Terms of Use Privacy Notice Accessibility About Us Reviews Site Map Your Ad Choices Advertising Contact us IBD Stock Charts IBD Stock Checkup Stock Quotes Stock Market Today The Big Picture My Stock Lists IBD Live Leaderboard SwingTrader MarketSurge IBD Digital MarketDiem The Wall Street Journal Barron's MarketWatch Dow Jones Smart Money Connect With Us On stocks they discuss. We make no representations or warranties regarding the advisability of investing in any particular securities or utilizing any speci ...

We are expecting more breadth for the market. I feel like we've all been saying that for a number of years now, but that does kind of change the dynamic. If we don't have this massive tech led rally, the 20% number is more challenging to achieve.I think we see kind of three key themes next year. One is going to be a high productivity. So actually companies, including these air air activities into their operations, finding that operational efficiency.We do see quality improvement and like I mentioned, we do ...

Key Points In 2020, Warren Buffett pointed to four businesses as "jewels" among Berkshire's holdings. They are a diverse lot -- ranging from technology and insurance to energy and railways. Five years later, Berkshire shares are up 40% as these businesses continue to deliver. 10 stocks we like better than Berkshire Hathaway › Every year since 1977, Warren Buffett has written an open letter to Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) investors. In them, he celebrates successes, takes respon ...

Another intense winter storm system stretching from the upper Midwest to the Northeast will once again test US airlines during the busy holiday travel period.Service is still trying to recover from days of disruption that led to more than 3,600 cancelled flights between Dec. 26 and Dec. 28. Another 30,000 flights failed to depart or arrive on schedule over that timeframe, FlightAware data shows. As of 10:00 a.m. New York time Monday, more than 500 US flights on Monday are canceled and another 2,000-plus are ...

Let's turn now to the big tech story. We love the big tech stories that come out every day from Bloomberg News, deeply sourced, just great, fascinating stories. Really well done.This one goes to Wall Street's balance of power shifting. Big banks are roaring back as act As regulation eases, lending surges and private credit giants lose some of their luster there. Bloomberg's Catherine Chu Glinski helps lead our investing coverage.She is the pride of the blame Emory University, but she leads our coverage on a ...

Bank of America CEO Brian Moynihan is forecasting an easing of tariff-related tensions next year.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.Moynihad said during an interview Sunday (Dec. 28) with CBS News that ...

It may have been a wilder ride for the semiconductor stocks and the broader AI trade in 2025. ...

