Financial Data and Key Metrics Changes - Total Payment Volume (TPV) reached $41 billion, up 60% year-over-year, with a significant acceleration as the year progressed [4][5] - Revenue surpassed $1 billion for the first time, with adjusted free cash flow of $191 million, up 110% year-over-year [7][19] - Net income reached $197 million, reflecting a 63% increase year-over-year, and adjusted EBITDA as a percentage of gross profit expanded by 5 percentage points [7][21] Business Line Data and Key Metrics Changes - TPV retention reached 158% and net revenue retention was 145%, indicating strong customer loyalty and service value [5] - The Buy Now, Pay Later Fuse product grew 88% quarter-over-quarter, showing solid merchant adoption [12] - Gross profit grew 37% year-over-year, driven by sustained TPV growth with merchants [7][19] Market Data and Key Metrics Changes - The company processed payments in 44 markets across the Global South, nearly doubling its footprint over the last five years [9] - Brazil, Mexico, South Africa, and Colombia showed particularly strong TPV growth, with on-demand delivery and e-commerce sectors performing well [18][20] - Argentina's gross profit was impacted by FX volatility and election-related costs, despite strong underlying volume growth [20][41] Company Strategy and Development Direction - The company aims to capture the massive opportunity in emerging markets, with a total addressable market for digital payments estimated at over $2 trillion [13] - The strategy includes expanding into new geographic markets and enhancing product offerings, such as stablecoin solutions and card-present transactions [12][30] - The focus remains on maintaining high growth rates while ensuring operational efficiency and cash generation [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the complexities of emerging markets, emphasizing the importance of local financial infrastructure [10][26] - The company expects TPV growth in the range of 50%-60% year-over-year for 2026, with gross profit growth projected at 22.5%-27.5% [24][25] - Management highlighted the potential for new merchant contributions and product innovations to drive future growth [28][29] Other Important Information - The company plans to maintain a disciplined capital allocation strategy, including a dividend policy and a new share repurchase program [31][32] - The return on equity reached 35%, up 10 percentage points year-over-year, reflecting improved profitability and capital return policies [22] Q&A Session Summary Question: TPV growth guidance and sources - Management indicated that TPV growth will come from continued strength in Latin America, consolidation in Africa, and expansion into the Middle East and Asia [38][39] Question: Gross margin in Argentina - Management noted that FX volatility impacted gross margins but remains optimistic about Argentina's long-term growth potential [41][42] Question: Stablecoin and Buy Now, Pay Later contributions - Management expects stablecoin products to confirm product market fit in 2026, with significant contributions likely in 2027 or 2028 [43][44] Question: Brazil's revenue and gross profit growth - Brazil's strong performance was attributed to a favorable product mix and increased monetization, but such growth levels may not be sustainable [57][58] Question: Card-present operations - Management clarified that card-present transactions are part of their innovation pipeline, with no significant upfront OpEx expected in 2026 [64][69] Question: Operational efficiencies and guidance risks - Management acknowledged that operational efficiencies will be more visible in the second half of 2026 due to annualization of late 2025 hirings, with macroeconomic factors posing risks to guidance [87][88]

Core Insights - Investors are increasingly favoring emerging markets, marking the largest allocation in five years, alongside a notable interest in equities in Japan [1] Group 1 - Emerging markets are receiving the highest investment allocation in five years, indicating a shift in investor sentiment [1] - There is a significant interest in Japanese equities, suggesting a positive outlook for the Japanese market [1]

Core Insights - Village Farms reported strong financial performance for Q4-2025, driven by international exports and sales in the Netherlands [1] - The company has expanded its grow facilities in Canada and the Netherlands, which is expected to lead to higher revenue in 2026 [1] Financial Performance - The financial results for Q4-2025 indicate robust growth, particularly from international markets [1] - Sales in the Netherlands are a significant contributor to the company's overall performance [1] Expansion Plans - Village Farms is actively expanding its growing facilities in both Canada and the Netherlands [1] - This expansion is anticipated to enhance revenue generation capabilities over the upcoming year [1]

Core Viewpoint - Emerging markets are experiencing significant short-term losses, but long-term investment cases remain strong according to several money managers [1][6]. Group 1: Market Performance - The MSCI equity index recorded its largest weekly drop in six years, while bond yields have increased sharply [1][6]. - Investors added $12.6 billion to emerging-market stocks and bonds in the week through Wednesday, indicating a potential buying opportunity amid price dips [2][6]. Group 2: Investment Sentiment - Money managers from firms like Pacific Investment Management Co, Barings LLC, and T Rowe Price Group Inc are mostly holding off on major portfolio shifts, despite some marginal adjustments [1][6]. - The conviction in emerging markets is driven by diversification from US assets, attractive valuations, and solid economic growth, which many believe will reassert themselves once geopolitical tensions ease [2][6]. Group 3: Risks and Adjustments - Rising Brent crude prices, surpassing $90 a barrel, and escalating conflicts in the Middle East are raising concerns about economic growth in import-reliant countries [2][6]. - JPMorgan Chase & Co has reduced its recommendations on emerging-market assets three times in the past week, moving to tactical underweight positions on sovereign and corporate dollar bonds due to increased uncertainty [5][6].

