Group 1: Market Overview - The second quarter of 2025 began with a continuation of the previous quarter's trends, marked by significant declines in equities and treasuries due to catastrophic tariffs [1] - A pause in tariff implementation led to a rebound in equities, supported by better-than-expected macroeconomic data, particularly in inflation and employment [1] - The Russell 2000 Index increased by 8.5% for the quarter and is down only 1.79% year-to-date [1] Group 2: Madison Small Cap Fund Performance - The Madison Small Cap Fund (class Y) returned 4.42% in the second quarter, underperforming compared to the Russell 2000 and Russell 2500 indices [1] - The fund's top five holdings were highlighted as key picks for 2025 [1] Group 3: Shake Shack Inc. Performance - Shake Shack Inc. (NYSE:SHAK) experienced a one-month return of -1.54% and a 52-week decline of 7.90%, with a closing stock price of $98.99 and a market capitalization of $4.226 billion as of September 17, 2025 [2] - Despite challenges in the Consumer Staples sector, Shake Shack's performance in Consumer Discretionary investments was notable, with Q1 results surpassing those of major competitors like Chipotle and McDonald's [3] - Shake Shack's recent menu innovations, marketing investments, and operational initiatives are expected to drive greater returns, and the company is viewed as having significant growth potential [3] Group 4: Hedge Fund Interest and Revenue - Shake Shack Inc. was held by 34 hedge fund portfolios at the end of the second quarter, a decrease from 39 in the previous quarter [4] - The company reported total revenue of $356.5 million in the second quarter of 2025, exceeding guidance expectations [4]

Core Insights - IonQ (NYSE: IONQ) has experienced a 67% increase since the last coverage, highlighting its position as a leader in quantum computing [1] - The company's ion-trapped approach offers higher fidelity, lower error rates, and greater scalability compared to competitors like IBM, Google, and Rigetti [1] Leadership & Management Analysis - IonQ demonstrates a proven track record in scaling businesses, showcasing smart capital allocation and insider ownership [1] - The company has shown consistent revenue growth and provides credible guidance [1] Market Disruption & Competitive Positioning - IonQ possesses a strong technology moat and first-mover advantage in the quantum computing sector [1] - The company benefits from network effects that drive exponential growth and has achieved market penetration in high-growth industries [1] Financial Health & Risk Management - IonQ maintains sustainable revenue growth with efficient cash flow [1] - The company has a strong balance sheet and a long-term survival runway, avoiding excessive dilution and financial weakness [1] Valuation & Asymmetric Risk/Reward - IonQ's valuation is assessed through revenue multiples compared to peers and DCF modeling [1] - The company has institutional backing and positive market sentiment, ensuring downside protection with significant upside potential [1] Portfolio Construction & Risk Control - IonQ's investment strategy includes core positions (50-70%) in high-confidence, stable plays, growth bets (20-40%) in high-risk, high-reward opportunities, and speculative investments (5-10%) in moonshot disruptors with massive potential [1]

IonQ, Inc. (NYSE: IONQ ) is up 67% since my last coverage , underscoring its momentum as the leader in quantum computing. Its ion-trapped approach has higher fidelity, lower error rates, and higher scalability than IBM, Google, and Rigetti. TowardsHi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with BSc and MSc deg ...

DBS Bank taps Ripple tech. | Credit: Credit: Budrul Chukrut/Getty Images. Key Takeaways DBS will use XRP Ledger and RLUSD to offer clients a yield-generating tokenized money market fund. Through the partnership, DBS clients can trade these products 24/7. RLUSD is the 8th largest stablecoin by market cap. Singapore’s biggest bank, DBS, has partnered with Ripple and Franklin Templeton to offer its clients new trading and lending opportunities with XRP Ledger, the RLUSD stablecoin, and a tokenized mo ...

Core Insights - Progressive is recognized as a legacy insurance company but has emerged as a technology leader in the industry [1][8] - The introduction of telematics devices in 2011 has significantly enhanced Progressive's capabilities in monitoring driving behavior and assessing risk [2][4] - Progressive has surpassed GEICO to become the second-largest auto insurance company by market share, benefiting from its technological advancements [6] Telematics Impact - Telematics devices enable Progressive to collect data on customer driving behavior, leading to more accurate risk assessments [4] - This allows Progressive to offer personalized and often lower insurance rates, attracting new customers more effectively than competitors [4] - The data collected provides a competitive advantage in developing new products and improving underwriting profits [5] Market Position and Performance - Progressive's market share growth has been notable, with its total return tripling that of the S&P 500 over the past decade [6] - The company's focus on technology has allowed it to outperform peers and capture market share [8]

Meta Platforms (NASDAQ:META) showcased its $800 smart glasses with built-in display, alongside the newer versions of Ray-Ban and Oakley glasses, at its Connect 2025 event on Wednesday. The Meta Ray-Ban Display, which consumers can buy in a couple weeks according to ...

Group 1 - The core point of the article is the announcement of a Memorandum of Understanding (MOU) between AV and the National Chung-Shan Institute of Science and Technology (NCSIST) to collaborate on autonomy [1] Group 2 - The collaboration aims to enhance advancements in autonomous technologies [1] - This partnership signifies a strategic move for AV in the field of autonomy [1] - The MOU reflects the growing importance of autonomy in various sectors [1]

The number of Americans filing for unemployment benefits fell last week, but signs of a weaker labour market continue to emerge as both hiring and worker supply ease. Initial claims for state unemployment benefits dropped by 33,000 to a seasonally adjusted 231,000 for the week ending September 13, the Labor Department reported on Thursday. ...

Nvidia Corp. (NASDAQ: NVDA) has nearly lost access to the Chinese market in the recent past. ...

By some counts, there are over 100 electric vehicle (EV) companies in China. People who watch the industry closely believe that only a very small number will survive. ...