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Betfred founders top Sunday Times Tax List as UK’s highest taxpayers

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Billionaire brothers Fred and Peter Done lead List for the first time, with Harry Styles and Premier League footballers also featuring among the UK’s 100 biggest taxpayers

Fred and Peter Done

Fred and Peter Done are above musicians, entrepreneurs and sporting stars in this year’s list

The Done brothers have been named Britain’s biggest taxpayers for the first time.

Ed Sheeran, Mo Salah and Harry Styles featured amongst the UK’s 100 largest taxpayers, according to the annual Sunday Times Tax List.

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The rankings were led for the first time by the billionaire siblings behind betting giant Betfred. Fred and Peter Done, who established the Warrington-based enterprise in 1967, contributed an estimated £400.1 million in tax over the past year, according to the list.

This followed their tax bill rising by nearly half from £273.4 million the previous year. Their interests now range from property development at Salboy through to HR giant Peninsula.

The list revealed that the top 100 taxpayers contributed a combined £5.758 billion in tax, rising from £4.985 billion the year before.

Numerous individuals on the list, including the Done siblings, faced higher tax bills following alterations to corporation tax rates and other levies by the Labour Government in an effort to fund increased welfare expenditure.

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Robert Watts, who compiled the list, said: “This is an increasingly diverse list, with Premier League footballers and world famous pop stars lining up alongside aristocrats and business owners selling pies, pillows and baby milk.

“This year there’s been a big jump in the amount of tax we’ve identified – largely because of higher corporation tax rates.”

Financial trading entrepreneur Alex Gerko secured second place on the list with £331.4 million in tax, followed by hedge fund chief Chris Rokos, who paid £330 million. Meanwhile, former One Direction star turned solo performer Harry Styles featured amongst newcomers to the list, contributing £24.7 million in tax.

Two footballers also made their debut appearances, with Manchester City’s Erling Haaland securing 72nd position with an estimated payment of £16.9 million and Liverpool’s Mo Salah thought to have a £14.5 million bill.

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Other North West entries on the wider list include the Morris family behind Home Bargains, with an estimated £209.1m tax bill, Sir John Timpson and family (£86.7m) and Together founder Henry Moser (£62m).

Other prominent names on the list included Harry Potter creator JK Rowling, ranked 36th with a £47.5 million bill, and singer-songwriter Ed Sheeran, placed 64th with a £19.9 million tax contribution.

Six taxpayers remain on the list despite departing the UK over the previous year, amid reports of affluent individuals relocating to sidestep higher levies under Labour or following the abolition of non-dom status.

Those included Revolut founder Nik Storonsky, Wren Kitchens founder Malcolm Healey and boxing promoter Eddie Hearn.

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Mr Watts commented: “One in nine of the people who make the tax list are no longer listed as resident here in the UK, instead choosing to live in Morocco, Dubai, Switzerland, Cyprus, Portugal, the United States and the Channel Islands.

“Clearly the tax listers who have moved offshore are still delivering huge sums to HM Treasury through their businesses, but the Chancellor would no doubt be raising even more money from these people had they chosen to stay put and remain liable for personal tax here.”

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How To Potentially Crush Bond Fund Returns With DIY Treasury Trading

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How To Potentially Crush Bond Fund Returns With DIY Treasury Trading

This article was written by

My articles typically cover macroeconomic trends, portfolio strategy, value investing, and behavioral finance. I like to profit from the biases and constraints of other investors.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Will His Injury Affect His Performance in World Cup 2026?

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Cristiano Ronaldo

LISBON, Portugal — Cristiano Ronaldo has delivered a series of positive updates on his recovery from a right hamstring injury, calming widespread concerns that the setback could diminish his performance or threaten his participation in the 2026 FIFA World Cup this summer.

Cristiano Ronaldo
Cristiano Ronaldo

The Portuguese superstar, who turned 41 in February, sustained the muscle injury on Feb. 28 during Al Nassr’s Saudi Pro League match against Al Fayha. He was substituted late in the contest after showing discomfort and subsequently missed several club fixtures as well as Portugal’s March friendlies against Mexico and the United States.

Initial reports described the issue as a minor hamstring strain, though Al Nassr manager Jorge Jesus noted at the time that it proved “more serious than expected,” prompting Ronaldo to undergo specialized rehabilitation in Madrid. Medical assessments pointed to a recovery window of two to four weeks, with the Portugal national team opting for caution by leaving their captain out of the March international window.

