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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Manning & Napier
Manning & Napier (MN) investor relations material
Manning & Napier has been delisted
Manning & Napier Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Update summary13 Jan, 2026
Key market contradictions and drivers
2025 saw strong headline economic and market performance, but underlying growth was narrow and AI-driven, with most S&P 500 returns concentrated in AI-linked companies.
Consumer sentiment hit all-time lows despite the market reaching record highs, highlighting a disconnect between Main Street and Wall Street.
Inflation moderated but remained above the Fed's 2% target, with demand-driven inflation still high, raising questions about continued rate cuts.
Market valuations are highly dispersed, with both very high and very low multiples, creating opportunities for active management.
AI, speculation, and market breadth
AI-related stocks have dominated returns, leading to a narrow market and speculative investment behavior, reminiscent of the late 1990s tech bubble.
There are signs of over-investment and questionable business models in AI, but also real productivity gains and valuable use cases.
The market is in a narrative-driven phase, with value sectors like energy, financials, and healthcare out of favor but likely to benefit from AI in the long run.
ETF launches have surged, with many being leveraged, structured, or crypto-related, reflecting increased risk appetite.
International equities and regime shift
Non-U.S. equities outperformed U.S. equities in 2025, but opinions are split on whether a regime shift is underway.
International stocks are at significant valuation discounts to U.S. stocks, with Europe trading at much lower earnings multiples.
Improving growth rates, geopolitical changes, and a weaker dollar support the case for international equities.
International small-cap stocks offer greater inefficiencies and opportunities for active managers.
Identify specific AI investment risks for 2026
What drives non-U.S. equity outperformance potential?
Will Fed explicitly revise its inflation target?
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Manning & Napier
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Manning & Napier Inc was an investment management firm providing a range of investment solutions for individuals, institutions, and retirement plans. The company offered active investment strategies in equity, fixed income, and alternative asset classes, as well as financial planning and advisory services. It was headquartered in Fairport, New York, and its shares were listed on the NYSE.
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