We're still talking about outperformance here, right. They're really outperforming their global peers this year as the market sheds its own investable tag. You see from this chart, basically we have overcome or at least surpass some of the performance that we've seen in when it comes to the all country index, when it comes to the U.S., even when it comes to Japan, we've narrowed the gaps when it comes to outperformance in Korea and Taiwan, for example, as well.But certainly a lot of questions of whether tha ...

I know you have a lot of biotech exposure just coincidentally the company going public right now all that noise while Jenny was trying to get her point out a biotech company going public just now um you have a lot of biotech exposure Joe's talked a lot about biotech is that the place to go considering some of this turbulence we're seeing in the market >> well it's been a great story obviously year to date uh Frank you know XBI is up I think 20% the the IBB which I have exposure to is up around 19 I think pa ...

Market Speculation & Bull Market Stage - The market shows signs of increased speculation as the bull market, which started in October 2022, progresses, with investors focusing more on potential gains than losses [1][2] - The performance of speculative stocks, particularly unprofitable tech stocks, is a warning sign of a late-stage bull market [2][3] - The biggest risk to the bull market is the Federal Reserve cutting rates aggressively, potentially inflating a bubble faster, while not cutting rates quickly could extend the bull market's duration [3][4][5] Earnings & Market Valuation - Investors often make errors by relying on predictions of future earnings to assess market valuation, questioning the accuracy of those predictions [7] - Wall Street's earnings estimates are lagging behind real earnings, similar to the situation during the COVID-19 pandemic in 2020, with consensus numbers for the next year increasing since July [8][9][10] Investment Strategy - The advice is not to bet against the market, particularly against the "big guys" in AI, as they report demand exceeding their capacity [10][11] - A concentrated portfolio focused on large-cap companies is favored over a broadened, equally weighted S&P 500 approach [12] - Companies growing through cash flow are considered less risky than those taking on debt, although the latter may offer higher returns [12]

Core Viewpoint - The market is showing signs of increased speculation, particularly in non-profitable tech stocks, indicating a late stage in the current bull market that began in October 2022 [1][2][3]. Market Conditions - The bull market has been ongoing for nearly four years, with a shift in investor focus from potential losses to potential gains, leading to speculative behavior [1][2]. - Speculative stocks, especially those that are money-losing, have outperformed traditional stocks since the market low in April [2]. Economic Indicators - There is a concern that aggressive Federal Reserve rate cuts could pose risks to the market, although the current fiscal policy is providing significant liquidity [3][4]. - Excess liquidity may inflate market bubbles more quickly, reminiscent of the rapid rise and fall of meme stocks in 2021 [5]. Earnings Outlook - Companies have been beating earnings expectations, and Wall Street has been slow to adjust its forecasts, which may lead to upward revisions in earnings estimates for the coming year [8][10]. - The current earnings environment is strong, with companies indicating they cannot keep up with demand, suggesting a positive outlook for certain sectors [11][13]. Investment Strategy - The recommendation is to focus on larger, established companies that are better positioned to meet demand, rather than betting against the market [10][12]. - Investors are encouraged to consider companies that are using cash flow for growth, although those taking on debt may present higher risks [12].

All right, take a look at shares of eBay. That stock is tumbling, down by about 9% this morning. It comes after eBay beat uh earnings estimates and revenue estimates.But the company's profit forecast for the current quarter missed expectations. That has investors concerned about shrinking margins ahead ahead of the holiday shopping season. Before today's decline, eBay's stock was up about 61% for the year to date. Uh at this point it looks like it's up by about 44% for the year to date. ...

Despite all these massive metrics, our next guest says we're still in the early innings of the AI buildout. For more on just how critical today's earnings reports will be to that narrative and who's best positioned into those prints, let's bring in John Belton, growth portfolio manager over at Gabelli Funds. Tim Seymour and Barbara Duran are still with us as well.John, you kind of heard the conversation about, you know, the economy and Claudia and the lack of data. Does any of that factor into how you are v ...

