IIC’s Karim Khan; how the haunt became the haunted

Furthermore, Ashworth's track record of success in previous roles at elite football clubs and national team setups makes him a prime candidate for the Performance Director position at Arsenal. His expertise in sports science, player monitoring, and physical conditioning align with the modern demands of top-level football, where marginal gains in player performance can make a significant difference in a team's success.The juxtaposition of gaming and reality in "Journey of Discovery" serves as a powerful metaphor for the dichotomies that define modern youth culture. Dong Jie masterfully weaves together these contrasting worlds, inviting audiences to ponder the boundaries between fantasy and truth, ambition and disillusionment, and connection and isolation.Authored by Lance Roberts via RealInvestmentAdvice.com, Last week, we discussed that the selloff heading into Christmas was the setup for the beginning of the year-end “Santa Claus” rally. On Christmas Eve, Santa arrived, pushing the markets back above the important 50-DMA. However, the market sold off on Friday to successfully retest the 50-DMA. While it may seem that the “Santa Rally” stalled, I suspect that we could see some buying next week as portfolio window dressing concludes and traders position portfolios in the first two days of January. As shown, momentum and relative strength are weak currently, but if the market can break back above the 20-DMA, this should bring buyers into the market. As we noted previously, the sell signal keeps a lid on price appreciation, and until that reverses, there is limited upside to the markets over this week. There is also the 24% possibility that a rally fails to materialize entirely. We suggest managing portfolio risk until the market ultimately makes a decisive move. We continue to monitor yield spreads, which remain near the lowest level since the “Financial Crisis.” When yield spreads were this low previously, this equated to excessive optimism about financial market conditions. This is the same currently, as investors are willing to overpay for the risk they are taking on. Unfortunately, such has not ended well previously, but yield spreads will be the leading indicator for investors to reduce portfolio risk more aggressively. For now, optimism remains high. But as we will discuss today, that is also a problem we need to monitor closely. In “ 2025 Predictions, “ we showed some early indications of Wall Street targets for the S&P 500 index, and, as is always the case, optimism for the coming year is very high. The median estimate is for the market to rise to 6600 next year, which would be a disappointing return of just 8.2% after two years of 20% plus gains. However, the high estimate from Wells Fargo suggests a 14% return, with the low estimate from UBS of just a 5% return. Notably, there is not one estimate available for a negative return. Interestingly, optimism for 2025 has taken on an interesting twist. Over the last two years of above-average returns, earnings growth has come from just the top-7 market capitalization companies in the S&P 500 index. However, analysts now expect earnings to shift from the bottom 493 companies in the index. The optimism in these assumptions is interesting because the economy has grown strongly over the last two years, yet those 493 companies could not grow earnings. What will change in 2025? Yes, President Trump has promised to extend the Tax Cuts and Jobs Act, but that doesn’t change the previous tax rate in the last two years. He has proposed to remove tax on tips and social security, but that impacts only a small percentage of the population. On the other hand, depending on the scale and areas of impact, deregulation could improve earnings, but much of that will have to be passed through Congress, which could prove difficult. The Federal Reserve hopes to continue to cut interest rates, but sticky inflation could slow that process, particularly if economic growth remains strong into 2025. Even if the economy continues to grow strongly, what will cause the shift in earnings growth from those dominant market players to much smaller companies? Such is particularly the case given the continued reversal of monetary liquidity in the economy, with higher borrowing costs and declining consumer savings rates. However, while analyst’s optimism about earnings growth in 2025 is high, which would take earnings well above the long-term growth trend, those estimates are already reversing toward reality. In the last six months, estimates have dropped by $3 per share and will likely be closer to $220 per share by next year. As shown, earnings tend not to deviate from the long-term trend for long, and typically, those deviations only occur during recessions and immediate recoveries. As discussed recently , if earnings revert toward the long-term trend, which should be expected given that earnings are a function of economic growth, the current valuations become more problematic. “While the bullish optimism is possible, that outcome faces many challenges in 2025, given the market already trades at fairly lofty valuations. Even in a “soft landing” environment, earnings should weaken, which makes current valuations at 27x earnings more challenging to sustain. Therefore, assuming earnings decline toward their long-term trend, that would suggest current estimates fall to $220/share by the end of 2025. This substantially changes the outlook for stocks, with the most bullish case being 6380, assuming a roughly 4.5% gain versus every other outcome, providing losses ranging from a 2.6% loss to a 20.6% decline.” But again, those assumptions are based on a continued moderation in economic growth. However, to justify