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ETMarkets Smart Talk | Only 16% IPOs beat market returns; be selective, says Ajay Tyagi who follows Warren Buffett
Even as retail participation surges and SME issues draw heavy subscription, data suggests that only a small fraction of companies actually outperform the broader market over time.
In this edition of ETMarkets Smart Talk, Ajay Tyagi, Head – Equities at UTI AMC, and a self-confessed follower of Warren Buffett’s investing philosophy, cautions investors against getting swept up in IPO euphoria.
Backed by two decades of market experience and historical data, Tyagi highlights that barely 16% of IPOs have managed to beat long-term market returns — reinforcing Buffett’s timeless principle that patience and selectivity, not excitement, create sustainable wealth. Edited Excerpts –
Kshitij Anand: To start with, I would like to begin with the big event that took place — Budget 2026. How do you see the Budget in terms of what the government could have done? We saw a knee-jerk reaction on Budget day, with the Sensex dropping 1,500 points. Were markets expecting more, and did the government under-deliver? What are your views on that?
Ajay Tyagi: As far as the Budget is concerned, the expectation was that there would be some consumer-related push — that was the broad market expectation. However, the government is walking a tightrope. It has to keep the fiscal deficit in check and has already committed to rating agencies and global investors that it will adhere to the fiscal glide path. This means that every year, the deficit has to be reduced — even if the reduction is small, it must be in that direction.
Another point investors may have overlooked is that last year, the government forewent a significant chunk of revenue — first by reducing direct taxes, i.e., personal income tax rates, and second, in October, by rationalising GST and effectively reducing indirect taxes. Both were substantial measures.
So, it was prudent for the government not to expand spending and reverse the fiscal glide path. While investors on the street may have expected more, a rational investor like us viewed it as a welcome move. Perhaps that is why markets stabilised the very next day.
Since we are talking about expectations, I must also mention the upcoming 8th Pay Commission, for which the government will soon have to make provisions. The payout is expected to be significant. Therefore, it was only prudent for the government not to commit to additional measures after already implementing the tax cuts and with the Pay Commission obligations ahead.
Kshitij Anand: We have also seen a trend where every piece of bad news — whether geopolitical concerns or other setbacks — is being absorbed quite well by the market, with quick reversals. Do you see more room for downside from here?
Ajay Tyagi: Our view is that there is room for downside, and this is purely based on valuations. We analyse largecaps, midcaps, and smallcaps separately.There is relative comfort in largecaps. Our analysis suggests that while they are expensive, they are not excessively so. Perhaps another 5% to 10% correction — either in price or through time correction — could bring them back into a comfortable zone.
However, the same cannot be said for midcaps and smallcaps. They are still trading significantly above their long-term averages. Yes, there has been some price correction in smallcaps and a bit in midcaps, along with some time correction. But the reality is that current valuations for both midcaps and smallcaps are higher than their previous peaks over the last 15 years. I am not even referring to their long-term averages — their valuations today exceed their previous highs.
This will have to correct. I do not know what form it will take — whether it will be purely time correction or a combination of price and time. Our assessment is that it will likely be a mix of both.
Therefore, we remain cautious on midcaps and smallcaps, despite the fact that mutual funds are sitting on cash and any selling in the market is seen as a buying opportunity. I have been in the industry for 26 years, and UTI has been present in the markets for 60 years. Our collective experience suggests that whenever valuations overshoot, they eventually revert — notwithstanding any interim technical support.
So yes, we would advise investors to wait for better entry points in midcaps and smallcaps.
Kshitij Anand: A very interesting point you mentioned is the kind of money that mutual funds are receiving — more than ₹31,000 crore month after month. That is phenomenal. From your perspective, how do you view this number?
Ajay Tyagi: First of all, we must fully appreciate the fact that there has been what we call the financialisation of savings. In our parents’ generation, the go-to asset classes were gold, perhaps real estate when there was a large lump sum to invest, and within financial assets, largely bank deposits or fixed deposits, or bonds issued by institutions like ICICI, IDBI, and even UTI.
That has changed significantly over the last 10–15 years. Investors are realising the importance of equity investment. Therefore, mutual funds as an asset class are now front and centre in every household. That is point number one — this is structural and will continue to grow.
We often examine mutual fund penetration in India. To give you a number, mutual fund assets as a percentage of GDP are still around 20%. In the US, the number is over 100%. I am not suggesting that we will reach US levels anytime soon, but even the global average is around 50% to 60%. So, we are below the world average. Structurally, mutual funds will continue to grow.
However, there is always a cyclical element. You have been in the markets long enough to know that when markets perform well, most investors tend to be backward-looking. They look at returns from the last three to five years, get excited, and invest more. So, the surge in SIPs and overall flows — surprising even us as mutual fund participants — is partly due to this cyclical element, with investors extrapolating recent strong returns into the next five years.
