18 days ago
The 10-year Treasury yield hit 5% in September 2026, its highest since 2007, intensifying pressure on stock valuations.
Buffett's gravity rule reframes a 5% Treasury as a 20x earnings multiple, which is far cheaper than the 45x bonds carried at 2.15% in 2017.
Buffett warned that at 21% short rates in 1982, even stocks at 6x earnings looked unattractive against the risk-free alternative.
Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor)
Treasury yields have pushed to levels that force a conversation investors have not needed to have in years. The 10-year Treasury note traded at 5% on the morning of September 15, 2026, according to CNBC, and CNBC reported the 10-year yield rising to its highest level since 2007. On a settled basis, the daily 10-year series last printed 4.96% on September 11, 2026, the highest reading in the trailing year.
#treasury #highest
Buffett's gravity rule reframes a 5% Treasury as a 20x earnings multiple, which is far cheaper than the 45x bonds carried at 2.15% in 2017.
Buffett warned that at 21% short rates in 1982, even stocks at 6x earnings looked unattractive against the risk-free alternative.
Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor)
Treasury yields have pushed to levels that force a conversation investors have not needed to have in years. The 10-year Treasury note traded at 5% on the morning of September 15, 2026, according to CNBC, and CNBC reported the 10-year yield rising to its highest level since 2007. On a settled basis, the daily 10-year series last printed 4.96% on September 11, 2026, the highest reading in the trailing year.
#treasury #highest
19 days ago
On August 4, Westlake Corporation (NYSE:WLK) reported second-quarter results that erased two consecutive quarterly losses in a single swing. Net income landed at $260 million, or $2.01 per share, compared with a $169 million loss just three months earlier and a $142 million loss a year ago. EBITDA nearly tripled from the second quarter of 2025. The numbers mark a sharp reversal for a company whose chemicals business had been bleeding red ink.
The turnaround centers on Performance and Essential Materials, the segment that makes chlorovinyls and other basic chemicals. PEM swung from a $318 million operating loss in the second quarter of 2025 to $185 million in income this quarter, while EBITDA excluding identified items jumped from a 3% margin to 21%. The driver was pricing: average sales prices across PEM rose 14% year over year, more than offsetting a 3% price decline in the Housing and Infrastructure Products segment. Combined with a 7% increase in companywide sales volume, excluding the effects of plant shutdowns and an acquisition, the pricing recovery pushed companywide EBITDA to $679 million from $210 million a year earlier.
Westlake is also working the balance sheet alongside the market recovery. The company reduced debt by $500 million during the quarter and returned $99 million to shareholders through dividends and share repurchases. Management says its three-pillar profitability improvement plan remains on track to deliver a $600 million operating income benefit, a target that, if it holds, would layer structural cost savings on top of whatever the market gives back in pricing.
Not every part of the story improved together. Housing and Infrastructure Products, the segment tied to home construction and building products, saw its EBITDA margin slip to 22% from 24% a year earlier, even as volume rose 6% excluding the ACI acquisition. Average sales prices in that segment fell 3% year over year, a sign that pricing power in housing products has softened even as the company sells more of it.
The improvement in the core chemicals business also leans heavily on price rather than volume. PEM's turnaround came from a 14% jump in average sales price, a figure that can move in either direction with commodity cycles. The first quarter of 2026 was a reminder of how quickly conditions shift: Westlake posted a $169 million net loss just three months before this result, weighed down by $85 million in identified items, including a $67 million charge to settle litigation over PVC pipe and fittings and $18 million tied to facility shutdowns. A year earlier, in the second quarter of 2025, the company absorbed another $130 million in shutdown-related charges. Restructuring and legal charges showed up in two of the last three reported quarters.
#million #quarter #westlake #earlier
The turnaround centers on Performance and Essential Materials, the segment that makes chlorovinyls and other basic chemicals. PEM swung from a $318 million operating loss in the second quarter of 2025 to $185 million in income this quarter, while EBITDA excluding identified items jumped from a 3% margin to 21%. The driver was pricing: average sales prices across PEM rose 14% year over year, more than offsetting a 3% price decline in the Housing and Infrastructure Products segment. Combined with a 7% increase in companywide sales volume, excluding the effects of plant shutdowns and an acquisition, the pricing recovery pushed companywide EBITDA to $679 million from $210 million a year earlier.
