Solid returns here, but the question needs to be asked. With stocks at an all time high. Concerns of sticky inflation and economic weakness.The impact of tariffs. Take your pick. Just how sustainable are those levels of returns.Now, I have to say, this is this is a very strong quarter, and I'm personally quite surprised that markets have done so well and in particular the rebound we've had seen since April. I think it's very, very surprising given everything that's going on in the world. It's surprising.And ...

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Core Viewpoint - The article emphasizes the potential investment opportunity in e.l.f. Beauty (NYSE: ELF), highlighting its status as a premium fast-growing company and suggesting that current market conditions present an excellent buying opportunity [1]. Investment Strategy - The investment approach is value-oriented, focusing on acquiring growth stocks that are reasonably valued, aligning with the philosophy of buying wonderful companies at fair prices [1]. - The portfolio is concentrated in 12 to 15 stocks, allowing for in-depth knowledge and strategic trading based on market conditions [1]. Portfolio Performance - The portfolio has shown significant returns over the years, with a total return of 4,114% since inception in 2016, and an internal rate of return (IRR) of 51.54% per year [1]. - Yearly performance highlights include: - 2016: 1.28% return vs. NASDAQ 7.50% - 2017: 49.40% return vs. NASDAQ 28.23% - 2018: 84.91% return vs. NASDAQ -3.88% - 2019: -1.08% return vs. NASDAQ 35.23% - 2020: 173.62% return vs. NASDAQ 43.63% - 2021: 37.84% return vs. NASDAQ 21.40% - 2022: 20.93% return vs. NASDAQ -33.10% - 2023: 87.60% return vs. NASDAQ 43.42% - 2024: 77.98% return vs. NASDAQ 29.83% [1].

Financial Data and Key Metrics Changes - The company reported revenue of $415 million for the first half of 2025, representing a year-on-year growth of 4% [40] - EBITDA grew significantly by 1512% year-on-year, reaching $185 million [39] - Total customer deposits more than doubled to $3.1 billion, with an average deposit per active customer increasing to approximately $17,000 [25][39] - The company ended the period with cash balances of approximately $938 million and no debt, indicating a strong financial position [42] Business Line Data and Key Metrics Changes - Non-OTC revenues accounted for approximately 13% of the group's total revenue in 2025, up from just 1% when the futures business was acquired in 2021 [24] - The futures business saw customer segregated funds grow to approximately $850 million, a 140% increase from the previous year [26] - 66% of OTC revenue was derived from customers who have been trading with the company for over three years, highlighting customer retention [9] Market Data and Key Metrics Changes - The company expanded its operations into new markets, including the UAE and Canada, and secured a new license in Japan [10][20] - The acquisition of MetaEquities in India is expected to enhance the company's presence in a significant market [18][14] - The company operates in over 60 countries, serving approximately 32 million registered customers [21] Company Strategy and Development Direction - The company aims to deepen customer engagement and enhance retention through investments in technology and customer service [10] - A strategic roadmap has been established to focus on growth, innovation, and diversification into non-OTC products [48] - The company is committed to maintaining its competitive advantage through proprietary technology and expanding its product offerings [30][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the structural growth opportunities ahead and the positive momentum in the business [4] - The company views regulatory changes in India as positive for long-term growth and market stability [54] - There is a focus on balancing growth between non-OTC and OTC segments to ensure robust returns [57] Other Important Information - The company has returned approximately $365 million to shareholders year-to-date, equivalent to 11% of its market capitalization [6] - Plus500 has been recognized as the best-performing share in the FTSE All Share Index over the last twelve years [7] - The company is committed to being carbon negative by 2030 and has moved to a more energy-efficient headquarters [15] Q&A Session Summary Question: What are the implications of regulatory changes in India for MetaEquities? - Management views the new regulatory changes as positive, as they support a more structured and regulated market, which can attract new customers [55] Question: What is driving the growth in non-OTC customer deposits? - The growth is primarily driven by recruiting introducing brokers, which brings in their customers, thus increasing deposits [63] Question: What strategies have been implemented to improve customer retention? - The company has focused on enhancing its technology stack and integrating AI and big data capabilities to improve customer retention and reduce churn rates [65] Question: When can we expect revenue from non-OTC products to accelerate? - Management anticipates continued growth in revenues as investments in new products and geographies yield results [68] Question: What changes have been made to improve marketing efficiency? - The company has optimized its marketing processes, leading to lower customer acquisition costs while increasing the quality of earnings and customer longevity [71]

Core Viewpoint - Vanguard High Dividend Yield ETF (VYM) presents a compelling option for income investors despite its imperfections, offering a combination of attractive yield, low costs, and diversification [1][10]. Group 1: Yield - Vanguard High Dividend ETF offers a dividend yield of approximately 2.6%, significantly higher than the S&P 500's yield of 1.2% [2][4]. - While there are ETFs with higher yields, Vanguard High Dividend ETF's yield is competitive and supported by other favorable factors [4]. Group 2: Cost - The expense ratio of Vanguard High Dividend ETF is notably low at 0.06%, making it an economical choice compared to many other dividend-focused ETFs [5]. Group 3: Performance Over Time - The dividend and price of Vanguard High Dividend ETF have both shown an upward trend over time, providing investors with a growing income stream and capital appreciation [6]. Group 4: Simplicity - Vanguard High Dividend ETF is straightforward, tracking the FTSE High Dividend Yield Index, which includes the top half of dividend-paying companies based on yield, resulting in a portfolio of around 580 stocks [8]. Group 5: Diversification - The ETF's ownership of over 500 stocks offers significant diversification, making it a viable alternative to an S&P 500 index fund for investors focused on dividends [9]. - Vanguard High Dividend ETF balances yield, returns, and diversification, making it a solid investment choice for many [9][12].

