Market Overview - Markets have stabilized after a sharp correction due to the RBA's hawkish stance, leading to a selective recovery focused on balance sheet strength and pricing power [1][3][5] - The current market environment is characterized by a preference for businesses that can operate under restrictive policy settings, with models reliant on cheap funding under pressure [5][19] Sector Leadership - Leadership has re-emerged in materials, financials, and defensives, with high-conviction positions identified in companies such as Transmetro Corporation, Orica, and GenusPlus Group [2][20] - The materials sector remains central to investment strategies, supported by structural demand for precious and base metals, particularly gold and copper [13][15] Company Insights - **Transmetro Corporation (ASX: TCO)**: Strong balance sheet with cash exceeding debt, earnings per share (EPS) increased from $0.15 to $0.22, and revenue rose to $24.64 million, trading at a lower earnings multiple than the sector [26][27] - **Orica (ASX: ORI)**: Critical supplier to the mining industry with $8.14 billion in sales, recent equity raising strengthens the balance sheet, and analysts have raised EPS expectations [29][30] - **GenusPlus Group (ASX: GNP)**: Positioned for growth in energy transition, with a 35% increase in normalized EBITDA and strong revenue growth from major contracts [34][36] - **Perenti (ASX: PRN)**: Revenue reached $3.49 billion with over 26% year-on-year earnings growth, management's confidence reflected in share buybacks [39] - **IVE Group (ASX: IGL)**: Offers a near 6% dividend yield with stable cash generation, trading on a low earnings multiple relative to growth outlook [41][42] - **Korvest (ASX: KOV)**: Strong first-half results with double-digit revenue growth, benefiting from infrastructure activity [43][44] - **Newmont Corporation CDI (ASX: NEM)**: Preferred large-cap vehicle for gold exposure, with strong returns linked to rising gold prices [57][59] - **Emerald Resources (ASX: EMR)**: High-conviction small to mid-cap gold name with strong cash generation and growth forecasts [63][64] Investment Strategy - The market is rewarding execution, balance sheet strength, and tangible earnings, with a focus on sectors where demand is structural and pricing is global [20][65] - Selectivity is emphasized as the primary source of returns, with a preference for companies that can withstand higher capital costs [66]

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Core Insights - Wynn Resorts, Limited (WYNN) is set to report its fourth-quarter 2025 results on February 12, with a history of mixed earnings surprises, averaging a 12% surprise rate over the past four quarters [2] Estimate Revisions - The Zacks Consensus Estimate for adjusted earnings per share (EPS) has decreased to $1.33 from $1.37 in the last 30 days, indicating a 45% decline from the previous year's EPS of $2.42 [3] - Revenue estimates are pegged at approximately $1.85 billion, reflecting a 0.8% increase from the same quarter last year [3] Factors Influencing Quarterly Results - The fourth-quarter revenue is expected to benefit from strong demand in key markets, particularly in Las Vegas, Macau, and Boston, with management noting improved trends in gaming volumes and retail activity [4] - Las Vegas operations are projected to see a 2.4% year-over-year revenue increase to $683.1 million, driven by elevated casino drop and handle, market share gains, and premium customer activity [5] - Macau's revenues are anticipated to decline by 1.1% year-over-year to $916.4 million, despite strong mass volumes and premium play, due to higher operating expenses and project-related disruptions [6] - Encore Boston Harbor is expected to deliver stable performance with revenues declining 0.7% year-over-year to $211.2 million, supported by slot revenue growth and cost control [7] Profitability Pressures - Profitability in the fourth quarter may be impacted by lower hotel occupancy in Las Vegas, increased repair and maintenance costs, and higher operating expenses in Macau due to rising volumes and ongoing renovations [8][9] - Total operating expenses are projected to rise 8.3% year-over-year to $1.6 billion [9] Earnings Prediction - The model predicts an earnings beat for Wynn Resorts, supported by a positive Earnings ESP of +7.54% and a Zacks Rank of 3 (Hold) [10][11]

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Core Insights - Fundsmith's equity portfolio is valued at approximately $19–20 billion, focusing on high-quality global consumer and technology franchises with strong pricing power and high returns on capital [1][2] - The portfolio structure remains stable, with significant trims in several mega-cap technology positions and selective additions to existing compounders [1][2] Portfolio Overview - Total Portfolio Value: ~$19–20 billion [2] - Top 10 Holdings account for approximately 65–70% of the portfolio [2] - Moderate turnover indicates rebalancing rather than a change in strategy [2] Major Holdings - Top Holdings & Weights: - Stryker (SYK): ~$1.70 billion (~8.6%) - IDEXX Laboratories (IDXX): ~$1.67 billion (~8.4%) - Alphabet (Class A) (GOOGL): ~$1.53 billion (~7.7%) - Microsoft (MSFT): ~$1.34 billion (~6.8%) - Visa (V): ~$1.32 billion (~6.7%) - Automatic Data Processing (ADP): ~$1.27 billion (~6.4%) - Waters (WAT): ~$1.19 billion (~6.0%) - Philip Morris International (PM): ~$1.17 billion (~5.9%) - Meta Platforms (META): ~$1.14 billion (~5.8%) - Marriott International (MAR): ~$1.10 billion (~5.6%) [2] Portfolio Adjustments - Major Trims: - Microsoft: Shares reduced by ~2.36 million (-48% QoQ) - Meta Platforms: Shares cut by ~2.01 million (-56% QoQ) - Philip Morris International: Trimmed by ~1.89 million shares (-21% QoQ) - Alphabet (Class A): Reduced by ~514k shares (-7.6% QoQ) [5] - Notable Adds: - Waters: Added ~347k shares (+9.6% QoQ) [5] - Smaller increases in Visa, Procter & Gamble, and Fortinet indicate steady compounding exposure [5] Investment Philosophy - Fundsmith emphasizes a quality-first investment approach, willing to rebalance positions based on valuations and portfolio risk without altering its core philosophy [2][7] - The recent adjustments reflect portfolio optimization rather than repositioning, maintaining a focus on exceptional businesses for long-term growth [8]

