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Globe and Mail
21-07-2025
- Business
- Globe and Mail
Market Factors: Investors should brace for volatility as stocks enter FOMO stage
In this edition of Market Factors we start with a strategist who is certain market turmoil is ahead and offers two strategies to sidestep it. I discuss the research process for a potential investment in air conditioning and the diversion covers an alarming increase in young-onset gastrointestinal cancers. Evercore ISI strategist Julian Emanuel is certain that markets have entered the FOMO stage of the rally and that investors should brace for volatility as a result. Mr. Emanuel's Sunday research report recounted phone calls from several market veterans of Y2K and the great financial crisis asking the strategist some variation of 'is it different this time?' for markets. For legendary fund manager Sir John Templeton (who I met in Nassau by the way), this question represents the most dangerous words in investing. Mr. Emanuel's report included a paragraph of self-congratulations for accurately predicting the strong market rally from the April lows – he had identified a degree of bearishness last seen in 2008, which indicated that selling was exhausted. He's not a permabear. Mr. Emanuel believes that equities have priced in more good news than what is going to occur. His informal surveys indicate a consensus view that tariff rates will decline from here despite the August 1 deadlines and that S&P 500 earnings will exceed current estimates. The rally has more room to run, according to Evercore, but volatility is set to make investors uncomfortable on the way up. Potential tariff news, seasonality (late summer and fall historically see volatility increase) and current high valuations all make for a skittish market to year end. Mr. Emanuel expects a sharp correction of between seven and 15 per cent in the coming weeks before the S&P 500 resumes its rally. He sees historical precedent in the sell-offs of 1999 and late 2021 – both served as warnings of a deeper downdraft to come. The strategist recommends two investment strategies that are likely to outperform during the coming volatility. The first, not viable to many investors, is an options straddle on the Nasdaq 100. This involves buying a call option and a put on the index and makes money with a significant move either up or down. Basically it's a bet on volatility. The second strategy is more broadly available: buying stocks with attractively low valuations and strong upwards earnings revisions. This is very likely to beat the benchmark during periods of market upheaval. Every cycle is different. In the current case, the steepening of the U.S. yield curve after a long period of inversion wasn't followed by an economic recession as history would suggest. As Mr. Emanuel notes, however, what never changes is the constant rotation between investor greed and fear that drives equities. The M.I.T. Technology Review published In defense of air conditioning and that, combined with a near-global heat wave and a Citi conference call wherein an analyst cited the low penetration rate of AC in Europe, had me looking for ways to invest in the residential cooling sector. I started with the dominant air conditioning unit sales companies in Europe. Japanese giant Daikin Industries has a good foothold in the region but it also sells a lot in the U.S. and that revenue is under threat of tariffs. Mitsubishi Electric is also a major player but an increase in European air conditioners is unlikely to push its stock higher because the company's too big. There are private companies that sell a lot of air conditioning in the European union – Vaillant Group, Viessmann Group (which recently partnered with Carrier Global), and Robert Bosch GmbH are important examples – that aren't much use to investors. Carrier Global is, of course, the sector giant but I don't have a handle on how much Europeans hate American companies right now, or whether Carrier products will be tariffed in Europe. I decided to dig a bit deeper and discovered there were different refrigerants used in air conditioners and they are produced by different companies. The refrigerants are boringly named R-410A, R-454B, R-32 and R-22 (Freon), and made by DuPont spinoff Chemours, Honeywell International, Arkema SA, Daikin and Mexichem, among others. The older refrigerants like R-410A and R-22 are being phased out in favour of R-32 and R-454B which are shown to be less damaging to the environment. Honeywell dominates R-454B production but it's too big for the stock to ever demonstrably benefit from rising air conditioner sales. Daikin makes R-32 and was the first to adopt it for home use. The result of all my reading and listening on the topic identified Daikin as the company to watch although I would have to do a lot more work before buying the stock. I'm certainly not going to buy it in the middle of a heat wave - I'm more of a buy-snow-shovels-in-August type of investor. No transaction resulted from my research but that's usually the case. The air conditioning theme provided a typical example of the pre-buying process. My impression was that younger generations ate healthier than their elders so news that not only are gastrointestinal cancers surging among millennials and Gen Z, but also that doctors have no idea why, was an unwelcome surprise. A report from the Dana Farber Cancer Institute detailed by Gizmodo found that colorectal cancers in particular were rising more quickly than other cancers. Admittedly we're using a loose definition of younger people here – those under 50 – but the findings are disturbing. Kimmie Ng, director of the Young Onset Colorectal Cancer Center at Dana Farber, reported that pancreatic, gastric and esophageal cancers were also on the rise. Pancreatic cancer caused by the daily consumption of 75 unfiltered Player's