U.S. equity markets faced a wave of intense selling pressure on Monday, February 23rd, 2026, as investors grappled with a sudden escalation in global trade tensions and a landmark Supreme Court ruling. The major indexes opened in the red and remained under pressure throughout the session, driven by a "risk-off" sentiment that permeated nearly every sector. The volatility was sparked by a 6-3 Supreme Court decision that curtailed the executive branch's authority to impose certain reciprocal tariffs under the ...

U.S. equity markets are experiencing a volatile start to the week this Monday, February 23rd, 2026, as investors grapple with a rapid escalation in trade policy tensions. Midday trading shows a definitive shift toward a "risk-off" sentiment, with major indexes retreating from recent highs. The primary catalyst for today’s downward momentum is the White House’s announcement of a new 15% global tariff on all imports, a move that follows a landmark Supreme Court ruling on Friday which had briefly struck down p ...

Key Takeaways Q4 Earnings Season Continues This Week: DPZ, BBBY & HIMS TodayNVIDIA Reports Wednesday After the Close, Expecting 70.8% Earnings GrowthPPI Caps Another Big Week of Economic DataMonday, February 23rd, 2026After a very eventful week for economic data and amount of Q4 earnings reports, we cool off some to stat a new trading week. We cap off “Mag 7” earnings with Wednesday afternoon’s NVIDIA (NVDA) Q4 report, and save our biggest economic news — January Producer Price Index (PPI), the wholesale si ...

U.S. stocks traded mixed this morning, with the Dow Jones index gaining around 0.1% on Monday.Following the market opening Monday, the Dow traded up 0.06% to 49,655.48 while the NASDAQ fell 0.09% to 22,864.38. The S&P 500 also rose, gaining, 0.06% to 6,913.49.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsEnergy shares gained by 1.2% on Monday.In trading on Monday, consumer discretionary stocks fell by 1.3%.Top HeadlineDomino's Pizza Inc. (NA ...

Core Points - The Champions of Tomorrow Program is a new initiative launched by Papa Johns Canada and the Canadian Hockey League (CHL) to support youth hockey across Canada [1][2] - The program includes a $25,000 CAD scholarship awarded to a youth hockey player demonstrating leadership and community impact, along with a VIP trip for two to the 2026 Memorial Cup Championship Weekend [2][5] Funding and Contributions - From January 6 to June 30, 2026, Papa Johns will donate $1 from every order over $35 using the promo code CHLCHAMPS, with a maximum contribution of $100,000 CAD [3] - The funds will first support the $25,000 scholarship, with any remaining contributions directed to provincial youth hockey initiatives, including equipment access and community programs [3] Nomination Process - Nominations for the scholarship are open from January 6 to March 31, 2026, for youth under 18 involved in minor, school, or community hockey in Canada [4] - Nominations must be submitted by an adult, such as a parent or coach, and a joint judging panel from Papa Johns and the CHL will review the nominations [5]

Market Overview - The S&P 500 Index rose 17.9% in 2025, while the Bloomberg US Aggregate Index increased by 7.3% [3] - The average investor experienced a positive sentiment driven by expectations of AI advancements and Federal Reserve easing [3] - Despite overall market gains, nearly half of U.S. stocks were down, with the bottom fifth of stocks in the Russell 3000 experiencing a median loss of 40% [18] Economic Indicators - U.S. GDP grew by 4.3% in Q3 2025, with healthcare spending and construction of new AI data centers contributing significantly to this growth [17] - The Federal Reserve's policies have led to a financial system reliant on permanent liquidity, raising concerns about long-term inflation and economic inequality [10][13] Fund Performance - The Palm Valley Capital Fund achieved a total return of 4.46% in 2025, underperforming the S&P SmallCap 600 and Morningstar SmallCap benchmarks, which gained 6.02% and 12.20% respectively [32] - The Fund's equity positions increased by 1.12% over the last quarter, benefiting from exposure to precious metals [31] Investment Opportunities - New positions were added in Domino's Pizza Group, Utz Brands, and Ingredion, with each company showing potential for growth despite current challenges [33][36][39] - Domino's holds a significant market share in the UK pizza delivery market but faces growth challenges due to a pressured consumer environment [34] - Utz Brands is well-positioned with strong free cash flow potential and improving margins, trading at approximately 12x estimated free cash flow [37] - Ingredion is focusing on modified ingredients to address wellness trends and has improved its balance sheet, trading at 10x earnings [39] Market Trends - The "Visine effect" suggests that underperforming stocks are often discarded without sensitivity to price, impacting smaller companies more significantly [21] - The rise of passive investing has altered market dynamics, leading to concentrated buying and selling pressures during rebalancing periods [21] - Despite a strong year for equities, many small caps remain fully valued, with the average profitable non-financial member of the Russell 2000 trading at an enterprise value to operating profit of 18x [26]

