Core Insights - Ares Management has joined the S&P 500 index, resulting in a 7.27% increase in its stock price as investors reacted positively to its new status [1] - The S&P Dow Jones Indices announced that Ares would replace Kellanova, which is undergoing a $36 billion acquisition by Mars [1][2] - Ares has approximately $596 billion in assets under management and meets the criteria for S&P 500 inclusion, which requires a market capitalization of at least $22.7 billion [3] Company Performance - Following its inclusion in the S&P 500, Ares has reduced its year-to-date losses to 1.47%, while competitors KKR and Blackstone have seen losses closer to 9% and 10% respectively [4] - The inclusion in the index is expected to lead to increased demand for Ares shares from funds that track the S&P 500 [4] Industry Context - The private credit market is projected to grow from $2 trillion in 2020 to $3 trillion by the start of 2025, and is expected to reach $5 trillion by 2029 [5] - Larger players like Ares are anticipated to benefit from high customer demand for alternative assets and a trend towards limiting the number of providers used by investors [5] - Concerns remain regarding risks associated with illiquidity and opaque lending standards in private markets [5]

Core Viewpoint - Carvana has been selected to join the S&P 500 index, leading to a significant increase in its stock price by over 12% in a single trading session [1][2]. Group 1: Company Information - Carvana is an auto retailer that has recently been included in the S&P 500 index, which is considered one of the most influential equity indices [2][5]. - The company’s stock price rose to $48.21 following the announcement, reflecting a 12.06% increase [6]. - Carvana's market capitalization is currently $57 billion [6]. Group 2: Index Changes - Carvana is one of three companies added to the S&P 500 index, alongside CRH and Comfort Systems USA, replacing Mohawk Industries, LKQ, and Solstice Advanced Materials [4]. - The S&P Dow Jones Indices makes quarterly adjustments to the S&P 500, MidCap 400, and SmallCap 600 indices, with the S&P 500 being the most closely followed [5]. Group 3: Market Impact - The inclusion in the S&P 500 is expected to enhance the appeal of Carvana's stock, although it will not directly impact the company's operational and financial performance [7]. - Carvana's stock ascension to the S&P 500 will take effect before the market opens on December 22 [8].

Market Overview - The S&P 500 was approximately 0.3% below its all-time high set in October, while the Nasdaq Composite increased by 0.3% [4][6] - Trading across the broader market remained subdued, with most stocks lower [4][6] Company News - Warner Bros Discovery shares surged by 7.8% after Paramount made a direct bid to acquire the media group, offering $30 in cash per share [4][6] - Paramount's bid aims to displace Netflix's cash-and-stock offer for Warner Bros Discovery, which is under regulatory scrutiny [4][6] - Confluent's stock jumped by 28.7% following IBM's announcement of an $11 billion acquisition to enhance its artificial intelligence capabilities [4][6] - Carvana's shares rose by 6.9% after it was announced that the company would join the S&P 500 index on December 22 [5][6] - CRH and Comfort Systems USA also saw stock increases of 5.3% and 0.8%, respectively, as they were named new entrants to the S&P 500 index [5][6] Economic Indicators - Markets are anticipating a third interest rate cut from the Federal Reserve, with a decision expected on Wednesday [5][6] - Inflation remains above the Federal Reserve's 2% target, leading to divided opinions among policymakers regarding economic risks [5][6] - US Treasury yields were steady, with the 10-year yield at 4.14% [5][6] International Markets - Overseas stock markets showed mixed results, with Hong Kong's index declining by 1.2% and South Korea's benchmark rising by 1.3% [5][6]

