US Economic Outlook Faces Two Storm Fronts
Veteran industry analyst John McCown, writing in a monthly report based on the 10 largest US ports, said that inbound container volume fell 7.9% in June from a year before. Similar declines during the global financial crisis and the pandemic were short-term slumps. In this case, however, he estimated that a 25% reduction in US container volumes is 'readily possible' and would translate 'directly into a $510 billion reduction in annual commerce for the US.'
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Michael Saylor Amps Up Bitcoin War Chest With $2.8 Billion Sale
(Bloomberg) -- Michael Saylor's one-of-a-kind capital markets machine just got bigger. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom As crypto prices continue to boom, Saylor's Bitcoin holding company, Strategy launched a new kind of preferred stock, and then promptly upsized the deal from $500 million to $2.8 billion, according to a person familiar with the transaction who asked not to be identified. The security that priced on Thursday, which the company is calling Stretch, promises buyers a hefty 9% annual payout, with no end date attached — unusual in the arcane world of preferred stock offerings. The deal offered the latest demonstration of Saylor's Wall Street wizardry as he continues his years-long effort to transform a middling software firm, which used to be known as MicroStrategy, into a financial juggernaut obsessed with one goal: raising as much money as possible to acquire as many Bitcoin as possible. Some 600,000 coins, or around $70 billion worth at last count. Since Strategy's first purchase in 2020, Saylor has sold equity, issued various types of debt and layered stacks of preferred shares on top. In the process, he has encouraged a fleet of imitators and spurred a new industry of public companies following a so-called treasury strategy dedicated to buying and holding cryptocurrencies. Many of the previous financial instruments that have fueled Strategy's rise have ended up being more popular than expected, but even against that backdrop the demand for Stretch was notable. The company's common shares rose 0.5% on Wednesday, and are up 43% for the year. In Strategy's complicated and unusual capital structure, the new shares sit above the company's common stock and its other preferred shares — which carry names like 'Strike' and 'Stride' — but remain subordinate to its convertible bonds and a preferred stock known as 'Strife.' Unlike those earlier offerings, Stretch allows Strategy to tweak the dividend. Each month, the firm will set a new payout rate aimed at keeping the share price near $100, raising or lowering the level as needed. It's part pricing model, part trust exercise, and a clear reminder that Strategy creates its own rules. That flexibility may appeal to Saylor's large fan base of retail investors, but it also adds a fresh layer of uncertainty to an already complex capital structure. And there are signs that Saylor's tactics may be hitting up against somewhat diminishing returns. The value of the company, relative to the Bitcoin it owns, has gone down. In its latest offering, Strategy offered the Stretch shares at a discount to win over investors. The shares, which are set to carry an initial dividend of 9%, are being sold for $90 each, the bottom of a marketed range and a discount to their face value of $100, according to the person familiar with the deal. But the outsized demand for the deal provides the latest sign of both Saylor's avid following and the continued speculative fervor running through the markets. Morgan Stanley, Barclays Plc, Moelis & Co. and TD Securities worked on the deal, Bloomberg previously reported. --With assistance from Dave Liedtka and Yiqin Shen. Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme ©2025 Bloomberg L.P.