By late March, Ronaldo began sharing encouraging signs of progress on social media. Posting images and videos of targeted gym work and leg exercises, he captioned one update simply: “Getting better every day.” The message quickly went viral, easing fan anxiety about his readiness for the expanded 48-team tournament co-hosted by the United States, Canada and Mexico.

Portugal coach Roberto Martinez moved swiftly to quell speculation that the injury might sideline the all-time international leading scorer. “No, he’s not in danger,” Martinez told reporters in March. “It’s a minor muscle injury, and we think he can return in a week or two. Everything Cristiano has done physically this season shows that he’s in great shape.”

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Martinez emphasized that Ronaldo’s place in the squad for the World Cup — expected to be his sixth and likely final appearance in the tournament — was never seriously in doubt. The veteran forward continued individual training in Riyadh and Madrid before rejoining Al Nassr’s group sessions.

By early April, Ronaldo had returned to full training with Al Nassr. On April 3, he marked his comeback in emphatic fashion, scoring a brace — including a penalty and a clinical strike — in a 5-2 league victory over Al Najma. The performance pushed his official career goal tally closer to the landmark 1,000-goal milestone, with reports confirming he had reached 967 goals at that point.

Fabrizio Romano, citing well-placed sources, reported April 2 that Ronaldo was “back available for Al Nassr and set to be called up” for Portugal duty as well. The recovery outlook remains positive, and his leadership role within the national team appears secure.

At 41, Ronaldo enters the 2026 World Cup as one of the oldest players in the competition’s history, yet his longevity continues to defy expectations. He has maintained elite-level output for Al Nassr this season, contributing dozens of goals and assists despite the physical demands of the Saudi Pro League. The brief hamstring layoff interrupted that rhythm but appears not to have derailed his preparations.

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Medical experts note that hamstring injuries in older athletes can sometimes lead to reduced explosiveness or recurring issues if not managed carefully. However, Ronaldo’s rigorous personal training regime, combined with access to world-class physiotherapy, has historically allowed him to bounce back stronger. Portugal’s medical staff continues to monitor his workload closely in the final weeks before the tournament opens June 11.

Portugal qualified comfortably for the 2026 finals, with Ronaldo contributing key goals during the campaign. The team will enter as one of the European contenders, boasting a talented squad featuring Bruno Fernandes, Bernardo Silva, Rafael Leão and rising stars. Ronaldo’s presence as captain and focal point in attack remains central to their ambitions.

Analysts suggest that even a slightly diminished Ronaldo could still prove decisive in a tournament featuring expanded group stages and more matches overall. His experience in high-pressure knockout scenarios, aerial ability and penalty-taking prowess provide intangible value that younger teammates draw upon.

Questions about performance impact center on Ronaldo’s explosive speed and recovery between games. The World Cup’s condensed schedule across three host nations could test endurance, particularly for a player managing minor muscular concerns. Yet supporters point to Ronaldo’s track record: he has overcome numerous injuries throughout his career, including significant setbacks at Real Madrid, Juventus and Manchester United.

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Ronaldo himself has projected confidence. In interviews and social media posts, he has reiterated his focus on returning to peak condition and leading Portugal as far as possible. “The World Cup is not at risk,” Martinez reiterated when addressing the squad selection for friendlies.

As of mid-April 2026, Ronaldo has resumed competitive action with Al Nassr, giving him roughly two months to sharpen match fitness before Portugal’s likely group-stage opener. Club fixtures in the Saudi league and any remaining continental commitments will serve as vital preparation.

The injury episode has sparked broader discussions about player longevity in modern football. At an age when most professionals have retired, Ronaldo continues to set benchmarks. His disciplined diet, sleep patterns and training habits have become case studies for aspiring athletes.

Portugal’s depth provides a safety net. Should Ronaldo require additional recovery time, options like Gonçalo Ramos or Diogo Jota exist in attack. Yet few doubt that the five-time Ballon d’Or winner will be in the starting XI when the Seleção takes the field in North America.

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Fan reaction on social media has shifted from worry to excitement following Ronaldo’s brace and training updates. Hashtags related to his recovery and World Cup preparations have trended globally, underscoring his enduring global appeal.