cigarettes killed my grandfather and was a primary reason I quit smoking, and also makes me think about the rise of vaping. The relationship between heavy alcohol consumption and esophageal cancer isn't quite as strong as lung cancer and cigarettes but hard alcohol is a major risk factor for esophageal cancer. The rise in this type of cancer seems incongruous with declining alcohol consumption among younger generations. The doctors at Dana Farber suggested that more study should be done on potential links between GI cancers and obesity, sedentary behaviour and diet. Looking for our updates on market movers, analyst actions, stock technicals, insider trades and other daily, weekly and monthly insight? Click here to visit our Inside the Market page. Billionaire investor Ken Fisher is offering up his thoughts on whether you should own crypto Tim Shufelt on the one big advantage everyday investors have against the pros, and why dividend investing isn't all that it's made out to be A comprehensive research report from David Rosenberg on how to profit from the next chapter in AI Retail sales Thursday is the only domestic economic release of wider importance in the next week. Economists expect a month-over-month decline of 1.0 per cent for the headline number and a drop of 0.2 per cent ex-autos. Canadian National Railway Co. reports earnings on Tuesday (C$1.877 per share expected). Rogers Communications Inc. (C$1.102) posts results Wednesday followed by First Quantum Minerals Ltd. (loss of US$0.049 expected) and Waste Connections Inc. (US$1.245) on Thursday. Friday sees Teck Resources Ltd. (C$0.256), Loblaw Companies Ltd. (C$2.323) and FirstService Corp. (US$1.398) reports. In Trumpland there's an early look at U.S. manufacturing PMI for July on Thursday and preliminary durable goods results for June – a drop of 10 per cent month over month is forecasted but a flat result is predicted for the ex-transportation reading – is out Friday. U.S. earnings season is picking up steam. Drinks behemoth Coca-Cola Co. ($0.833) reports Tuesday along with health care logistics leader IQVIA Holdings Inc. ($2.776). On Wednesday we get Freeport McMoRan Inc. ($0.446), Boston Scientific Corp. ($0.725), Tesla Inc. ($0.427) and Alphabet Inc. ($2.17). The reporting schedule Thursday includes a company maybe only I care about, Keurig Dr Pepper Inc. ($0.484), because Dr Pepper is delicious and I want it to succeed. Blackstone Inc. ($1.093) is also posting results Thursday and Cadence Design systems Inc. ($1.575) reports next Monday. See our full earnings and economic calendar here
Newsweek
04-07-2025
- Business
- Newsweek
Receipt Found Under Dishwasher From 2015, Shock Over What It Reveals
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The internet is in disbelief over a 10-year-old receipt a Redditor discovered tucked away beneath their dishwasher. Reddit user u/Herrinfold shared a photo of the vintage receipt from a Chipotle order dated July 3, 2015, in the "mildly interesting" subreddit. The location was the 3227 West Addison Street branch of the popular Mexican fast food chain in Chicago, Illinois. The total included two chicken bowls for $13, a chicken burrito for $6.50, and guacamole for $1.95. After tax, the subtotal came to $23.49. "Found a receipt under my dishwasher from exactly 10 years ago," they wrote. The post quickly took off, garnering over 6,500 upvotes, with many users stunned at how much prices have climbed in the past decade. One commenter, John Templeton, broke it down with a comparison from the current Chipotle menu at the same location. "Today's price: Chicken Bowl (2 @ 9.35) Chicken Burrito $9.35 Guacamole $2.75 = $30.80 before tax (43.58% increase) That is about CPI ($28.89)." The CPI, or Consumer Price Index, is a measure that examines the average change over time in the prices paid by urban consumers for goods and services. It's one of the key indicators used to gauge inflation, and according to Investopedia, it reflects the cost of living and purchasing power of a currency over time. Reactions to the post ranged from nostalgic to amused. One user wrote: "I remember always thinking Chipotle was overpriced. Still I thought the 10 year old receipt would be cheaper than that." Another added: "I remember vaguely, Chipotle was less than $5 and if you felt saucey you could an extra dollar for guacamole. "A new Chipotle opened up behind my dorm and for the first Halloween they gave free burritos to those in costume, the next year it was free between 5 to 10 p.m., after that you had to pay a dollar with your costume. "I think there wasn't any more after that? But man that was a good alternative to the redundant food they gave to you at the cafeteria." A stock image of a woman holding a receipt. A stock image of a woman holding a receipt. AndreyPopov/iStock / Getty Images Plus Others focused on the shock of the price hike, with one writing: "I didn't even notice OP got 2 for $13 WTF!" "Thanks for doing the math! You did what we all wondered in our minds but too lazy to expend effort. Really well done!!" another said. "My biggest mistake was not buying land in high school." One user joked: "I was gonna say, 'inflation, what inflation? that chicken bowl costs the same today as it did 10 years ago!' then I saw the receipt was for 2 chicken bowls. Insert crying emoji here." But for some, the timing was the most surprising part. "Everyone's talking about the price but i just find it crazy you found it a decade later to the day," one user noted. The original poster replied: "It's hard to convey the spookiness of such a mundane coincidence to other people so I'm glad you get it." Newsweek reached out to u/Herrinfold for comment via Reddit. We could not verify the details of the case. Do you have any viral videos or pictures that you want to share? We want to see the best ones! Send them in to life@ and they could appear on our site.
