Knowledge Leaders Developed World ETF (KLDW US) – Investment PropositionKnowledge Leaders Developed World ETF (KLDW) targets long-term growth by actively investing in developed-market companies distinguished by sustained investment in intangible assets such as research, brand, and human capital. The philosophy seeks firms with durable competitive advantages arising from innovation and knowledge accumulation, aiming to capture quality and profitability traits that can compound over cycles. Portfolio construc ...

Core Viewpoint - SPDR Portfolio Developed World ex-US ETF (SPDW) aims to provide broad market-cap exposure to developed equities outside the United States, focusing on long-term growth through a diversified portfolio of large- and mid-cap companies [1] Group 1: Investment Strategy - SPDW captures diversified earnings across Europe, Japan, and other mature Asia-Pacific markets, reflecting global business cycles and currency movements against the U.S. dollar [1] - The ETF can serve multiple roles, including as a core international allocation, a diversification tool alongside U.S. equities, or a factor-completion tool to enhance sector and currency exposure [1] Group 2: Market Conditions - The performance of SPDW is influenced by synchronized economic expansion or a weaker U.S. dollar, while a strong dollar or U.S. market leadership may pose challenges [1] Group 3: Risk Factors - A key risk involves evolving country concentrations due to market-value weighting, which can significantly impact investment outcomes [1]

Core Insights - Cal-Maine Foods reported a significant decline in net sales and profits for the second quarter and first half of fiscal 2026, attributed to lower egg prices and sales volume [5][9][12] - The company is focusing on diversifying its sales mix, particularly increasing the share of specialty eggs and prepared foods, which are expected to enhance earnings predictability over time [5][8][15] Second Quarter Fiscal 2026 Highlights - Net sales were $769.5 million, down 19.4% from $954.7 million in the prior year [9] - Shell egg sales accounted for 84.4% of total net sales, a decrease of 1,030 basis points [5] - Specialty eggs represented 44.0% of total shell egg sales, an increase of 1,230 basis points [5] - Prepared foods sales surged to $71.7 million, up 586.4% compared to $10.4 million in the same quarter last year [10] - Gross profit was $207.4 million, down 41.8%, with a gross profit margin of 27.0% [11] First Half of Fiscal 2026 Highlights - Total net sales were $1.692 billion, down 2.8% from $1.741 billion [12] - Shell egg sales represented 85.0% of total net sales, down 950 basis points [5] - Specialty egg sales increased by 4.7%, with prepared foods sales reaching $155.6 million, up 702.9% [13] - Gross profit was $518.7 million, down 14.0%, with a gross profit margin of 30.7% [14] Strategic Execution Highlights - The company announced a $36 million investment to centralize and expand prepared foods production, increasing capacity by over 30% in the next two years [5] - Acquired Clean Egg, LLC production assets to expand specialty and free-range egg capacity [5] - Breeder flocks grew by 12.7%, and total chicks hatched rose by 65.1% [5] Share Repurchase and Dividend Payment - During the quarter, Cal-Maine Foods repurchased 846,037 shares for a total of $74.8 million, with $375.2 million remaining under the current repurchase authorization [16] - A cash dividend of approximately $0.72 per share will be paid on February 12, 2026, to shareholders of record on January 28, 2026 [17]

Core Insights - NanoXplore Inc. reported a significant decrease in total revenues for Q1-2026, amounting to $23,442,651, which is a 30% decline compared to $33,665,414 in Q1-2025 [4][12] - The company is experiencing historical low volume demand from its two largest customers, with recovery expected in the second half of the fiscal year [3][4] - New contracts with Chevron Phillips Chemical and Club Car are anticipated to generate revenue starting in Q2-2026, partially offsetting the current decline [3] Financial Performance - Total revenues decreased by $10,222,763, or 30%, from the previous year, primarily due to lower volume and tooling revenues [12][13] - Adjusted gross margin on revenues from customers fell to 17.3% from 20.9% year-over-year, reflecting a decrease of $3,074,190 due to lower sales volume [4][17] - The company reported a loss of $3,776,330 for Q1-2026, compared to a loss of $2,719,012 in Q1-2025 [4][7] Segment Performance - Revenues from the Advanced Materials, Plastics and Composite Products segment decreased by 31%, from $33,635,593 in Q1-2025 to $23,163,536 in Q1-2026 [10] - The Battery Cells and Materials segment saw a significant increase in revenues, rising by 836% to $279,115 from $29,821 in the previous year [10][11] - Adjusted EBITDA loss for the Advanced Materials segment was $1,318,758, a decline of 187% compared to the previous year, while the Battery Cells segment improved its adjusted EBITDA loss to $71,343, a 82% improvement [10][14] Strategic Initiatives - The company has entered into a multi-year supply agreement with Chevron Phillips Chemical for its proprietary product, Tribograf, which is expected to enhance long-term growth [3] - The commissioning of a new facility in Statesville, North Carolina, is seen as a key milestone for scaling graphene volume sales [3] - The transition of CEO roles is aimed at focusing on long-term strategic growth and enhancing shareholder value [3]

