1.9% dividend yield, EG is targeting >17% shareholder return.Gross written premium growth of 20.9% year over year, with a combined ratio of 90.9%.EG expects to invest more in reinsurance underwriting opportunities in 2024, aiming for a combined ratio target of 89-91%.Strong earnings growth, with a continued hard market in reinsurance and new specialty lines in the primary insurance business.Sustaining catastrophe reinsurance share at 7% of business, realizing 45% increase in catastrophe reinsurance rates.Investment Thesis $Everest Group(EG)$ is a reinsurance and primary insurance provider. EG is embarking on global expansion in the primary insurance market, attempting to capture the nearly $1 trillion in total addressable market. Additionally, th

6.9% Yield.Despite a high cash payout ratio of 106.3%, LYB intends to increase its dividend in 2025, backed by a $3.4 billion cash position.LYB reported growing industrial demand in North America, with high utilization rates and cost advantages from low natural gas prices.LYB is reviewing six underperforming assets in Europe, potentially leading to divestitures, closures, or efficiency investments.LYB is shutting down its Texas refinery, incurring $345 million in closing costs but freeing up $240 million in working capital.LYB’s net debt/EBITDA ratio of 2.1x is below the industry median of 2.4x.Investment Thesis $LyondellBasell Industries NV(LYB)$ is an international manufacturer of chemicals, with more than 20% global market share in ethylene prod

2.3% dividend yield, 6.0% of shares authorized for repurchase.Pizza Hut’s successful pivot to value offerings, trading a 13% pricing reduction for a 17% traffic surge.An aggressive expansion into lower-tier cities, where approximately 70% of new stores are opening, fueled by extensive franchising which is high ROC (Return on Capital).For the second half of 2025, YUMC expects to return $664 million to shareholders bringing the year-end total to approximately $1.2 billion.$1.8 billion is remaining on shareholder return of capital into 2026.Chinese government stimulus on consumer spending, especially in the service sector, would likely boost same store sales growth and re-rate the stock.Investment Thesis $Yum China Holdings, Inc.(YUMC)$ is the larges

3.8% Dividend Yield.DAC has 15 new methanol-fueled container ships under construction, all pre-contracted upon delivery, representing 27.2% capacity expansion set to fuel growth.DAC operates an 84-ship fleet with 471,500 Twenty Foot Equivalent (TEUs) of containerized capacity and 1,760,861 DWT of dry-bulk capacity.Excluding new ship construction capex, DAC generated $572.4 million in trailing twelve-month free cash flow.The company has 99% of operating days contracted through 2025 and 85% through 2026 giving the company great visibility.Investment Thesis $Danaos(DAC)$ is a tonnage-provider and non-operating owner of container ships and dry-bulk ships. Across its 84-ship fleet it has 471,500 TEUs of containerized capacity and 1,760,861 DWT (dry weig

4.2% dividend yield.Growing production reached a record high of 1,400 MMcf/day.Sustainable EPS and FCF (Free Cash Flow) growth.Lowest-in-the-industry cost structure which helps generate 80% EBITDA margins.Huge FCF growth of 218% to $286 million for 3Q22.Delevering program to reduce Debt-to-EBITDA to 0.9x.Investment ThesisComstock Resources$Comstock Resources(CRK)$ is a Haynesville Basin pure-play natural gas producer closely located to the Gulf Coast corridor and near several large LNG (Liquified Natural Gas) terminals. CRK operates 1,600 wells across 372,000 acres with an average lateral length of 8,520 feet.In 3Q22, CRK generated the highest quarterly free cash flow in the company’s history, amounting to $286 million in FCF, which is $1.92 per sh

$S&P 500(.SPX)$ $SPDR S&P 500 ETF Trust(SPY)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $Dow Jones(.DJI)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ $Gold - main 2508(GCmain)$ $WTI Crude Oil - main 2508(CLmain)$ OverviewEquity markets have recovered more than 20% from April’s downturn. However, the market appears to be somewhat stalled, up just 5.7% year to date, with most of that occurring in the latter part of June thanks to the Israel-Iran cea

$Laredo(LPI)$ Video: Laredo (LPI): Cheap Earnings with High Guidance Could Skyrocket With Oil Demand IncreasesExiting cheap hedges, should see earnings boost as low price hedges roll offIncreased production targets, oil prices are poised to reset higher as SPR repurchases lost reserves and Chinese demand increases.High earnings for the price, we estimated around 5.0x PE, delevering balance sheet quickly.https://buildingbenjamins.com/stock-thoughts/video-laredo-lpi-cheap-earnings-with-high-guidance-could-skyrocket-with-oil-demand-increases/

