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  • The 2025 Buy List
    Posted by Eddy Elfenbein on December 31st, 2025 at 10:14 pm

    Happy New Year!

    The 2025 investing year is on the books!

    This was another good year for Wall Street. The market shook off some trade-related jitters from this April to put in another solid performance. We even made several new all-time highs. Once again, the expected recession never arrived. After a long pause, the Federal Reserve resumed cutting interest rates again.

    I’m pleased to say that the 2025 Buy List performed well, although we didn’t do as well as the overall market. Much of this can be explained by our conservative approach. In 2025, safe and secure stocks were not the most sought after on Wall Street.

    For the year, the S&P 500 gained 16.39%, and with dividends, it was up 17.88%. Our Buy List was up 6.54% for the year, and with dividends, the gain was 7.53%. Most of our underperformance came when the market sharply turned around in April, May and June.

    In 2025, the Buy List had a “beta” of 0.7105. That’s unusually low for us. I think this shows us how much risk the rest of the market was absorbing.

    For the 20 years of the Buy List, the S&P 500 with dividends is up 706.20%, while our Buy List is up 713.84%.

    Here’s a look at our Buy List versus the S&P 500 throughout the year (this doesn’t include dividends).

    I always strive to be as transparent as possible when discussing our track record. Here’s a breakdown of how our Buy List performed in 2025. For tracking purposes, I assume the Buy List is a $1 million portfolio and that all 25 stocks are equally weighted at the start of the year.

    Amphenol was our biggest winner on the year, with a gain of more than 94%. IES Holdings also did very well, with a gain of over 93%. Cencora gained 50% for us. Fiserv was our biggest loser, with a loss of 67%. FactSet and Miller Industries also had a tough year. Interestingly, in 2024, both Fiserv and Miller gained 54%.

    FICO had a very dramatic year in 2025. At one point in May, it lost nearly one-third of its value in one week. Later, the stock popped more than 40% off its August low in just a few weeks.

    Note that during the year, Fiserv changed its symbol from FI to FISV.

    Here’s the data behind the dividend-adjusted returns. I’ve listed each stock’s beginning price, ending price and dividend-adjusted starting price.

  • The 2026 Buy List
    Posted by Eddy Elfenbein on December 31st, 2025 at 5:51 pm

    Here are the 25 stocks for the 2026 Buy List. The list is locked and sealed, and I can’t make any changes for 12 months.

    For tracking purposes, I assume the Buy List is a $1 million portfolio that’s equally divided among 25 stocks. Below are all 25 positions with the number of shares for each and the closing price for 2025. Whenever I discuss how the Buy List is doing, the list below is what I’m referring to.

    Here are the five new buys with their starting Buy Below prices:

    Casey’s General Stores ($600)
    Comfort Systems USA ($1,000)
    McKesson ($900)
    ResMed ($270)
    Sprouts Farmers Market ($90)

    The five sells are:

    Fiserv
    McGrath RentCorp
    Miller Industries
    Otis Worldwide
    Silgan

    Here are the corporate descriptions of our five new stocks:

    Casey’s is a Fortune 500 company operating approximately 2,900 convenience stores. Founded more than 50 years ago, the company has grown to become the third-largest convenience store retailer and the fifth-largest pizza chain in the United States. Casey’s provides freshly prepared foods, quality foods and friendly service at its locations. Guests can enjoy pizza, donuts, other assorted bakery items, and a wide selection of beverages and snacks.

    Comfort Systems USA is a premier provider of business solutions addressing workplace comfort, with 184 locations in 139 cities around the nation.

    McKesson Corporation is a diversified healthcare services leader dedicated to advancing health outcomes for patients everywhere. Our teams partner with biopharma companies, care providers, pharmacies, manufacturers, governments, and others to deliver insights, products and services to help make quality care more accessible and affordable.

    Resmed creates life-changing health technologies that people love. We’re relentlessly committed to pioneering innovative technology to empower millions of people in 140 countries to live happier, healthier lives. Our AI-powered digital health solutions, cloud-connected devices and intelligent software make home healthcare more personalized, accessible and effective. Ultimately, Resmed envisions a world where every person can achieve their full potential through better sleep and breathing, with care delivered in their own home.

