Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting with competent advisors before making any financial decisions, particularly in relation to investments in cryptocurrencies and CFDs [1]. Group 1 - The website provides general news, personal analysis, and third-party materials intended for educational and research purposes [1]. - It explicitly states that the information should not be interpreted as a recommendation or advice for investment actions [1]. - The accuracy and reliability of the information are not guaranteed, and users are cautioned against relying solely on the content provided [1]. Group 2 - The website discusses the complexities and high risks associated with cryptocurrencies and CFDs, highlighting the potential for significant financial loss [1]. - It encourages users to conduct their own research and fully understand the instruments and risks involved before making investment decisions [1].

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

The market’s focus this week will be on US economic news. On Wednesday, the Dec ADP employment change is expected to increase by +48,000. Also, the Dec ISM services index is expected to slip -0.3 to 52.3. In addition, the Nov JOLTS job openings are expected to climb by +9,000 to 7.679 million. Finally, on Wednesday, Oct factory orders are expected to decline by -1.1% m/m. On Thursday, Q3 nonfarm productivity is expected to climb by +4.7%, and unit labor costs are expected to rise by +0.3%. Also, initial wee ...

Core Insights - Artisan Partners' "Artisan Value Fund" reported a positive performance in Q3 2025, with returns of 0.83%, 0.91%, and 0.90% for its Investor Class, Advisor Class, and Institutional Class, respectively, against a 5.33% return for the Russell 1000 Value Index [1] Company Analysis - Elevance Health, Inc. (NYSE:ELV) is highlighted as a key stock in the Artisan Value Fund's portfolio, with a one-month return of 5.28% and a 52-week loss of 5.56%, closing at $348.38 per share with a market capitalization of $77.42 billion on December 29, 2025 [2] - The fund made a strategic decision to purchase Elevance Health, swapping it for Cigna, as both companies operate in the health insurance sector but have different business mixes. Elevance is noted for its diverse offerings in commercial, Medicare Advantage, and Medicaid, while Cigna has a larger pharmacy benefits management (PBM) business [3] - The investment case for Elevance is based on the expectation that its currently depressed earnings will recover as pricing adjusts to rising costs, with shares trading under 10X expected earnings per share compared to a 10-year average of 16X [3]

Summary of Key Points from the Conference Call on the Copper Industry Investment Strategy for 2026 Industry Overview - The global electrolytic copper market is expected to experience an expanding supply-demand gap from 2026 to 2027, driven by a recovery in traditional demand (durable consumer goods, real estate) and structural demand growth (AI investments, data center construction, overseas grid upgrades) [1][2] - Short-term copper prices are supported by tight supply from mining disruptions, while mid-term improvements in global manufacturing PMI and long-term demand from AI investments and grid upgrades are expected to drive prices higher [1][5] Core Insights and Arguments - The copper price experienced fluctuations in 2025, with key catalysts including the mining accident at Indonesia's Grasberg copper mine and dovish statements from the Federal Reserve, which raised market expectations for interest rate cuts [1][6] - The copper industry faces resource constraints, including limited reserves (890 million tons), low grades, dispersed distribution, and steep cost curves, which restrict rapid supply growth [1][7] - Chinese companies play a crucial role in the global copper industry, contributing 15%-20% of global output and 50% of incremental production. The supply tightness in 2026 is expected to be more pronounced in the first half of the year [1][8] Demand and Supply Dynamics - Demand is categorized into traditional and structural sectors, with expectations for improvement in traditional demand due to declining interest rates. Emerging energy sectors, particularly AI-related investments, are also increasing copper demand [3][4] - Supply disruptions over the past five years, including mining accidents and operational issues, have increased the price elasticity of copper. The decline in smelting fees reflects tight mining conditions and potential overcapacity in smelting [4][9] Price Outlook - Short-term price support is anticipated due to supply tightness from mining disruptions. Mid-term trends are expected to improve with a recovery in global manufacturing, while long-term demand from AI investments and grid upgrades will provide sustained support for copper prices [5][11] Historical Industry Trends - The copper market has shown a volatile pattern from the second half of 2024 to the third quarter of 2025, with prices fluctuating between $8,700 and $10,000 per ton. Significant changes in 2025 included the Grasberg mining accident and the Federal Reserve's dovish stance, which influenced market expectations [6][11] Recommendations for Investment - The first half of 2026 presents a favorable window for investment, with anticipated supply tightness and several macroeconomic catalysts, including the U.S. midterm elections and seasonal demand [12][13] - Leading companies such as Zijin Mining and Luoyang Molybdenum are recommended for investment due to their attractive valuation levels, currently around 13 times earnings, down from 16-17 times the previous year [13] Broader Economic Context - The global economy faces debt challenges, with potential solutions including productivity breakthroughs in sectors like AI or monetary easing. Both scenarios are expected to support demand for metals like copper [14]

There is reason to be skeptical of the third-quarter data, however. ...