Westlake is also working the balance sheet alongside the market recovery. The company reduced debt by $500 million during the quarter and returned $99 million to shareholders through dividends and share repurchases. Management says its three-pillar profitability improvement plan remains on track to deliver a $600 million operating income benefit, a target that, if it holds, would layer structural cost savings on top of whatever the market gives back in pricing.
Not every part of the story improved together. Housing and Infrastructure Products, the segment tied to home construction and building products, saw its EBITDA margin slip to 22% from 24% a year earlier, even as volume rose 6% excluding the ACI acquisition. Average sales prices in that segment fell 3% year over year, a sign that pricing power in housing products has softened even as the company sells more of it.
The improvement in the core chemicals business also leans heavily on price rather than volume. PEM's turnaround came from a 14% jump in average sales price, a figure that can move in either direction with commodity cycles. The first quarter of 2026 was a reminder of how quickly conditions shift: Westlake posted a $169 million net loss just three months before this result, weighed down by $85 million in identified items, including a $67 million charge to settle litigation over PVC pipe and fittings and $18 million tied to facility shutdowns. A year earlier, in the second quarter of 2025, the company absorbed another $130 million in shutdown-related charges. Restructuring and legal charges showed up in two of the last three reported quarters.
#million #quarter #westlake #earlier
1 month ago
Nvidia's $5 billion Intel investment has produced an extraordinary paper gain, but the timeline matters. The companies announced the investment and product collaboration on September 18, 2025. Intel's SEC filing shows that NVIDIA Corporation (NASDAQ:NVDA) actually completed the purchase on December 26, 2025, acquiring 214,776,632 Intel shares at $23.28 each for $5 billion. Nvidia's June 30, 2026 13F valued the same share count at $29.989 billion. That is a large unrealized gain; it does not establish that the commercial partnership has already succeeded. Subtracting the original cost leaves an unrealized gain of about $24.989 billion at quarter-end, an amount that will move with Intel's share price.
Intel Corp.'s headquarters, the Robert Noyce Building in Santa Clara, California. Photo from Intel Corp website
The companies said Intel Corporation (NASDAQ:INTC) would build Nvidia-custom x86 CPUs for Nvidia AI infrastructure and x86 system-on-chips integrating Nvidia RTX GPU chiplets for PCs. The latest official disclosures reviewed still describe those custom products as a collaboration under development, so the investment's market value is ahead of the operating evidence.
The bull case is an ecosystem bridge. Nvidia can pair its accelerators, networking, and NVLink with an enormous x86 software base. Intel gains a powerful partner and a route to more valuable data-center and client packages. If the jointly developed products arrive on schedule and win meaningful volume, both companies could strengthen their positions across heterogeneous computing.
The countercase is execution. Intel Foundry posted a $2.089 billion operating loss in the second quarter. Intel also reported an $11.033 billion GAAP net loss attributable to the company, largely distorted by a $12.529 billion mark-to-market loss on shares held in escrow for the U.S. government; non-GAAP net income was $2.197 billion. The accounting charge should not be mistaken for foundry performance, but the segment loss shows that manufacturing economics remain difficult. Product delays or weak adoption could keep the alliance strategically interesting without making it profitable. At the same time, Intel's revenue rose 25% year over year to $16.128 billion, so the quarter was not simply an operating collapse.
#loss
Intel Corp.'s headquarters, the Robert Noyce Building in Santa Clara, California. Photo from Intel Corp website
The companies said Intel Corporation (NASDAQ:INTC) would build Nvidia-custom x86 CPUs for Nvidia AI infrastructure and x86 system-on-chips integrating Nvidia RTX GPU chiplets for PCs. The latest official disclosures reviewed still describe those custom products as a collaboration under development, so the investment's market value is ahead of the operating evidence.
The bull case is an ecosystem bridge. Nvidia can pair its accelerators, networking, and NVLink with an enormous x86 software base. Intel gains a powerful partner and a route to more valuable data-center and client packages. If the jointly developed products arrive on schedule and win meaningful volume, both companies could strengthen their positions across heterogeneous computing.
The countercase is execution. Intel Foundry posted a $2.089 billion operating loss in the second quarter. Intel also reported an $11.033 billion GAAP net loss attributable to the company, largely distorted by a $12.529 billion mark-to-market loss on shares held in escrow for the U.S. government; non-GAAP net income was $2.197 billion. The accounting charge should not be mistaken for foundry performance, but the segment loss shows that manufacturing economics remain difficult. Product delays or weak adoption could keep the alliance strategically interesting without making it profitable. At the same time, Intel's revenue rose 25% year over year to $16.128 billion, so the quarter was not simply an operating collapse.
