Core Insights - The discussion revolves around the importance of learning from past investment mistakes and the significance of starting early with consistent investment strategies. Group 1: Investment Mistakes and Lessons - A significant mistake made by an investor was being overly weighted in bonds, with 65% of the portfolio allocated to them at a young age, which was deemed unwise given the market conditions at the time [2][4]. - The conversation highlights the importance of recognizing when to cut losses and not allowing ego to prevent timely exits from losing positions [8][9]. - Investors are encouraged to focus on long-term strategies and fundamental analysis rather than short-term trading, which can lead to unnecessary stress [10][12]. Group 2: Investment Strategies - Starting early and being consistent with investments, even with small amounts like $50 a month, is emphasized as a key to long-term success [14][15]. - Diversification is crucial; investors should not concentrate all their funds in one stock and should consider international exposure and fixed income for defensive purposes [33][15]. - The importance of having a disciplined approach to taking profits and setting targets for selling portions of stocks is discussed, as it helps maintain rational decision-making [17][18]. Group 3: Market Conditions and Analysis - The conversation touches on the current economic backdrop, noting that consumer spending is surprisingly strong despite low job growth, which could indicate unsustainable sales growth for certain companies [23][30]. - Analysts are encouraged to look beyond surface-level data and understand the underlying factors affecting market conditions, as many reports may not reflect the true economic situation [24][25]. - The discussion also mentions the historical context of interest rates and their impact on investment strategies, particularly the shift from high bond yields to a focus on equities [52][53].

Let's bring in Michael Canterowitz, chief investment strategist for Piper Sandler. I mean, we're we're climbing these these worry spots around overinvestment in AI and around software disruption in AI and around weaker job growth. Michael, how h how does the risk reward look to you from here.>> Yeah, we're we're still constructive on equities. I think why we're climbing these worries, you know, that the macro data and the breadth of earnings data are the ladder that is helping us climb a lot of these concer ...

Financial Data and Key Metrics Changes - Assets under management (AUM) reached a record $867 billion at year-end 2025, reflecting market appreciation and strong sales [5] - Adjusted earnings for Q4 2025 were $0.96 per unit, down 9% year-over-year, while full-year adjusted earnings increased 2% to $3.33 [23][24] - Total net revenues for Q4 were $957 million, down 2% year-over-year, with full-year revenues flat at $3.5 billion [24] - Adjusted operating margin for the year expanded to 33.7%, at the upper end of the 30%-35% target range [8][37] Business Line Data and Key Metrics Changes - Bernstein Private Wealth business had $156 billion in AUM, contributing approximately 37% of firm-wide revenues in 2025 [5] - Private markets platform closed the year with $82 billion in AUM, up 18% year-over-year [6] - SMA franchise reached $62 billion in AUM, growing 12% organically in 2025 [6] - Active ETF suite expanded to $14 billion across 24 strategies, delivering 65% organic growth in 2025 [6] Market Data and Key Metrics Changes - Firm-wide active net flows were negative for both the quarter and the full year, with total net active outflows of $9.4 billion in 2025 [6] - Taxable fixed income saw $2 billion in outflows in Q4 and $9.1 billion for the year, driven by geopolitical uncertainty [7] - Tax-exempt franchise generated $3.9 billion in inflows in Q4 and $11.6 billion for the year, marking 13 consecutive years of organic growth [7] Company Strategy and Development Direction - The company is focused on expanding its private markets capabilities and enhancing commercial real estate lending [9][22] - A partnership with Equitable is expected to onboard more than $10 billion of new long-duration assets by year-end 2026 [9] - The strategic direction includes disciplined investments in targeted growth initiatives, product innovation, and expanded marketing efforts [39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the firm's ability to navigate macroeconomic challenges and maintain strong demand for its products [41][44] - The outlook for private markets AUM is ambitious, with expectations to exceed the $90 billion-$100 billion target by 2027 [55] - Management noted that the firm is well-positioned to capture fixed income's enduring value amid ongoing market trends [18] Other Important Information - The effective tax rate for 2025 was 5.9%, with a forecast of 6%-7% for 2026 [32] - The firm experienced a decline in performance fees, with full-year performance fees totaling $172 million, down 24% year-over-year [25][35] Q&A Session Summary Question: Outlook for high-yield funds in Asia - Management discussed macro factors influencing demand, including FX risk and interest rates, noting strong structural demand for U.S. dollar-denominated strategies [41][42][44] Question: Seasonality in private wealth - Management indicated that tax impacts in Q2 are significant, with overall positive sentiment about the pipeline for new client acquisition [47][48] Question: Private credit exposure to software - Management stated that exposure to software within the private credit portfolio is not significant, with diligent monitoring of credit risks [51][53] Question: Growth of private markets AUM beyond 2027 - Management expressed ambition to exceed the current target and indicated that onboarding from the commercial mortgage lending team will contribute to growth [55]

South African equities are on track for their longest monthly winning streak on record https://t.co/XQSnqN2fQA ...

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - The market has been in a holding position for approximately two months, indicating a cautious approach among investors [1] - There is a belief that the AI bubble is not bursting, suggesting continued confidence in AI-related investments [1] Company and Industry Analysis - The portfolio manager has over 10 years of experience in global markets, focusing on multi-asset strategies and equity portfolios [1] - The investment strategy combines top-down macro analysis with bottom-up stock selection, emphasizing the importance of earnings, technological disruption, policy shifts, and capital flows [1] - The manager shares high-conviction ideas and contrarian views on both growth and value stocks, indicating a proactive approach to identifying mispriced opportunities [1]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Group 1 - The equity markets have had a positive start to the New Year, with the Dow Jones Industrial Average and the S&P 500 reaching new all-time highs in the first week of January [1]

Core Viewpoint - The article presents a bearish outlook on equities, highlighting significant risks such as high valuations and upcoming government debt maturities [1]. Group 1: Market Risks - Major risks identified include equity valuations that are at a 20-year high with growth expectations [1]. - The article emphasizes the need to address a series of government debt maturities that could impact market stability [1]. Group 2: Analyst Background - The analyst has over ten years of experience in financial analysis and portfolio management, covering various asset classes including equity, government bonds, and corporate bonds [1]. - The analyst's career began in asset management just before the Global Financial Crisis (GFC), providing a unique perspective on market dynamics [1].