Daily Record
30-06-2025
- Daily Record
Calls for police to reopen Bible John murder probe following new evidence claims
There have been calls for Police Scotland to reopen the investigation into the Bible John murders by the author of a book on the case who says she has new evidence. The author of a book on the Bible John murders yesterday called on police to reopen the investigation after tracing a man she claims could finally prove his identity. Former printer John Templeton was named last year by Australian Jill Bavin-Mizzi as the alleged killer of Helen Puttock, one of three woman murdered in Glasgow in the late 1960s after attending the city's Barrowland Ballroom. Templeton, who died in 2015 aged 70, was put in the frame after Jill's research showed he shared a DNA profile and family connection to a former prime suspect, John McInnes, whose body was exhumed in 1996.. Jill Bavin-Mizz i then discovered Templeton had been interviewed twice by police, that he had been brought up near the spot where the third victims body was found and that he bore a close resemblance to an artists impression released at the time. Now the historian has identified a distant blood relative living in South Ayrshire, a man in his 80's, who she believes could provide a DNA sample linking him to the murders. Previously it was thought that Templeton had no surviving blood relatives as he had never had any children. The man identified by JIll is in his 80's and related to Templeton's grandfather. Jill, 62, said: "This man is not a close relative but close enough. "The only chance of establishing if John Templeton is Bible John is through the DNA."The DNA can only come from a living blood relative. "I am convinced that John Templeton is Bible John and that he murdered these three women ."I believe the police had the right family in 1996 but the wrong person. "Now is the time to reopen the investigation and look at this new potential evidence." Experts have told Jill that DNA can pass through generations and an examination of John McInnes's family tree led Jill to John Templeton, born in 1945. McInnes was identified as a suspect in the Helen Puttock murder in 1995 through DNA after a cold case review of the original police investigation. The former soldier, from Stonehouse, Lanarkshire, who took his own life in 1980, had been interviewed about the murder of Helen in 1969 but then was ruled out. But DNA obtained in 1995 from a semen stain on Helen's clothing bore comparisons to samples provided by a surviving brother and sister. However, when McInnes' body was exhumed from Stonehouse Cemetery there was no conclusive match. Helen's body was found on October 31, 1969, at the back of a tenement in Earl Street in Scotstoun, Glasgow, where she lived with her two children and husband. The 29 year old had been last seen by her sister Jean when they shared a taxi with a man Helen had met in the city's Barrowland. The body of Jemima MacDonald, 31, had been found in a derelict flat in MacKeith Street, Bridgeton, near where she lived, three months earlier. Patricia Docker, 25, was found in a lane near her Langside Place home in Glasgow's south side in February 1968. All three were mums of young children and menstruating at the time. Following the murder of Helen Puttock police linked all three homicides into one inquiry. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. Jill, 62, published the Templeton allegations in her book Bible John A New Suspect after tracking down his ex-wife. She gave Jill a photograph that bears an uncanny likeness to the artist's impression from the time - drawn from information provided by Jean. The ex revealed that Templeton was interviewed by police in their home in Glasgow's North Kelvinside six months after Helen's murder. Jean, who died in 2010, told police the stranger in the taxi had called himself John and given a surname that sounded like Templeton or Sempleson. The stranger also told Helen and her sister he worked in a laboratory. Templeton at the time was a specialist compositor or typesetter and may have worn a lab style coat. Dental analysis of the photograph provided by the ex led Jill to believe Templeton had the killer's overlapping tooth and another missing as described by Jean. Templeton had been fostered as a child to a family in Dumbarton Road in Scotstoun. The stranger was said by Jean to have identified the site of a local former children's home on the journey home. Jean also told police that the suspected killer had used religious phrases which led to him later being dubbed Bible John by newspapers. After the publication of her book last summer Jill was contacted by former colleagues who had worked with him at the Mitchell Library in Glasgow between 2001 and 2006. He had boasted how he was interviewed twice by police about the murder of the third victim. Templeton was also nicknamed "Bible John" because of his resemblance to the artist's impression. He had joined Glasgow City Council as a library attendant after leaving his job with a city printing firm. One former colleague also remembers Templeton having a gap in his teeth - similar to the stranger described by Jean. Jill was in Scotland last week from her home in Perth in Western Australia for a series of talks about her book and further research. She added:"John Templeton has a lot of the characteristics of the man in the taxi including age, height and hair colour. "He was also a foster child, as police suspected the killer was. "The three women who were murdered at the time had young children and they deserve answers. "I would beg Police Scotland to reopen the case and at least contact me. "I know the name of the relative who could give them a DNA sample. "To get justice for the families we need to get DNA evidence and it is now possible to do that."
