The death toll in the explosion that saw a UPS cargo plane lose an engine and burst into flames, has risen to 13, Craig Greenberg, the Louisville mayor, has confirmed as UPS released the names of the three victims on the plane.“On my way to the Teamsters’ vigil, I learned of a 13th person that died as a result of the UPS flight 2976 plane crash. My heart is with the families, friends and colleagues of all who were lost in this week’s tragedy. We will get through this together,” Greenberg wrote in a social m ...

Core Insights - Universal Logistics Holdings, Inc. reported consolidated operating revenues of $396.8 million for Q3 2025, with a net loss of $74.8 million and earnings per share of $(2.84) [1][9]. Financial Performance - The reported loss includes non-cash impairment charges of $81.2 million, primarily from the intermodal segment, which consisted of $58.0 million in goodwill impairment and $23.2 million related to customer-relationship intangible assets [2]. - For comparison, Q3 2024 showed total operating revenues of $426.8 million, net income of $26.5 million, and earnings per share of $1.01, with prior impairment charges of $3.7 million [3]. - Excluding impairment charges, adjusted income from operations was $7.0 million, with an adjusted operating margin of 1.8%, down from 10.9% in Q3 2024 [4]. - Adjusted EBITDA for Q3 2025 was $43.3 million, with an adjusted EBITDA margin of 10.9%, compared to $76.6 million and 18.0% in the same period last year [5]. Segment Performance - In the contract logistics segment, operating revenues increased by 7.8% to $264.4 million, with a decrease in income from operations to $13.7 million from $45.6 million year-over-year [8][10]. - The intermodal segment saw a 16.7% decrease in operating revenues to $64.7 million, with an operating loss of $(92.0) million, significantly impacted by impairment charges [12][17]. - The trucking segment's operating revenues decreased by 22.2% to $67.7 million, with an operating income of $3.9 million, down from $7.1 million in the previous year [13][18]. Cash and Dividends - The company declared a cash dividend of $0.105 per share, payable on January 2, 2026, to shareholders of record as of December 1, 2025 [14]. Future Outlook - For Q4 2025, the company expects operating revenues between $365 million and $385 million, with operating margins ranging from 4% to 6% and EBITDA margins between 12% and 14% [15].

Core Insights - The report from Samsara highlights the positive impact of AI in the transportation and logistics sector, showcasing measurable financial and safety improvements through AI-driven safety solutions Group 1: AI Impact on Safety Metrics - Fleets using AI safety solutions experienced a 73% reduction in crash rates within the first 30 months [2] - Immediate improvements in driver behavior were observed, including a 48% decrease in harsh events, an 84% decrease in mobile usage while driving, and a 4% decrease in speeding within the first six months [3] Group 2: Long-Term Benefits - The report indicates that the benefits of AI technology strengthen over time, with a 69% decrease in harsh events, a 23% decrease in speeding, and a 96% decrease in mobile usage at the 30-month mark [4] - This demonstrates that AI is not only effective in the short term but also provides long-term safety enhancements [4] Group 3: Real-World Applications - The findings illustrate that AI is moving beyond infrastructure development to deliver concrete results, actively reducing accidents and improving efficiency in the logistics industry [5]

Core Insights - Diamond Hill Capital's "Large Cap Fund" reported a decline in portfolio performance, underperforming the Russell 1000 Value Index in Q3 2025 despite a market rally [1][3] - The Russell 3000 Index gained 8% in Q3 2025, leading to over 14% returns for the calendar year [1] Company Highlights - FedEx Corporation (NYSE:FDX) was highlighted as a new position in the Diamond Hill Large Cap Fund's Q3 2025 investor letter [3] - FedEx's one-month return was 8.06%, but it experienced a 9.57% decline in share value over the past 52 weeks, closing at $256.10 on November 5, 2025, with a market capitalization of $60.428 billion [2][4] - The company reported a 3% year-over-year revenue increase in Q1 2026, attributed to strong performance in U.S. domestic package services [4] Investment Sentiment - FedEx is not among the top 30 most popular stocks among hedge funds, with 67 hedge fund portfolios holding its shares at the end of Q2 2025, an increase from 62 in the previous quarter [4] - While FedEx is recognized for its potential, certain AI stocks are considered to offer greater upside potential with less downside risk [4]

Summary of Paychex, Inc. Analysis Core Viewpoint - The analysis indicates that Paychex, Inc. (PAYX) has experienced a good run but is now perceived as overvalued, leading to bearish signals regarding its stock performance [1]. Group 1: Company Overview - Paychex, Inc. is a company that has been under scrutiny for its stock pricing, which is believed to be inflated [1]. - The analyst has been monitoring PAYX for nearly four months, suggesting a continuous evaluation of its market position [1]. Group 2: Market Context - The analyst has extensive experience in the logistics sector and stock investing, focusing on various markets including ASEAN and NYSE/NASDAQ [1]. - The analyst's background includes trading in the Philippine stock market since 2014, with a diversified portfolio across different industries [1]. Group 3: Investment Strategy - The analyst's investment strategy includes holding stocks for retirement and trading for profits, indicating a balanced approach to investment [1]. - The decision to engage in the US market was influenced by prior experiences and the desire to diversify investment portfolios [1].