    True to its farm-stand heritage, Sprouts offers a unique grocery experience featuring an open layout with fresh produce at the heart of the store. Sprouts inspires wellness naturally with a carefully curated assortment of better-for-you products paired with purpose-driven people. The healthy grocer continues to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. Headquartered in Phoenix, and one of the largest and fastest growing specialty retailers of fresh, natural and organic food in the United States, Sprouts employs approximately 35,000 team members and operates more than 450 stores in 24 states nationwide.

  • Every Buy List Stock
    Posted by Eddy Elfenbein on December 31st, 2025 at 9:22 am

    Here are all 117 Buy List stocks and when they made the cut.

    Stocks ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 ’25 26
    ABC/COR X X X X
    ABT X X X X X X X
    ADBE X X
    ADS X X X
    AFL X X X X X X X X X X X X X X X X X X X
    AGM X
    ALSN X X
    ANSS X X
    APH X X X X X X
    AWK X X X
    AXTA X
    BAX X X
    BBBY X X X X X X X X X X X
    BCR X X X X X X
    BDX X X X X X X
    BER/WRB X X
    BIIB X
    BLL X
    BMET X X
    BR X X X X X X X X
    BRO X
    CA X X X
    CARR X X
    CASY X
    CBPX X X X
    CE X X
    CERN X X X X X X
    CHD X X X X X
    CHKP X X X X
    CLC X
    CNK X
    CSV X
    CTSH X X X X X X X X
    DCI X X X X
    DELL X
    DHR X X X X X X X X X X X
    DIS X X X
    DLX X
    DTV X X X
    EBAY/PYPL X X
    EGBN X X
    ESRX X X X X
    EV X X
    EXPD X
    F X X X X X X
    FDS X X X X X X X X X X X X X X
    FICO/FIC X X X X X X X
    FISV/FI X X X X X X X X X X X X X X X X X X X X
    FIX X
    GDW/WB X
    GGG X
    GILD X X
    GL/TMK X X X
    HCBK X
    HD X
    HEI X X X X X X X X
    HOG X X X
    HRL X X X X X X
    HRS X X
    HSIC X X
    HSY X X X X X X
    IBM X
    ICE X X X X X X X X X X
    IESC X X
    INGR X X
    INTC X
    INTU X X X X
    JNJ X X X
    JOSB X X X X X X
    JPM X X X
    LLY X X
    LNCR X
    LUK X X X X
    MCD X
    MCK X
    MCO X X X X X X X X X X
    MDT X X X X X X X X X
    MGRC X X
    MIDD X X X
    MLI X X
    MLR X X X X X
    MOG-A X X X X X X X X
    MSFT X X X X X
    NICK X X X X X X X
    ORCL X X X X X
    OTIS X X X X
    PII X X
    QCOM X X
    RAI X X X
    RESP X X
    REYN X
    RMD X
    ROL X X X
    ROST X X X X X X X X X X
    RPM X X X X
    RTN X
    SAIC X X X X X
    SBNY X X X X X
    SCL X X X X
    SEIC X X X X X
    SFM X
    SHW X X X X X X
    SJM X X X
    SLGN X X X X X X
    SNA X X X X
    SRCL X
    SYK X X X X X X X X X X X X X X X X X X X
    SYY X X X X X X X
    TMO X X X X X X
    TREX X X X X
    UNH X X X
    VAR X X
    WAB X X X X
    WFC X X X X
    WXS/WEX X X X X
    ZTS X X
  • Morning News: December 31, 2025
    Posted by Eddy Elfenbein on December 31st, 2025 at 7:05 am

    Xi Declares China’s Economy Set to Hit 5% Growth Goal in 2025

    India Sees Strong Growth, Vows Buffers Against Global Volatility

    Argentina Still $2.4 Billion Short for January Bond Payments

    Six Stories That Show How Trump’s Trade War Changed the World Economy

    Jason Furman Continues To Show Us How Economies Do Not Grow

    ‘The West’ Is Near Death. It’s Also Worth Fighting For

    Trump Upended the Federal Government. The Full Scope of the Impact Is Still Unclear.