Group 1: Investment Activity - Paradice Investment Management LLC initiated a new position in Flowserve Corporation, acquiring 338,154 shares valued at approximately $17.97 million as of September 30, 2025 [1][2] - This new position accounts for 4.03% of Paradice's reportable U.S. equity assets as of the same date [3] Group 2: Company Overview - Flowserve Corporation reported trailing twelve months (TTM) revenue of $4.65 billion and net income of $291.58 million, with a dividend yield of 1.6% [4] - The company specializes in designing, manufacturing, and servicing industrial flow management equipment, including pumps, valves, mechanical seals, and automation solutions [4][5] Group 3: Market Position and Merger - Flowserve is involved in a merger of equals with Chart Industries, which is expected to generate $300 million in annual cost savings and create significant synergies [9][10] - The combined company is projected to have an enterprise value of approximately $19 billion and adjusted EBITDA of $1.9 billion, indicating a valuation of around 10 times adjusted EBITDA [10][11]

And we start off with the latest headache for the housing sector. The XHB homebuilder ETF dropping another 2% today, hitting its lowest level in over two months. The ITB construction ETF on pace for its worst week of the year.And some of the biggest names in the space, down 10% or more since Monday. And while mortgage rates are down from their highs of the year, they remain stubbornly stuck above 6%. So, is there anything other than a major move lower in rates that could get builders climbing again.Guy, wha ...

Core Thesis - Samsara Inc. (IOT) is experiencing strong growth, with significant revenue increases and operational improvements, positioning the company favorably in the IoT market [2][4]. Financial Performance - For Q2 FY26, Samsara reported revenue of $391.5 million, reflecting a 30% year-over-year (YoY) increase and a 6.7% quarter-over-quarter (QoQ) increase, surpassing estimates by 5.2% [2]. - Non-GAAP gross margin expanded to 78.1%, operating margin reached 15.2%, and free cash flow margin was 11.3%, indicating continued operational leverage [2]. - The company achieved an annual recurring revenue (ARR) of $1.64 billion, up 30% YoY, with net new ARR of $105 million [2][4]. Customer Growth and Adoption - Samsara added 17 new customers contributing over $1 million, and the $100K+ customer cohort grew to 2,771 clients, showcasing strong enterprise adoption [2][4]. - The company’s product innovation, including AI-enhanced solutions, has driven ROI for customers, with examples of significant cost savings and safety improvements [3]. Guidance and Future Outlook - Guidance for Q3 FY26 anticipates revenue between $398 million and $400 million, representing a 24% YoY increase, with full-year revenue expectations raised to $1.574 billion to $1.578 billion, a 26% YoY increase [4]. - The company aims for a 15% operating margin, despite challenges such as longer deal cycles and stock-based compensation dilution at 22% [4]. Product Innovation and Market Position - Samsara's product innovations, including telematics and preventative maintenance, contributed to 8% of net new annual contract value (ACV) [3]. - The integration of AI and proprietary datasets provides differentiated insights, enhancing operational outcomes for customers [3].