Looking ahead, the coming weeks will be telling. Portugal is expected to name a provisional squad in May, with final confirmation closer to the tournament. Ronaldo’s goal-scoring form upon full return will offer the clearest indicator of his readiness.

For now, the narrative surrounding Cristiano Ronaldo’s hamstring injury has moved from potential crisis to manageable precaution. With positive medical feedback, visible progress on the pitch and unwavering support from his national team coach, the Portuguese icon appears well-positioned to chase one final shot at World Cup glory.

Whether he can replicate the explosive performances of his youth remains an open question, but history suggests underestimating Ronaldo at any age is unwise. As the countdown to June intensifies, fans worldwide will watch closely to see if the greatest goal scorer in history can deliver once more on football’s grandest stage.

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Defence stocks set for mixed Q4; Nuvama bets on BEL, Solar Industries, and a smallcap pick

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Defence stocks set for mixed Q4; Nuvama bets on BEL, Solar Industries, and a smallcap pick
Listed defence sector companies are expected to deliver a mixed set of numbers in Q4FY26, despite robust order visibility and sustained inflows and a healthy pipeline where backlogs are no longer a constraint, Nuvama Institutional Equities said in a note.

The brokerage firm has picked Bharat Electronics Limited (BEL), Data Patterns (India) and Solar Industries India as its top bets.

The pace of new large-ticket orders is likely to slow, with growth increasingly anchored in repeat and replenishment contracts. Consequently, while overall visibility remains robust, the momentum in order inflow growth is expected to moderate, the brokerage added.

After subdued traction for defence stocks in March despite the ongoing Iran-Israel war, April has started on a strong note with the Nifty India Defence index rising over 9% this week. Individually, stocks rallied over 20% with 10 scrips in the 18-stock index delivering double-digit returns.

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One can expect more action as earnings are announced and based on developments around the Iran-Israel war. While a two-week ceasefire is ongoing, there has been an exchange of fire between Israel and Lebanon. Meanwhile, US Vice President JD Vance has been tasked with ending the war as he leads negotiations beginning today.

Q4FY26 expectations

BEL

BEL is expected to report modest execution in Q4FY26 with revenue growth of 3.6% YoY, while its order backlog strengthened to Rs 74,000 crore, providing “solid” medium-term visibility. Margins are expected to remain structurally strong at 28%, driven by improving operational efficiencies and higher localisation levels.On the order pipeline front, the Rs 30,000 crore QRSAM programme, for which the Indian Army has already rolled out the tender, is likely to materialise in the near term and could act as a key re-rating trigger, alongside the sustenance of 27%+ OPM trajectory.

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Solar Industries


Nuvama expects healthy execution momentum, with revenue growth of 28% YoY, though the defence topline is likely to come in at Rs 900 crore, significantly below the Rs 3,000 crore guidance, primarily due to delays in Pinaka execution and geopolitical disruptions impacting defence supply chains.

Margins are expected to remain robust at 27%, supported by a higher contribution from defence and overseas revenues. The defence backlog of ~INR180bn provides earnings visibility over the next two to three years, while anticipated Pinaka ER orders, estimated at Rs 4,000 crore – 6,000 crore, are likely to further strengthen the growth outlook beyond FY27–28E.

Data Patterns

For the quarter, Nuvama anticipates decent order inflows supported by the reported Rs 290 crore Doppler radars order, while management had earlier guided for the conversion of Rs 1,110 crore worth of negotiated orders under finalisation (as indicated in Q3FY26).

“We expect moderate topline growth of 6.6% YoY on a high base, with margins remaining strong at 43%, reflecting a favourable product mix and operating leverage,” the brokerage note said.

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HAL


Hindustan Aeronautics Limited is likely to report a decline in execution in Q4FY26 at 4.4% YoY, below Nuvama’s expectations, which factored in only base order execution including engines and ROH, with no Tejas deliveries commencing during the quarter.

“So far, a total of six GE engines have been delivered, with no aircraft deliveries to the Indian Air Force. Given this, the delivery schedule for the committed LCA Tejas programme appears tight, posing a risk to near-term execution ramp-up,” the note said.

While HAL has a decade-long opportunity pipeline of Rs 4.7 lakh crore, execution ramp-up of its large-scale programs sitting in its Rs 2.4 lakh crore backlog is critical, the brokerage said, listing ongoing supply chain challenges, particularly focusing on the timely procurement of critical components.