    Fed Minutes Suggest Caution About Further Cuts Early Next Year

    Judge Rules That Consumer Bureau’s Funding Cannot Lapse

    Silver, Gold and Copper Are Trouncing Stocks. What a Key Chart Level Suggests Could Be Ahead for 2026

    These Undervalued Stocks Blew Away the S&P 500 in 2025 — a 2026 Repeat Is Likely

    Bankers Are Gearing Up for Another Onslaught of Monster Deals in 2026

    Bankers Get a Dire Warning From Jane Austen’s Final Book

    A.I. Held Up Wall Street in 2025. Will That Continue?

    The Biggest Questions We Have for 2026

    Hindsight Makes It Easy to Profit From Trump 2.0

    World’s Richest Added a Record $2.2 Trillion in Wealth This Year

    Why Can’t the Middle Class Invest Like Mitt Romney?

    Warren Buffett Stayed True to His Ways in His Final Year as Berkshire CEO

    Inside China’s Six-Decade Campaign to Dominate Rare Earths

    Trump Has No Choice But to Break His $2 Gas Promise

    10 Pieces of Tech Jargon That Confused Us in 2025

    Tech Startups Are Handing Out Free Nicotine Pouches to Boost Productivity

    OpenAI Is Paying Employees More Than Any Major Tech Startup in History

    How Meta’s Newest Acquisition Target Got Around Worries Over Its Ties to China

    Meta’s Manus Deal Validates Belief in Chinese Innovation

    Tesla’s Vanishing Order Hastens Fall of an $800 Million Fortune

    Famed Investor Michael Burry Says He’s Not Short Tesla Shares

    Warner Bros. Plans to Reject Paramount Offer Next Week

    How the Wine World Is Set to Change in 2026

    Be sure to follow me on Twitter.

  • Morning News: December 30, 2025
    Posted by Eddy Elfenbein on December 30th, 2025 at 7:12 am

    The Lows of the Trump Administration’s Climate Onslaught

    Venezuela Starts Shutting Oil Wells as US Blockade Halts Flows

    Oil Holds Gain as Geopolitical Risks Counter Oversupply Outlook

    Inside China’s Shadow LNG Fleet Offering a Lifeline to Putin

    Cheap Solar Is Transforming Lives and Economies Across Africa

    Iran’s President Moves to Calm Protests With Vow to Fix Budget

    Citi to Take $1.1 Billion Loss on Russian Business Unit Sale

    China Extends Home Purchase Tax Cut to Bolster Property Market

    Gold, Silver Plunge After Historic Rally: ‘When It Gets This Stretched, Be Careful’

    Silver Rises After Biggest One-Day Drop in Over Five Years

    The Quiet, Fateful Shift in Who’s Buying America’s Debt

    Trump’s Funding Cuts Put America’s Consumer Watchdog on the Brink of Collapse

    Please Mitt Romney, Do Not Pay More In Taxes

    Is Social Security Going Bankrupt? What You Need to Know

    ‘You Had to Be Brave’: Wall Street Remembers a Wild 2025

    Congress Could Make Itself Relevant Again. Anytime.

    Why Direct-to-Consumer Drug Sales Are the Future

    Cancer’s Soaring Cost Wrecks Patients’ Finances in a Broken System

    Five Things to Know About Nvidia’s $20 Billion Licensing Deal

    Admit It, You’re in a Relationship With AI

    Insilico Surges After Hong Kong IPO Amid AI Drugmaking Optimism

    The New Billionaires of the A.I. Boom

    Caterpillar’s Surging Stock Is Fueled by AI, Not Yellow Excavators

    Meta to Acquire Manus in $2 Billion Bet on AI Agents

    Tesla Broadcasts Downbeat Car Sales Estimates in Unusual Move

    Arizona Wants To Make An American Autobahn And That’ll Probably Be A Bad Thing

    Starbucks Doesn’t Want to Be on Every Street in New York and Los Angeles Anymore

    The Case of the $400,000 Massachusetts Lobster Heist

    Lululemon Founder Chip Wilson Launches Proxy Fight to Overhaul Board

    Nintendo Has Everything to Prove Again in 2026

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  • Morning News: December 29, 2025
    Posted by Eddy Elfenbein on December 29th, 2025 at 6:35 am

    Britain Pushed Ahead With Green Power. Its Grid Can’t Handle It.

