is crucial for maintaining elevated demand for TSMC's chips, with projections indicating growth in data center buildouts through at least 2030 [12]. - The overall market environment shows that major tech companies trade at about 30 times forward earnings, while TSMC's growth rate is expected to accelerate, making it a potentially stronger investment [8][10].

Core Viewpoint - The Vanguard Value ETF (VTV) and the State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) serve different investment strategies, with VTV focusing on large-cap value stocks and SPTM providing broader market exposure across various market capitalizations [2][9]. Cost & Size - VTV has an expense ratio of 0.04% and assets under management (AUM) of $218 billion, while SPTM has a slightly lower expense ratio of 0.03% and AUM of $12 billion [3][4]. - The one-year return for VTV is 11.48%, compared to SPTM's 12.91%, and VTV offers a higher dividend yield of 2.05% versus SPTM's 1.13% [3][4]. Performance & Risk Comparison - Over the past five years, VTV has a maximum drawdown of -17.03%, while SPTM has a higher drawdown of -24.15% [5]. - An investment of $1,000 in VTV would grow to $1,622 over five years, whereas the same investment in SPTM would grow to $1,765 [5]. Portfolio Composition - SPTM tracks a broad U.S. equity index with 1,510 stocks, heavily weighted towards technology (34%), followed by financial services (13%) and consumer cyclical (11%) [6]. - VTV focuses on 312 large-cap value stocks, with significant sector exposure in financial services (25%), healthcare (16%), and industrials (13%) [7]. Investment Implications - SPTM offers broader market exposure and includes stocks from various sectors and sizes, making it suitable for investors seeking overall market performance [9]. - VTV targets large-cap value stocks, which may provide more stability and higher dividend income potential, appealing to income-focused investors [10].

Core Insights - Monero (CRYPTO: XMR) has experienced a significant decline of 25.6% over the past week after reaching a new all-time high, indicating investor fear amid tightening regulations in the cryptocurrency sector [1][8] Group 1: Market Dynamics - The recent decline in Monero's price is primarily linked to the technical fundamentals affecting most crypto assets, particularly the impact of leveraged trading and liquidation activity [5] - Over $2 million in long bets on Monero were liquidated in a single day, with additional millions liquidated throughout the week, leading to a significant reduction in investor accounts [6] - The reduction in open interest suggests a shrinking investor base for Monero, indicating potential challenges for future price recovery [7] Group 2: Performance Context - Monero has been identified as the worst-performing cryptocurrency among the top 15 over the past week, following its peak performance earlier in the week [8]

Core Insights - Baker Hughes reported an 11% increase in adjusted profit for the fourth quarter, driven by strong demand for its gas technology equipment and services, which compensated for the weakness in its oilfield services [1] Financial Performance - The adjusted profit for the fourth quarter rose by 11%, indicating a positive trend in profitability [1] - The demand for gas technology equipment and services was a significant factor in this profit increase, highlighting a shift in market focus [1] Market Dynamics - The performance in gas technology contrasts with the weakness observed in oilfield services, suggesting a potential area of concern for the oil sector [1] - The overall demand dynamics indicate a growing preference for gas-related technologies over traditional oilfield services [1]

Core Insights - Netflix's streaming service has reached a record-high of 325 million subscribers, significantly outpacing competitors like Amazon Prime and Disney+ [1][3] - Despite this success, Netflix's stock price has decreased by 36% from its mid-2025 peak, raising concerns about the valuation of its maturing business and the impact of its planned $82 billion acquisition of Warner Bros. Discovery [2][9] Subscriber Growth and Competition - Netflix continues to lead the streaming market with 325 million paying subscribers, while Amazon Prime and Disney+ have 200 million and 131.6 million subscribers, respectively [3] - The company is innovating with new pricing structures, including a low-cost subscription tier at $7.99 per month, to attract a broader audience [4] Advertising Business Momentum - Netflix's advertising revenue has shown remarkable growth, doubling year-over-year in 2024 and exceeding $1.5 billion in 2025, although it still represents a small portion of the total revenue of $45.2 billion [6] - The advertising business is expected to continue growing, especially with the addition of premium content and live sports [5][14] Acquisition Plans - Netflix announced plans to acquire Warner Bros. Discovery, which holds valuable franchises and could significantly enhance its advertising business [8] - Regulatory concerns may arise regarding the competitive implications of this acquisition, as Warner is a major player in the streaming market [9] Financial Performance and Valuation - In 2025, Netflix reported earnings of $2.53 per share, resulting in a price-to-earnings (P/E) ratio of 33, which is comparable to the Nasdaq-100 average of 32.6 [10] - Wall Street estimates suggest earnings could grow to $3.12 per share in 2026, leading to a forward P/E of 26.6, indicating potential for stock appreciation [11][13] Future Outlook - Management anticipates the advertising business will double in size again this year, and Netflix is committed to outspending competitors on content to attract new subscribers [14] - The recent decline in stock price may present a buying opportunity for long-term investors, despite potential volatility related to the Warner Bros. acquisition [13][14]

