Exhibit 1: Private employment growth remains tepid at 29k (3mma), but the unemployment rate fell to 4.4% in December and November was revised lower to 4.5%. Total private employment 3m avg chg Change in nonfarm payrolls (thous) Jan 25 Mar 25 May 25 Jul 25 Sep 25 Nov 25 250 200 150 100 50 0 -50 January 9, 2026 06:18 PM GMT US Economics Weekly | North America Faster growth and a lower unemployment rate mean Fed cuts come later We now think additional rate cuts from the Fed will come only when it becomes clear ...

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Core Viewpoint - Apple Inc. (AAPL) stock has increased nearly 17% since August, reaching a high of $288 before settling at $263, indicating a positive market trend for the company [1]. Group 1: Stock Performance - In August, Apple Inc. was trading at $226.27, and it was identified as a good buy [1]. - The stock peaked at $288 before experiencing a decline to $263 [1]. Group 2: Analyst's Approach - The analysis focuses on providing a clear and disciplined breakdown of companies, emphasizing the importance of numbers and underlying business rather than narratives [1]. - The goal is to offer individual investors an honest view of what is working, what isn't, and where the risks and opportunities lie [1].

Core Viewpoint - Apple Inc. (AAPL) stock has increased nearly 17% since August, reaching a high of $288 before settling at $263, indicating a positive market trend for the company [1] Group 1: Stock Performance - In August, Apple Inc. was trading at $226.27, and it was identified as a good buy [1] - The stock peaked at $288 before experiencing a decline to $263 [1] Group 2: Analyst Background - The analyst has over 15 years of market experience and a degree in economics, focusing on clear and disciplined company breakdowns [1] - The goal is to provide individual investors with an honest view of what is working, what isn't, and where the risks and opportunities lie [1]

5 January 2026 | 7:01AM HKT Economics Research CHINA 2026 OUTLOOK Exploring New Growth Engines Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang +852-3966-4004 | lisheng.wang@gs.com Goldman Sachs (Asia) L.L.C. Xinquan Chen +852-2978-2418 | xinquan.chen@gs.com Goldman Sachs (Asia) L.L.C. Yuting Yang +852-2978-7283 | yuting.y.yang@gs.com Goldman Sachs (Asia) L.L.C. Chelsea Song +852-2978-0106 | chelsea.song@gs.com Goldman Sachs (Asia) L.L.C. Andrew Tilton +852-2978-1802 | andr ...

Core Insights - Berkshire Hathaway is undergoing a transition as Warren Buffett retires and Greg Abel takes over as CEO [1] - Despite Buffett's retirement, the current portfolio reflects carefully selected stock picks that remain valuable [2] - A significant portion of Berkshire Hathaway's portfolio is concentrated in three major stocks [3] Company Portfolio - Apple (AAPL) constitutes 21.1% of Berkshire Hathaway's portfolio, with approximately 238.2 million shares held, representing a 1.6% stake in the company [4] - The P/E ratio of Apple is 36.58x, which is moderate for a leading tech company, indicating potential value [5] - Apple's total net sales increased from $391.035 billion in Q3 2023 to $416.161 billion in Q3 2024, showcasing growth in various product categories [6] Key Holdings - Berkshire Hathaway maintains large positions in Apple (AAPL), American Express (AXP), and Bank of America (BAC), all of which exhibit reliable sales growth [7]

Harbor Capital Appreciation Fund, an investment management company, released its Q3 2025 investor letter. A copy of the same can be downloaded here. The Harbor Capital Appreciation Fund primarily focuses on investing in equity securities, targeting U.S. companies that have a market capitalization of at least $1 billion at the time of investment. US equities delivered solid results in the third quarter, driven by continued momentum in AI and strong corporate earnings. The Federal Reserve’s interest rate cut ...

Core Insights - Apple has experienced significant growth over the past decade, with its market capitalization increasing from $591 billion to over $4 trillion as of December 20 [1] - Long-term shareholders have seen substantial returns, with a $1,000 investment in Apple shares in December 2015 now worth $11,450, representing a total return of 1,040% [3] - Apple's revenue grew by 78% and net income by 110% from fiscal 2015 to fiscal 2025, driven by hardware sales and a rapidly expanding services segment [4] Financial Performance - The total return for Apple shareholders over the last decade significantly outperformed the S&P 500, which had a total return of 305% during the same period [3][7] - Valuation expansion has been a major factor in Apple's stock performance, alongside earnings growth [7] Investment Considerations - Current investment recommendations suggest that Apple may not be among the top stocks to buy at this time, with analysts identifying 10 other stocks that could yield higher returns [5][6]

Ciena Corporation, a Zacks Rank #1 (Strong Buy), has seen its shares surge this year as the company benefits from an accelerating transformation driven by artificial intelligence and explosive demand for networking solutions. Ciena is a global technology provider of hardware, software, and related services for network operators.The stock has broken out to a multi-decade high in 2025 on increasing volume. Shares continue to display relative strength as buying pressure accumulates in this market leader.Ciena ...

One of the companies that has quietly delivered one of the best performances in the market this year is Ferrovial SE (FER). The stock is up over 60% this year, which is a significantly better performance than most major indices. It will soon be added to the Nasdaq 100 Index ($NASX) when the index is rebalanced on Dec. 22. Such a moment is significant for a lesser-known stock. Being part of the Nasdaq 100 is important since it supports over $600 billion in assets worldwide. Being added to this index can t ...