Core Insights - The article emphasizes the importance of selecting income-generating investments that are reliable and sustainable, rather than chasing high yields that may not be sustainable in the long term [2][3] Investment Strategies - Generating recurring income can enhance portfolio value and provide cash flow without selling stocks, which can be used for various financial needs [1] - Investing in exchange-traded funds (ETFs) is recommended for those seeking safe recurring income, as they offer diversification and lower risk compared to individual stocks [3] Schwab U.S. Dividend Equity ETF - The Schwab U.S. Dividend Equity ETF focuses on low costs, fundamental strength, and quality dividends, with an expense ratio of 0.06%, making it suitable for long-term investing [5] - The fund holds 103 stocks, prioritizing quality over sheer diversification, and averages a yield of around 3.9%, which is higher than the S&P 500 average of 1.2% [6][7] - Despite a 1% decline in the past year, the total return including dividends is above 2%, and over five years, total returns exceed 70% [8] iShares Core High Dividend ETF - The iShares Core High Dividend ETF is more selective, focusing on 75 high-dividend stocks, with a yield of 3.5% and an expense ratio of 0.08% [9][12] - The top three holdings—ExxonMobil (8.5%), Johnson & Johnson (6.7%), and AbbVie (5.8%)—account for 21% of the portfolio, indicating less diversification but potentially higher returns from major positions [10][11] - This ETF has seen a 6% increase in value this year, with a total return of nearly 8% when including dividends [13]

Market Concentration & Earnings - Market cap concentration is unprecedented, but those stocks aren't contributing a record amount of S&P earnings [3] - The "Magnificent 7" (Mag 7) have largely driven market returns since April [7] - Earnings for the "forgotten 493" are expected to almost quadruple [7] - Growth value has a 4x multiple, which is unsustainable [7] - The Mag 7 versus the forgotten 493 has been a 4x multiple in the last three months [7] Valuation & Diversification - Valuation eventually matters [5] - Owning the rest of the market has historically been the right move during periods of high concentration [4] - Diversification is crucial [7] Catalysts & Potential Upsides - Takeovers of smaller companies by private equity or larger corporations could be a catalyst [10] - Productivity gains from technology, including AI, are expected to broaden and impact earnings across various sectors like financials, education, and hospitals [8][12] - Tariffs may not be as severe as initially anticipated, presenting a potential upside surprise [13] - Anticipated moves by the Federal Reserve (Fed) in September, December, and March could be accretive to earnings [13]

Financial Data and Key Metrics Changes - For the three months ended June 30, 2025, the company reported revenue of $24.8 million, a slight decrease from $24.9 million in the same period last year. The net income for the quarter was $760,000, compared to a net loss of $2.1 million in the prior year [6][14] - For the first nine months of the fiscal year, revenue was $80.1 million, down from $100.2 million last year, with a net loss of $662,000 compared to a net income of $6.3 million in the previous year [6][14] Business Line Data and Key Metrics Changes - The Smart Water segment generated revenue of $10.5 million for the three months ended June 30, 2025, an increase of 6% from $9.9 million in the prior year. For the nine-month period, revenue was $27.3 million, up 33% from $20.6 million [15] - The Energy Solutions segment reported revenue of $8.1 million for the three-month period, a decrease of 14% from $9.4 million last year. For the nine-month period, revenue was $35.35 million, down 42% from the previous year [16] - The Intelligent Industrial segment's revenue totaled $6.1 million for the three-month period, a decrease of 5% from $6.5 million last year. For the nine-month period, revenue was $17.6 million, down 8% from $19.1 million [17][18] Market Data and Key Metrics Changes - The company continues to face challenges in the ocean bottom node markets, but there are opportunities for revenue generation in the Smart Water and Energy Solutions segments, which have improved operational efficiencies [10][12] Company Strategy and Development Direction - The company is focused on growth through acquisitions and has recently acquired HeartBee Detector, a security technology, to enhance its portfolio and create recurring revenue streams [11][12] - The company aims to leverage its products and services portfolio to exploit high-margin markets and has engaged former US Border Patrol chief to promote its security solutions [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning for future performance, citing a strong backlog and ongoing discussions with partners for additional contracts [12][13] - The company is addressing workforce costs and development expenses to achieve sustained profitability [12] Other Important Information - The company announced a significant contract with Petrobras for the supply and installation of a permanent reservoir monitoring system, expected to generate over $80 million in revenue, with installation anticipated to be completed by fiscal year 2027 [8][9] Q&A Session Summary Question: Can you discuss the PRM announcement and its implications? - Management indicated that the contract with Petrobras had been in negotiation for several months and was a significant achievement against competitors [22][23] Question: What is the expected revenue recognition timeline for the Petrobras contract? - Revenue recognition is hoped to begin in the first fiscal quarter, but specific milestones are still being defined [52] Question: Why has the Border Patrol not adopted the heartbeat detector technology? - The current technologies in use are capital-intensive and less efficient, presenting an opportunity for the new technology to improve operational efficiency [53][55] Question: What funding is allocated for tunnel detection in the recent bill? - There is a $30 million allocation, but it is not guaranteed that the full amount will be dedicated to tunnel detection [57] Question: What is the status of the SBIR-3 certification and its implications for government contracts? - The SBIR-3 certification is in place, but the specifics of government procurement processes remain unclear [59][60]