Group 1: Industry Overview - Venezuela possesses the largest oil stockpile globally, estimated at 303 billion barrels, yet oil company executives are uncertain about investing billions to revamp the country's oil infrastructure [1] - Up to $100 billion is required to restore Venezuela's oil industry, with significant potential returns, but it may take years for companies like Chevron and ExxonMobil to see justifiable returns on their investments [2] - Venezuela's oil production peaked at 3.75 million barrels per day, but is projected to be around 800,000 barrels per day by 2025, recovering from a low of approximately 350,000 barrels per day in 2020 [3] Group 2: Company Perspectives - ExxonMobil's CEO has labeled Venezuela as "uninvestable" under current regulations, while Chevron remains cautiously optimistic about its operations in the country [3] - Chevron is confident that the U.S. government can implement necessary protections, facilitating a significant overhaul of an underinvested industry [5] - Major oil executives, including those from Chevron, have recently elaborated on the potential opportunities in Venezuela [6] Group 3: Production Strategies - Venezuela's petroleum production and consumption have sharply declined since 2014, necessitating a comprehensive plan to attract investments from major oil companies [7] - A shift towards targeted projects may be emerging, focusing on rapidly increasing production from the most profitable wells to generate cash flow and mitigate perceived risks [8] - Chevron holds various interests in Venezuelan oil fields, including a 39.2% stake in the Boscan Field and a 30% interest in the Huyapari Field within the Orinoco Belt [9]

Core Viewpoint - The North Sea oil and gas sector in the UK is experiencing a significant decline, contradicting claims of abundant reserves, with production expected to fall sharply and investment decreasing due to regulatory challenges and high taxes [1][3]. Investment and Production Trends - The North Sea is projected to have approximately 2.9 billion barrels of oil equivalent by the end of 2024, indicating only decades of supply rather than the centuries suggested by some [1] - Wood Mackenzie forecasts that 2023 may be the last year the UK produces over 1 million barrels of oil equivalent per day (boe/d) from the North Sea [2] - Investment in the UK upstream sector is expected to drop to less than $3.5 billion in 2026, the lowest level since the 1970s, while Norway is projected to maintain around $20 billion in development spending [5] Regulatory Environment and Its Impact - The UK Energy Profits Levy (EPL), a temporary windfall tax at a rate of 78% on exceptional profits, has deterred new projects and negatively impacted investment in the sector [3] - The EPL is set to end by March 2030, to be replaced by a permanent Oil and Gas Price Mechanism (OGPM) that will impose a 35% charge when prices exceed certain thresholds [3] Future Outlook and Industry Dynamics - The North Sea upstream sector in 2026 will be characterized by reduced investment, ongoing mergers and acquisitions (M&A), and a focus on capital discipline and operational efficiency [4] - The divergence in investment levels between the UK and Norway highlights the contrasting fiscal and regulatory environments, with Norway benefiting from stable policies and a robust project pipeline [5]

Core Insights - Walmart is positioned as a better long-term investment compared to Target due to its focus on value and bargains, appealing to budget-conscious consumers [2][3] - Walmart has a significant logistical advantage with over 5,200 stores in the U.S., while Target has around 2,000, allowing Walmart to reach more consumers [4][7] Company Comparison - Walmart's strategy of low pricing enables it to perform well in both strong and weak economic conditions, attracting a wider customer base [2][7] - Target's premium brand positioning may deter consumers during economic downturns, leading them to choose Walmart for better deals [3] Market Presence - The extensive footprint of Walmart allows it to be accessible to most Americans, enhancing its competitive edge over Target [4][7] - Target's presence is less widespread, particularly in rural areas, limiting its market reach compared to Walmart [4]