Performance Overview - Baron International Growth Fund gained 6.04% in Q3 2025, underperforming its benchmark MSCI ACWI ex USA Index which appreciated 6.89% [3] - Year-to-date performance shows the Fund at 24.85%, slightly below the benchmark's 26.02% [4] - The Fund's performance remains ahead of the Proxy Benchmark on a year-to-date and one-year trailing basis [3] Market Drivers - The initiation of a Federal Reserve easing cycle and enthusiasm for AI-related investments were key drivers of global equity returns during the quarter [7][32] - Ongoing uncertainty regarding U.S. tariffs may clarify in the current quarter, but a global central bank easing cycle is evident [7][32] - The shift in U.S. trade and immigration policy, along with accommodative monetary policy, is expected to impact global inflation dynamics [7][32] Sector Performance - Poor stock selection in the Information Technology sector, particularly due to Constellation Software Inc.'s share price correction, was a significant detractor [8] - Favorable stock selection in the Materials sector, driven by positions in global security and sustainability themes, contributed positively [8] - Weak stock selection in Consumer Staples and Communication Services also negatively impacted performance [8] Geographic Performance - Underperformance was noted in Poland, Japan, and Israel, while favorable stock selection in Australia and China partially offset these losses [9] - The Fund remains optimistic about China's AI potential and structural growth story in India, despite recent underperformance [9] Top Contributors and Detractors - Top contributors included Lynas Rare Earths Limited, argenx SE, and Lundin Mining Corporation, with Lynas benefiting from geopolitical tensions [10][11][13] - Key detractors were Constellation Software Inc., InPost S.A., and ODDITY Tech Ltd., with Constellation facing uncertainty around AI impacts and leadership changes [14][15][16] Recent Investment Activity - New investments included Nomura Holdings, EssilorLuxottica SA, Pony AI Inc., and GDS Holdings Limited, reflecting a focus on high-conviction ideas [24][25][26][27] - Increased exposure to existing positions such as Lundin Mining Corporation and Japan Exchange Group, while exiting positions in less favored stocks [29] Outlook - Strong performance is expected from global markets, particularly in Europe, driven by increased defense and infrastructure spending [30][31] - The Fund anticipates continued growth in China and Korea, with many holdings poised for significant earnings improvements [31] - The competitive landscape in AI is evolving, with China emerging as a formidable player alongside U.S. technology giants [34][35][36]

Core Viewpoint - Warren Buffett will step down as CEO of Berkshire Hathaway at the end of this year, but will continue as chairman, ensuring the company's long-term value investing strategy persists [1] Group 1: Berkshire's Financial Position - Berkshire Hathaway has a record cash reserve of $381 billion and a portfolio of publicly traded stocks valued at $311 billion [3][6] - The company has generated substantial operating profits from its wholly owned businesses in insurance, utilities, and logistics, alongside significant dividends from its stock portfolio, including $816 million from Coca-Cola and $479 million from American Express in 2025 [6] - Buffett has authorized $77.8 billion in stock buybacks from 2018 to mid-2024, but there have been no repurchases in the last five quarters [4][8] Group 2: Reasons for Cash Accumulation - Berkshire has been reducing its stock exposure for 12 consecutive quarters, including selling over half of its stake in Apple, which raised significant cash [7] - The company is currently trading at a price-to-sales (P/S) ratio of 2.7, a 25% premium to its 10-year average of 2.2, which may explain Buffett's hesitation to authorize buybacks [10][12] Group 3: Succession Planning - Buffett announced he will step down as CEO and pass leadership to Greg Abel, which may influence his decision-making regarding financial strategies [13] - The company can repurchase shares as long as cash and equivalents exceed $30 billion, which is not an issue given the current cash reserves [14] - Buffett may prefer to leave significant financial decisions, such as buybacks or acquisitions, to his successor, who may have different priorities [15]

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] - The popularity of insurance companies in the Philippines since 2014 indicates a shift in investment strategies among local investors, moving towards a more diversified portfolio [1] - The entry into the US market has provided additional avenues for investment, particularly in banks, hotels, and logistics companies, reflecting a broader trend of globalization in investment strategies [1] Investment Strategies - Initial investments were focused on blue-chip companies, but there has been a diversification into various industries and market cap sizes, indicating a more balanced investment approach [1] - The strategy includes holding certain stocks for retirement while engaging in trading for profit, showcasing a dual approach to investment [1] - The use of platforms like Seeking Alpha has facilitated knowledge sharing and comparative analysis between different markets, enhancing investment decision-making [1]

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] - The popularity of insurance companies in the Philippines since 2014 indicates a shift in investment strategies among local investors, moving towards a more diversified portfolio [1] - The trend of investing in blue-chip companies has evolved, with investors now holding a mix of stocks for retirement and trading profits, reflecting a more strategic approach to investment [1] Industry Focus - The banking, telecommunications, logistics, and hotel sectors are identified as key areas of investment interest, particularly in the ASEAN and US markets [1] - The entry into the US market has been facilitated by platforms like Seeking Alpha, which provide valuable analyses for comparison with local markets [1] - The logistics and shipping industries are highlighted as sectors with significant investment potential, aligning with global trends in e-commerce and supply chain management [1]

The logistics company's CEO says more customers seek to defer duties by using the special warehouses. ...