#loss
1 month ago
Guns and ammunition retailers have faced financial distress, leading to store closings and bankruptcy filings as sales have fallen significantly over the last two years.
Industry experts believe some of the decline in sales might have resulted from buyers delaying purchases to take advantage of the reduction in the National Firearms Act tax from $200 to $0 beginning Jan. 1, 2026, the National Rifle **** ociation's American Rifleman reported. The decline of sales, however, has continued in 2026.
Financial issues had led firearms and ammunition retailer White Oak Armory LLC to file for Chapter 11 bankruptcy to reorganize its business, owing a disputed tax debt to the Tennessee Department of Revenue.
White Oak Armory filed its petition in the U.S. Bankruptcy Court for the Eastern District of Tennessee on Aug. 24, listing $500,000 to $1 million in **** ets and liabilities. The petition did not reveal whether the company's sales had declined, and the debtor did not give a specific reason for filing for bankruptcy in its petition.
The retailer was not immediately available for comment. The firearms dealer's website and telephone were still operating on Aug. 30.
#armory #tennessee #ammunition
Industry experts believe some of the decline in sales might have resulted from buyers delaying purchases to take advantage of the reduction in the National Firearms Act tax from $200 to $0 beginning Jan. 1, 2026, the National Rifle **** ociation's American Rifleman reported. The decline of sales, however, has continued in 2026.
Financial issues had led firearms and ammunition retailer White Oak Armory LLC to file for Chapter 11 bankruptcy to reorganize its business, owing a disputed tax debt to the Tennessee Department of Revenue.
White Oak Armory filed its petition in the U.S. Bankruptcy Court for the Eastern District of Tennessee on Aug. 24, listing $500,000 to $1 million in **** ets and liabilities. The petition did not reveal whether the company's sales had declined, and the debtor did not give a specific reason for filing for bankruptcy in its petition.
The retailer was not immediately available for comment. The firearms dealer's website and telephone were still operating on Aug. 30.
#armory #tennessee #ammunition
1 month ago
With a market cap of $680.9 billion, Visa Inc. (V) is a global payments technology company that facilitates digital transactions across more than 200 countries and territories through its secure processing network, VisaNet. The company offers a broad portfolio of products and services, including credit, debit, prepaid solutions, digital payment innovations, risk management, and data ***** ytics.
Companies worth more than $200 billion are generally labeled as "mega-cap" stocks and Visa fits this criterion perfectly. Serving financial institutions, merchants, governments, and consumers, Visa also strengthens its brand through partnerships and sponsorships with organizations such as the Olympic Games, FIFA, and the NFL.
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#billion
Companies worth more than $200 billion are generally labeled as "mega-cap" stocks and Visa fits this criterion perfectly. Serving financial institutions, merchants, governments, and consumers, Visa also strengthens its brand through partnerships and sponsorships with organizations such as the Olympic Games, FIFA, and the NFL.
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#billion
1 month ago
The simple answer is no. I encourage investors to ignore all the fear-mongering headlines claiming that nearly half of the data centers planned for 2026 have been delayed or canceled.
For quick background, New York became the first state to institute a statewide moratorium on large data centers, which made many investors worried. This restricts the construction and permits for hyperscale data centers that consume 50+ megawatts of power. The moratorium is in effect for one year.
The one-year moratorium was enacted to give New York the time to refine its regulations. New York Governor Kathy Hochul wants all new data centers to be subject to the same "consistent standards."
The state plans to review and research the environmental impact of data center construction and operation – and once standards are agreed upon, the moratorium will end.
Upstate New York is ideal for data centers, given cheap hydroelectric power and a direct-current grid from Hydro-Québec. So, I suspect construction will resume once these standards are set.
#data #york #construction #state
For quick background, New York became the first state to institute a statewide moratorium on large data centers, which made many investors worried. This restricts the construction and permits for hyperscale data centers that consume 50+ megawatts of power. The moratorium is in effect for one year.
The one-year moratorium was enacted to give New York the time to refine its regulations. New York Governor Kathy Hochul wants all new data centers to be subject to the same "consistent standards."
The state plans to review and research the environmental impact of data center construction and operation – and once standards are agreed upon, the moratorium will end.
Upstate New York is ideal for data centers, given cheap hydroelectric power and a direct-current grid from Hydro-Québec. So, I suspect construction will resume once these standards are set.
