Joseph Belbruno Blog

  Big Tech valuation riddle is all about cash flow December 6, 2025 12:00 AM GMT+11 Updated 44 mins ago The Apple Inc logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar NEW YORK, Dec 4 (Reuters Breakingviews) - Warren Buffett often said that the stock market is a voting machine in the short run, but a weighing machine over longer horizons. The  outgoing  Berkshire Hathaway CEO also claimed not to understand technology stocks. Yet his dictum does a good job of explaining the valuations of Apple  (AAPL.O) , Microsoft  (MSFT.O) , Alphabet  (GOOGL.O) , Meta Platforms  (META.O) and Amazon.com  (AMZN.O) amid the ongoing artificial intelligence fervor. The narrative about which Big Tech firm is ahead in AI seemingly changes monthly, with Alphabet currently in the ascendancy after the recent launch of its Gemini 3. The model, trained on internally developed chips, has wo...

  US strategy document says Europe risks 'civilisational erasure' By  Reuters December 6, 2025 12:52 AM GMT+11 Updated 27 mins ago Item 1 of 2 People walk across the Oberbaum bridge at sunset, with the television tower in the background in Berlin, Germany, August 17, 2025. REUTERS/Annegret Hilse [1/2] People walk across the Oberbaum bridge at sunset, with the television tower in the background in Berlin, Germany, August 17, 2025. REUTERS/Annegret Hilse  Purchase Licensing  Rights BERLIN, Dec 5 (Reuters) - Europe faces "civilisational erasure" and must change course if it is to remain a reliable ally for the United States, according to a U.S. National Security Strategy posted on the White House website. The document was the latest in a series of statements by U.S. officials and policymakers that have upended postwar assumptions about Europe's relationship with its strongest ally, the United States. Get a look at the day ahead in U.S. and global markets with the Mor...

China's local debt rises to $18.9tn as property slump lingers Regional bond issuance hits record high amid worsening deflation China's sluggish real estate market has left many local governments reliant on debt due to being unable to sell off property. © Reuters YUSHO CHO December 3, 2025 03:38 JST TOKYO -- China's local government debt continues to balloon as a prolonged real estate slump has led to decreased income from property sales, pushing local government bond issuance for the year to a record high. The total owed by local governments and the local government financing vehicles (LGFV) that fund their projects now sits at an estimated 134 trillion yuan ($18.9 trillion). Lower interest rates may be able to put the problem off temporarily, but could draw out deflation further. "We've set aside 500 billion yuan for local governments," said China's Finance Ministry said in an October notice, explaining that it had approved additional debt expansion. Adve...

  Garry Kasparov : «Le but de Poutine est la liquidation de l’Otan et de l’Union européenne» Écouter cet article 00:00/10:28 Garry Kasparov. FC ENTRETIEN EXCLUSIF  - L’ancien champion du monde d’échecs, opposant à Vladimir Poutine, lance un sévère avertissement à l’Europe sur les intentions du maître du Kremlin. LE FIGARO. - Vous aviez annoncé l’arrivée de l’« hiver poutinien » bien avant la plupart des observateurs. Que voyez-vous venir aujourd’hui sur l’échiquier Russie-Occident ? À découvrir GARRY KASPAROV. -   Poutine  dit tout quand il menace l’Europe d’une guerre. Il nous dit qu’il y aura la guerre en Europe, et le fait est que cette guerre est déjà en cours ! Poutine a un objectif stratégique. Il faut l’écouter. Il veut reconstituer l’empire soviétique, mais son but stratégique est plus large : prendre sa revanche contre l’Occident, pour la défaite de la guerre froide. Aujourd’hui, l’Occident a peur de la troisième guerre mondiale mais...

  South Korea's nuclear submarine gamble raises prospect of underwater arms race in Asia December 5, 2025 12:39 PM GMT+11 Updated 7 hours ago Item 1 of 4 Crew members of South Korean Navy's Shin Chae-ho, KSS-III Dosan Ahn Changho class submarine, salute during a fleet review to mark the 80th anniversary of the Navy's founding, in the waters off Busan, South Korea, September 26, 2025. REUTERS/Kim Hong-Ji/File Photo [1/4] Crew members of South Korean Navy's Shin Chae-ho, KSS-III Dosan Ahn Changho class submarine, salute during a fleet review to mark the 80th anniversary of the Navy's founding, in the waters off...  Purchase Licensing  Rights Read more SEOUL/WASHINGTON/TOKYO, Dec 5 (Reuters) - South Korea's pursuit of nuclear-powered submarines is gaining traction following President  Donald Trump's  endorsement, ending decades of U.S. resistance in a move that could reshape Asia's security landscape and escalate an underwater arms race. Seoul has long soug...

  A Sprawling Fraud Scandal Puts Minnesota’s Somali Community in the Spotlight Minnesota Gov. Tim Walz faces growing criticism within the state.   Anna Moneymaker/Getty Images Quick Summary Federal prosecutors allege over $1 billion in fraud in Minnesota’s social-services system, leading to nearly 60 convictions. The fraud cases, which began in 2022, include schemes in child nutrition, housing, and autism-services programs. House Republicans launched an investigation into the handling by the administration of Gov. Tim Walz of the widespread fraud allegations. An artificial-intelligence tool created this summary, which was based on the text of the article and checked by an editor.  Read more  about how we use artificial intelligence in our journalism. Federal prosecutors allege over $1 billion in fraud in Minnesota’s social-services system, leading to nearly 60 convictions. Massive fraud blamed on dozens of Minnesota residents of Somali descent has jumped to national ...