Core Viewpoint - Emerging market equity funds have experienced significant declines due to increased risk aversion among investors amid the escalating conflict in Iran, making them some of the worst performers across asset classes [1]. Group 1: Market Performance - Equity funds focused on countries such as Pakistan, Chile, Greece, Colombia, Argentina, the United Arab Emirates, and Saudi Arabia have been among the largest decliners in the past month, as tracked by LSEG Lipper [1]. - The MSCI emerging markets equities index has fallen more than 6% this week, contrasting with a 2.2% decline in the MSCI World Index and a 0.7% drop in the MSCI United States [1]. Group 2: Fund Flows - Weekly inflows into emerging market equity funds have slowed to $5.8 billion, marking the lowest level in seven weeks [1]. Group 3: Future Outlook - Goldman Sachs maintains a forecast for 25% growth in MSCI EM earnings per share in 2026, suggesting that if the current disruptions are short-lived, the broader earnings impact may remain limited [1]. - However, the brokerage warns that higher starting valuations following strong gains last year make emerging market equity markets susceptible to near-term correction risks [1].

Group 1 - The expectation of increased U.S. war spending may lead to a weaker dollar, creating a favorable environment for emerging markets [1] - Despite the ongoing risks associated with the conflict in Iran, there are indications that investors should consider increasing their exposure to emerging markets [1][2] - The iShares MSCI Emerging Markets ETF (EEM) has declined over 5% week-to-date but remains up nearly 37% over the past year, suggesting potential buying opportunities [2] Group 2 - International investments are gaining traction, with geopolitical uncertainties becoming more familiar to investors [3] - The energy sector is highlighted as a critical area to monitor, particularly if the Iran conflict extends, given Europe's reliance on Middle Eastern oil [3] - The United States Oil Fund (USO) has shown strong performance, increasing 12% this week and 32% year-to-date, indicating a potential investment avenue in energy [3]

Core Viewpoint - JPMorgan Chase & Co. has reduced its overweight recommendations on emerging-market currencies and local bonds due to the risks associated with the US attack on Iran, indicating a cautious approach in light of market uncertainties [1][2]. Group 1: Market Reactions and Adjustments - Emerging markets reacted negatively but in a limited manner following the US attack, prompting JPMorgan to see this as an opportunity to reduce exposure [1]. - The MSCI benchmark for developing currencies experienced a 0.9% decline, marking the largest intraday drop in four months, with the Hungarian forint and Polish zloty being the most affected [2]. Group 2: Strategic Positioning - JPMorgan has cut its bullish positions in the Hungarian forint and Turkish lira by half, as well as halving its overweight calls on South Africa and Romania local rates, while maintaining marketweight recommendations in sovereign and corporate credit [3]. - The bank remains optimistic about Latin American currencies and rates, citing the region's lower exposure to oil prices and stronger carry buffers [3]. Group 3: Uncertainty and Risks - The duration of the conflict and its potential aftermath are highlighted as key uncertainties, with increased risks of a broader impact on the global economy through oil and regional business [4].

Group 1 - Emerging markets (EM) are becoming a prominent investment opportunity this year, with major asset managers investing in EM stocks, local currency bonds, and credit due to expectations of strong global economic growth and a weaker dollar [1][2] - Developed markets are facing challenges such as policy uncertainty and rising bond yields in the US, Japan, and Germany, which has negatively impacted sentiment [2] - The MSCI Emerging Markets stock index has reached a record high, and trading volumes in related exchange-traded funds have increased significantly [2][4] Group 2 - Fund managers are increasing long positions in equities across Asia, Latin America, and Europe, the Middle East, and Africa, while favoring EM bonds over US Treasuries and core European sovereign debt [3] - EM debt is the most favored in credit markets, contrasting with a preference for underweight positions in US investment-grade bonds [3] - Despite global market volatility due to concerns over artificial intelligence, EM assets have performed well, with the MSCI EM Index rising by 0.7% to a new record high, driven by Asian technology shares and a weaker dollar [4] Group 3 - A Bloomberg index of EM local currency government bonds has returned 2.2% year-to-date, following an annual return of 8.5% last year, the best performance since 2017 [5] - An index tracking sovereign dollar bonds has increased by 1.7% in 2026, after a 13% rise last year [5]

So let's talk about this and more with our friend BFG Wealth Partners chief investment officer Peter Bookbar. Also a CNBC contributor. Peter again US markets have done great but to what do you attribute this.I mean Korea doubling in a year. >> Memory chips. >> As we entered 2025 the US market cap as a as a percent of total market cap got to the highest levels since World War II.north is 60%. With a >> of the global market >> of the global market cap with context that the US economy is about 25% of global GD ...

Core Insights - Canopy Growth Corporation (CGC) reported financial results that were in line with expectations, showing strong revenues but an overall net loss [1] Financial Performance - The company experienced strong revenue generation, although it still reported a net loss [1] Strategic Developments - Canopy Growth is set to acquire MTL Cannabis, which is expected to enhance both revenues and overall company valuation [1]