    How a Reclusive Ex-Glencore Trader Became Indonesia’s Nickel King

    Meet a U.S. Start-Up Trying to Break China’s Rare-Earth Monopoly

    Be Prepared to Keep Paying More for Electricity

    3 Books Explain China, Russia and the Next Economic Collapse

    Trump’s First Year Back, in 10 Charts

    The Unexpected Winner of Rising American Tariffs Is Mexico

    What America Might Look Like With Zero Immigration

    Shareholders Deserve the Truth About the Aim of Expenditures

    The Fed Was Never ‘Steering’ The Ship, Hence All The Economic Growth

    How Kevin Hassett Became a Trump Loyalist and Fed Chair Contender

    How Investors Are Preparing for a New Fed

    Bank of America CEO Says the Market “Will Punish People If We Don’t Have an Independent Fed”

    The Tenuous Peace Between Trump and the $30 Trillion US Bond Market

    Tech Drags US Stocks as Silver Turns Volatile

    How Silver Is Traded, From Stocks and Shares to Coins and Bars

    The Dollar’s Exorbitant Privilege Is on Borrowed Time

    Yuan Pushback Builds as Chinese Media Warn Against One-Way Bets

    ‘It’s Revenge of the Banks’ as Private Creditors Lose Their Edge

    Ph.D.s Can’t Find Work as Boston’s Biotech Engine Sputters

    Companies Are Outlining Plans for 2026. Hiring Isn’t One of Them.

    Tough Job Market Has People Using Dating Apps to Get Interviews

    Airbus Cranks Out Aircraft at Rapid Pace to Meet Delivery Goal

    How Hybrid Models Are Helping Keep Automakers’ Electrification Plans Afloat

    Why a $500 Steak Dinner Only Yields a $25 Profit

    Sam’s Club Is Beating Costco at Its Own Game—in China

    How an Office Romance Sparked an Overhaul at Nestlé

    As Youth Sports Professionalize, Kids Are Burning Out Fast

    Theme Parks’ New Strategy: Smaller, Cheaper and Shorter

    Japan’s Viral Horse-Racing Video Game Has Players Flocking to Real-Life Stables

    Be sure to follow me on Twitter.

  • CWS Market Review – December 26, 2025
    Posted by Eddy Elfenbein on December 26th, 2025 at 4:28 pm

    Ladies and Gentlemen:

    I give you our 2026 Buy List.

    Abbott Laboratories (ABT)
    Adobe (ADBE)
    Allison Transmission (ALSN)
    American Water Works (AWK)
    Amphenol (APH)
    Broadridge Financial (BR)
    Casey’s General Stores (CASY)
    Cencora (COR)
    Comfort Systems USA (FIX)
    FactSet Research (FDS)
    FICO (FICO)
    HEICO (HEI)
    Henry Schein (HSIC)
    IES Holdings (IESC)
    Intercontinental Exchange (ICE)
    Intuit (INTU)
    McKesson (MCK)
    Moody’s (MCO)
    Mueller Industries (MLI)
    ResMed (RMD)
    Rollins (ROL)
    Science Applications International (SAIC)
    Sprouts Farmers Market (SFM)
    Stryker (SYK)
    Thermo Fisher Scientific (TMO)

    The five new buys are:

    Casey’s General Stores (CASY)
    Comfort Systems USA (FIX)
    McKesson (MCK)
    ResMed (RMD)
    Sprouts Farmers Market (SFM)

    The five sells are:

    Fiserv (FISV)
    McGrath RentCorp (MGRC)
    Miller Industries (MLR)
    Otis Worldwide (OTIS)
    Silgan (SLGN)

    This is our 21st annual Buy List. The new Buy List won’t go into effect until the start of trading on Friday, January 2. The 25 stocks will be equally weighted based on the closing prices as of December 31.

    The Five New Buys

    I’ll have more to say about the new buys in upcoming issues, but I’ll share some thoughts with you here.

    I was first told about Casey’s General Stores (CASY) by some friends in the Midwest, where the chain is very popular. It’s basically a gas station masquerading as a pizza shop. Or vice versa. It really doesn’t matter. The idea is simple. If you drive a car, you’ll need gas. If you’re going to go to a gas station, you might as well choose the place that has pizza as well.