There could be some dip in these SIP numbers. I would not be surprised by that, even though the structural trend remains upward, albeit with some cyclicality along the way.
Kshitij Anand: Let me also get your perspective on sectors. We have just started 2026 — new beginnings — and the Budget has also been announced, giving some direction on how government policies may play out over the next 12 months. Are there any sectors you are looking at that could hog the limelight?
Ajay Tyagi: I will mention two sectors that we believe could provide very good opportunities for investors.
The first is the consumption sector. There are two or three reasons for this. The government is aware that private consumption expenditure (PCE) in India has been trending below par. Over the last four to five years, the heavy lifting for GDP growth has been done by government spending on infrastructure. There has been a strong capex push in certain sectors, which has supported GDP growth.
However, consumption growth has been relatively weak. The government recognises this because personal consumption accounts for roughly 65% of India’s GDP. If that does not pick up, growth becomes a challenge.
To support this, we have seen income tax cuts, which, give or take, have put about $11–12 billion into the hands of households. GST rationalisation has added another $20–23 billion. In total, around $35 billion has been infused into household pockets. In the context of a $4 trillion GDP, that is close to 1% — not an insignificant number.
We believe this should start reflecting in improved consumption trends over the coming quarters. Additionally, the upcoming Pay Commission — which occurs every 10 years — is another positive factor. Historically, when Pay Commission payouts have reached households, the following 12 to 18 months have seen strong consumption trends.
Lastly, even though consumption is structural in India given our low per capita income, it is also cyclical. The last three to four years have been relatively weak for consumption. None of us believe India is fully penetrated in categories such as cars, two-wheelers, dining out, and similar segments. These sectors still have a long runway. From this relatively weak base, we expect better cyclical trends in the coming years. All these factors combined make us positive on consumption.
The second sector may be more controversial — you might raise an eyebrow — but we are positive on IT.
We spend considerable time analysing whether AI will be net negative or net positive for the IT industry. Our conclusion continues to be reinforced that AI will be net positive over the medium to long term.
Could it be disruptive in the short run? Yes. But over time, it is likely to be net positive. Historically, every new technology has initially disrupted IT services players. When mainframes emerged in the 1960s and 70s, people thought computing would replace human involvement. During the rise of remote infrastructure management in the 2000s, there were concerns that IT services staff would no longer be needed on-site. Around a decade ago, when cloud computing gained traction, people questioned the need for on-premise software and related services.
However, history over the past 60–70 years shows that new technologies tend to be net additive, not dilutive. It is incumbent upon IT services companies to continually train and retrain their workforce. This time, the focus must be on AI tools.
The winners and losers will be determined by which companies are agile enough to train their workforce and become AI-ready. But on an aggregate basis, we are positive and are looking for players who will be on the right side of the AI revolution.
Kshitij Anand: In fact, my next question is also around IT, and you seem to be a contra buyer at this point in time. AI as a keyword is now prevalent across all sectors, not just IT, but also in financials and manufacturing. Recently, we saw data where Charles Schwab tanked about 7%, and wealth management firms seem to be slightly nervous about what might happen next because of AI’s impact on taxation documents and related areas. This is an evolving space, and I am sure over time it will help industries integrate AI, leverage the technology, and benefit customers. But how are you seeing it?
Ajay Tyagi: You have raised a very topical question. Let me share my thought process. I am actually surprised that people are punishing IT companies for exactly what you just mentioned.
Who was handling tax filings earlier? Who was preparing legal documents earlier? Let me extend that further. People say AI will do everything and may eat into the jobs of analysts, especially mundane tasks. I agree with that. But who were the people doing this work earlier? At the lower end, it was lawyers, articled assistants working for tax consultants, young CAs working for firms, or junior analysts doing routine work.
Yes, AI may replace some of these roles. But is that net positive or net negative for technology? These were non-tech jobs being replaced by technology. In the future, when you need to file taxes, you may not go to a consultant — you may use software instead. That actually expands the domain of technology rather than reduces it.
That is why I go back to history. Over the last 70 years, has technological evolution been net additive or net dilutive? It has consistently been net additive. This is another instance where people may be replaced by technology, but whenever technology expands, the total addressable market for IT services increases — it does not shrink.
So, in a way, the answer lies in the question itself. This will likely expand the total addressable market for technology companies and, therefore, for the IT services firms associated with them.
Kshitij Anand: Let us also get some perspective on the other segment. We have discussed largecaps, but what about mid and smallcaps? We have seen some correction, but data suggests they are still trading above long-term averages. What is your view?
Ajay Tyagi: You are absolutely right, and we completely concur with that view. They are trading at a premium — in fact, significantly above their long-term averages. It is not just a 10%, 15%, or 20% premium; in some cases, the premium is 40% to 50%. That is what keeps us cautious and somewhat concerned about this segment of the market.