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Where to invest $10,000 right now, according to 6 Wall Street heavyweights
If you're sitting on $10,000, you probably wish you invested it in early April. But it's not too late — there are still pockets of opportunity in the market, experts say. Six Wall Street pros shared where they would invest $10K right now, from individual stocks to ETFs. If you have $10,000 in cash waiting to be invested, you probably wish you had shoveled that money into the stock market in mid-April. But you're not the first, and won't be the last, investor who missed a good entry point into the market. Even with the market at all-time highs since hitting a bottom in April, that doesn't mean it's a bad time to jump in. Six Wall Street veterans told Business Insider that there are still plenty of pockets of opportunity. Some, for example, still like tech stocks as AI investment booms. Some of those same people also think it's smart to hedge and diversify right now amid the hype and lofty valuations. They recommend allocating some money to areas like value or international stocks. There's no one-size-fits-all approach to investing. Figuring out where to put your money depends on your individual circumstances, like your investment timeline and risk tolerance. For this hypothetical thought exercise, we asked our sources where they themselves would invest the money if they suddenly came into $10,000. Gabriela Santos, chief strategist for the Americas at JPMorgan Santos said that if she were gifted $10,000 right now, she would invest $7,000 in developed-market ex-US stocks and the remaining $3,000 in emerging-market stocks. "After 15 years of disappointment, it's really been all about international equities this year — huge outperformance, and something we see as just the beginning," Santos said. Santos is still bullish on US stocks, but said that international stocks are primed for relative outperformance given how high valuations are on US stocks. Historically, US stocks have traded at a 15% premium to international stocks, but now trade at a 35% premium. Plus, the value of the US dollar has fallen in recent months, and demand for ex-US assets has risen. "For someone, maybe like me, who's been too concentrated just on the US equity story, I think we've really seen a huge turning point to put some of that money to work overseas finally," she said. Two examples of exchange-traded funds that offer exposure to these areas include the Vanguard FTSE Developed Markets ETF (VEA) and the iShares MSCI Emerging Markets ETF (EEM). Year-to-date, the funds are up 19.7% and 18.6%, respectively. Barry Bannister, chief US equity strategist at Stifel Bannister identified three baskets of opportunities: value stocks, small-caps, and international stocks. For value stocks, he said to go with a large-cap value fund like the Vanguard Value ETF (VTV). For small-caps, the iShares Russell 2000 ETF (IWM) works well for its broad-based nature having exposure to the growth and value factors, Bannister said. And for international stocks, Bannister like the iShares MSCI ACWI ex US ETF (ACWX). These trades provide diversification from a tech-concentrated market, Bannister said. "Right now the market's obsessively focused on tech. But it's hard to run an economy on seven stocks," Bannister said, referring to the so-called Magnificent Seven stocks. Bannister said he recently put long-term bets on these trades himself. "I actually put a third, a third, a third, into small-cap, international, and value on some money that came in in May that I got, and we'll see how it works out for 10 years," he said. Hank Smith, CIO at Haverford Trust Normally, Smith would simply recommend a broad market index so that your money is well diversified. There's only one problem with that: most main indexes aren't all that diversified at the moment, with the so-called Magnificent Seven stocks making up almost a third of the S&P 500. So Smith has an easy fix: Put 50-60% of the money into an equal-weight S&P 500 fund, like the Invesco S&P 500® Equal Weight ETF (RSP), rather than the more widely followed market cap-weighted index. The equal-weight product gives you the same exposure to all 500 companies in the index instead of adjusting for exposure by company size. The equal-weight index has generally underperformed over the last five years, but it would hypothetically suffer less downside in a tech sell-off. The remaining 40-50% of the money can go into a more concentrated cap-weighted index like the tech-heavy Nasdaq 100, Smith said. That way, you don't miss out too much if the tech rally keeps ripping. "Now you get all your top tech holdings that are driving this market," he said. Smith's suggestions assume at least a five-year timeline. Michael Kantrowitz, chief investment officer at Piper Sandler Unlike Santos, Kantrowitz is still bullish on the American exceptionalism theme and would continue