Key Takeaways PLTR trades at over 225X forward earnings and more than 78X its forecasted revenues. High multiples demand not just strong growth but sustained overperformance to avoid compression. LMT and RTX offer lower volatility and steadier defense exposure at far more modest valuations.Palantir Technologies (PLTR) has emerged as one of the most talked-about names in the S&P 500, and not just for what it does, but for what investors are willing to pay for it. With a market capitalization of $358 billio ...

Investment Strategy - The company focuses on spotting high-potential winners before they break out, emphasizing asymmetric opportunities with an upside potential of 2-3 times outweighing the downside risk [1] - The investment methodology includes identifying high-conviction opportunities through leadership and management analysis, market disruption and competitive positioning, financial health and risk management, valuation, and portfolio construction [1] Leadership & Management Analysis - Proven track record in scaling businesses is essential, along with smart capital allocation and insider ownership [1] - Consistent revenue growth and credible guidance are critical factors for evaluation [1] Market Disruption & Competitive Positioning - A strong technology moat and first-mover advantage are key competitive advantages [1] - Network effects that drive exponential growth and market penetration in high-growth industries are prioritized [1] Financial Health & Risk Management - Sustainable revenue growth with efficient cash flow is a focus area [1] - Maintaining a strong balance sheet and long-term survival runway is crucial, along with avoiding excessive dilution and financial weakness [1] Valuation & Asymmetric Risk/Reward - Revenue multiples compared to peers and DCF modeling are used for valuation [1] - Institutional backing and market sentiment analysis are considered to ensure downside protection with significant upside potential [1] Portfolio Construction & Risk Control - Core positions (50-70%) are allocated to high-confidence, stable plays [1] - Growth bets (20-40%) are high-risk, high-reward opportunities, while speculative investments (5-10%) are aimed at moonshot disruptors with massive potential [1]

Stock futures higher after President Trump announced a trade deal with Japan. Joining us right now is Matt Powers. He's managing partner at P Advisory Group.Good morning to you, Matt. Uh the markets are moving. I don't know how how much you can take away from this deal relative to whether you think this is a model or framework for others.And if it is, is that already baked into the cake. How much of it is. And how much does the market then have to run.If not, yeah, good morning. Thanks for having me. Yeah, ...

Will this trend continue in the second half. Our next guest unveiling two new ETFs that he's launching tomorrow focusing on large cap growth and large cap value. Joining us now is Crossmart Global Investments CEO and CIO Bob Dah.Bob, it's great to have you on and let's start right there. What do we need to know about these ETFs and what differentiates them from what's already in the market. >> Uh yes, Morgan.Uh but we think what differentiates them is they're u active in management. Most of the launches hav ...

Core Viewpoint - Intuitive Surgical, Inc. (ISRG) is expected to report second-quarter 2025 earnings with sales estimated at $2.35 billion and earnings per share (EPS) at $1.92, driven by a projected 15-17% increase in da Vinci procedures in 2025 [2][8]. Financial Performance - ISRG delivered an earnings surprise of 5.85% in the last reported quarter, with an average surprise of 14.64% over the past four quarters [3][4]. - The company has stable EPS estimates of $7.84 for 2025 and $9.05 for 2026 [2]. Market Trends - The Instruments & Accessories segment is anticipated to show strong results due to robust da Vinci procedure growth, particularly in U.S. general surgery and cancer procedures outside the U.S. [6][7]. - Procedure growth in China has improved, primarily driven by urologic procedures, although tariff-related challenges may impact sales [9]. Product Adoption - Strong adoption of the newly launched da Vinci 5 surgical system is expected to contribute positively to the second-quarter results, with 147 systems placed in the first quarter [10]. - The Services segment is likely to reflect strong adoption of digital products and services, including Intuitive App and Intuitive Hub [11]. Valuation and Performance - ISRG shares have declined 0.7% year-to-date, underperforming the S&P 500 Index's gain of 6.5% but outperforming the Zacks Medical sector's decrease of 6.4% [13]. - The company is currently trading at a forward 12-month P/E of 60.92X, significantly higher than the industry average of 27.90X, indicating a premium valuation [16][17]. Future Outlook - Continued growth in da Vinci procedure volume and strong Ion procedure growth are expected to drive ISRG's performance for the remainder of 2025 [20]. - The launch of da Vinci SP in Europe and da Vinci 5 in the U.S. is anticipated to further enhance system placements [21]. - Rising trade tensions and tariff implications may introduce uncertainty, but the company's U.S. and Mexico manufacturing facilities should mitigate some risks [22].

Deal Terms & Valuation Concerns - Espresso 融资 400 million 美元估值，融资 4 million 美元，估值过高 [1] - Vesting 周期过长，TGE 无解锁，12 个月 cliff，之后 50% 解锁，剩余 50% 在之后 12 个月解锁，总计 24 个月完全解锁 [1] - A 轮和 B 轮融资估值未公开，已融资总额 60 million 美元，专家估计 B 轮后估值低于 180 million 美元 [2] - 期望 Espresso 在 12 个月内交易价格达到 800 million 美元以上才能实现盈亏平衡，风险较高 [2] Transparency & Launchpad Strategy - Kaito Capital Launchpad 应该提供更具吸引力的条款（估值和 vesting），小规模融资但条款优惠 [3] - 需要完全透明地披露过往融资轮次及其估值、其他利益相关者的 vesting 情况，以便非 VC 专家做出明智的决定 [3] - Capital Launchpad 的理念很好，潜力巨大，但 launchpad 的质量取决于其为参与者提供的交易 [3] Overall Sentiment - 对此交易并不信服 [4]