the optimism for increased earnings growth, we must also expect that: Economic growth remains more robust than the average 20-year growth rate. Wage and labor growth must reverse (weaken) to sustain historically elevated profit margins . Both interest rates and inflation need to decline to support consumer spending. Trump’s planned tariffs will increase costs on some products and may not be fully offset by replacement and substitution. Reductions in Government spending, debt issuance, and the deficit subtract from corporate profitability (Kalecki Profit Equation). Slower economic growth in China, Europe, and Japan reduces demand for U.S. exports, slowing economic growt h. The Federal Reserve maintaining higher interest rates and continuing to reduce its balance sheet will reduce market liquidity. You get the idea. While optimism about economic and earnings growth is elevated going into 2025, there are risks to those forecasts. Such is particularly true when examining current economic data’s relative strength and trend. Subdued manufacturing activity, slowing GDP growth, and cautious consumer behavior all point to an economic environment less supportive of aggressive earnings growth. As such, investors must carefully navigate the disconnect between high Wall Street expectations and softening economic conditions. A better way to visualize this idea is to look at the correlation between the annual change in earnings growth and inflation-adjusted GDP. There are periods when earnings deviate from underlying economic activity. However, those periods are due to pre- or post-recession earnings fluctuations. Currently, economic and earnings growth are very close to the long-term correlation. Heading into 2025, real personal consumption expenditures (PCE) remain above real retail sales. While such deviations can occur, they tend not to remain that way long, given that retail sales comprise about 40% of PCE. Such suggests that in 2025, PCE will begin to converge with retail sales, resulting in slower economic growth rates. The following graph visualizes the plight of the average American by showing the “gap” between the cost of living and income and savings. To fund the current cost of living, consumers must spend all of their income and savings and then subsidize the remainder with almost $4000 in debt annually. This is why total consumer debt continues to rise, which does sustain economic activity in the near term. However, the longer-term impact is slower economic growth as consumers cannot take on excess debt. Also, if interest rates remain elevated, the impact on economic growth is exacerbated. So, if economic growth slows next year, as the Federal Reserve expects, why is Wall Street so optimistic? When Wall Street wants to make a stock offering for a new company, it has to sell that stock to someone to provide its client, the company, with the funds it needs. The Wall Street firm also makes a very nice commission from the transaction. Generally, these publicly offered shares are sold to the firm’s biggest clients, such as hedge funds, mutual funds, and other institutional clients. But where do those firms get their money? From you. Whether it is the money you invested in your mutual funds, 401k plan, pension fund, or insurance annuity, you are at the bottom of the money-grabbing frenzy. It’s much like a pyramid scheme – all the players above you are making their money...from you. In a study by Lawrence Brown, Andrew Call, Michael Clement, and Nathan Sharp, it is clear that Wall Street analysts are not interested in you. The study surveyed analysts from major Wall Street firms to understand what happened behind closed doors when research reports were being put together. In an interview with the researchers, John Reeves and Llan Moscovitz wrote: “Countless studies have shown that the forecasts and stock recommendations of sell-side analysts are of questionable value to investors. As it turns out, Wall Street sell-side analysts aren’t primarily interested in making accurate stock picks and earnings forecasts. Despite the attention lavished on their forecasts and recommendations, predictive accuracy just isn’t their main job.” The chart below is from the survey conducted by the researchers, which shows the main factors that play into analysts’ compensation. What analysts are “paid” to do is quite different from what retail investors “think” they do. “Sharp and Call told us that ordinary investors, who may be relying on analysts’ stock recommendations to make decisions, need to know that accuracy in these areas is ‘not a priority.’ One analyst told the researchers: ‘The part to me that’s shocking about the industry is that I came into the industry thinking [success] would be based on how well my stock picks do. But a lot of it ends up being “What are your broker votes?”‘ A ‘broker vote’ is an internal process whereby clients of the sell-side analysts’ firms assess the value of their research and decide which firms’ services they wish to buy. This process is crucial to analysts because good broker votes result in revenue for their firm. One analyst noted that broker votes ‘directly impact my compensation and directly impact the compensation of my firm.’” The question becomes, “ If the retail client is not the firm’s focus, then who is?” The survey table below clearly answers that question. Not surprisingly, you are at the bottom of the list. The incestuous relationship between companies, institutional clients, and Wall Street is the root cause of the ongoing problems within the financial system. It is a closed loop portrayed as a fair and functional system; however, it has become a “ money grab” that has corrupted the system and the regulatory agencies that are supposed to oversee it.