Wall Street Journal
29-06-2025
- General
- Wall Street Journal
You Needn't Live Phone Free
In Steven Poole's review of 'Unplug,' he writes that 'our relationships with our phones are described . . . with the language of substance addiction' (Bookshelf, June 26). From my perspective, the problem isn't the smartphone itself; it's what we view on it. I've dedicated one hour in total for the rest of my life to watching local or national news, viewing reality TV, listening to talk radio, communicating via social media and watching horror movies. As John Templeton so wisely said, 'If you fill your mind to capacity with thoughts that you think are good and productive, you won't have room for the bad ones.' Scott Kaufmann
Yahoo
30-05-2025
- General
- Yahoo
New Research and Teaching Initiative to Map the Religious and Spiritual Infrastructure of the Future
Made possible by a $3.9 million grant from the Templeton Religion Trust, this three-year, multi-faceted initiative aims to map the religious and spiritual infrastructure of the future. BRYN MAWR, Pa., May 30, 2025 /PRNewswire-PRWeb/ -- A $3.9 million grant from the Templeton Religion Trust to Bryn Mawr College will support a three-year, multi-faceted initiative to map the religious and spiritual infrastructure of the future. The project focuses on three interlocking arms in research, public engagement, and professional pipeline development. New research will focus on religious change related to congregational closures, spiritual innovation, and changes in religious leadership in Boston, Chicago, Los Angeles, and a fourth city to be named soon. "Sir John Templeton was intensely interested in the dynamics of religious innovation and change," said Templeton Foundation Chief Grants Officer W. Christopher Stewart, Ph.D. "This project is the first major attempt to map these emerging spiritual infrastructures, expanding the possibilities for discovery, growth, and human flourishing." Alongside several research projects, the project team will facilitate media and public education on the topic. In partnership with the American Council of Learned Societies (ACLS), the project will also provide fellowships for Ph.D. students in relevant fields across the country, building institutional partnerships that create a pipeline of new leaders knowledgeable about the rapidly changing American religious landscape. Designed by Wendy Cadge, President and Professor of Sociology at Bryn Mawr College, the project will be led by Cadge in collaboration with Jonathan Anjaria, Professor of Anthropology at Brandeis University, Kraig Beyerlein, Associate Professor of Sociology and Director of the Center for the Study of Religion and Society, University of Notre Dame; Penny Edgell, Professor of Sociology, University of Minnesota; Amy Lawton, Researcher of Religion and Society, Bryn Mawr College; Diane Winston, Professor of Journalism and Communication and Knight Chair in Media and Religion, University of Southern California; and Robert Wuthnow, Professor of Sociology Emeritus and former director of the Princeton University Center for the Study of Religion at Princeton University. Edgell will also edit a new volume to serve as a complement to Wuthnow's The Restructuring of American Religion: Society and Faith Since World War II (1989, Princeton University Press). "I'm thrilled to partner with so many amazing colleagues and institutions to bring this project to life," said Cadge. "So much is changing in American religious and spiritual life so quickly that it is essential for scholars and the broader American public to keep up and to continue to educate the next generation to understand these important transitions." In partnership with the Religion News Service (RNS) the project will also raise public awareness about innovation and the "spiritual infrastructure" emerging in communities today, countering media focuses on religious decline and disaffiliation. "American news media tells two stories about religion: it's in decline and it's all about politics," said Diane Winston. "But our research will tell a different story: Americans are experiencing new ways to serve, celebrate, and come together--and religion is far from dead." "American news media tells two stories about religion: it's in decline and it's all about politics," said Diane Winston. "But our research will tell a different story: Americans are experiencing new ways to serve, celebrate, and come together--and religion is far from dead." The project will also focus on building a strong pipeline of leaders prepared to continue work in the changing religious and spiritual infrastructures inside and outside of the academy. In November 2025, ACLS will launch the first of two national fellowship competitions for Ph.D. students working in related fields across the country. Jonathan Anjaria, Professor of Anthropology