Core Viewpoint - Brookdale Senior Living (BKD) has reached a significant turning point where theoretical macroeconomic trends are translating into tangible financial performance [1] Company Analysis - The company is no longer just a theoretical investment but is showing real-world financial improvements [1] Industry Insights - The focus is on identifying companies within the consumer products sector that exhibit strong brand recognition, solid financials, and growth potential [1]

Core Viewpoint - Brookdale Senior Living (BKD) has reached a significant turning point where macroeconomic theories are translating into tangible financial performance [1] Group 1: Company Performance - The company is no longer just a theoretical entity but is now demonstrating real-world financial results [1] Group 2: Investment Focus - The focus is on identifying companies with strong brand recognition, solid financials, and growth potential within the consumer products sector [1]

Core Viewpoint - GameStop Corp. is exploring significant strategic moves, including increasing its stake in Bitcoin and potentially acquiring companies to boost its market capitalization, which currently stands at $11 billion, with aspirations to reach $100 billion [2][3][4]. Group 1: Stock Performance and CEO Compensation - GameStop shares are currently trading 81% below their 2021 high of $121 [2]. - If GameStop's market capitalization rises to $100 billion, CEO Ryan Cohen could earn $35 billion based on a recent compensation plan [3]. Group 2: Acquisition Strategies - GameStop is considering acquiring Marathon Digital for $5.5 billion, which would be a 35% premium, and could use its remaining cash of $2.5 billion to buy more Bitcoin, potentially transforming into a Bitcoin miner [5][6]. - The acquisition of Marathon could position GameStop as one of the largest Bitcoin producers, with the combined company's value potentially soaring five to ten-fold if Bitcoin prices rise significantly [6][7]. Group 3: Alternative Acquisition Options - An alternative acquisition target is Discord, valued between $5 billion to $8 billion, which could provide access to a large user base for targeted game-related promotions [13]. - Achieving a $100 billion market capitalization through the Discord acquisition might take three to five years, requiring $3 billion to $5 billion in revenue during that period [15]. Group 4: Market Conditions and Valuation - The premium on Bitcoin holdings has decreased, with the multiplier-to-net asset value falling from over 2.4 to around 1.1 due to high share dilution and investor concerns [10]. - Wall Street currently views GameStop as 42% overvalued, setting a price target of $13.50, indicating that achieving ambitious goals will require bold strategies [16].

4Q2025 Execution of our strategy resulted in outstanding growth and strong value delivery 29 January 2026 Outstanding commercial growth in 2025 Mobile primary customers +352,000 in 4Q2025 +1.0 mln in 2025 Lending growth2) €20.4 bln in 4Q2025 +€56.9 bln in 2025 Deposits growth2) €9.5 bln in 4Q2025 +€38.1 bln in 2025 Return on equity 13.2% in 2025 Fee income €1,221 mln in 4Q2025 €4,602 mln in 2025 Sustainable volume mobilised3) €56 bln in 4Q2025 €166 bln in 2025 Customer growth Customer lending Customer depos ...

Financial Data and Key Metrics Changes - Total revenues increased by 36.7% year-over-year, reaching MXN 20.3 billion [4][5] - Same-store sales grew by 17.9% [4][5] - Cash flow generated by operating activities reached MXN 3 billion, a 30% increase year-on-year [5] - EBITDA reported a loss of MXN 404 million, but excluding non-cash share-based payments, EBITDA increased by 43.6% to a positive MXN 1.2 billion [4][5][8] Business Line Data and Key Metrics Changes - The company opened 131 net new stores in the quarter, totaling 3,162 stores, and opened two distribution centers, bringing the total to 18 [4] - In the first nine months of 2025, 390 stores were opened compared to 346 in the same period last year [5] Market Data and Key Metrics Changes - The gap in same-store sales growth compared to Antad has increased to almost 17 percentage points [6] Company Strategy and Development Direction - The company aims to expand to no less than 14,000 stores in Mexico, indicating significant growth potential [10] - Continuous improvement in product quality and pricing is driving same-store sales growth [10] - The company is focused on talent investment as a key success factor [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong sales growth, driven by product improvements and market penetration [45] - The company is optimistic about future product innovations and their impact on sales [50] Other Important Information - The company has a robust plan for talent development to support future expansion [72] - Management noted that they do not anticipate any significant changes in the competitive landscape as they expand [37] Q&A Session Summary Question: Comments on gross margin and market share - Management indicated that as the company scales, commercial margins will improve due to lower purchasing costs and increased logistics efficiency [14][15] Question: Maturation of new store vintages - New store vintages are maturing faster than expected, leading to improved returns on invested capital [23][24] Question: Sales expenses and regional performance - Management expects more favorable comparisons on sales expenses in the next quarter and noted consistent performance across regions [28][30][32] Question: Product development and customer journey - The customer journey typically starts with basic goods, leading to increased basket sizes over time as customers gain trust in the brand [57][59] Question: Interest from larger players - Management stated there has been no significant interest from larger national or international players regarding a potential acquisition [86]

Core Insights - Astronics Corporation (ATRO) has experienced a significant increase in its share price, rising over 170% year-to-date, indicating strong investor interest and market performance [1]. Company Performance - The stock has shown volatility throughout the year, but each dip has been met with buying activity from investors, contributing to the ongoing uptrend in share price [1]. Investor Sentiment - The positive momentum in Astronics' stock price reflects a robust investor sentiment, as evidenced by the consistent buying during price dips [1].

