Good morning. CFO turnover continues in the Fortune 500, and now it’s reached one of the most watched companies in American business: Berkshire Hathaway. Marc Hamburg, the longtime SVP and CFO at Berkshire, will retire on June 1, 2027, after 40 years of service, the massive American conglomerate and holding company announced on Monday. Hamburg, who joined Berkshire in 1987, will be succeeded by Charles C. Chang, who was appointed SVP and CFO effective June 1, 2026. Chang is currently SVP, CFO, and directo ...

Boom Supersonic building a commercial supersonic jetliner. This morning though, the company announcing a new series uh B funding round and some other news as well that's may change the face of the company itself. Joining us right now is Blake Shaw. He's the founder and CEO of Boom Supersonic. Good morning to you, Blake. Uh congratulations. Thanks for having me. >> Congratulations on the earnings, but let's talk more broadly about what's happening here, not just in in supersonic travel, but maybe what's happ ...

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Core Insights - Berkshire Hathaway is undergoing a leadership reshuffle ahead of Warren Buffett's departure as CEO in January, with Todd Combs leaving to join JPMorgan and several new appointments announced [1][2] Leadership Changes - Nancy Pierce has been appointed as the new CEO of Geico, succeeding Todd Combs, and has extensive experience within the company since joining in 1986 [4][5] - Adam Johnson will take over as president of Berkshire Hathaway's consumer division while continuing his role as CEO of NetJets, indicating a strategic focus on consumer products [6][7] - Marc Hamburg, the long-serving CFO, will retire in June 2027, with Charles Chang set to replace him, bringing significant experience from Berkshire Hathaway Energy and PwC [9][10][11] - Michael O'Sullivan will join as senior vice president and general counsel in January 2026, transitioning from his role at Snap and having a long history with Berkshire's legal matters [12][13]

Key Takeaways from J.P. Morgan Global Commodities 2026 Outlook Industry Overview - The report focuses on the commodities sector, particularly the dynamics between energy and metals markets, highlighting a supply-driven "crocodile cycle" where tight metals outperform oversupplied energy markets [1][27]. Core Insights - The Bloomberg Commodities Index (BCOM) has increased nearly 12% in 2025, with expectations for stability in 2026 as declines in energy prices are countered by gains in industrial and precious metals [7][10]. - Historical commodity price cycles have shown synchronized movements across markets, but a divergence occurred in 2024, with energy prices falling while metals prices surged due to supply dynamics [7][39]. - Commodities contributed to higher headline inflation in 2025, reversing their previous disinflationary role in 2023 and 2024, driven by rising prices in food and metals despite a 16% drop in oil prices [7][51]. Precious Metals Outlook - A bullish outlook on gold is maintained for the fourth consecutive year, with prices expected to reach $5,000/oz due to strong central bank and investor demand [9][16]. - Silver prices are projected to rise towards $58/oz, supported by ongoing demand despite potential cracks in industrial usage [16]. - Platinum prices are expected to average $1,670/oz in 2026, while palladium prices may face downward pressure due to weaker demand growth [16][17]. Industrial Metals Outlook - Industrial metals, particularly copper, are favored, with prices expected to rally towards $12,500/mt in 1H26 due to acute supply disruptions [9][18]. - The copper market is anticipated to tighten due to flat mine supply growth and resilient demand, particularly from power utilities and data centers [18][44]. - Aluminum prices are expected to rise towards $3,000/mt in 1H26 before facing downward pressure from increased supply growth in Indonesia later in the forecast [18][45]. Agricultural Commodities Outlook - The agricultural market is expected to experience increased volatility amid improving US-China trade relations, although significant purchases from China during the 2025/26 season are not anticipated [19]. - Price targets for various agricultural commodities have been revised higher, with ICE 2 Cotton identified as a top pick for 2026/27 [19]. Natural Gas and Oil Outlook - The outlook for US natural gas has shifted to bearish, with prices expected to average $3.74/MMBtu in 2026 due to strong production growth [9][20]. - A bearish outlook on oil is maintained, with Brent prices projected to average $58/bbl in 2026, following a decline from $80 in 2024 [9][24]. - Global oil supply is expected to outpace demand, leading to a projected surplus of 2.8 mbd in 2026, which will exert downward pressure on prices [24]. Technical and Derivatives Insights - The report includes technical analysis and trade recommendations for commodities, emphasizing the importance of a targeted investment approach to capitalize on outperforming sectors [9][47]. - Volatility in oil prices is expected to remain subdued, while precious metals are entering 2026 with elevated volatility levels [52][62]. Conclusion - The commodities market is characterized by a significant divergence between energy and metals, with supply constraints in metals providing better investment opportunities compared to oversupplied energy markets [27][47].