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Bharat Dynamics


With a robust backlog of Rs 22,800 crore as of end-FY25, BDL is well positioned to deliver a revenue CAGR of 35% over FY25–28E. That said, execution remained volatile in Q4, impacted by both global and domestic supply chain constraints. Margins are expected to be around 22%, supported by an anticipated 35% execution growth in Q4FY26, which should aid operating leverage despite underlying variability, Nuvama noted.

Defence stocks returns snapshot

Select defence stocks have delivered multibagger returns over a one-year despite volatile domestic markets that have braved rich valuations, weak earnings, FII outflows, tariffs and now an ongoing war.

MTAR Technologies tops the charts with 224% one-year returns and is followed by Axiscades Technologies, Apollo Micro Systems and Data Patterns with returns of Rs 124%, 113% and 100%, respectively.

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Bharat Forge, Dynamatic Technologies, Garden Reach Shipbuilders, Bharat Electronics, Paras Defence and Space Technologies, Solar Industries, and Mishra Dhatu Nigam delivered double-digit returns up to 86% in this period.

Meanwhile, PSU defence counters BEML, Cochin Shipyard, BDL, Mazagon Dock, and HAL have yielded single-digit returns up to 9%.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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W.W. Grainger Stock Proved Me Wrong. I Wish I Bought It Sooner (NYSE:GWW)

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W.W. Grainger Stock Proved Me Wrong. I Wish I Bought It Sooner (NYSE:GWW)

This article was written by

The Low-Budget Dividend Investor is your prototypical Generation X-er: an over-educated, under-funded middle-aged guy looking for ways to increase his income in a difficult economic environment. He favors the conservative, income-generating strategies more frequently associated with those portfolios belonging to people twenty or thirty years his elder while still acknowledging the wisdom of the growth investors ten years his junior.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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US, Iran teams in Pakistan for peace talks amid doubts over Lebanon, sanctions

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US, Iran teams in Pakistan for peace talks amid doubts over Lebanon, sanctions


US, Iran teams in Pakistan for peace talks amid doubts over Lebanon, sanctions

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Global funds flee Indian stocks at record pace on growth fears

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Global funds flee Indian stocks at record pace on growth fears
Global funds are dumping Indian equities at a record clip as an energy shock from the US-Iran war threatens to derail the outlook of the world’s fastest-growing major economy.

In just over three months, they have pulled $18.84 billion from local shares, edging past the full-year record outflow of $18.79 billion seen in 2025, according Central Depository Services India Ltd. The sustained selling has kept markets under pressure, and even a modest rebound following a temporary ceasefire earlier this week has done little to lift the mood. Local shares remain bruised, with over $600 billion wiped off their value from last year’s peak.

India’s $4.8 trillion equity market is losing some of its relative appeal, as global capital rotates toward artificial intelligence-linked economies where semiconductor demand is the bigger driver. The oil crisis has magnified existing concerns for the country — from recent rupee volatility to a still-fragile earnings recovery — while also underlining another problem: a lack of a clear catalyst to bring foreign money back.

Foreign selling of Indian shares chartBloomberg


“Indian stocks are missing a narrative,” said Abhishek Thepade, an Oslo-based portfolio manager with DNB Asset Management AS. “Earnings are undergoing a cyclical slowdown while weakening currency and impact of artificial intelligence on local software companies also impacts the outlook.”
Although tech-heavy South Korea and Taiwan saw larger headline outflows in March — totaling $24 billion and $29 billion respectively — the peace deal may given them a stronger boost by refocusing investor attention on AI-driven chip demand, a factor largely absent in India.


That gap is already showing up in flows. South Korean and Taiwanese equities have seen inflows of $3.6 billion and $5.6 billion, respectively, so far this month. In contrast, global funds have pulled $3 billion from Indian equities, data compiled by Bloomberg show.
To be sure, domestic money continues to cushion the blow. Mutual funds and institutions have poured in $31 billion this year, with retail investors doubling down via record inflows into monthly equity investment plans last month even amid heightened volatility. Still, that support has not been enough to counter persistent foreign selling.Some investors see scope for a reversal once the Middle East tensions ease.

