Market Overview - The market is experiencing a record-setting day, driven by a significant rotation towards cyclical stocks, influenced by a dovish message from the Federal Reserve [1] - The S&P 500 is nearing its previous record levels, indicating a recovery in the market over the past six weeks [1] Sector Performance - Banks have seen a 7% increase since the last record, while transportation stocks have outperformed, with small-cap stocks also showing gains [2] - High beta cyclicals, including cruise lines and hotel stocks, are experiencing notable increases, with some cruise stocks rising by 6% to 8% in a single day [3][4] Market Sentiment - There is a sense that the current rotation towards smaller stocks may be somewhat forced and panicky, as investors are rapidly shifting their focus [3] - While the macroeconomic message is positive, there are concerns about the sustainability of the current stock prices, emphasizing the need for continued macroeconomic support [4]

Core Viewpoint - The Federal Reserve's recent rate cut is expected to positively impact the stock market, leading to increased buying opportunities in various sectors, particularly those that benefit from lower interest rates. Group 1: Federal Reserve Actions - The Fed has cut rates by a quarter point, which is seen as a positive development for the stock market, allowing for increased buying activity [2][4][11] - The Fed remains in an easy monetary policy mode, which is favorable for stock purchases [7][11] - The bond market reacted positively to the rate cut, indicating confidence in the Fed's actions [9][11] Group 2: Market Reactions - Following the Fed meeting, major indices saw significant gains: the Dow surged 497 points, S&P jumped 67 points, and NASDAQ advanced 33 points [4] - There is a notable influx of cash into the market as investors feel more confident post-rate cut [8][11] Group 3: Investment Opportunities - Stocks that typically perform well in a lower interest rate environment include home builders and retailers connected to them, such as Toll Brothers and Home Depot [12][13] - Transportation stocks like JB Hunt and Federal Express are also recommended due to their potential to thrive with lower rates [14][15] - High-growth stocks, particularly in the small-cap sector, are expected to perform well as they often trade on future prospects [16] Group 4: Specific Stock Recommendations - Palunteer is highlighted as a strong investment opportunity due to its recent contracts with the U.S. Navy, indicating potential for future growth [17][18] - Industrials like Caterpillar and Cummins are also recommended as they align well with the current market conditions [20] Group 5: Market Sentiment - The overall sentiment is bullish, with expectations that the Fed will continue to cut rates, which is generally favorable for stock prices [21] - New stock accounts are anticipated to increase market participation, further supporting bullish trends [22]

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Let's get to the broader market ahead of tomorrow's Fed decision. Joining us now is Piper Sandler chief investment strategist Michael Cananteritz. Michael was ranked Excel's top portfolio strategist for the second year in a row.Michael, thank you for joining us. So, so do you expect the gains this year to continue through the end of the year and into next. >> Yeah, I I think you know we remain constructive on the market.I think the difference is going to be the leadership. you know, in the summer from the A ...

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A lot of great startup ideas are sort of in this gray area of like the law is not totally clear. It's a little bit murky whether it's legal or illegal. Even Open AI is like that, right.I mean, they they crawled the entire web without permission. You could argue that that's fair use or you could argue it's like massive copyright theft. I remember talking to the Lyft founders the week before they launched Lyft and they were extremely worried that they would go to jail and they decided to like roll the dice an ...