Investment Rating - The report suggests a bullish outlook on commodities, particularly recommending long positions in commodities and oil/energy as the best trades for 2026 [3][4]. Core Insights - The report highlights a significant shift in market dynamics, indicating that commodities are outperforming bonds in the current inflationary growth environment, contrasting with the previous era of secular stagnation [2][3]. - It notes that LatAm stocks have increased by 56% year-to-date, indicating strong performance in the region [3]. - The report emphasizes the importance of monitoring bond market reactions to the "run-it-hot" trade, as they pose a potential threat to stock and credit market upside in 2026 [4]. Summary by Sections Market Performance - Year-to-date performance shows gold at 59.1%, stocks at 19.6%, and commodities at 6.7%, while oil has declined by 16.8% [2]. - The report indicates that the biggest inflows have been into cash ($112.3 billion) and bonds ($15.4 billion), with a notable outflow from tech stocks [13][17]. Investment Strategies - The report advocates for long positions in commodities and oil/energy, viewing them as contrarian trades that are likely to yield positive returns in 2026 [3]. - It suggests tactical long positions in zero coupon bonds in anticipation of Fed cuts, while also recommending mid-cap stocks as a favorable investment due to their relative undervaluation [16]. Economic Indicators - The BofA Bull & Bear Indicator has decreased to 6.0, indicating a neutral sentiment in the market [60]. - The report notes that the current economic environment is characterized by rising bond yields in Japan and China, which are seen as secular floors for global yields [18]. Sector Analysis - Inflows into high-yield bonds ($2.3 billion) and emerging market debt ($2.4 billion) are highlighted, indicating a positive sentiment towards these sectors [17]. - The report also mentions significant outflows from tech stocks, suggesting a shift in investor preference towards more stable sectors [17][40].

Core Insights - Crude Value Insights provides an investment service and community focused on the oil and natural gas sector, emphasizing cash flow and the companies that generate it, which leads to value and growth prospects with real potential [1] Group 1 - The service includes access to a 50+ stock model account, in-depth cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [1] - A two-week free trial is available for new subscribers, promoting engagement with the oil and gas market [2]

Core Insights - Fluence Energy, Inc. (NASDAQ:FLNC) experienced a significant share price increase of 22% week-on-week, driven by positive coverage from seven investment firms [1][2] - UBS raised its price target for Fluence Energy by 175% to $22 from $8, maintaining a "neutral" stance [1] - Citigroup also increased its price target by 167% to $20 from $7.50, reflecting strong growth potential compared to peers [2] Analyst Ratings - Jefferies upgraded its price target for Fluence Energy by 45% to $16 from $11, while Goldman Sachs raised its target by 33% to $20 from $15 [3] - Susquehanna increased its price target by 17.6% to $20 from $17, and Morgan Stanley raised its target by 16.7% to $14 from $12 [4] - Canaccord was the most bullish, raising its price target by 150% to $25 from $10 while maintaining a "buy" recommendation [3]

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Core Insights - POSCO Holdings Inc.'s unit, POSCO International Corporation, has formed a strategic partnership with Glenfarne Alaska LNG, LLC for the Alaska LNG Project, the only federally authorized LNG export project on the U.S. Pacific Coast [2][9] - The partnership includes a significant steel supply for the 807-mile natural gas pipeline and a 20-year Heads of Agreement for 1 million tons per annum of LNG on a Free-on-Board basis, marking the first HOA for the project [3][9] - POSCO's pre-FID capital investment and the regional support for a sustainable LNG source highlight the project's potential [4][9] Company Developments - Glenfarne is developing the Alaska LNG Project in two phases: the first phase focuses on an in-state pipeline for domestic energy needs, while the second phase will add an LNG terminal capable of exporting 20 million tons per annum [5] - Glenfarne has secured preliminary commercial commitments for 11 million tons per annum of LNG from buyers in Japan, Korea, Taiwan, and Thailand, including major companies like Tokyo Gas and JERA [4] Market Performance - PKX's shares have increased by 13.7% over the past year, while the industry has seen a growth of 26.9% [7]