ab 5 January 2026 Global Research China A-Share Style Guide 2025 ended with a rally in Growth What is the current investing environment? The explanatory power of macroeconomic drivers continued in December, as the impact of the US two-year spread slightly increased. Pair-wise correlations across the equity market continued to decline while cross-sectional volatility picked up. We think these trends reflect lower price co-movements and more stock opportunities. What is the market valuation? China's A-share m ...

Core Insights - Okta's market capitalization has decreased by 20% over the past six months despite reporting satisfactory quarterly results, indicating ongoing investor concerns [2][3] - The company reported $742 million in total revenue for Q3 of fiscal 2026, reflecting a 12% year-over-year increase, with subscription revenue at $724 million, up 11% year-over-year [2] - Adjusted earnings per share (EPS) reached $0.82, exceeding expectations, while the current remaining performance obligations (cRPO) grew to $2.328 billion, a 13% increase from the previous year [2] Financial Performance - Okta's revenue growth and adjusted EPS indicate profitability, with management projecting full-year revenue between $2.906 billion and $2.908 billion [7] - The growth in cRPO suggests future revenue visibility, which is crucial for investor confidence [7] Market Dynamics - Valuation compression is evident as the market shifts from high growth expectations to a demand for sustainable margins and predictable cash flows [4] - Macroeconomic factors and market sentiment have led to a perception of Okta's services as discretionary expenditures during economic uncertainty [5] - A recalibration of risk-return dynamics is occurring as Okta transitions from rapid growth to a more mature growth model, prompting some investors to seek faster-growing alternatives [6] Future Outlook - If Okta can maintain mid-teens revenue growth while improving margins and cash flow, and if macroeconomic conditions stabilize, there may be potential for market re-evaluation of the stock [9] - The most likely near-term scenario is a modest recovery in business performance, gradually restoring investor confidence without significant rebounds unless stronger-than-expected growth occurs [10]

ab 1 December 2025 What is working? Global Research China A-Share Style Guide Low Risk favoured; Growth declined What is the current investing environment? The explanatory power of macroeconomic drivers continued in November, as the impact of the US two-year spread slightly increased while the US 10-year to two-year spread fell. Pair-wise correlations across the equity market continued to decline while cross- sectional volatility also fell. We think these trends reflect lower price co-movements and stock op ...

This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. Dive Brief: Furniture company American Signature Inc., which is wholly owned by Schottenstein Stores Corp., filed for Chapter 11 bankruptcy relief in the U.S. Bankruptcy Court for the District of Delaware, per a Sunday press release. The company operates Value City Furniture and American Signature Furniture, and cited “one of the most severe housing market declines ...

Core Insights - The article emphasizes the importance of identifying companies with the potential to consistently outperform the broader market, focusing on robust, consistent, and predictable cash flows for accurate valuation [1] Group 1: Investment Philosophy - The investment approach combines fundamental analysis with macroeconomic factors, allowing for a disciplined framework that adapts to various market cycles [1] - The focus is sector and asset class agnostic, indicating a broad search for value and alpha across different markets [1] Group 2: Market Engagement - The motivation to write on Seeking Alpha is to share insights and engage in discussions with the investment community, aiming to provide actionable ideas [1] - The article encourages interaction with both novice and seasoned investors, fostering a collaborative environment for exchanging important insights [1]

Core Insights - Priority Technology Holdings experienced slower growth in its Merchant Solutions segment due to macroeconomic factors affecting various industries, including restaurants, construction, and wholesale trade [1][4][5] - The revenue growth in the Merchant Solutions segment slowed to 2% year over year, while the Payables and Treasury Solutions segments saw growth rates of 14% and 18%, respectively [2] - The company rebranded its operating segments to better reflect their solutions and customer base, changing SMB, B2B, and Enterprise to Merchant Solutions, Payables, and Treasury Solutions [3] Segment Performance - In the Merchant Solutions segment, same-store sales decelerated across multiple areas, although merchant attrition remained stable, indicating that macroeconomic factors are influencing performance [4] - The Chief Financial Officer noted that the slower growth in the Merchant Solutions segment's core portfolio was largely due to a decline in consumer spending in specific verticals [5] Strategic Acquisitions - During the third quarter, Priority made two significant acquisitions: Boom Commerce and Dealer Merchant Services (DMS), enhancing its capabilities in the automotive commerce sector [6][7] - The acquisition of Boom Commerce is expected to strengthen sales and expand distribution partnerships, while DMS will support the company's strategy in integrated payments and treasury solutions [7]

Core Viewpoint - The current stock market presents limited opportunities for bargains due to high valuations, but declining stock prices driven by tariffs and macroeconomic factors create a favorable environment for long-term investors [1] Group 1: Stock Market Conditions - The stock market is described as "hot," indicating high overall valuations and limited availability of undervalued stocks [1] - Tariffs and macroeconomic factors are identified as primary reasons for the decline in stock prices, suggesting external pressures affecting market performance [1] Group 2: Investment Opportunities - The decline in stock prices is framed as an "excellent opportunity" for long-term investors, highlighting the potential for future gains despite current market conditions [1]

Core Insights - The article emphasizes the importance of identifying companies with the potential to consistently outperform the broader market, focusing on those with robust, consistent, and predictable cash flows [1] - It highlights the significance of combining fundamental analysis with macroeconomic factors to develop a disciplined investment framework [1] - The author expresses a willingness to engage with the investment community to share insights and actionable ideas, catering to both novice and seasoned investors [1] Company Focus - The investment strategy prioritizes companies that demonstrate strong cash flow characteristics, which allows for more accurate valuation and sensitivity analysis [1] - There is an openness to exploring opportunities in the fixed-income market depending on market cycles, indicating a flexible approach to investment [1] Macroeconomic Considerations - The article underscores the belief that macroeconomic developments can significantly influence market cycles and affect valuation discounts or premiums [1] - Attention to macroeconomic factors is deemed essential for understanding potential investment opportunities and risks [1]