#data #york #construction #state
1 month ago
Sustainable Growth Advisers (SGA), an investment management company, released its second-quarter 2026 investor letter for its "Global Growth Strategy." The letter can be downloaded here. The SGA Global Growth Portfolio returned 7.4% gross and 7.2% net, compared with 14.9% for the MSCI ACWI and 19.8% for the MSCI ACWI Growth Index. Momentum leadership and enthusiasm around AI infrastructure drove markets, with semiconductor, memory, and hardware stocks accounting for much of the gain. Although the portfolio owned AI beneficiaries, broader holdings lagged despite fundamentals, as median revenue and EPS growth reached 12% and 14% and more than 60% of the holdings beat expectations. SGA believes valuation compression reflects sentiment rather than weaker business quality, leaving the portfolio near its widest discount to the market since inception. The firm continues to favor durable compounders and expects 16% revenue growth and 20% earnings growth over three years. Also, please check the Fund's top five holdings to see its best picks for 2026.
In its second-quarter 2026 investor letter, SGA Global Growth Strategy highlighted ServiceNow, Inc. (NYSE:NOW). ServiceNow, Inc. (NYSE:NOW) is a cloud-based software company that provides a platform for automating and managing digital workflows. On August 21, 2026, ServiceNow, Inc. (NYSE:NOW) closed at $128.48 per share. The one-month return of ServiceNow, Inc. (NYSE:NOW) was 21.64%, and its shares lost 27.04% over the past 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $132.85 billion.
SGA Global Growth Strategy stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its Q2 2026 investor letter:
"As part of our ongoing dialogue with ServiceNow, Inc. (NYSE:NOW), we met with President and Chief Legal Officer Hossein Nowbar and members of the company's legal, compensation and, human resources teams. A significant portion of the discussion focused on the company's recent acquisition activity and the importance of maintaining transparency with shareholders regarding strategic decision-making. Management disagreed with our characterization that its acquisition strategy had become more aggressive, describing the recent transactions as an unusual convergence of several deals rather than a fundamental change in approach. We emphasized that, regardless of management's intent, the lack of timely communication surrounding these transactions contributed to investor uncertainty and undermined shareholder confidence. We encouraged the company to provide clearer and more proactive disclosure around significant strategic decisions to help investors develop a better understanding of the rationale and risks ***** ociated with future acquisitions....." (Click here to read the full text)
#holdings
In its second-quarter 2026 investor letter, SGA Global Growth Strategy highlighted ServiceNow, Inc. (NYSE:NOW). ServiceNow, Inc. (NYSE:NOW) is a cloud-based software company that provides a platform for automating and managing digital workflows. On August 21, 2026, ServiceNow, Inc. (NYSE:NOW) closed at $128.48 per share. The one-month return of ServiceNow, Inc. (NYSE:NOW) was 21.64%, and its shares lost 27.04% over the past 52 weeks. ServiceNow, Inc. (NYSE:NOW) has a market capitalization of $132.85 billion.
SGA Global Growth Strategy stated the following regarding ServiceNow, Inc. (NYSE:NOW) in its Q2 2026 investor letter:
"As part of our ongoing dialogue with ServiceNow, Inc. (NYSE:NOW), we met with President and Chief Legal Officer Hossein Nowbar and members of the company's legal, compensation and, human resources teams. A significant portion of the discussion focused on the company's recent acquisition activity and the importance of maintaining transparency with shareholders regarding strategic decision-making. Management disagreed with our characterization that its acquisition strategy had become more aggressive, describing the recent transactions as an unusual convergence of several deals rather than a fundamental change in approach. We emphasized that, regardless of management's intent, the lack of timely communication surrounding these transactions contributed to investor uncertainty and undermined shareholder confidence. We encouraged the company to provide clearer and more proactive disclosure around significant strategic decisions to help investors develop a better understanding of the rationale and risks ***** ociated with future acquisitions....." (Click here to read the full text)
#holdings
1 month ago
Download the Complete Report Here
Key Takeaways:
H1 constant-currency revenue grew 26% to $27 million, with H2 growth guided to 60%-73% as signed capacity moves into deployment.
Amazon's 75-truck rollout and 500-truck Tesla Semi program expand fleet capacity, with the fleet approaching 400 vehicles by year end.
Contribution margin held at 20.7%, while a 3x larger sales pipeline, rising network density and shorter deployment cycles support customer conversion.