Financial Statements Overview - Financial statements are essential for long-term investors to analyze a company's investment potential [3] - The three primary financial statements are the income statement, cash flow statement, and balance sheet [4] - These reports provide a snapshot of a business's operations and raw data for investment assessment [4] Income Statement (Profit and Loss Statement) - The income statement reveals a company's revenues, expenses, and profits over a period [5] - It provides insights into profitability and operational efficiency [5] - Key metrics include revenue growth, gross margins, and net income [5] Cash Flow Statement - The cash flow statement tracks how a company generates and uses cash [6] - It helps investors assess liquidity, indicating whether a company can meet its obligations [7] - Key metrics include operating cash flow and free cash flow [7] Balance Sheet - The balance sheet records a single snapshot in time, showing what a company owns versus what it owes [8] - It helps determine the financial strength of a company [8] - Key metrics include total assets, total liabilities, and shareholders' equity [8] Financial Ratios & Analysis - Investors use financial ratios to analyze a company's operations [2] - Guru Focus provides charts to visualize money flow in and out of a company for each financial statement [6]

Let's talk about it all. Dryen Pence, CIO, Pence Capital Management, joining us now on set. Better to be here today than on Friday, Dryden.Absolutely. Uh besides that social media post, do we know what changed. Or maybe that was enough. Well, I think that that that is probably enough.But I mean, the fact of the matter is is that China, we are 2.3% of China's GDP. They're trade with us. we're, you know, we're they're only about 0.5% of ours.They need us more than we need them. And so you had this posting goi ...

Core Insights - As market indexes approach all-time highs, investors may be hesitant to invest at elevated valuations, making high-quality income funds a strategic option to mitigate market uncertainties [1] Group 1: Investment Strategy - High-quality dividend stocks, Business Development Companies, REITs, and Closed End Funds can enhance investment income while maintaining total returns comparable to traditional index funds like the S&P [1] - A hybrid investment approach combining growth and income strategies can effectively capture total returns on par with major market indices [1]

AI & Technology Sector - The AI revolution is expected to drive long-term growth, although volatility is anticipated, especially in technology and AI sectors [2] - Oracle's profitability concerns and potential losses on Nvidia chips raised questions about the AI trade's momentum [1] - Retail investors are still net buyers of Nvidia, but selling other AI-related stocks [7] Market Dynamics & Investment Strategies - The market is broadening, potentially due to the Federal Reserve's policies and acceptance of 3% inflation as a new norm [2][3] - Investors are considering gold and Bitcoin as safe haven assets, partly due to concerns about a weakening US dollar [4][5] - Retail investors have increased access to capital markets and are actively involved in trading, conducting due diligence and research [8] - Increased capital flow into private markets, such as OpenAI and XAI, may draw investments away from the equity market [9][10] - Market timing is not recommended for long-term investors; a controlled approach to investing in appreciating assets is advised [11] Economic Factors - The Federal Reserve's actions are perceived as making things easier for equity investors [3] - The market may be adjusting to a new normal of 3% inflation [3] - Uncertainty in the US, including shutdowns and tariffs, may be influencing investment decisions [6]

Investment Philosophy & Personal Growth - The talk explores parallels between investing and life, emphasizing resilience, discipline, and continuous learning for long-term growth [1] - The speaker's journey highlights turning financial uncertainty and personal setbacks into catalysts for success in the stock market [1] - The speaker's experience demonstrates the power of perseverance in achieving both financial and personal growth [1] Trading Strategy & Experience - The speaker has over seven years of experience as a full-time trader and mentor, establishing a reputation as a disciplined strategist [1] - The speaker initially experimented with strategies like delta neutral and scalping, facing heavy losses before achieving consistent profitability [1] - The speaker's transformation involved deep learning through books, advanced courses, and global trading communities [1]

Group 1 - The landscape for Business Development Companies (BDCs) is becoming more challenging due to elevated interest rates, which are impacting their ability to grow earnings and net asset value (NAV) [1] - Higher interest rates increase borrowing costs for BDCs, making it difficult for them to maintain profitability [1] - A hybrid investment strategy that includes classic dividend growth stocks, BDCs, REITs, and Closed-End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]