to bet on the US stock market for the next few years. Kantrowitz doesn't have a specific sector slant — he recommends investing in large-cap profitable leaders within their industries. "The earnings backdrop is going to be very bifurcated, and interest rates are going to remain elevated," Kantrowitz said of the next few years. With this backdrop, existing large-cap winners will continue to perform and have better earnings revisions than their peers. Kantrowitz would avoid passive sector indexes like a broad tech ETF, as those often don't accurately reflect the performance of the underlying basket of stocks due to weighting criteria. Instead, he recommends a more active stock-picking approach. The largest names that are screening well in Piper Sandler's models include Big Tech names — unsurprisingly, Nvidia, Microsoft, Alphabet, and Meta make the list — and companies like Oracle, Costco, Johnson & Johnson, and Home Depot. Tony DeSpirito, head of US fundamental equities at BlackRock DeSpirito, who manages several funds with a focus on combining value and quality, would split his investment between large-cap growth companies, dividend stocks, and value stocks. His guiding principle is building a well-diversified portfolio that can weather market volatility, given tariff headlines. The S&P 500 has undoubtedly become more expensive and growth-oriented thanks to the dominance of tech, but it's still a good idea to maintain exposure to Big Tech, according to DeSprito. "I'm not negative on the Mag Seven," DeSpirito said. "Many of them have really good growth and really good free cash flow. That's an incredibly powerful combination, and so they earn the multiples that they're trading at." For diversification, dividend stocks tend to be more resilient during downturns and provide a steady stream of income. DeSpirito is also on the hunt for unloved stocks that are trading cheaply. Healthcare companies are an especially compelling opportunity at the intersection of value and quality, according to DeSpirito. This area of the market has been largely ignored by investors, with the S&P 500 healthcare sector down 2% year-to-date. DeSpirito likes medical device companies, as these trade at mid-teens earnings ratios with good growth prospects. However, some large-cap pharmaceutical companies could be value traps, as their earnings are heavily dependent on patents, DeSpirito warned. Lara Castleton, US head of portfolio construction and strategy at Janus Henderson For investors with a longer timeline and a higher risk tolerance, Castleton suggested a three-pronged approach in equities. First, plug around 60% of your funds into large-cap stocks with a bias toward tech. Despite its comeback rally after a sharp dip earlier this year, tech is "still one of the areas and sectors that's going to dominate the markets for the next 10 years" given the innovation coming out of the sector, Castleton said. There are multiple ways to get exposure to the tech theme, but some general example funds might include the Technology Select Sector SPDR Fund (XLK) and the Invesco QQQ Trust (QQQ). Second, put about 20% of the fund into ex-US stocks. International stocks have gotten a big boost this year amid Trump's trade war and initial pullback from US support in Ukraine, and Castleton thinks the rally can continue. "You have to have some of that diversification because I truly believe going forward that you'll continue to see value coming out of Europe, some of these ex-US players that are now all of a sudden shifting their mentality to spending more on defense, to deregulating their companies," she said. Third, Castleton said to put the remaining 20% into mid-cap stocks, or companies with a market cap between $2 and 10 billion. This can provide further portfolio diversification, Castleton said, but the stocks should also benefit from reshoring as the deglobalization trend continues. "They're more domestically-oriented companies, and they also have a lot more room to grow than the large caps that have already kind of established their business models," she said. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Buenaventura Announces Second Quarter 2025 Results
LIMA, Peru, July 24, 2025--(BUSINESS WIRE)--Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE: BVN; Lima Stock Exchange: Peru's largest publicly-traded precious metals mining company, today announced results for the second quarter (2Q25) and six-month period ended June 30, 2025 (6M25). All figures have been prepared in accordance with IFRS (International Financial Reporting Standards) on a non-GAAP basis and are stated in U.S. dollars (US$). Second Quarter and Six-Month 2025 Highlights: 2Q25 EBITDA from direct operations was US$ 130.1 million, compared to US$ 107.2 million reported in 2Q24. 6M25 EBITDA from direct operations reached US$ 256.4 million, compared to US$ 201.7 million reported in 6M24. 