Group 1 - The S&P 500 has achieved double-digit gains for three consecutive years, driven by strong performance in AI and quantum computing stocks [1] - Despite strong earnings from tech companies like Meta Platforms and Taiwan Semiconductor Manufacturing, the overall market momentum has slowed due to concerns about interest rate cuts and AI growth expectations [2][5] - The S&P 500 Shiller CAPE ratio has surpassed 39, a level previously seen before the dot-com bubble burst, indicating potential valuation concerns [6] Group 2 - The Federal Reserve's recent decision to hold interest rates steady has contributed to market uncertainty, negatively impacting stock performance [4] - Ongoing high spending on AI by major tech firms has raised investor worries, leading to a lack of significant upward movement in the S&P 500 [5]

Core Insights - The influx of higher-income consumers is significantly benefiting Walmart, leading to increased visits and purchases of higher-margin items [1] - Walmart's e-commerce and advertising segments are driving substantial growth, with e-commerce sales increasing by 27% globally [5][10] - Walmart's operational improvements and strategic investments are reflected in raised sales and earnings guidance for fiscal 2026 [12][13] Group 1: Consumer Trends - Higher-income consumers are increasingly attracted to Walmart for convenience, quality, and low prices, resulting in more frequent visits and purchases of premium products [1] - The growth in affluent shoppers is creating a multiplier effect, enhancing e-commerce growth and increasing subscriptions to Walmart+ [2] Group 2: E-Commerce Growth - Walmart achieved its first profitable quarter for e-commerce operations in May 2025, marking a significant transformation in its business model [4] - Global e-commerce sales surged 27%, with U.S. sales increasing by 28%, driven by store-based order fulfillment and a growing third-party marketplace [5] Group 3: Speed and Delivery - Walmart's ability to deliver orders within three hours to 95% of American households has been a critical factor in its e-commerce success [6] - Revenue from faster deliveries has increased by 70% year over year, highlighting speed as a competitive advantage [7] Group 4: Marketplace and Advertising - Walmart's online marketplace has expanded to over 500 million items, attracting more customers and generating commission revenue from third-party sellers [8] - The advertising business has grown by 53%, now representing a $4 billion revenue stream, showcasing high margins and low capital requirements [10][9] Group 5: Financial Performance and Stock Outlook - Walmart has raised its full-year sales forecast multiple times, indicating strong operational momentum and confidence in future growth [11][12] - Walmart shares have increased approximately 20% in 2026, significantly outperforming the S&P 500, reflecting a shift in investor perception towards a growth-oriented company [14][15]

Group 1 - Billionaire investor Ray Dalio warns that the post-World War II global order has "broken down," with rising great-power tensions, capital wars, and mounting debt risks reshaping the international financial system [1][3] - Dalio describes the current era as one of "great power politics," characterized by sanctions, asset freezes, and the weaponization of money [1][3] - The decades-long U.S.-led global stability system is unraveling, with countries increasingly prioritizing their own strategic interests over shared rules [3] Group 2 - Dalio advises investors to sell all debt and buy gold, citing that wars are financed through borrowing and printing money, which devalues both debt and currency [4] - He emphasizes that during conflicts, gold serves as the "coin of the realm," as trust in credit systems diminishes [4] Group 3 - Dalio does not endorse Bitcoin or other cryptocurrencies as a hedge against geopolitical breakdown, instead highlighting gold's historical role as a trusted store of value during financial repression [5] - The recent surge in precious metal prices contrasts with the plummeting prices of risk-sensitive markets like crypto [6] Group 4 - The narrative of Bitcoin as "digital gold" is being tested due to its recent dramatic price falls, raising concerns about its status as a defensive store of value [7][8] - Dalio's perspective suggests that the conditions of great-power conflict make gold the default store of value, further challenging Bitcoin's position [8]

Core Viewpoint - Costamare Inc. is set to release its fourth quarter financial results for the year ended December 31, 2025, on February 18, 2026, before the market opens in New York [1] Earnings Release Details - The earnings release will occur on February 18, 2026, before market opening [1] - A conference call to discuss the financial results will be held on the same day at 8:30 a.m. ET [2] - Participants are advised to join the call 10 minutes early using specific dial-in numbers [2] Conference Call and Webcast - A replay of the conference call will be available until February 25, 2026, with designated numbers for the US and international participants [3] - A live webcast will also be available on the Costamare Inc. website, with registration recommended 10 minutes prior to the start [4] Company Overview - Costamare Inc. is a leading owner and provider of containerships for charter, with a history of 52 years in the international shipping industry [5] - The company operates a fleet of 69 containerships with a total capacity of approximately 520,000 TEU and has six newbuild containerships under construction with a capacity of 18,600 TEU [5] - Costamare's common stock and preferred stocks are traded on the New York Stock Exchange under various symbols [5]