Core Viewpoint - The year-end rally in equities is at risk due to a cautious Federal Reserve outlook on the economy, which may signal a larger-than-expected economic slowdown [1][2] Group 1: Market Sentiment - The S&P 500 Index is close to a record high, with investor confidence in a scenario where the Fed cuts interest rates amid falling inflation and resilient economic growth [1] - Optimism may be tested if the Fed provides dovish signals at the upcoming meeting, potentially indicating a significant economic slowdown [1][2] Group 2: Interest Rate Expectations - There is a strong market expectation for a quarter-point rate cut at the December 10 meeting, with probabilities rising to over 90% from 60% a month ago [3] - Traders have fully priced in three rate cuts by September 2026 [3] Group 3: Economic Indicators - The S&P 500 is approximately 0.5% away from its October peak, with seasonal trends typically favoring a year-end rally [4] - Upcoming key jobs and inflation reports pose risks to the market, as these reports were delayed due to a government shutdown [4] Group 4: Investment Recommendations - The US administration is expected to intervene to prevent inflation from rising significantly and to keep the unemployment rate below 5% [5] - Recommendations include buying "inexpensive" mid-cap stocks into 2026, with a focus on sectors linked to the economic cycle such as homebuilders, retailers, REITs, and transportation stocks [5] Group 5: International Equities - A preference for international equities through 2025 has been reiterated, as the S&P 500's performance has lagged behind the MSCI All-Country World ex-US index [6]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the "Laggards" trade, where stocks that underperformed in the previous year tend to outperform in the first quarter of the following year. This trend has been observed in 14 out of 23 years since 2002, with a notable outperformance of +1.6% in Q1 2025 compared to the S&P 500 [1][4]. Core Insights - **Performance of Laggards**: In 2025, laggards are down 19% on an absolute basis and -36% relative to the S&P 500, which is worse than the long-term averages of -17% and -28%, respectively [9][11]. - **Sector Composition**: Information Technology and Industrials represent the largest shares of laggards at approximately 15% each. There has been a shift away from Healthcare (12% in 2025 vs. 20% in 2024) and an increase in Financials (12% vs. 4%) [10][12]. - **Historical Context**: The average first-quarter relative return of prior-year laggards has been +50 basis points compared to the S&P 500, with a hit rate of 51% for laggards outperforming in the subsequent first quarter [4][7]. Investment Opportunities - **Differentiated Buys**: Analysts have identified stocks with out-of-consensus Buy ratings, including FTNT, POOL, and HRL, which are expected to perform well [3]. - **Free Cash Flow Stories**: Companies like PINS, VNOM, and FBIN are highlighted for their expanding free cash flow margins and attractive yields [3][26]. - **Growth at Reasonable Prices**: Stocks such as ARES, WK, and ELF are expected to achieve over 10% sales growth from 2025 to 2027 with low Price-Earnings-Growth ratios [3][28]. - **Financial Returns**: Companies like ADBE, IRM, and RRX have a track record of generating financial returns exceeding their cost of capital [3][31]. - **Rebounding Margins**: Companies such as STZ, VERX, and WERN are expected to see a rebound in operating margins after a challenging 2025 [3]. Additional Insights - **Laggard Characteristics**: The current laggards exhibit low financial returns and high growth, with a notable increase in inexpensive valuations and high balance sheet leverage compared to previous years [10][14]. - **Sector Performance**: Laggards in Materials, Consumer Discretionary, and Healthcare have underperformed the market the most year-to-date, while those in Energy and Industrials have lagged the least [10][12]. - **Analyst Ratings**: A list of laggards with differentiated bullish views includes companies like WERN, WOOF, and TDOC, which have significant upside potential compared to market expectations [21]. This summary encapsulates the key points from the conference call, focusing on the performance of laggards, investment opportunities, and sector dynamics.

Group 1 - The company's strategy remains consistent with no significant changes observed as the year approaches its end [1] - The diversity in end markets, regions, and customer base contributes to the company's resilience across various markets [1] - Commercial vehicle performance in North America is still weak, but there are positive signs in Europe and light vehicle markets in China [2] Group 2 - The aftermarket segment continues to perform well, indicating a strong area of growth for the company [2] - Overall, the company maintains confidence in its guidance and looks forward to future performance [2]

As filed with the United States Securities and Exchange Commission on December 3, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER Cayman Islands 6770 98-1872964 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 195 US Hwy 50, Suite 207 Zephyr Cove, Nevada 89448 Telephone: (775) 339-1671 (Address, including zip code, and telephone number, including area code, of registrant' ...