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Core Points - The new federal income tax deduction for tips is more complex than the slogan "no tax on tips" suggests, with specific income caps and eligibility requirements [1][2] - The deduction could save tipped workers an average of approximately $1,985 annually, depending on their adjusted gross income (AGI) [2] Eligibility and Income Limits - Not all service workers receiving tips qualify for the deduction; there are strict income limits to prevent high earners from misclassifying wages as tips [3][4] - The deduction phases out for modified adjusted gross income (MAGI) above $150,000 for single filers and $300,000 for married couples filing jointly [7] Qualified Occupations - The IRS has a list of over 60 "qualified occupations" that are eligible for the deduction, which includes various service roles [5][8] - Independent contractors can also claim the deduction, but it cannot exceed the net income from the business where the tips were earned [8] Deduction Details - Workers can deduct up to $25,000 a year in qualified tips, which lowers their AGI and can help them qualify for other tax credits [6] - Qualified tips include voluntary, non-negotiated payments from customers, while automatic service charges do not qualify [6] Reporting and Recordkeeping - Tips must be reported separately on a W-2, and workers should use Box 7 or Box 14 for their deductions [11][15] - Maintaining accurate records of cash tips is crucial, as failure to do so can complicate the deduction process [13][19] Implementation Timeline - The deduction applies to tips earned in the 2025 tax year, and workers can claim it when filing their 2025 tax return [21]

Core Insights - Marriott International, Inc. (MAR) is expected to report fourth-quarter 2025 results on February 10, 2026, with a history of beating earnings estimates in the past four quarters, averaging a surprise of 2% [1][10] Earnings Estimates - The Zacks Consensus Estimate for fourth-quarter earnings per share (EPS) is $2.64, reflecting a growth of 7.8% from $2.45 in the same quarter last year [2] - Revenue estimates are set at approximately $6.68 billion, indicating a rise of 3.9% compared to the previous year's quarter [2] Factors Influencing Q4 Performance - The fourth-quarter performance is anticipated to benefit from a recovery in global demand, improved RevPAR trends, and strong performance in higher-end chain scales, with international markets expected to outperform the U.S. and Canada [3] - Resilient leisure demand at luxury and premium properties, along with stabilizing business transient trends, is likely to support top-line performance, with Owned, Leased and Other revenues predicted to increase by 0.8% year over year to $421.3 million [4] International Operations and Fee-Driven Model - An emphasis on international operations is expected to enhance performance, particularly in APEC and EMEA regions, supported by favorable macro conditions and improving cross-border travel [5] - The fee-driven business model is projected to bolster earnings, with Franchise Fees and Incentive Management Fees expected to rise by 4.8% and 1.2% year over year to $832.9 million and $208.4 million, respectively [6] Margin Pressures - Investments in technology transformation and increased spending on owned and leased properties may exert margin pressure during the quarter [7] - Softer growth in incentive management fees, due to renovation-related disruptions and lower contributions from Asia, may also impact profitability [7] Earnings Prediction - The model predicts an earnings beat for Marriott, supported by a positive Earnings ESP of +1.00% and a Zacks Rank of 3 (Hold) [10]

Core Insights - NxGen Brands Inc. has launched NxGen Property Group, marking its entry into the tokenized wellness hospitality market, which combines hospitality, experience, and fractionalized real estate ownership [3][5][10] Group 1: Company Strategy - NxGen Property Group aims to transform premium wellness properties into blockchain-enabled, fractionalized assets, enhancing consumer and investor engagement [4][6] - The company plans to create immersive environments that reflect its brand ethos, offering experiences such as mindfulness, outdoor recreation, and culinary journeys [7][11] - The strategy is designed to open new revenue streams and expand brand loyalty through real-world experiences [11][12] Group 2: Market Opportunity - The real estate tokenization market is projected to grow from approximately $120 billion in 2023 to over $3.2 trillion by 2030, driven by demand for fractional ownership and improved liquidity [9] - NxGen aims to carve out a differentiated position in this rapidly expanding market by prioritizing emotional resonance and experiential value [10] Group 3: Implementation Plan - NxGen plans a phased rollout, starting with the acquisition of historic and scenic properties in high-demand wellness markets, launching as boutique bed-and-breakfast or retreat formats [13] - Tokenization will be implemented through innovative, regulation-aware structures that align with NxGen's consumer-first philosophy [14]