Food-service stocks are rarely "must have" names. Not only is it just not a high-growth business, it's a highly competitive, low-margin one as well. These are characteristics that many investors aim to avoid. Every now and then, though, a compelling restaurant stock presents itself. Domino's Pizza ( DPZ -0.69% ) is one such name, and is likely to remain one for the foreseeable future. If there's a spot in your portfolio for a steady grower, this often-overlooked ticker might be a great fit for three key reasons. 1. It boasts above-average growth Whatever the restaurant chain is doing, it's working. In 2021, it became the world's single biggest pizza chain with 18,848 locales, eclipsing Pizza Hut's then-lead. The company's put some distance between itself and the reach of Yum Brands ' rival arm in the meantime, too. This growth hasn't been expansion just for the sake of boasting a bigger footprint, either. Total revenue growth has improved at least as much as its store count has since the company went into growth overdrive in 2013. With the exception of the comparison to the swell of business during and because of the COVID-19 pandemic, same-store sales growth has remained positive for every quarter during this stretch as well. Profits have also improved at an even better overall pace, overcoming the world's recent bout with inflation. This is mostly due to good management of its growing scale. DPZ Revenue (Quarterly) data by YCharts. This persistent progress is a testament to the fact that Domino's is delivering (figuratively as well as literally) a product that people want and can afford. The same can't necessarily be said of its competitors. 2. The stock's trading at a discount Domino's Pizza stock is currently bargain-priced no matter how you measure it. One measurement, of course, is the pullback from highs reached earlier this year. Shares are currently down 17% from June's peak. That's not a huge setback although it is a sizable one for this particular ticker. The stock's weakness actually extends back to 2022,when the pandemic finally wound down and investors had their first chance to assess the pizza chain in a normal environment following a period of rapid expansion. They didn't necessarily dislike what they saw. They just weren't quite sure how to price it into the stock. The analyst community isn't dissuaded. The majority of these pros currently rate Domino's stock a strong buy, while their consensus price target of $483.57 stands roughly 12% above the ticker's present price. That's not a huge difference, but it's a relatively big one by restaurant stock standards. 3. A little income, and lots of income growth The third reason to consider nibbling on Domino's Pizza? Its dividend. The stock's forward-looking yield stands at 1.4%. Oh, you can certainly find bigger yields -- and you should if investment income is your immediate priority. This reliable dividend payment should simply be seen as an additional topping to the meatier reasons to own a stake in Domino's. That's consistent, above-average growth rooted in its well-run and well-marketed business. That being said, this stock is certainly no slouch to income-minded investors looking for reliable long-term dividend growth. Domino's Pizza has now upped its annualized quarterly payout for 11 consecutive years, from $0.20 per share in mid-2013 to $1.51 now. That's a compound annual growth rate of around 20%, which is certainly better payment growth than more familiar dividend payers can offer. DPZ Payout Ratio data by YCharts. There's also no reason to suspect that this dividend growth is in jeopardy. Only about one-third of its net earnings are dished out in the form of dividends. That's plenty of cushion. The kicker: Buffett likes it There's a fourth, less quantitative reason to consider buying a piece of Domino's Pizza sooner rather than later. This stock is now one of only a few names compelling enough to satisfy the perpetually picky Warren Buffett in an environment where he's finding little that he likes. You don't necessarily need to copy every single one of the legendary stock picker's selections just because he's Warren Buffett, to be clear. On the other hand, he's not called the Oracle of Omaha for nothing. His company, Berkshire Hathaway , reliably outperforms the S&P 500 , given enough time. That's why Berkshire's recent purchase of a stake in Domino's is such a strong vote of confidence in the company. It's a relatively small stake in the grand scheme of things -- Berkshire's 1.3 million shares are collectively only worth about half a billion dollars. That's less than 1% of Berkshire Hathaway's total stock holdings, and less than 4% of Domino's Pizza itself. Buffett and his lieutenants clearly like the company well enough to take on a fairly small position, though. That's something, particularly knowing that Berkshire's small stakes often become larger positions as the Oracle of Omaha adds to them over time.A Wall Street Analyst Who Correctly Predicted the Stock Market Collapse in 2022 Has a New Price Target for the S&P 500 Index -- and It May Surprise You

While the exact details of Liu Yuning's health scare remain shrouded in mystery, one thing is certain – the actor's resilience and strength in the face of adversity have only endeared him further to his fans. As he navigates this challenging time, the outpouring of love and support from his loyal fan base serves as a reminder of the powerful impact that a celebrity can have on the lives of others.

Here's what to know about the new funding deal that countries agreed to at UN climate talks

As the next generation of actors continues to navigate the complexities of an increasingly interconnected world, it is crucial for them to remember Yee's message of honor and reverence towards their profession. By embracing the values of authenticity, empathy, and social consciousness, young actors can not only excel in their careers but also make a meaningful impact on society.

The transfer saga involving Bonucci, Manchester City, and the players in question created a buzz in the football world, with fans and pundits eagerly following the developments. Ultimately, the deal did not come to fruition, and Bonucci remained at Juventus for the 2016/17 season.