Core Insights - Alibaba Group did not experience a dramatic comeback in 2025 but shifted its narrative towards long-term growth strategies [1] - The company clarified its priorities by focusing on cloud and artificial intelligence, stabilizing its core e-commerce business, and repositioning itself as a broader technology and AI platform [2] Cloud and AI as Growth Engines - Alibaba Cloud emerged as the primary growth engine, with a reported cloud revenue growth of 34% year over year in the September 2025 quarter, driven by AI demand [4] - AI-related cloud revenue continued to grow at triple-digit rates, confirming the monetization of Alibaba's cloud business [5] - Alibaba now serves as a core infrastructure provider for AI adoption in China, with its cloud platform resembling the roles of Amazon's AWS and Microsoft's Azure [6][7] E-commerce Stabilization - The core e-commerce business showed signs of stabilization, with customer management revenue returning to 10% growth in the half year ended September 30, 2025 [9] - Investors began viewing Alibaba's e-commerce as a mature foundation that supports investment in newer growth areas, rather than a declining asset [10][11] Strategic Repositioning - Alibaba is redefining itself as a technology and AI platform, emphasizing its role in cloud and AI services rather than solely as an e-commerce leader [12][14] - This strategic shift expands Alibaba's growth opportunities, moving beyond the natural limits of a commerce-only model [15] Investor Implications - The developments in 2025 provided coherence in Alibaba's growth narrative, with cloud and AI driving growth while e-commerce offers stability [16] - The company is seen as laying the groundwork for a more durable recovery, marking 2025 as a reset year rather than a comeback year [17]

Core Insights - Organigram Holdings Inc. is a significant player in the Canadian cannabis industry, focusing on recreational cannabis products [1] - Alliance Global Partners has a "Buy" rating for Organigram, raising the price target from C$3.60 to C$4, reflecting confidence in the company's future performance [1][5] Financial Performance - Organigram reported a quarterly loss of C$(0.283) per share, which is significantly below the Zacks Consensus Estimate and represents a substantial increase from the $0.04 loss per share reported in the same quarter last year [2][5] - The company's revenue for the quarter ending September 2025 was C$80.1 million, exceeding the Zacks Consensus Estimate by 7.1%, indicating strong sales growth despite earnings challenges [3][5] Stock Performance - Organigram's stock is currently priced at $1.93, reflecting a positive change of 7.5% or an increase of $0.135, with a trading volume of 3,754,420 shares [4] - The stock has fluctuated between a low of $1.70 and a high of $1.98 during the day, and over the past year, it has reached a high of $2.07 and a low of $0.85 [4]

Inflation Overview - The Consumer Price Index (CPI) is expected to rise by 3.1% year-over-year in November, marking the highest annual inflation since May 2024, up from 3% in September [1][9] - Core inflation is anticipated to remain at 3% year-over-year, consistent with September's figures [1] Impact of Tariffs - Inflation has been steadily increasing since April, primarily due to steep import taxes imposed by the government on nearly all U.S. trading partners, which have led businesses to pass on tariff costs to consumers [2] - Despite some cooling in price increases for categories like rent, overall inflation remains high due to these tariffs [2][9] Federal Reserve's Dilemma - Accelerating inflation complicates the Federal Reserve's goal of maintaining a 2% annual inflation rate, which has not been achieved since 2021 [3] - Some Federal Reserve policy committee members advocate for maintaining high interest rates to curb spending and inflation, but the majority favor rate cuts to support the struggling job market [4] Future Inflation Expectations - Many forecasters predict that inflation will begin to cool later in the year as the effects of tariff price hikes dissipate [7] - Wells Fargo Securities anticipates that while goods inflation may rise temporarily due to tariffs, overall inflation will stabilize around 3% through the first half of 2026, with a gradual decline towards 2% as tariff pressures ease and productivity gains are realized [8]

Core Insights - High mortgage rates have led to increased popularity of adjustable-rate mortgages (ARMs), reminiscent of the 2008 housing crisis [1][10] - Improved lending standards are reducing risks associated with ARMs, making them a viable option for homebuyers [2][13] Group 1: ARM Usage Trends - The usage of ARMs has risen significantly, with about 10% of borrowers opting for them in September, compared to 6% post-2008 crash [4][10] - In October, ARMs accounted for 25% of home purchases, up from 16% the previous year [4] - The demand for ARMs surged after mortgage rates increased by over three percentage points in 2022, reaching above 7% [6] Group 2: Financial Implications - A five-year ARM offered an initial rate of 5.58%, compared to 6.37% for traditional loans, potentially saving borrowers around $200 monthly on a $400,000 loan [7] - The current environment has made ARMs more attractive as short-term interest rates have declined, leading to better introductory rates [8] Group 3: Risk Management - Stricter credit standards are now in place, with lenders evaluating borrowers' credit ratings against current mortgage rates, reducing the risk of defaults [13][14] - Most ARMs now have fixed terms of 5, 7, and 10 years, and borrowers are underwritten to the fully indexed rate, making them less risky than pre-2008 loans [14]