Financial Data and Key Metrics Changes - Samsara ended Q2 with $1.6 billion in ARR, growing 30% year over year [3][16] - The company added $105 million of net new ARR, an increase of 19% year over year [16][19] - Q2 revenue was $391 million, growing 30% year over year, or 31% in constant currency [16][23] - Non-GAAP gross margin was 78%, up 1 percentage point year over year [22] - Non-GAAP operating margin was 15%, up 9 percentage points from one year ago [22] - Free cash flow margin was 11% in Q2, up 7 percentage points year over year [22] Business Line Data and Key Metrics Changes - Customers with $100,000+ ARR now contribute close to $1 billion of ARR, up 35% year over year, representing 59% of total ARR [3][14] - The number of $1 million+ ARR customers reached 147, with a quarterly record increase of 17 [17][19] - $1 million+ ARR customers now generate more than 20% of total ARR, approximately $350 million [3][16] Market Data and Key Metrics Changes - 15% of net new ACV came from non-U.S. geographies, with Europe showing the highest sequential growth in the last four quarters [19][20] - Construction drove the highest net new ACV mix of all industries for the eighth consecutive quarter [19][20] - Public sector strength came from wins across several state departments and large municipalities [19][20] Company Strategy and Development Direction - The strategy focuses on partnering with large enterprises to drive growth at scale [3][4] - The company aims to build the world's largest physical operations data set, leveraging AI for actionable insights [5][12] - New products launched include asset maintenance, commercial navigation, and AI multicam, addressing customer needs for safety and efficiency [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining durable growth due to a unique defensible data advantage and accelerating AI innovation [15][23] - The company is well-positioned to benefit from major initiatives like the global AI infrastructure buildout [15][23] - Management noted that customers are adapting to the tariff environment and focusing on optimizing asset utilization [60][61] Other Important Information - The company processed approximately 20 trillion data points annually on its platform [4][12] - The Connected Operations Cloud now sees 300 million digitized workflows and 90 billion miles annually [12] - Gary Steele joined the Board of Directors, bringing over 30 years of leadership experience in the technology industry [12] Q&A Session Summary Question: Early customer conversations from Samsara Beyond - Management noted enthusiasm for new products like routing and commercial navigation, with positive momentum in trials and pilots across various industries [26][27] Question: Net new ARR growth and sales execution - Management explained that the strong performance was due to the closure of larger deals that were delayed from Q1, contributing to the strong growth in Q2 [30][32] Question: AI traction and product portfolio monetization - Management highlighted that AI enhances core product experiences and that new products enabled by AI will be introduced over time [35][36] Question: Large customer momentum and investments - Management discussed investments in dedicated teams for strategic accounts and improvements in product security and integration [42][44] Question: European market success and learnings - Management emphasized sustained investment in sales and marketing resources in Europe, leading to continued success in that market [45][46] Question: AI infrastructure buildout and public sector opportunities - Management noted that customers in physical operations are seeking efficiency and safety, with public sector opportunities focusing on infrastructure savings [50][52] Question: Pre-delivery installation program value - Management explained that pre-installation of hardware streamlines operations for large enterprises, providing a better customer experience [80][81] Question: Performance of smaller and mid-sized customers - Management confirmed strong growth in the mid-market segment, indicating consistent performance across customer sizes [83][85]

Company Overview - Freeport-McMoRan Inc. is a leading global mining company focused on copper and gold production, with significant operations in North America, South America, and Indonesia [5] - The company owns major mining assets, including the Grasberg minerals district in Indonesia, and has a diversified resource base [5] - As of June 30, 2025, Freeport-McMoRan's market capitalization was $60.70 billion, with a revenue of $25.82 billion and a net income of $1.92 billion [3] Financial Performance - Freeport-McMoRan shares were trading at $42.28 as of August 14, 2025, reflecting a nearly 3% decline over the last 12 months, underperforming the S&P 500 by 19.7 percentage points [2] - The stock's dividend yield is 1.42%, with a forward P/E ratio of 15.97 and an EV/EBITDA of 8.6 [2] - The company has a five-year revenue CAGR of 11.86% [2] Recent Developments - Lodge Hill Capital sold its entire stake in Freeport-McMoRan during Q2 2025, involving 587,820 shares with an estimated trade value of approximately $22.25 million [1] - This sale represents a complete exit from Freeport-McMoRan, which likely constituted over 5% of Lodge Hill's assets under management [6] - The decision to sell occurred prior to the Trump administration's decision not to include refined copper in a list of copper-related goods to be tariffed [6][8] Market Context - Freeport-McMoRan produces over 70% of the refined copper in the U.S., positioning it to benefit from market dynamics [9] - The company's stock price was negatively impacted by the tariff decisions, which eliminated the 28% premium that COMEX copper traded at above the LME price [9] - Despite recent challenges, Freeport-McMoRan is viewed as an excellently valued stock, aligning with long-term demand for copper driven by electrification trends [10]

value has been quietly outperforming growth this month. He says the shift is real. Joining me now, Charles Bravinskoy, vice chairman of Aerial Investments.It's good to see you today, Charlie. Okay, first of all, what do you make of the investments in uh Dr. . Horton and Lenar because you know I was looking at the front page of the Wall Street Journal right before I came on.Nobody's buying homes. Nobody's switching jobs. That's the headline.Yeah, I think uh it's clearly Buffett related here. He Buffett think ...