“Now that India’s valuations have become reasonable, foreign flows could return once the current geopolitical uncertainty settles, though the timing remains uncertain,” said Harsha Upadhyaya, chief investment officer for equities at Kotak Mahindra Asset Management Co.

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Asked someone from the industry whether foreign investors are still interested in allocating to India. The TLDR:

Interest has pretty much died out. India is seen as geopolitically exposed, especially to an oil shock. There are no real AI plays. Valuations are rich. And the rupee…

— Nithin Kamath (@Nithin0dha) April 9, 2026

Still, a steady retreat by global funds has led to more than $34 billion of outflows from Indian equities over the past two years through March — a period that’s seen MSCI Inc.’s India gauge trail regional peers in all but two of the past eight quarters. The Nifty 50 Index is down 8% this year, while the foreign exodus had recently pushed the rupee to record lows, forcing the central bank to step in to stabilize the currency.

Even after a recent moderation, valuations remain a sticking point. The Nifty 50 remains expensive relative to emerging-market peers, BofA Securities said in a note this week, adding it expects India to lag behind rivals.

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FIIs sell Indian equities worth Rs 48,213 crore in April, so far; FY26 sell-off balloons to Rs 1.79 lakh crore

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FIIs sell Indian equities worth Rs 48,213 crore in April, so far; FY26 sell-off balloons to Rs 1.79 lakh crore
Foreign institutional investors (FIIs) offloaded domestic equities worth Rs 48,213 crore in April so far, extending their selling trend in the Indian markets. They have sold shares worth Rs 1,79,335 crore on a year-to-date basis.

On Friday, FIIs bought domestic shares at Rs 672.09 crore while domestic institutional investors (DIIs) were net buyers at Rs 410.05 crore, helping markets end the day with strong gains after a Thursday pause.

The significant action on the last trading day of the week was dominated by banks, auto and consumer stocks. Nifty surged 275.50 points or 1.16% to finish at 24,050.60. Meanwhile, Sensex rose 918.60 points or 1.20% to settle at 77,550.25.

Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments, said the outcome of the truce talks between Iran and the US will determine the course of markets, which have been majorly dragged by FPI selling. “It appears that FPIs are determined to sell in India and move money to other markets like South Korea and Taiwan, where the earnings growth prospects are much superior in 2026”.

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“The market will wait to see the outcome of the peace talks between US and Iran scheduled for Saturday. The outcome of the peace talks will determine the trend in crude prices, which, in turn, will dictate market trends. If the talks lead to de-escalation in the conflict and drive crude prices down, the markets, particularly markets like India which are energy import-dependent, will bounce back. The reverse will happen if the peace talks fail and crude spikes further.


He however sees this as a short-term view by the foreign investors as he noted many stocks continue to hit 52-week highs or even all-time highs, even in this challenging market environment.
“Investors can look at these stocks and analyse the reasons behind the resilience of such stocks. Fundamentally sound growth stocks will do well even during weak market conditions,” Dr. Vijayakumar said.

FIIs in 2026

War-induced sell-off in March made it the worst month this year, witnessing an exodus worth Rs 1,17,775 crore. Foreign investors turned net buyers in February, buying shares worth Rs 22,615 crore in the domestic markets so far. In January, they sold Rs 35,962 crore worth of shares.

In 2025, the FIIs buying trends remained patchy, but the overall trend was bearish. They took Rs 1,66,286 crore from Indian markets as trade deal delay and premium valuations weighed on the sentiments.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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IOI Properties plans Malaysia REIT with assets worth $1.9 billion

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IOI Properties plans Malaysia REIT with assets worth $1.9 billion
IOI Properties Group said on late Friday it plans to list a Malaysian real estate investment trust seeded with retail, office and hotel assets valued at about 7.58 billion ringgit ($1.9 billion), according to a stock exchange filing.

* Reuters ‌first ⁠reported in ⁠November that IOI Properties was exploring REIT listings in Malaysia and Singapore with a combined asset value of up to $8 billion. The Malaysian REIT was then expected to hold domestic assets worth about 7 billion to 8 billion ringgit.

* IOI Properties said in ⁠the filing ‌that the proposed Malaysian REIT will have an initial size of 5.5 billion units, with ⁠IOI offering up to 2.2 billion units. The exercise is targeted for completion in the fourth quarter of 2026.