Group 1: Gold Market Insights - The largest position in the gold index is held by Pneumont, which constitutes 13-14% of the GDX, and is actively selling non-core assets to raise cash [2] - Pneumont has authorized a $6 billion buyback, indicating strong operational leverage within gold companies [2] - The earnings per share (EPS) targets for 2026 are expected to improve significantly, even with a potential 10% pullback in gold prices [3] Group 2: Performance of Gold Miners - Gold miners are preferred over gold itself due to their performance lagging behind gold prices during initial rallies, but they have recently shown a beta of two to three times relative to gold [3][4] - The character of the gold rally has changed, becoming less dependent on traditional metrics, suggesting a more independent momentum [4][5] - The current move in gold is described as "ungoldlike," with thematic drivers influencing the market, including China's gold reserves reaching ten-year highs [5][6] Group 3: Other Metals and Market Dynamics - Other metals such as copper, aluminum, and platinum are also showing signs of life, prompting consideration for additional allocations in these areas [7] - Copper's volatility is attributed to market technicals, but it follows a similar three-year rally trend as gold, driven by supply-demand dynamics [8] - Integrated miners like BHP and Rio Tinto are identified as the best ways to play the copper market, with geopolitical factors contributing to potential disruptions [9]

Group 1: Gold Mining Industry - Gold miners are experiencing significant operational leverage, with profits per ounce increasing as gold prices rise. At $2,900 per ounce, the profit is $1,500, and at $3,650, the profit increases to $2,250, reflecting a 50% margin increase while gold prices rose by 26% [1][5]. Group 2: Economic Indicators - The top 10% of income earners in the US account for nearly half of all consumer spending, marking a record high [2][5]. - The US government has paid a record $1.2 trillion in interest on its public debt over the last 12 months, which constitutes nearly a quarter of the government's revenue [2][3]. - The total federal debt is increasing by approximately $1 trillion every 100 days [3]. - There is a 48% chance of a recession occurring in the next 12 months, with historical data indicating that previous instances of similar odds have resulted in a recession [4][5].

Company Overview - Major Drilling benefits from diversification across commodities, geographies, and customers, reducing risk compared to mining or royalty companies[9, 47] - The company possesses a strong balance sheet with excellent liquidity, including $127 million in liquidity and a net debt position of ($2.8 million) as of Q1 2026[17, 19, 20] - Major Drilling has a diverse revenue stream, providing drilling services throughout the lifecycle of a project/mine[21] Market Trends and Opportunities - Senior exploration budgets are projected to increase, driven by depleted reserves and commodity price strength[24] - Equity capital raises are also beginning to increase, with seniors investing in junior miners as exploration vehicles[26, 28] - Global exploration spending was estimated at $12.5 billion in 2024, still below the $21.5 billion spent in 2012 (not inflation adjusted), indicating potential for further growth[31] Operational Performance - The company's existing fleet of over 700 rigs and infrastructure allows for operational leverage and margin increases with higher utilization rates[51] - In Q1 2026, Major Drilling reported revenue of $226.6 million, compared to $190.0 million in Q1 2025[75] - Adjusted gross margin was 25.2% in Q1 2026[75] Strategic Acquisitions - The acquisition of Explomin Perforaciones expands Major Drilling's South American footprint and diversifies its commodity exposure, with 40% of Explomin's revenue from copper and 40% from gold[77, 79] - Explomin generated revenue of US$95 million and EBITDA of US$16 million in the trailing twelve months ended October 31, 2024[83]

Market Overview - Gold prices have surged to historic levels, trading above $3,500 an ounce, prompting interest in investment opportunities within the gold sector [1] - The current rally is driven by macroeconomic and geopolitical factors, including anticipated U.S. Federal Reserve interest rate cuts, which lower the opportunity cost of holding gold [2][3] Investment Opportunities - Companies mining gold are presenting a more promising path for potential profit compared to direct gold investments [2] - The VanEck Gold Miners ETF (GDX) has shown significant performance, with a year-to-date gain of 91.09%, outperforming the spot price of gold, which has increased by 42.16% [6] GDX Structure and Performance - GDX has nearly $19 billion in assets under management, making it one of the largest and most liquid funds in the gold mining sector [4] - The ETF benefits from operational leverage, where fixed costs allow for a larger percentage increase in profitability with rising gold prices [6] - GDX holds a diversified portfolio of 71 companies, reducing company-specific risks and is anchored by top producers like Newmont Corporation, Agnico Eagle Mines, and Barrick Mining [7] Market Sentiment - Recent trading in GDX options indicates a bullish sentiment, with call options volume being double that of put options, suggesting confidence in continued upward price movement [8] - Despite significant short interest of over $2.4 billion, the prevailing market sentiment remains optimistic about GDX's performance [9] Strategic Positioning - The current economic climate has created a favorable environment for the gold sector, with GDX positioned as an effective vehicle for capitalizing on the gold bull market [10][11]