$S&P 500(.SPX)$ $NASDAQ(.IXIC)$ $Dow Jones(.DJI)$ $WTI Crude Oil - main 2506(CLmain)$ $Gold - main 2506(GCmain)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ $Silver - main 2507(SImain)$ OverviewMore than 70% of Americans now expect business conditions to be worse in 12 months. This is the highest level since 2008, and the third worst level on record since 1960.Volatility through the month was very high, with the VIX (volatility index) hitting its highest level since 2020, and gold

$.DJI(.DJI)$ $.SPX(.SPX)$ $.IXIC(.IXIC)$ $Invesco QQQ(QQQ)$ $NASDAQ 100(NDX)$ $SPDR S&P 500 ETF Trust(SPY)$ $WTI Crude Oil - main 2502(CLmain)$ $Gold - main 2502(GCmain)$ $iShares 20+ Year Treasury Bond ETF(TLT)$ OverviewDespite a “Santa Claus Rally” not materializing, the S&P500 ended the trading year up 23%, after rising 24% in 2023. This back-to-back performance is the best since 1997 and 1998.

4% projected dividend yield for 2024.Gold prices should benefit from economic instability, persistent inflation, deficit spending, high debt, and a global move away from the dollar.Newmont is the world’s top gold producer, annually outputting 5.3 million ounces of gold and significant quantities of silver, copper, zinc, and lead.NEM’s main production assets are strategically located in politically stable regions.NEM benefits significantly from gold price increases, adding $400 million in annual free cash flow for every $100/oz rise in gold prices.The major acquisition of Newcrest closed in November, significantly expanding the gold and copper asset base.Investment Thesis $Newmont Mining(NEM)$ is the #1 gold producer globally, outputting 5.3Moz (mil

3.0% Yield.HIMX’s automotive display-driver sales increase just under 20% year over year, now representing around 50% of global market share.Invested in partner FOCI, seeking to accelerate development of CPO (co-packaged optics) to improve efficiency in data transmission within datacenters.Continued partnership with “leading AR (augmented reality) partner” in creating new consumer AR wearables device.Computer vision partnership with $NVIDIA(NVDA)$ , allowing HIMX’s technology to be plug-and-play with NVDA software.Investment Thesis $Himax(HIMX)$ is a semi-fabless semiconductor design and manufacturing firm specializing in optical and driver components for displays and sensors. HIMX holds a significant mar

OverviewIn the current era of economic uncertainty, mounting US deficit, tariff effects, and geopolitical instability we maintain a position in gold $Gold - main 2506(GCmain)$ and gold miners in our portfolios. We believe that gold serves as a critical hedge against all of these headwinds.Unlike long-term bonds that suffer real-term erosion during inflationary periods, or equities vulnerable to margin compression from rising input costs, gold maintains its real value over time. Gold’s multi-millennia history as a store of value is not mere tradition, it reflects gold’s unique scarcity as an asset uncorrelated to government policy and immune to the debt spirals now threatening many developed economies.A Brief History of Gold as MoneyThe idea be

2.2% Dividend YieldLoyal customer base, with loyalty members making up 80% of sales.85% of the supply chain originated in North America, mitigating tariff risk.Produces 55% of its end products in-house, with 40% of products on offer being seasonal only.Peer leader in sales per square foot with $1,074/sqft in sales.Expanding into ‘adjacent’ markets like products marketed at men and products marketed to Gen Z to boost new-customer growth.Investment Thesis $Bath & Body Works Inc.(BBWI)$ is a North American chain of home-good stores specializing in scented products and self-care. BBWI was formed after L Brands spun off Victoria’s secret into its own publicly traded entity (VSCO), with L Brands changing its name to Bath and Body Works. In recent ye

Semiconductor market is expected to double in size by 2030. TSM (Taiwan Semiconductor Manufacturing) accounts for 26% of the world’s semiconductor output.Largest pure play fabricator, strength comes from long-term relationships.Scale and leading-edge technology as one of the only sub 7nm wafer technology manufacturers in the world.International expansion slotted in Japanese and American markets driven by a $100 billion CapEx (Capital Expenditure) expansion.Western governments want to distance domestic technology products from China and bring manufacturing back to their countries or local allies.The US CHIPS and Science Act provides roughly $280 billion in new funding to boost domestic research and manufacturing of semiconductors in the United States.Investment ThesisTaiwan Semiconductor Ma