* At an indicative price of 90 sen a unit, the IPO could raise about 1.97 billion ringgit.

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* IOI said gross proceeds from the disposals and offering would ‌total about 4.62 billion ringgit, mainly to repay borrowings and fund project and property investment spending.


* Assets earmarked for ⁠injection include IOI City Mall, IOI City Towers, PFCC Towers, Putrajaya Marriott, Le Meridien Putrajaya, Moxy Putrajaya, Four Points by Sheraton Puchong, W Kuala Lumpur and Courtyard by Marriott Penang.
* Maybank Investment Bank and AmInvestment Bank are joint principal advisers, while DBS is a joint global coordinator and underwriter. ($1 = 3.9600 ringgit)

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From Panic to Patience: 7 investing lessons from James O’Shaughnessy for today’s turbulent markets

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From Panic to Patience: 7 investing lessons from James O’Shaughnessy for today’s turbulent markets
At a time when global financial markets are being tossed between geopolitical tensions, sticky inflation, and uncertain interest rate trajectories, investors are once again confronting a familiar dilemma—react or remain patient. Volatility has surged across equities, commodities, and bonds, leaving even seasoned market participants second-guessing their strategies.

Yet, amid this uncertainty, the principles laid down by legendary quantitative investor James O’Shaughnessy in a presentation at Talks at Google a few years ago offer a steady compass. His framework for long-term investing, appears especially relevant in today’s environment where noise often overwhelms signal.

A Market Driven by Fear, Headlines, and Short-Termism


Recent global developments—from conflicts impacting oil prices to shifting expectations around central bank policy—have amplified market swings. Investors are reacting rapidly to news cycles, often extrapolating short-term events into long-term outcomes.O’Shaughnessy warned against precisely this tendency. He emphasized that investors often mistake possibilities for probabilities, especially during periods of crisis, leading to flawed decision-making.

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In the current landscape, this insight rings true. Markets are pricing in multiple scenarios—from recession fears to inflation resurgence—often within days, creating whipsaw movements.

The Seven Timeless Traits of Successful Investors

According to O’Shaughnessy, long-term success in markets is less about predicting the future and more about mastering behavior. His seven key principles serve as a blueprint for navigating volatility:

1. Long-Term Perspective

Investors who focus on 10–20 year outcomes rather than quarterly noise are better positioned to build wealth. Short-term thinking often leads to reactive decisions rather than strategic ones.

2. Value Process Over Outcome

Chasing recent winners is a common mistake. Successful investors instead focus on the robustness of their investment process rather than short-term returns.

3. Ignore Forecasts and Predictions

Market forecasts often create an illusion of certainty. In reality, they are frequently wrong or incomplete, especially in complex macro environments.

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4. Discipline Above All

Discipline becomes most critical during downturns—when fear, doubt, and external skepticism peak. Staying the course during such periods separates successful investors from the rest.

5. Patience and Persistence

Wealth creation in equities is a slow process. Even the most successful strategies can underperform for extended periods before delivering superior returns.

6. Understand Probabilities

Successful investors analyze how often a strategy works and by what margin it outperforms benchmarks, rather than relying on isolated outcomes.

7. Learn from Mistakes

Maintaining a record of decisions—both successes and failures—helps refine strategies and eliminate recurring errors over time.

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Why These Lessons Matter More Today

The current global market setup—marked by high valuations in pockets, liquidity shifts, and geopolitical overhangs—demands a structured approach. Emotional investing, driven by fear or greed, tends to peak during such phases.

History suggests that the biggest investing mistakes are often made during extremes—buying in euphoric bull markets or selling in panic-driven downturns. At the same time, the most rewarding opportunities emerge when assets are mispriced due to short-term dislocations.

O’Shaughnessy’s emphasis on discipline and process aligns with this reality. His research-driven approach, rooted in decades of market data, demonstrates that systematic strategies can outperform when followed consistently over time.

The Bottom Line: Process Over Panic

In an era dominated by algorithmic trading, real-time news, and social media-driven sentiment, staying grounded is harder than ever. But as markets continue to oscillate between optimism and anxiety, the core principles of investing remain unchanged.

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Successful investing is not about reacting to every headline—it is about building a resilient process and sticking to it, especially when it feels most uncomfortable.

For investors navigating today’s uncertain terrain, that may be the most valuable lesson of all.