Joining me now is Michael Canerwitz, chief investment strategist at Piper Sandler. Thank you for being here, Michael. Uh, so let's get into the terminology here because one thing that Gates was saying to Andrew earlier today was this notion that a bubble is used to describe both the 17th century tulip mania as well as what we saw in the 1990s uh and early 2000s with regard to the internet.After the internet, there were a lot of real companies that came out of it. So, it wasn't just this speculative bubble w ...

Coming up: FOMC interest rate decision, earnings from Apple, Microsoft, Meta, Amazon, Alphabet, and more. https://t.co/jIcTEm3WjD ...

Financial Data and Key Metrics Changes - The company reported record quarterly sales, non-GAAP earnings per share, and free cash flow, with sales increasing by 6.7% year-over-year and non-GAAP earnings rising by 9.2% [4] - Free cash flow reached a record $314 million, and total new orders also set a quarterly record [4] - The full-year sales outlook was raised from $6.03 billion to $6.06 billion [4][15] Business Line Data and Key Metrics Changes - In the Digital Imaging segment, sales increased by 2.2%, with growth in Teledyne FLIR sales and modest increases in legacy DALSA and E2V businesses [8] - The Instrumentation segment saw a 3.9% increase in total sales, driven by marine instruments and environmental instruments [10] - Aerospace and Defense Electronics segment sales surged by 37.6%, primarily due to acquisitions and organic growth [11] - Engineered Systems segment revenue decreased by 8.1%, but operating margin increased by 30 basis points [11] Market Data and Key Metrics Changes - The company noted that 25% of sales could be affected by the U.S. government shutdown, but overall impact is expected to be minimal [5][6] - Sales to China represented only 4% of total sales, with negligible impact from being designated as an unreliable entity [6] Company Strategy and Development Direction - The company is focusing on defense-related businesses and pursuing significant contract opportunities, despite the current government shutdown [5][12] - There is a strong emphasis on unmanned systems and space-based electronics, with expectations for growth in these areas [12][54] - The company plans to be aggressive in M&A activities while being prudent about valuations [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the company amid market volatility and government shutdown challenges [12] - There is optimism regarding defense spending increases in Europe and the potential for growth in the unmanned systems market [54][55] - The company anticipates a positive outlook for 2026, barring unforeseen global issues [55] Other Important Information - The company ended the quarter with $2.0 billion in net debt, indicating a strong balance sheet [15] - Cash flow from operating activities was $343.1 million, up from $249.8 million in the previous year [14] Q&A Session Summary Question: How did growth progress across various segments? - Management noted a 6.7% overall growth, with marine businesses performing strongly and variations in instrument businesses [20] Question: What is the outlook for digital imaging margins? - Margins are expected to recover, with a target of maintaining last year's margins despite cost reductions [29] Question: Can you provide book-to-bill ratios for major segments? - Digital Imaging had a book-to-bill of 1.12, Instrumentation was 0.9, Aerospace and Defense Electronics was 0.84, and Engineered Systems was over 2 [34][37] Question: What are the potential large contracts in the defense business? - Near-term opportunities exist in unmanned systems, particularly with the U.S. Marine Corps and Army programs [39] Question: How is the company addressing critical minerals availability for sensor products? - Management indicated that while there is some exposure, it is being managed effectively [44] Question: What is the growth potential for the unmanned business? - The unmanned business is expected to grow beyond the current $500 million, with significant demand in aerial, ground, and underwater domains [80] Question: How much of the EPS growth is attributed to M&A versus organic growth? - Most EPS growth is organic, with a small contribution from acquisitions [84]

Cristiano Ronaldo leads a group of ten footballers collectively earning $945 million this season, but as the sun sets on his legendary career, two young stars are stepping into the spotlight. https://t.co/BtymnI3jr9Illustration: Alice Lagarde for Forbes; Photos: Minas Panagiotakis/Stringer, Lampson Yip/Clicks Images, Europa Press Sports, David Ramos via Getty Images ...