Upgrades - Wells Fargo upgraded Hershey (HSY) to Equal Weight from Underweight with a price target of $182, up from $157, citing a more than 50% decline in cocoa prices from last year's peak as a positive development for the company [2] - Goldman Sachs upgraded Coinbase (COIN) to Buy from Neutral with a price target of $303, up from $294, highlighting recent product launches that enhance the competitiveness of its core business [2] - Raymond James double upgraded Estee Lauder (EL) to Strong Buy from Market Perform with a price target of $130, noting that the company's turnaround is shifting from story to execution [3] - Melius Research upgraded Intel (INTC) to Buy from Hold with a price target of $50, suggesting that Nvidia's recent testing of the 18A process node was outdated and indicating potential for chip production on the 14A node by 2028/2029 [4] - Mizuho upgraded Costco (COST) to Outperform from Neutral with a price target of $1,000, up from $950, believing that Costco's trade-up activity is accelerating despite a 20% correction in shares due to concerns over membership and comp sales growth [5] Downgrades - BofA downgraded Omnicom (OMC) to Underperform from Neutral with a price target of $77, down from $87, citing underestimated downside risks on organic growth and EPS dilution from disposals [6] - Monness Crespi downgraded PayPal (PYPL) to Neutral from Buy, indicating that while the long-term bull case remains, current estimates for 2026 are not sufficiently lowered and expecting more compelling entry points in the future [6] - Piper Sandler downgraded Twilio (TWLO) to Neutral from Overweight with a price target of $148, stating that the re-acceleration narrative is expected to fade later in 2026 and that free cash flow estimate upside revisions are limited [6] - Mizuho downgraded AutoZone (AZO) to Neutral from Outperform with a price target of $3,550, down from $3,850, viewing consensus estimates as misaligned and overly optimistic following a fiscal Q1 miss [6] - TD Cowen downgraded Domino's Pizza (DPZ) to Hold from Buy with a price target of $460, down from $500, acknowledging robust same-store sales growth but noting a shift in strategy that was more pronounced than expected [6]

Core Insights - Warren Buffett announced his resignation as CEO of Berkshire Hathaway, prompting increased scrutiny from investors regarding the company's portfolio management as Greg Abel prepares to take over in 2026 [1][2] Recent Portfolio Moves - Berkshire's largest purchase in the last quarter was a 16% increase in its stake in Chubb, acquiring 4.3 million shares [4] - The company also made significant investments in the American consumer sector, purchasing shares of Domino's Pizza and Sirius XM, along with smaller investments in Lamar Advertising and Lennar [5] - A notable move was the initiation of a position in Alphabet, acquiring 17.8 million shares valued at $4.3 billion [6] Financial Position - Berkshire's balance sheet reported a record $381.7 billion in cash and short-term investments at the end of Q3, indicating a strategy of stockpiling cash and limited buying activity [10] - The short-term investments primarily consist of U.S. Treasury Bills, reflecting a cautious approach in the current market environment [10] Investment Philosophy - Buffett's investment philosophy emphasizes contrarian strategies, seeking value rather than following market trends, and focusing on long-term growth through reinvestment [11][12] - The company has been prudent in taking gains from core positions and reallocating capital into perceived better value opportunities [13] - Buffett's steadfast approach has consistently outperformed the S&P 500 over decades, showcasing the effectiveness of his investment strategies [14] Strategic Messages - Berkshire's recent moves convey Buffett's enduring messages: take gains when appropriate, identify value, support American resilience, maintain cash reserves, and leverage compound interest [16]