Inflation & Pricing - Gradual pass-through of tariff costs onto CPI inflation and consumer prices, with core goods prices rising at a 14% clip annually [2] - Services less energy are showing disinflation, rising at a 3% pace, driven by shelter cost disinflation, but this may be overstated [3][4] - Alleviating tariff cost pressures is a key lever to reduce pressures on businesses and potentially lower prices for consumers [9] - Since 2019, inflation has accumulated to approximately 25% [10] Economic Outlook & Growth - The US economy is supported by three "Apillars" of growth: affluent consumers, AI investment, and asset price appreciation (stock market gains) [11] - These pillars create a virtuous cycle but also represent a narrow and fragile foundation, with risks of an AI-related bubble and stock market correction [12][13][14] - Expects US growth of 19% next year, roughly on par with this year, supported by this narrow foundation [14] - Consumer spending is expected to grow at a moderate 15% pace [15] - Greater investment in AI-connected areas is anticipated [16] Economic Polarization - Expects greater polarization within and between economies, with the well-offs and AI-focused businesses driving most of the spending and investment [16][17]

Core Insights - CFOs are entering 2026 with expectations of ongoing pricing pressure and economic uncertainty, as indicated by the latest CFO Survey from Duke University's Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta [1] Pricing Pressure and Growth Expectations - CFOs anticipate a median price increase of 3.5% for products and services in 2026, reflecting elevated cost dynamics influenced by tariffs, input costs, and customer sensitivity [3][4] - The findings suggest that CFOs are preparing for price increases as part of broader margin management strategies, indicating a sustained high price growth outlook [4] Labor Market Insights - The median company expects a 1.7% increase in full-time employment in 2026, with 59% of companies planning to expand their workforce, while 15% plan to reduce headcount and 26% expect no change [5] - Wage growth is projected to average around 3%, indicating ongoing compensation pressure despite a moderation in hiring and falling interest rates [5] Economic Outlook - CFOs expect real GDP growth of 1.9% in 2026, showing stability in their outlook, although the CFO optimism index for the overall economy has slightly declined from 62.9 to 60.2 [6] AI Investment Trends - Investment in AI is expected to grow, particularly among smaller and mid-sized firms, with 78% of large companies having invested in AI in 2025, and nearly 80% of small firms planning to invest in AI in the coming year [7]

Core Insights - The article emphasizes the importance of investing in high-quality dividend-growing and undervalued opportunities to achieve strong total returns through cash dividends and capital gains [1]. Group 1 - The lead analyst for Dividend Kings, Scott Kaufman, has over a decade of experience in the financial sector, focusing on actionable investment insights [1]. - The goal of the analysis is to provide a robust total return by combining cash dividends with strong capital gains [1].

Core Insights - Snowflake's stock has declined over 10% following a disappointing margin forecast despite exceeding analysts' expectations for both earnings and revenue [1][7] - The company reported adjusted earnings of $0.35 per share and a revenue increase of 29% year-over-year to $1.21 billion in the third quarter, surpassing analyst estimates [1][7] Financial Performance - Operating income was reported at $131.3 million, with an operating margin of 11%. However, the company anticipates a decrease to a 7% operating margin for the fourth quarter, which is below the previously guided 9% margin [2][5] - The mean target for Snowflake's shares is approximately $280, with 19 out of 21 analysts issuing "buy" ratings [5] Market Reactions and Analyst Opinions - Concerns have arisen regarding Snowflake's AI-related spending, with analysts from Oppenheimer suggesting that new investments in AI could impact short-term profits. However, they maintain an "outperform" rating with a price target of $295 [3][4] - Despite the recent stock decline, Snowflake's shares have increased over 50% in 2025, indicating strong market interest [6]