投资框架：四大基石 - 成功的投资并非依赖单一指标或公式，而是通过叠加持久优势来实现，这些优势包括价值、动能、趋势和信贷四大基石 [1][2] - 价值是基础，通过以低于内在价值的价格购买资产来建立安全边际，其有效性源于经济规律在完整周期内终将发挥作用 [3] - 动能衡量市场正在奖励什么，表现强劲的证券倾向于持续跑赢，这反映了市场正开始认同其估值 [4] - 趋势是核心风险管理工具，通过长期趋势过滤，在有利条件下部署资本，在风险上升时撤回，从而避免灾难性回撤并保护复利 [6] - 信贷在市场和个体层面都至关重要，市场层面信贷利差是压力的预警系统，个体层面资产负债表实力关乎公司生存，是纯粹形式的安全边际 [7][8][9][10] - 四大基石协同作用时效果显著：价值识别错误定价，动能确认需求，趋势控制风险，信贷防范系统性压力和公司特定风险，结合后能产生远超市场的回报并避免重大错误 [11][12][13] - 可投资性源于多种力量的协同：价值确保未支付过高价格，动能表明资本已朝有利方向移动，趋势显示市场当前已认同，信贷保证公司在环境收紧时能够生存 [15] 公司案例：特尔尼翁 - 公司是拉丁美洲主要钢铁生产商之一，业务垂直整合，涵盖铁矿石、炼钢和下游加工，其位于墨西哥和南美的地理布局使其受益于基础设施、汽车和工业需求 [16] - 从价值角度看，公司的盈利和现金流倍数仍远低于正常周期峰值，反映了市场对钢铁行业的持续怀疑 [17] - 动能已明确转正，随着价格企稳和销量复苏，股价已确立中期和长期上升趋势 [17] - 公司的信贷状况突出，资产负债表异常强劲，具有低杠杆、充足流动性以及在周期中持续产生自由现金流的历史，这使其能在竞争对手收缩时进行投资，并保护股东价值免受稀释和困境的损害 [18] 公司案例：万物新生 - 公司在中国运营消费电子产品以旧换新和翻新平台，业务处于可持续性、成本意识型消费者和循环供应链的交汇点 [19] - 相对于长期增长潜力，其估值仍然受压，这更多反映了宏观和中国特定风险，而非公司层面的偿付能力问题 [20] - 随着业绩企稳和投资者认知从生存转向正常化，动能已显著改善，股价正在筑底而非崩溃 [20] - 公司保持着可控的杠杆和充足的流动性，无需依赖激进的外部融资，在波动宏观环境中，这种资产负债表稳定性使其区别于可能造成永久性资本损失的公司 [21] 公司案例：弗里德曼工业 - 公司是一家钢铁加工商，向能源、工业和制造市场供应扁轧和管状产品 [22] - 尽管基本面改善，但股票估值水平仍假设了平庸的结果，动能已开始确认其价值主张，股价已从长期底部突破并确立明确的上升趋势 [23] - 从信贷角度看，公司杠杆适度，流动性稳固，且运营不结构性依赖债务，在周期性行业中，这种资产负债表实力意味着生存能力，使其能在低谷期耐心等待价值实现 [24] 公司案例：西港控股 - 公司是一家多元化集团，业务涵盖猪肉生产、谷物贸易、航运、食糖和发电，拥有实物资产并产生实际现金流 [25] - 相对于资产价值和正常化盈利，其估值仍具吸引力，随着市场开始认识到多个运营部门状况改善，动能已转为有利，股价处于确定的上升趋势中 [26] - 公司的信贷状况卓越，历史上保持低杠杆、强流动性和多元化的现金流，这种组合使其在金融压力时期具有非凡的韧性，无需依赖良性的信贷市场来生存 [27] 框架实践与总结 - 上述公司案例共同阐释了该投资框架的实践：价值防止支付过高价格，动能提示市场开始认同，趋势使投资与现实而非希望保持一致，信贷确保生存 [28] - 资产负债表实力是复利的前提，无法度过低迷期的公司无法提供长期回报，强大的信贷状况提供了时间、灵活性和选择性，这是最实用的安全边际 [29] - 非凡的投资成果并非通过预测或叙事构建，而是通过持续持有价值、动能、趋势和信贷四大基石指向同一方向的公司来实现 [29]

A Year of Extremes Highlights the Power of Passive Strategies 2025 was not a normal year for stocks. ...

作者背景 - 作者弗雷德·皮亚德博士是一位拥有超过30年经验的定量分析师和IT专业人士 [1] - 自2010年以来一直投资于数据驱动的系统性策略 [1] - 作者运营一个投资小组分享其投资组合策略包括投资于优质股息股和处于科技创新前沿的公司 [1] - 作者还提供市场风险指标房地产策略债券策略以及封闭式基金收入策略 [1] 披露信息 - 作者声明在提及的任何公司中没有股票期权或类似衍生品头寸并且在未来72小时内没有发起此类头寸的计划 [2] - 文章表达作者个人观点作者未获得相关公司补偿与提及股票的公司无业务关系 [2] - 发布平台声明其分析师为第三方作者包括可能未经任何机构或监管机构许可或认证的专业投资者和个人投资者 [3] - 发布平台本身不是持牌证券交易商经纪商美国投资顾问或投资银行 [3]