    Casey’s is based in Iowa, and the stores are mostly in Iowa, Missouri and downstate Illinois. The company also has an impressive presence in the other Midwestern and Plains states. There are now close to 2,000 locations in 20 states. Casey’s prefers to locate in small towns where there’s less competition. Casey’s is now the third-largest convenience-store chain in the U.S. There isn’t a Casey’s within several hundred miles of Wall Street.

    The company currently has a market value of $21 billion. It’s a member of the S&P Mid-Cap 400 and Nasdaq 100. Last year, it did close to $16 billion in sales.

    In November, Casey reported very good fiscal-Q2 earnings. For the three months ending on October 31, Casey made $5.53 per share, which beat expectations by 33 cents per share. The fiscal-Q3 earnings report should be out in early March. Wall Street currently expects earnings of $2.84 per share.

    Casey’s isn’t a value stock, but I think its rapid growth deserves a higher earnings multiple. Right now, the shares are going for about 25 times 2027 earnings. Casey’s currently pays a dividend of 69 cents per share. The company has increased its payout for the last 26 years in a row. I’m starting Casey’s off as a buy up to $600 per share.

    Comfort Systems USA (FIX) provides commercial, industrial and institutional heating, ventilation, air-conditioning (HVAC) and electrical-contracting services. The company operates through two segments: Mechanical and Electrical.

    The Mechanical segment includes HVAC, plumbing, piping and controls, as well as off-site construction, monitoring and fire protection. It also installs connecting and distribution elements, such as piping and ducting.

    The Electrical segment includes installation and servicing of electrical systems. It builds, installs, maintains, repairs and replaces mechanical, electrical and plumbing (MEP) systems throughout its 47 operating units, with 178 locations in 136 cities across the nation.

    Much of Comfort Systems’s recent success has been due to data centers. The Technology segment makes up about 40% of FIX’s overall business. I don’t expect business to slow down any time soon. The company currently has a backlog of close to $10 billion in orders. That’s up 65% over the last year.

    Comfort Systems offers engineering, design-assist and turnkey, direct-hire construction services of modular systems serving the advanced technology, power and industrial sectors. It also provides mechanical construction services to the commercial and industrial sectors. I’m starting Comfort Systems off as a buy up to $1,000 per share.

    McKesson (MCK) is one of the best healthcare stocks on the market, as well as being one of the world’s largest pharmaceutical distributors. In North America, McKesson delivers about one-third of all pharmaceuticals. It supplies branded, generic, specialty and OTC drugs to pharmacies and hospitals.

    The company is also involved in medical supplies and equipment. It distributes medical-surgical products to physician offices, surgery centers and long-term care facilities.

    McKesson is also focused on healthcare technology and services. MCK provides health IT, prescription-technology solutions, supply-chain management, oncology and specialty-care support. McKesson has a market cap of $100 billion, and its dividend has doubled over the last six years to 82 cents per share.

    McKesson’s earnings growth tends to be very reliable. For 2027, Wall Street expects earnings of $43.82 per share. That means it’s going for a little less than 19 times earnings. I should mention that a few years ago, McKesson had to contend with opioid settlements, but that issue is largely behind it. McKesson is a buy up to $900 per share.

    I like boring stocks, and ResMed (RMD) is a stock that puts you to sleep—literally. ResMed is the leading provider of sleep-apnea devices. This is big business. ResMed operates in over 140 countries with more than 10,000 employees.

    Last year, ResMed had revenues of more than $5.1 billion. The current market cap is up to $31 billion. For the fiscal year ending in June, RMD made $9.55 per share. That’s up 23% over the year before.

    ResMed is also fiscally sound. Gross margins often run close to 60%, while operating margins are just over 32%. The company also carries very little debt. RMD currently pays a dividend of 60 cents per share. The dividend has been steadily increasing for over a decade.

    In therapeutic devices, ResMed holds 45% to 60% of market share. In some markets, it holds 80%. I’m rating ResMed a buy up to $270 per share.