Market Performance - On November 7, 2025, the Australian stock market experienced a decline, with all major indices ending in negative territory. The S&P/ASX 200 fell to 8,769.70 from 8,828.30, a decrease of 0.7% [1][6] - The S&P/ASX 20 also dropped to 4,863.80 from 4,900.00, marking a 0.7% decline [1][6] - Broader indices such as the S&P/ASX 50 and S&P/ASX 100 saw declines of 0.6%, closing at 8,451.90 and 7,308.00 respectively [6] Futures Market - The S&P/ASX 200 futures for December 2025 declined by 0.62%, trading at 8,788.5, down 54.5 points [2][6] Top Gainers - AUB Group Limited (AUB) led the gainers, increasing by $2.30 or 6.285% to close at $38.890 [4][6] - ASX Limited (ASX) rose by $2.17, representing a 3.773% increase to $59.680 [4][6] - News Corporation (NWS) gained $1.36 or 3.022%, finishing at $46.350 [4][6] - GPT Group (GPT) added $0.16, lifting its share price by 2.996% to $5.500 [4][6] - Lynas Rare Earths Limited (LYC) rounded out the top five performers, up $0.38 or 2.891% to $13.520 [4][6] Top Decliners - Block, Inc. (XYZ) recorded the steepest decline, tumbling $17.79 or 15.756% to $95.120 [5][6] - Zip Co Limited (ZIP) dropped $0.24, a 6.649% decline to $3.370 [5][6] - Qantas Airways Limited (QAN) lost $0.67, down 6.582% to $9.510 [5][6] - Domino's Pizza Enterprises Limited (DMP) slipped $1.17 or 5.839% to close at $18.870 [5][6] - Macquarie Group Limited (MQG) fell $12.48, a 5.745% decrease to $204.770 [5][6]

Core Insights - Several markets, including Austria, the UK, Portugal, Norway, and Singapore, are currently undervalued, trading at steep discounts compared to global peers, driven by narratives that overshadow fundamental analysis [1][2][12] Austria - Austria is characterized as a small, cyclical market with a concentration in banks, energy, and industrials, often sold off during negative European headlines, leading to modest earnings multiples and strong dividend yields [3][4] - Raiffeisen Bank International exemplifies this opportunity, offering a 6% yield and trading at a discount to tangible book value, with potential for re-rating if geopolitical tensions ease [4] United Kingdom - The UK market is marked by neglect and a structural discount, trading at a significant valuation gap to the U.S. while offering higher dividend yields [5][6] - Domino's Pizza Group serves as a case study, with stable cash flow, ongoing share buybacks, and a dividend yield of around 2.5%, yet still valued lower than U.S. counterparts [6] Portugal - Portugal's market is often overlooked due to its smaller size, focusing on utilities and energy, which provide steady earnings and respectable dividends despite being labeled as low growth [7][8] - Energias de Portugal SA represents this narrative, with a 4.1% yield and growth driven by grid modernization and renewable energy expansion [8] Norway - Norway's market is heavily influenced by energy but also benefits from strong operators and a robust sovereign wealth fund, providing high free cash flow yields [9][10] - MPC Container Ships ASA fits this profile, offering a near 9% yield and generating high free cash flow through long-term contracts [10] Singapore - Singapore's market is driven by its dominant banks and a strong REIT ecosystem, providing stable income and compounding book value despite being perceived as mature [11][12] - The Singapore Exchange ADR exemplifies this, with a dividend yield of about 3.5% and a focus on expanding trading and derivatives markets [11] Common Thread - The five markets share characteristics of strong cash generation, solid balance sheets, and have been undervalued by global investors, presenting substantial future return opportunities [12][13] Global Value Perspective - The valuation gap between the U.S. and other global markets has reached historical extremes, allowing investors to acquire solid, dividend-paying businesses in Europe and Asia at half the multiples of U.S. counterparts [14][15] - As global capital costs normalize, markets that offer yield, cash flow, and tangible value are expected to lead the next investment cycle [16]