Core Insights - Giverny Capital Asset Management's portfolio returned 0.01% in Q4 2025, underperforming the S&P 500's 2.66% return, and YTD returns were 12.58% compared to the Index's 17.88% [1] - The firm faced challenges due to its underweight in large technology stocks and overweight in smaller niche leaders, despite strong earnings growth from portfolio companies [1] - The market's focus on AI investments has overshadowed the actual benefits of the portfolio's holdings [1] Company Highlights: The Charles Schwab Corporation - The Charles Schwab Corporation (NYSE:SCHW) is a leading brokerage and financial services company, with a stock price of $103.92 and a market capitalization of $188.638 billion as of January 30, 2026 [2] - Schwab's stock delivered a 0.17% return in the past month and has increased by 25.58% over the past twelve months [2] - Schwab's earnings grew by over 50% in 2025, with potential growth of over 20% in 2026, and the company added 1 million new brokerage accounts per quarter, totaling over 38 million active accounts [3] - In 2025, Schwab attracted $519 billion in net new client assets, raising total client assets to $11.9 trillion by year-end [3] - Schwab maintains the lowest expense structure in its industry while attracting new clients at a remarkable rate [3] Investment Sentiment - The Charles Schwab Corporation is not among the 30 most popular stocks among hedge funds, with 99 hedge fund portfolios holding its stock at the end of Q3 2025, down from 100 in the previous quarter [4] - While Schwab is recognized for its potential, certain AI stocks are viewed as having greater upside potential and less downside risk [4]

Core Viewpoint - Defiance ETFs has launched three new single-stock leveraged ETFs aimed at providing amplified exposure and income strategies for investors [1][2][4] Group 1: New ETF Launches - Defiance Leveraged Long + Income PLTR ETF (NASDAQ: PLT) offers leveraged exposure to Palantir Technologies [1] - Defiance Leveraged Long + Income HIMS ETF (NASDAQ: HIMY) provides leveraged exposure to Hims & Hers Health [1] - Defiance Leveraged Long + Income HOOD ETF (NASDAQ: HOOI) delivers leveraged exposure to Robinhood Markets [2] Group 2: Investment Strategy - Each ETF combines approximately 150%–200% leveraged exposure to its underlying stock with an options-based credit call spread income strategy [2][4] - The primary objective is long-term capital appreciation, with a secondary objective of current income [4] Group 3: Company Profiles - Palantir Technologies is a leader in AI-driven data analytics, providing platforms like Foundry and Gotham to governments and enterprises [9] - Hims & Hers Health is a pioneer in personalized telehealth and direct-to-consumer healthcare, redefining access to wellness and treatment [9] - Robinhood Markets is a disruptor in retail investing, expanding access to commission-free trading and broader financial markets [9] Group 4: Company Background - Defiance was founded in 2018 and specializes in thematic, income, and leveraged ETFs, including first-mover leveraged single-stock products [6]