Strong Auto Brands include Chrysler, Jeep, Dodge, Peugeot, Fiat.7.7% Dividend Yield is the highest among peers.Compelling valuation with a 4.3x P/E compared to sector median of 15.0x.2030 Strategic plan emphasizes global EV (Electrical Vehicles) capacity huge global base to pull from.Realizing consumer gains from IRA (Inflation Reduction Act) in North America, focusing on larger utility vehicles in the United States.Investment ThesisStellantis$Stellantis NV(STLA)$ is a global automobile manufacturer formed on a 50-50 merger with Fiat-Chrysler and PSA Group. Across its 16 brands, it has a global sales footprint in 130 countries and a manufacturing footprint in 30 countries. STLA is focused on moving away from the standard combustion engine and laun

RH has transformed from mid-market furniture retailer to luxury lifestyle brand through opulent flagship galleries and integrated hospitality.Expects return to positive free cash flow during 2025, as well as 10-13% revenue growth despite tariff and macroeconomic impacts.The stock has collapsed 37.9% over trailing twelve months as markets fixate on short-term European execution risk and tariff pressures.RH’s rejection of digital advertising in favor of curated print Sourcebooks creates authentic demand that resonates with demographics fatigued by ubiquitous e-commerce strategiesAsset-light expansion model with landlords funding large portions of buildout costs through sale-leaseback structures enables geographic scaling without capital intensityInvestment Thesis

Shift4 is a fully integrated payment processor targeting underserved verticals like hospitality, restaurants and events.Management is guiding to >30% compound annual revenue growth to 2028 with at least 300bps of operating margin expansion.Shift4’s acquisition of Global Blue will accelerate European expansion and onboards a luxury-focused book of business.Global Blue holds a 70% market share in VAT refunds in Europe, with customers concentrated in luxury retail including LVMH and Burberry with an average customer relationship of over 20 years.Global Blue also holds a 20% market share in point-of-sale currency exchange in the EU, a 96.3% gross margin business.Shift4’s point-of-sale system maintains the highest customer satisfaction rate in the restaurant industry, with 99% restaurant ret

Production increase of 11.5% for the first 9 months of 2024, though a lower pricing environment had sales up 8.3% over the same period.Targeting leverage ratio of 1.0x debt to adjusted EBITDA, currently 1.59x.After REI reaches its target leverage, we expect management to ramp organic production or engage in another acquisition.Based on transactions of similar asset profiles, REI could be worth $2.44/share in private market value.Investment Thesis $Ring(REI)$ is a Permian exploration and production company operating in the Central (CPB) and Northwest Shelf (NWS). With 85% liquids and 66% oil mix, REI produces 20.1 kboe/d (thousand of barrels of oil equivalent per day). REI has a higher-than-peers reserve life of 18 years.Despite an increase in produ

4.5% dividend yield, 16 consecutive years of dividend growth.Renewed interest in the US market, bringing new IQOS products to market in the second half of 2025 and continued investment in the Zyn brand.Plans to re-institute share repurchase program after reaching 2.0x net debt to EBITDA target, currently 3.0x.Smoke-free nicotine products have 2.6x the gross margin per unit compared to cigarettes.Brand-loyalty in cigarettes has meant price increases have offset or even exceeded volumes.Investment Thesis $Philip Morris(PM)$ was formed in 2008 when $Altria(MO)$ spun out its international segment. Since then, PM has grown to be the largest public tobacco company in the world by volume, holding 14.0% market share

5.9% Dividend Yield.QSR (quick service restaurants) have historically been resilient in economic downturn, sometimes even seeing volume increases.Improved unit-economics for franchisees by waiving certain fees to drive down payback period from 5.5 years to 3.2 years, which we believe will incentivize expansion.Papa Dough loyalty program has 17.5 million active members, up 21% since 2023, thanks to the program revamp providing better value and more tailored discounts.Pivot to value offerings to boost short-term volumes and ensure market share expansion, making it up over the long term through commissary markup increases over the next 5 years.  Investment Thesis $Papa John's(PZZA)$ is a global Pizza QSR (quick service restaurant), with 5,478 fr