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...This article has been amended as Stripe had initially indicated it had turned cash flow positive for the first time....
...Flows to actively managed ETFs were boosted by the launch in January of 10 spot bitcoin ETFs, which are classed by Morningstar as active vehicles....
...Flows into active managers have been lethargic for so long that “it’s more extraordinary to talk about periods where flows haven’t been weak in recent years”, Hawken said....
...“I should have done some work on Apple,” he lamented on CNBC’s Squawk Box last year....
...ESG investing “appears to be going through a period of existential crisis as flows, while still positive in absolute terms, dwindle as a proportion of total flows, particularly within equity”, Garcia-Zarate...
...Forty-nine per cent of the ETFs that reduced fees in 2022 experienced increased net flows in 2023, Ignites Europe analysis of Morningstar data finds....
...The company now says profits and cash flow are sufficiently formidable to support debt service and capital expenditure without the need to raise fresh cash....
...The profit metric I prefer to use for tech companies is what I call “true free cash flow”, which is operating cash flow minus capital expenditures and stock-based compensation (stock comp becomes a cash...
...I don’t know if I said that earlier. But really, it’s that pricing power, which is a combination of headline prices and discipline around discounts....
...The increase in flows coincides with a rise in defence spending by European governments that many in Europe and the US have decried as being too slow....
...“I’m so used to . . .,” he said, before laughing. “I checked myself a couple times already. I’ll slip again.” Can any stockpicker follow the Oracle?...
...They send their market orders to us not because they’re getting some pernicious conflicted like rebate or payment for order flow, it’s bull(expletive)....
...As I think about it more, I wonder whether this is the wrong question....
...free cash flow for the final quarter and in fiscal year 2025....
...“I think EM flows [from outside China] may have been obscured recently with the outflows from China masking the inflows into India and other countries,” he said, adding: “China seems to be less negative...
...I mean, I like Ally Financial too, but $1bn of its shares is 1/1000th of Berkshire’s assets; I’m not sure why they bother. Admittedly the field of choice is small on the stocks side....
...That helped power total flows into ETFs in the quarter to $67bn....
...“I think the prospect of a soft landing actually coming true really resonated with investors for the first time last month,” said Morningstar analyst Ryan Jackson....
...I remember thinking: if this is what fine wine looks like, then I’m in. “Oh gosh! I’ve still got that jacket!...
...“But the one thing I’ve always had is deal flow.”...
...“I’m not your mum,” she said. “I only care about results.” Qu also said she was so devoted to Baidu that she was unaware of her son’s class year at school....
...“I’m not your mum,” she said. “I only care about results.” Her comments revived concerns about working conditions at Chinese tech groups....
...I also recognise the impulse to consign him to a good or bad bucket — I veer towards the former when I see him posing in an endearingly awkward manner on a red carpet or speaking passionately about his projects...
...I’m a bit sceptical, as I noted in yesterday’s letter, but then I’m a journalist. If any non-journalists have thoughts, please send them along: robert.armstrong@ft.com. Does Buffett matter?...
...The company said its “ability to align factory costs . . . and to react to sudden changes in production rates will have a material impact on results of operations and cash flows throughout 2024”....
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