#here #takeaways
Key Takeaways:
H1 constant-currency revenue grew 26% to $27 million, with H2 growth guided to 60%-73% as signed capacity moves into deployment.
Amazon's 75-truck rollout and 500-truck Tesla Semi program expand fleet capacity, with the fleet approaching 400 vehicles by year end.
Contribution margin held at 20.7%, while a 3x larger sales pipeline, rising network density and shorter deployment cycles support customer conversion.
#here #takeaways
2 months ago
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Life insurance can cost less than a family streaming subscription or more than a mortgage payment. The difference usually comes down to the applicant, the amount of coverage, and whether the policy lasts for a set term or the rest of your life.
A healthy, nonsmoking 30-year-old woman paid an average of $23.10 per month for a $500,000, 20-year term policy in October 2025, according to the Policygenius Life Insurance Price Index. A man of the same age, health classification, and coverage paid an average of $29.56 per month.
Whole life coverage is substantially more expensive. Policygenius estimated the average cost of a $500,000 whole life policy at $408 per month for a 30-year-old woman — nearly 18 times more expensive than a 20-year term policy with the same death benefit.
Keep in mind that rates can differ significantly from person to person. Policy details, including the death benefit, term length, and any optional riders, can also drive up the price.
#policy #year #coverage #average
Life insurance can cost less than a family streaming subscription or more than a mortgage payment. The difference usually comes down to the applicant, the amount of coverage, and whether the policy lasts for a set term or the rest of your life.
A healthy, nonsmoking 30-year-old woman paid an average of $23.10 per month for a $500,000, 20-year term policy in October 2025, according to the Policygenius Life Insurance Price Index. A man of the same age, health classification, and coverage paid an average of $29.56 per month.
Whole life coverage is substantially more expensive. Policygenius estimated the average cost of a $500,000 whole life policy at $408 per month for a 30-year-old woman — nearly 18 times more expensive than a 20-year term policy with the same death benefit.
Keep in mind that rates can differ significantly from person to person. Policy details, including the death benefit, term length, and any optional riders, can also drive up the price.
#policy #year #coverage #average
2 months ago
Bank of America on Tuesday hiked its price targets on cybersecurity stocks on views that a worsening artificial intelligence-based threat landscape supports higher valuations. Cybersecurity stocks have rebounded from worries that AI model builders will emerge as competitors.
Bank of America raised its price targets for SentinelOne (S), SailPoint (SAIL) and Zscaler (ZS). Other cybersecurity stocks may be extended amid a big rally in 2026, BofA said.
"Over the past several months, cybersecurity stocks have benefited from improving software sector sentiment and increasing investor focus on the security implications of AI," said BofA ****** yst Tal Liani in a report.
"While the market initially viewed AI as a potentially disruptive force that could compress the value of incumbent security platforms, recent developments have shifted the conversation toward the expanding threat landscape created by AI," he added. "We believe investors are increasingly viewing cybersecurity as a critical enabler of enterprise AI adoption, supporting both durable demand and a more constructive valuation framework across the sector."
AI is changing the cybersecurity industry as companies race to build cloud computing-based platforms. Cybersecurity firms are rapidly embedding AI into nearly every stage of threat detection, investigation and response. But hackers are using AI tools as well. Recent incidents have reinforced concerns that increasingly capable AI models could be used for cyberattacks in the wrong hands.
#stocks #recent #based
Bank of America raised its price targets for SentinelOne (S), SailPoint (SAIL) and Zscaler (ZS). Other cybersecurity stocks may be extended amid a big rally in 2026, BofA said.
"Over the past several months, cybersecurity stocks have benefited from improving software sector sentiment and increasing investor focus on the security implications of AI," said BofA ****** yst Tal Liani in a report.
"While the market initially viewed AI as a potentially disruptive force that could compress the value of incumbent security platforms, recent developments have shifted the conversation toward the expanding threat landscape created by AI," he added. "We believe investors are increasingly viewing cybersecurity as a critical enabler of enterprise AI adoption, supporting both durable demand and a more constructive valuation framework across the sector."
AI is changing the cybersecurity industry as companies race to build cloud computing-based platforms. Cybersecurity firms are rapidly embedding AI into nearly every stage of threat detection, investigation and response. But hackers are using AI tools as well. Recent incidents have reinforced concerns that increasingly capable AI models could be used for cyberattacks in the wrong hands.
#stocks #recent #based