2Q25 net income reached US$ 98.2 million, compared to US$ 74.4 million reported for the same period in 2024. 6M25 net income was US$ 245.2 million, compared to US$ 141.4 million in net income for the 6M24. Buenaventura's cash position reached US$ 588.5 million by quarter's end, June 30, 2025, while net debt amounted to US$ 271.7 million, resulting in a leverage ratio of 0.56x. Buenaventura's 2Q25 copper production increased by 28% YoY, primarily due to halted operations at El Brocal in 2Q24 and related impact on copper ore processing during the period. 2Q25 consolidated silver production decreased by 11%, zinc production increased by 22% YoY, and lead increased by 2% YoY, primarily due to the mine plan at Uchucchacua and Yumpag. Gold production decreased by 19% YoY due to lower production from Orcopampa and Tambomayo. 2Q25 CAPEX related to San Gabriel was US$ 82.2 million, primarily allocated to the processing plant, the filtered tailings storage facility, and vertical and horizontal mine development. Buenaventura began commercializing a portion of Cerro Verde's copper concentrate during 2Q25. Approximately 20k WMT have been sold by quarter's end, out of a total ~40k WMT expected for the full year 2025. On July 23, 2025, Buenaventura redeemed the remaining US$149 million of its 2026 notes at par including accrued interest. Financial Highlights (in US$ millions, excluding EPS): 2Q25 2Q24 Var 6M25 6M24 Var Total Revenues 369.5 277.1 33% 677.2 523.9 29% Operating Income 87.9 66.6 32% 181.7 113.4 60% EBITDA Direct Operations 130.1 107.2 21% 256.4 201.7 27% EBITDA Including Affiliates 240.7 237.2 1% 491.8 422.6 16% Net Income (1) 91.3 70.7 29% 231.4 132.1 75% EPS (2) 0.36 0.28 29% 0.91 0.52 75% Net Income attributable to owners of the parent. As of June 30, 2025, Buenaventura had a weighted average number of shares outstanding of 253,986,867. For a full version of Compañía de Minas Buenaventura Second Quarter 2025 Earnings Release, please visit: CONFERENCE CALL INFORMATION: Compañia de Minas Buenaventura will host a conference call on Friday, July 25, 2025, to discuss these results at 11:00 a.m. Eastern Time / 10:00 a.m. Lima Time. To participate in the conference call, please dial: Toll-Free US:+1 844 481 2914 Toll International:+1 412 317 0697 Passcode:Please ask to be joined into the Compañía de Minas Buenaventura's call. Live Webcast: Click here If you would prefer to receive a call rather than dial-in, please use the following link 10-15 minutes prior to the conference call start time:Call Me Link: Click here Passcode: 9504413 Participants who do not wish to be interrupted to have their information gathered may have Chorus Call dial out to them by clicking on the above link, filling in the information, and pressing the green phone button at the bottom. The phone number provided will be automatically called and connected to the conference without any interruption to the participant. (Please note: Participants will be joined directly to the conference and will hear hold music until the call begins. No confirmation message will be played when joined.) Company Description Compañía de Minas Buenaventura S.A.A. is Peru's largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache). The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation). For a printed version of the Company's 2024 Form 20-F, please contact the investor relations contacts on page 1 of this report or download the PDF format file from the Company's web site at (*) Operations wholly owned by Buenaventura Note on Forward-Looking Statements This press release and related conference call contain, in addition to historical information, forward-looking statements including statements related to the Company's ability to manage its business and liquidity during and after the COVID-19 pandemic, the impact of the COVID-19 pandemic on the Company's results of operations, including net revenues, earnings and cash flows, the Company's ability to reduce costs and capital spending in response to the COVID-19 pandemic if needed, the Company's balance sheet, liquidity and inventory position throughout and following the COVID-19 pandemic, the Company's prospects for financial performance, growth and achievement of its long-term growth algorithm following the COVID-19 pandemic, future dividends and share repurchases. This press release may also contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning the Company's, Cerro Verde's costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries' plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company's view with respect to the Company's, Cerro Verde's future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release. View source version on Contacts Contacts in Lima: Daniel Dominguez, Chief Financial Officer(511) 419 2540 Sebastián Valencia, Head of Investor Relations(511) 419 2591 / Contact in NY: Barbara Cano(646) 452 2334barbara@ Company Website: 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