    Sprouts Farmers Market (SFM) is another company whose stock got cut down recently, and I think it’s worth a look.

    Sprouts’s business idea is simple: take the look and feel of a farmer’s market and bring it indoors. Think of a big open space, but instead of waiting until the weekend, you can go to Sprouts any day of the week. Sprouts specializes in fresh and organic produce. The company currently has over 400 locations.

    I’m particularly impressed by Sprouts’s loyal fan base. Sprouts tends to be less expensive than Whole Foods (owned by Amazon). Its smaller stores aren’t as crowded as Whole Foods, and Sprouts has found an overlooked part of the market: people who want good, fresh, organic produce but not at Whole Foods’s prices.

    This is a good time to add SFM. The stock got clobbered earlier this year. I love it when good stocks get knocked down. In October, SFM beat earnings, but the market did not like the weak guidance.

    Some of this is due to inflation worries hurting consumers. Also, the stock had done so well that there were valuation concerns. Thanks to the selloff, SFM is going for less than 14 times next year’s earnings. Sprouts is a buy up to $90 per share.

    The Five Sells

    Coming up with the sells each year is hard because you can’t help getting attached to some stocks. Also, as an investor, you have to admit your mistakes, which isn’t always easy, but it’s important.

    This year, it’s time to sell Fiserv (FISV). This is the only stock left that’s been with us every year since the start of the Buy List. The last earnings report was terrible, however, and the company slashed guidance. It’s time to let it go.

    Last year, I decided to keep McGrath RentCorp (MGRC) after its buyout deal went south. The stock hasn’t recovered.

    Miller Industries (MLR) had a far more difficult year than I expected. Sales were down dramatically. That’s unfortunate, because I’d become a big fan of this little stock.

    Otis Worldwide (OTIS) is a fine company but it’s not showing the level of earnings growth that I’d hoped for.

    Silgan (SLGN) missed earnings for the last two quarters and three of the last five. I’ll have more to say about the portfolio changes in upcoming issues.

    Thank You!

    I’ll have all the details of our Buy List’s performance in 2025 in the next newsletter, which comes out on January 1.

    I want to thank everyone for their support. I admit that our long-term buy-and-hold strategy can be a little boring, but it works. We’ve been doing it for 20 years.

    I’m pleased to see that our ETF continues to be healthy and profitable.

    I always enjoy following the market with intelligent, engaged readers like the ones here at CWS.

    I want to wish you all a Merry Christmas and a happy, healthy and prosperous New Year.

    Eddy

  • Morning News: December 26, 2025
    Posted by Eddy Elfenbein on December 26th, 2025 at 7:03 am

    Yen Bears Are Everywhere as Currency Heads Toward 160 Per Dollar

    Vanke Wins Approval for Longer Grace Period on Another Yuan Bond

    Customs Crackdown Leads to Blocked, Destroyed Imports

    The Memes, Flubs and Trump Dramas That Dominated 2025

    2025 Turned Trump’s Biggest Strength Against Him

    DOGE Was a Dishonest Sham — That Still Hurt Our Country

    Gen-Z Revolts Against Dystopian Future as Protests Sweep the Globe

    Government Officials Once Stopped False Accusations After Violence. Now, Some Join In.

    Gold and Silver Smash Records Again as Rally Gathers Momentum

    How Silver Is Traded, From Stocks and Shares to Coins and Bars

    Copper Hits Record in China, Jumps in New York on Supply Concern

    Green Debt Sales Hit Record Levels

    America’s Biggest Oil Field Is Turning Into a Pressure Cooker

    Emissions Are Still Rising. That Doesn’t Mean We’re Failing

    China Eases IPO Rules for Firms Developing Reusable Rockets

    Larry Ellison, Not Elon Musk, Was The Tech Titan Who Defined 2025

    Trump Has a New Auto Loan Tax Break. Here’s Who Could Benefit.