Core Insights - A significant increase in the percentage of Americans believing they need at least $1 million for a comfortable retirement, rising from 37% to 48% in one year [1] - Only 54.3% of households have retirement account assets, and a mere 4.6% possess assets exceeding $1 million as of 2022 [2] Retirement Savings Strategies - Earning the employer's 401(k) match is crucial as it represents free money for retirement savings [4] - Starting retirement savings early can lead to substantial growth due to compound interest; for example, saving $500 monthly from age 25 could yield over $1.5 million by age 65, compared to only $438,000 if saving starts at age 40 [4] - Prioritizing the repayment of high-interest debt is essential, as it can significantly impact investment returns [4] - Monitoring investment fees is important, as seemingly small fees can accumulate and reduce overall returns over time [4]

Economic Implications of AI - Artificial intelligence is expected to boost the economy, with GDP growth projected at 2.3% for 2026, an increase from the previous estimate of 1.8% [5] - AI infrastructure spending is currently enhancing business investment, which the Federal Reserve is incorporating into its economic forecasts [3][5] - Investment in computer equipment accounted for 92% of GDP growth in the first half of 2025, highlighting the significant impact of AI-related spending [5] Productivity and Labor Market Effects - AI is anticipated to improve productivity, as evidenced by a 3.3% rise in productivity in the second quarter, which can lead to higher wages and corporate profits [6] - However, the adoption of AI may also result in job losses, as it could necessitate workers to seek new employment opportunities [6][8] - The Federal Reserve is monitoring the potential impacts of AI on the labor market, noting that while some companies have cited AI as a reason for layoffs, there has not yet been a significant increase in unemployment claims [10]

Core Insights - Elon Musk is on track to potentially become a trillionaire, with SpaceX's upcoming IPO targeting a market valuation of $1.5 trillion, which could double his net worth [1][7] - Musk's wealth is significantly influenced by his stakes in various companies, including Tesla, The Boring Company, Neuralink, and xAI, with estimates suggesting his future net worth could rival the GDP of some countries [2][5] Company Valuations - SpaceX's stake is estimated to be around 40%, potentially worth over $330 billion today, and could reach $625 billion if the company achieves a $1.5 trillion valuation by 2026 [4] - Tesla's stock has reached record highs, contributing to Musk's current wealth of approximately $600 billion, which could rise to $900 billion with SpaceX's anticipated public valuation [5] Other Ventures - Musk reportedly owns a third of xAI, valued at around $230 billion, while The Boring Company and Neuralink are valued at over $5 billion and $9 billion, respectively [6] - The combination of Musk's holdings across these companies positions him for substantial wealth growth, further enhanced by his Tesla compensation package linked to performance milestones [5][6]

Core Insights - The last time the Consumer Price Index rose by less than 1% over 12 months without a pandemic was in July 2016 [1] - Kevin Hassett predicts a potential return to low inflation and strong economic growth similar to the late 2010s, with a target inflation rate of 1% and economic growth of 3% [2][3] - Achieving a 1% inflation rate would significantly benefit consumers, extending the time for prices to double from 24 years to approximately 72 years [2] Economic Outlook - A combination of 1% inflation and 3% economic growth is seen as possible but unlikely in the near term, as inflation has not been below the Federal Reserve's target of 2% since 2021 [3] - Most forecasters do not expect inflation to drop below 2% for several years, indicating a challenging economic environment ahead [5] Policy Implications - Hassett believes that the economic policies from the Trump administration could eventually lead to lower inflation rates [4] - Although Hassett is not the leading candidate to succeed Jerome Powell as Federal Reserve Chair, he remains favored in prediction markets [4]

All right, joining me now here on set, our man of the hour, Kenny Pulcary, partner, chief market strategist, Slate Stone Wealth. Love when you're here in person. Great to see here.>> Tell me your thoughts. We went through some of the numbers on non-farm payrolls. What stood out to you.What was important. >> So, there were two things, right. Because it's kind of a mixed report.We had better job uh growth than we expected and certainly in contrast to the ADP number last week that showed negative uh uh job gro ...

Core Insights - CarMax, Inc. is set to release its quarterly earnings on December 18, 2025, with Wall Street expecting an EPS of $0.32 and revenue of approximately $5.64 billion [1][6] - The company is currently facing multiple securities fraud class action lawsuits, which may negatively impact investor sentiment [2][3][6] Legal Challenges - A securities fraud class action lawsuit has been initiated against CarMax, alleging that executives failed to disclose critical information and overstated growth prospects due to tariff speculation [2] - Another class action lawsuit targets individuals who purchased CarMax securities between June 20, 2025, and November 5, 2025, accusing the company of making false or misleading statements [3] - Faruqi & Faruqi, LLP is investigating potential claims related to losses incurred between June 20, 2025, and September 24, 2025, urging investors to consider their legal options [4] Financial Metrics - CarMax has a price-to-earnings (P/E) ratio of 11.77, indicating a relatively low market valuation compared to its revenue [5][6] - The company’s price-to-sales ratio stands at 0.24, and its enterprise value to sales ratio is 0.89, further suggesting a low market valuation [5] - CarMax's debt-to-equity ratio is 2.87, indicating significant financial leverage, while a current ratio of 2.46 shows its ability to cover short-term liabilities [5][6]