Core Viewpoint - Hapag-Lloyd is in advanced negotiations to acquire ZIM Integrated Shipping Services, which would enhance its position as one of the largest ocean shipping companies globally [1] Company Summary - Hapag-Lloyd aims to consolidate its market position by acquiring ZIM's international operations for over $3 billion, while FIMI Opportunity Funds will acquire ZIM's Israeli operations [1] - The acquisition could increase Hapag-Lloyd's global market share from 7% to just under 9%, making it the fifth-largest ocean shipping company [1] Industry Context - The deal is seen as a strategic move to gain additional capacity in the short term, especially given the current limitations in shipyard delivery slots [1] - Regulatory approvals and a vote by ZIM's shareholders will be necessary for the transaction to proceed [1]

Core Viewpoint - Ladder Capital (LADR) undercovered its dividend due to earnings available for distribution (EAD) being impacted by a realized loan loss in Q4'25, but reported solid overall results and maintains a strong liquidity position [1] Group 1 - Ladder Capital reported a dividend undercoverage in Q4'25, primarily due to a realized loan loss [1] - Despite the undercoverage, the company achieved solid results for the fourth quarter [1] - Ladder Capital has a strong liquidity position, which is crucial for its operational stability [1]

Core Viewpoint - ISS A/S has completed a share buyback programme aimed at redistributing excess cash to shareholders and fulfilling obligations from share-based incentive programmes [2][4]. Group 1: Share Buyback Programme Details - The share buyback programme was executed from 20 February 2025 to 13 February 2026, with a total repurchase of shares amounting to DKK 3,000 million [2]. - A total of 15,692,940 shares were repurchased at an average price of DKK 191.17 [2][3]. - The last announcement prior to completion indicated the purchase of 15,326,483 shares at an average price of DKK 189.60, with subsequent purchases leading to the final total [3]. Group 2: Treasury Shares and Share Capital - Following the completion of the programme, ISS A/S holds 14,791,019 treasury shares, which represent 8.49% of the total share capital [4]. Group 3: Company Overview - ISS is a global provider of workplace and facility service solutions, employing over 325,000 people worldwide [5]. - In 2024, the Group reported revenue of DKK 83.7 billion [5].

Core Viewpoint - The market is currently fixated on Snap Inc.'s (SNAP) historical issues such as user growth slowdown, regulatory news, and ad demand volatility, overlooking the company's evolving potential and new realities [1] Group 1: Company Overview - Snap Inc. is undergoing a transformation that may present new investment opportunities despite existing concerns [1] - The company is positioned to leverage market inefficiencies and contrarian insights to maximize long-term compounding [1] Group 2: Investment Strategy - The investment strategy focuses on identifying high-potential winners before they break out, with an emphasis on asymmetric opportunities that offer at least 3-5 times upside potential compared to downside risk [1] - A strong margin of safety is prioritized to protect against capital impairment while aiming for significant long-term returns [1] - The investment horizon is set at 2-3 years, allowing for the navigation of market volatility through patience and disciplined capital allocation [1]

Core Insights - Intuit Inc. (INTU) has shown strong growth in revenue and free cash flow (FCF) over recent years, indicating a solid operational performance [1] - Despite this growth, the stock price has declined significantly, falling 33% year-to-date and over 45% from its all-time high, raising concerns among investors [1] Financial Performance - The company has demonstrated solid revenue growth and free cash flow generation, which are positive indicators of its financial health [1] - The substantial drop in stock price suggests a disconnect between the company's operational performance and market perception [1] Investor Sentiment - Investor concerns are primarily focused on the recent stock price decline, which may reflect broader market trends or specific issues within the company [1]

Core Insights - Japan's premium streaming sector experienced a 15% growth in 2025, reaching revenues of $7.2 billion, driven by ad-supported tiers, local content, and live events [1] - The sector added four million subscribers, totaling 67.3 million, with Prime Video leading in subscriber base at 19.3 million [3] Market Share and Competition - Netflix holds a 22% share of the premium video-on-demand market, while U-Next is the leading local player with a 12% share; together with Prime Video, they account for 50% of the market [2] - TVer emerged as the most-watched ad-supported streamer, capturing 23% of total viewing hours [3][4] Viewer Engagement and Content Performance - Netflix users average nearly 20 hours of engagement per month, with Japanese titles viewed for a cumulative 25 billion hours, making them the second most-watched non-English content globally [5][4] - Japanese drama is the top genre, reaching 73% of viewers and accounting for 37% of hours viewed, while anime reached 50% of viewers and accounted for 26% of hours [6] Strategic Developments - The entry of major players into live sports, such as Netflix's acquisition of rights to the 2026 World Baseball Classic, indicates a shift towards event-driven engagement [8][9] - U-Next is expanding its sports offerings by acquiring rights to women's golf majors and the English Premier League [8] Future Outlook - The premium VOD market in Japan is at a maturation point, focusing on sophisticated monetization strategies, including ad-tier yields and telco bundling [9] - The competition will increasingly rely on event-driven engagement and premium local storytelling, particularly in anime and drama [9]