    Coforge Buys Encora at $2.35 Billion EV in All-Stock Deal

    Waymo Expansion Seeks to Make Robotaxis Relevant

    As A.I. Companies Borrow Billions, Debt Investors Grow Wary

    Data Center Surge Reaches India as American Tech Giants Invest Billions

    Even the Companies Making Humanoid Robots Think They’re Overhyped

    Despite Crackdown on Activism, Tech Employees Are Still Picking Fights

    The Rich Are Crucial Venture Buyers, Keep Drug Prices High for Them

    Nike’s Revival of Classic Brand Has a Hitch—Soccer Coach Grabbed the Trademark

    Our Beyond Broken Tipping Culture

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  • Morning News: December 25, 2025
    Posted by Eddy Elfenbein on December 25th, 2025 at 10:18 am

    Ukraine Says It Hit Russian Gas Processing Plant, Oil Refinery

    Sanctions Delay Russia’s Plan to Triple LNG Output, Novak Says

    US Chased Oil Tanker Away From Venezuela Amid Blockade

    Trump’s Seizures of Oil Tankers Challenge Maritime Rules and Customs

    China Blasts US for Report That ‘Sows Discord’ With India

    China Silver Fund Plunges After String of Moves to Quell Frenzy

    Japan’s Takaichi to Unveil Record ¥122 Trillion Budget for FY26

    Ueda Signals Further Hikes With More Confidence Over Price Goal

    Goldman Warns Clients About Outside Law Firm’s Data Breach

    For Investors, the Real Gift from Wall Street Comes One Day After Christmas

    US Mortgage Rates Fall for Second Week, Sending 30-Year to 6.18%

    Scott Kupor’s New Plan to Bring Tech Workers Into the Federal Government

    Nvidia Strikes a Deal With Groq, an A.I. Chip Start-Up

    The Class Where ‘Screenagers’ Train to Navigate Social Media and A.I.

    The Economic Divide Between Big and Small Companies Is Growing

    The Boss Who Gave His Employees a $240 Million Gift

    Tariffs Hit Boots, Bags and More as Leather Prices Jump — and Relief Could Be Years Away

    Toyota Posts Sales Drop in November, Dragged Down by China

    Tesla Faces US Probe Over Model 3 Emergency Door Handles

    Tesla Robotaxis Are Big on Wall St. but Lagging on Roads

    Weight-Loss Drugs Are Changing. Here’s What to Know

    A Tragedy In Bangladesh Is a Reminder of Our Good Fortune

    The Strange Death of Make America Great Again

    The Shoe That Didn’t Drop

    Powerball $1.817 Billion Christmas Eve Jackpot Won by Single Ticket, in Arkansas

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  • Morning News: December 24, 2025
    Posted by Eddy Elfenbein on December 24th, 2025 at 7:12 am

    Why 2026 Is Poised to Be Another Rocky Year for Global Trade

    The ‘Year of the Tariff’ Gives Way to 2026 Worries of the Consequences

    Ruble’s World-Beating Rally Poses New Risk for Russian Economy

    What the West Keeps Getting Wrong About China

    Bank of America Trader Says India State Debt Deluge Will Worsen

    Copper Poised for Best Year Since 2009 After December Surge

    Gold Climbs Above $4,500 in Historic Rally for Precious Metals

    The EU Is Not a U.S. Regulator, and Must Be Restrained As Such

    The Photos That Defined Business and the Economy in 2025

    Whoever Trump Picks, the Next Fed Chair Won’t Be Independent

    Fed Should Lower Rates If the Market Does Well, Trump Says

    The U.S. Economy Keeps Powering Ahead, Defying Dire Predictions

    3 Theories of What’s Going On With the Contradictory Economic Data

    Soaring GDP Is More Evidence of What a Fraudulent Number It Is

    Investors Warn of ‘Rot in Private Equity’ as Funds Strike Circular Deals

    How Birthright Citizenship Sort of Saved Christmas

    How the White House Lost the Public on Immigration

    Trump’s $100,000 H-1B Visa Application Fee Upheld by Judge

    Trump Loves Trade Schools. So Why Does He Want to Defund Them?

    Casinos Are a Bad Bet for US Cities

    Chasing an Economic Boom, White House Dismisses Risks of A.I.

    AI Construction Costs Can Be an Accounting ‘Black Box’

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  • Eddy ElfenbeinEddy Elfenbein is a Washington, DC-based speaker, portfolio manager and editor of the blog Crossing Wall Street. His Buy List has beaten the S&P 500 over the last 20 years. (more)

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