and Faculty Director of Professional Development at the Graduate School of Arts & Sciences at Brandeis University, will work closely with ACLS in developing this fellowship. Up to 20 fellowships will be awarded in 2026 and 2027 based on a highly competitive, peer-reviewed process. Fellows will be placed with a partner organization and be part of a year-long cohort that includes in-person and virtual workshops and educational events featuring some of the researchers and journalists involved in the other arms of this project. These fellows will gain practical experience in how their research skills can be applied outside of academia. "While PhD students' scholarly activities have the potential to make an impact in the world, most doctoral programs do not offer students the opportunity for internships," said Anjaria. "This unique program will enable students to use their research and communication skills to address practical problems, while showing potential future careers related to the study of religion." "ACLS is excited to partner with the Templeton Religion Trust and ACLS members Brandeis University and Bryn Mawr College on this important project," said ACLS Senior Program Officer Desiree Barron-Callaci. "This work is a wonderful example of how doctoral studies can support important research about growth and change in communities, facilitate positive, socially impactful work based on this learning, and make this valuable research visible to the field as well as to our communities." For more information about Identifying and Advancing the Spiritual Infrastructure of the Future visit About Templeton Religion Trust Templeton Religion Trust (TRT) is a global charitable trust chartered by Sir John Templeton in 1984 with headquarters in Nassau, The Bahamas. TRT has been active since 2012 and supports projects as well as storytelling related to projects seeking to enrich the conversation about religion. TRT is always seeking more spiritual information, more "benefits of religion," and more spiritual growth. About Bryn Mawr College Since its founding in 1885, Bryn Mawr College has been the preeminent college for women interested in the pursuit of wisdom necessary to challenge the world's expectations. The Bryn Mawr College community has repeatedly broken barriers to achieve greater equity through exceptional academics and a deep dedication to learning. Its more than 35 undergraduate majors span the humanities, sciences, social sciences, and arts. Two co-educational graduate schools offer selective master's and Ph.D. programs across the Arts, Sciences, and Social Work, and the Postbaccalaureate Premedical Program is one of the most successful in the nation for placing students into medical school. Bryn Mawr is dedicated to diversity, equity, inclusion, and accessibility, which serve as the engine for excellence and innovation, helping pave the way for gender equity and inspiring brilliant minds who find life-long community as part of the college. About the American Council of Learned Societies Formed a century ago, the [American Council of L earned Societies (ACLS) __title__ American Council of Learned Societies (ACLS)] is a nonprofit federation of 81 scholarly organizations. As the leading representative of American scholarship in the humanities and interpretive social sciences, ACLS upholds the core principle that knowledge is a public good. In supporting its member organizations, ACLS expands the forms, content, and flow of scholarly knowledge, reflecting its commitment to diversity of identity and experience. ACLS collaborates with institutions, associations, and individuals to strengthen the evolving infrastructure for scholarship. About Brandeis University Brandeis University is a top-tier private research university with a focus on undergraduate education. The university was founded in 1948 by the American Jewish community as a nonsectarian institution at a time when exclusionary practices prevented equal access to some of the nation's best universities. Named for Supreme Court Justice Louis D. Brandeis, the university embraces the values of academic excellence, critical thinking, openness to all and a commitment to making the world a better place. Located just west of Boston in Waltham, Massachusetts, Brandeis is a member of the Association of American Universities, which represents the leading research universities in the United States and Canada. Brandeis' distinguished faculty are dedicated to the education and support of about 3,600 undergraduates and more than 2,000 graduate students. Media Contact Heather Mangrum, American Council of Learned Societies, 2126971505, hmangrum@ Matt Gray, Bryn Mawr College, 610.526.6528, mgray@ View original content to download multimedia: SOURCE American Council of Learned Societies Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