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Building Opportunity Where Others Don’t Look

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Building Opportunity Where Others Don’t Look

A Career Built on Seeing What Others Miss

Some entrepreneurs follow trends. Marty Brickey built a career by going the other way.

“I’ve always been drawn to things that don’t look obvious at first,” he says. “That’s usually where the real opportunity is.”

Brickey’s path started with a foundation in business. He earned a Bachelor of Science in Management from Missouri State University. But his real education came from experience. Early on, he learned how to spot value in overlooked ideas and turn them into real businesses.

That mindset would define everything that followed.

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Early Life and a Drive to Explore

Brickey grew up moving across the country due to his father’s job. That constant change shaped how he sees the world.

“You learn to adapt fast when you’re always the new kid,” he says. “You also learn to pay attention.”

As a teenager, he spent time in Colorado. He developed a love for the mountains and skiing. That sense of exploration stayed with him into adulthood.

It shows up not just in his hobbies, but in how he approaches business.

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Launching Layne Morgan Media

In 2002, Brickey founded Layne Morgan Media. At the time, educational content looked very different than it does today.

He saw an opening.

“We realized that people learn better when they’re engaged,” he says. “So we asked, why not use storytelling and visuals?”

The company focused on educational graphic novels. It was a niche idea at the time. But it worked.

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Layne Morgan Media went on to produce educational graphic novel material for The McGraw-Hill Companies. That partnership helped validate the model and scale the business.

“It wasn’t just about making content,” Brickey explains. “It was about making learning stick.”

Entering the Video Game Industry

After success in publishing, Brickey shifted into a new space: video games.

He founded Flyover Entertainment, which included Secret Lair Studios, Grumpy Ninja Studios, and Studio Chi’n in China. The move was another example of his willingness to step into unfamiliar territory.

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“Games are just another form of storytelling,” he says. “But they’re interactive. That changes everything.”

The studios grew quickly. Their work gained attention. Soon, they were acquired by Vivendi Universal.

That acquisition helped form the backbone of what became Sierra Online. It also contributed to the early structure of Activision Blizzard’s Chinese division.

“We were building something global before that was common,” Brickey says. “It forced us to think bigger.”

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Leadership Through Growth and Change

Across his ventures, Brickey has often taken on CEO and senior management roles. His leadership style focuses on clarity and adaptability.

“You can’t control everything,” he says. “But you can control how you respond.”

He believes strong teams are built on trust and clear direction. He also values speed.

“Decisions don’t get easier with time,” he adds. “You just get more information. At some point, you have to move.”

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That approach helped him scale companies across different industries. It also made him a valuable advisor and board member.

Investing and Advising New Ventures

After building and exiting companies, Brickey expanded into investing and advising.

One example is Gasworks Games, which was later acquired by Zynga. His role often involves helping teams refine their strategy and avoid common mistakes.

“I try to give founders perspective,” he says. “Sometimes you’re too close to your own idea.”

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He focuses on businesses that combine technology with real-world impact. That includes software and platforms that solve clear problems.

“Technology is just a tool,” Brickey explains. “What matters is what you do with it.”

A Focus on Technology and Impact

Today, Brickey continues to work in technology and software. But his focus has expanded beyond business growth.

He is deeply committed to helping veterans deal with PTSD, anxiety, and trauma. He supports efforts that use technology to reduce suicide rates.

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“That’s work that matters,” he says. “If you can build something that helps people at that level, it changes how you measure success.”

His approach blends innovation with purpose. It reflects a broader shift in how he defines impact.

Life Outside of Business

Brickey’s interests reflect the same drive for challenge and exploration.

He is a pilot with over 4,000 flight hours. He also enjoys technical wreck diving, one of the most demanding forms of scuba diving.

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“There’s a level of focus required,” he says. “You can’t be distracted.”

He cycles several days a week and values time with his family. These activities provide balance to a career that has spanned multiple industries.

What Defines Marty Brickey’s Career?

Looking back, a few themes stand out.

He builds in spaces that others overlook.
He adapts quickly to change.
And he connects technology with real-world outcomes.

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“I don’t think about industries as much as I think about problems,” he says. “If something needs to be solved, that’s where I want to be.”

That mindset has carried him from publishing to gaming to technology and beyond.

And it continues to guide what he does next.

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