Summary of NetEase, Inc. Conference Call Company Overview - **Company**: NetEase, Inc (NTES.O) - **Industry**: Internet Entertainment - **Market Cap**: US$87.283 billion - **Current Share Price**: US$136.12 - **Price Target**: Raised from US$145.00 to US$151.00, indicating an 11% upside potential [5][21] Key Financial Metrics - **2Q25 Revenue Growth**: Expected to be 12% YoY for game revenue and 20% for non-GAAP profit [2][8] - **Adjusted Net Profit**: Projected to grow 20% YoY to RMB 9.4 billion [8] - **EPS Estimates**: Slight increases of 1-2% for 2025-2027 [3][20] - **Revenue Projections**: - 2025: RMB 114,060 million - 2026: RMB 118,798 million - 2027: RMB 123,673 million [5][24] Business Developments - **Game Titles Performance**: - **Marvel Rival S3**: Popularity rebound, ranked 2 on Steam in July [7] - **Once Human**: Strong PC gross ranking post mobile launch, estimated annual revenue contribution of RMB 800 million to 1 billion [7] - **New Titles**: Five new games scheduled for summer 2025, expected to contribute marginally in 3Q [7] Market Positioning - **Competitive Landscape**: NetEase is well-positioned amid fund inflows from the food delivery segment, with positive business developments justifying its outperformance [1] - **Marketing Strategy**: Focus on long-term marketing expense ratio rather than short-term savings [2] Valuation and Risk Assessment - **Valuation Method**: Sum of the parts (SOTP) with a target P/E of 15x for the games business [30] - **Risk Factors**: - Shorter-than-expected life cycle of games - Weaker-than-expected margins due to loss-making businesses [41] Investment Thesis - **Overweight Rating**: Reiterated with a focus on market share gains through development capabilities and global expansion [31] - **Margin Improvement**: Expected from a favorable revenue mix and better cost control, leading to operating profit margin expansion towards 34% [31] Additional Insights - **Revenue Growth Drivers**: Anticipated acceleration in game revenue driven by localized content and new titles [32] - **Consensus Rating Distribution**: 90% Overweight, 10% Equal-weight [34] Conclusion - **Outlook**: Positive growth trajectory with a focus on game revenue and margin expansion, supported by a strong pipeline of new titles and strategic market positioning [43]

Market Outlook - The market may experience volatility due to complacency, especially before the August 1st deadlines [2] - A market pullback should be viewed as a potential buying opportunity, but caution is advised in the near term [5] - The market is pricing in a perfect scenario regarding tariffs and Federal Reserve actions [5] - The technology and growth sectors are pricing in perfection and not considering existing risks [4] Investment Strategy - Rebalancing portfolios is necessary, especially after recent rapid increases [3] - Diversification into international stocks is recommended, as they have room to catch up with the US [7] - International stocks are relatively cheaper compared to the US, which is considered expensive, especially in large-cap growth [8] - Investors should be cautious about the growthiest part of the market, as valuations may be overextended [16] Federal Reserve & Interest Rates - There is less than a 50% chance of the Federal Reserve cutting rates in September [10] - Inflation is not moving in the right direction, limiting the Fed's flexibility to cut rates [11]

patterns and some still unsettled policy debates spoil the mood here to get into all that is Dan Greenhouse of Solus Alternative Asset Management. Dan good to see you. Thank you for having me.Thanks for coming by. Listen, there's always something to worry about. We could always make a list of the concerns.We talk about that all the time. But really the markets in aggregate, whether you look at credit spreads, you look at volatility levels, you look at the all time highs on a weekly basis, the breadth of the ...

Core Insights - Chewy Inc.'s Hardgoods segment showed significant growth in Q1 2025, with revenues increasing by 12.3% year over year to $342.2 million, surpassing the overall revenue growth of 8.3% [1][10] - The company added over 150 new brands and halved SKU onboarding time, enhancing product selection and market execution speed [2] - Management noted broad-based growth across hardgoods subcategories, driven by improved inventory management, personalized merchandising, and enhanced digital discoverability [3] Sales and Market Position - Chewy's strategy to increase wallet share beyond essential products is evident, with hardgoods showing potential for deeper customer relationships and incremental revenue [4] - The company's hardgoods performance contributed to strengthening market share and resilient growth, maintaining full-year revenue guidance of $12.3–$12.45 billion, reflecting a growth rate of 6–7% adjusted for the previous year's extra week [5] - Chewy's net sales outperformed key competitors, including Central Garden & Pet Company and Petco Health and Wellness [6] Competitor Analysis - Central Garden & Pet reported Q2 fiscal 2025 net sales of $833.5 million, down 7.4% year over year, affected by weather delays and product line losses, though e-commerce and Wild Bird segments performed well [7] - Petco Health and Wellness reported Q1 fiscal 2025 net sales of $1.49 billion, down 2.3% year over year due to store closures, with expectations of low single-digit sales decline for 2025 [8] Financial Performance - Chewy's shares have increased by 17% year to date, outperforming the industry's growth of 9.5% [9] - The company trades at a forward price-to-sales ratio of 1.26X, below the industry average of 2.17X, with a Value Score of C [11] - The Zacks Consensus Estimate for Chewy's fiscal 2025 earnings indicates a year-over-year growth of 23.1%, with upward revisions for estimates over the past 60 days [12]