That is why our advice to investors has been to tilt toward largecap-oriented categories. It could be a pure largecap fund, a flexicap fund, or a large-and-midcap category — but with higher allocation to largecaps and lower exposure to mid and smallcaps.
While we believe largecaps may normalise within this calendar year, I remain sceptical about saying the same for mid and smallcaps. The correction and consolidation there could take longer.
Kshitij Anand: Let us also talk about earnings. Since valuations are a concern, earnings form a significant part of that equation. Do you think the December quarter results have given us confidence that earnings are improving? With the trade deal and tariff changes — initially at 50% and now reduced to 18% — it may not significantly boost earnings, especially after reading the fine print. How do you see the earnings cycle at this point? Is that one of the reasons you believe there is room for further correction?
Ajay Tyagi: Before I answer that, I want to add one clarification to my previous point. While we remain cautious about mid and smallcaps broadly, I do not want to imply that in a universe of, say, 400 mid and smallcap stocks, there are no worthwhile opportunities. There could be a couple of dozen companies that still offer favourable risk-reward. Our job is to identify those. My comment was about the broader category.
Now, on earnings — India’s exports to the US account for slightly below 2% of GDP. When we saw the 50% tariff that lasted for about six months, we did some back-of-the-envelope calculations. The potential impact on GDP growth was around 40–50 basis points, and on earnings growth, perhaps a couple of percentage points.
So, it was not as if GDP or earnings were going to be dramatically affected. However, sentimentally, it was negative. Investors were puzzled, given that India was seen as a close ally and a “China-plus-one” beneficiary. The uncertainty made it difficult for investors, and that partly explains the FII outflows we saw between August and January.
Hopefully, that sentiment reverses now that the outlook is improving.
On earnings, I would say we should not get overly excited. If the 50% tariff did not derail growth meaningfully, then the reduction to 18% is also unlikely to create a massive earnings windfall across industries. However, apart from improving FII sentiment, it could help restart the FDI cycle.
I know of several corporates that had paused investments due to uncertainty about India-US relations. If that clarity improves, FDI flows could resume, which would be positive over the medium term.
Kshitij Anand: Inconsistent policy?
Ajay Tyagi: Exactly. Therefore, investors were wary of putting in that $1 billion or $2 billion investment into the country. Once that cycle restarts, it will definitely have a fundamental bearing on GDP growth and, therefore, earnings growth as well. So, all put together, this should certainly be positive.
Now, notwithstanding the tariff increase that we saw and the subsequent correction, even if this episode had never happened, India was in any case going through an earnings slowdown in both FY25 and FY26, which is just about to end. We have only seen about 7% to 8% earnings growth in both these years.
You know that India’s long-term earnings growth is around 12%, broadly in line with nominal GDP growth. Beyond the cyclical slowdown of the last couple of years, we expect a cyclical upswing. The reasons are similar to what I mentioned earlier — the government giving a fillip to consumption, and consumption being a large part of the economy. If consumption picks up, it eventually percolates down into overall earnings growth.
In any case, we are looking at at least 12% to 13% earnings growth in the upcoming year, FY27. That is our broader view. We expect better earnings growth compared to the last two years, which were certainly disappointing.
Kshitij Anand: Another theme that picked up last year was IPOs. We saw more than 300 IPOs, including SME IPOs — more on the SME side and fewer on the main board — but still over 100 main-board IPOs in the last calendar year. How are you viewing this space now? Do you think so many IPOs hitting the market is good for the industry, or is it a word of caution?
Ajay Tyagi: That is a very interesting question, and I am glad you asked it. I see tremendous excitement among retail investors toward IPOs — and, quite worryingly, toward SME board IPOs, which, in my view, is actually a no-go area. Investors should be extremely cautious about SME board IPOs.
Even IPOs on the main exchanges should be approached with caution. Let me share some data. We continuously analyse IPO data. Before that, let me refer to the Pareto principle — the 80-20 rule — which states that 80% of outcomes are driven by 20% of factors. In stock markets, this holds true, and in IPO markets, it is even more pronounced.
Only about 20% of IPOs end up creating meaningful wealth for investors. We have analysed data from 2000 onwards — year by year — looking at how many IPOs were launched and what returns they delivered over time. The data shows that only about 16% to 17% of IPOs have generated returns higher than overall market returns. Given that long-term market returns have been around 13–14%, that was our benchmark.
So, only about 16–17% of IPOs have beaten that benchmark. This is data investors should keep in mind. They should not invest indiscriminately in all IPOs. Many are chasing listing gains, which I understand, but that is not how wealth is consistently created.
Now, to your question — is this trend good or bad? I would say it is net positive. High-quality companies also come to market through IPOs. For instance, if a company like Eternal had not listed in India and had instead gone to Nasdaq, it would have been unfortunate because domestic investors would not have had the opportunity to participate in that business. Similarly, several strong companies have gone public in recent years.
So, the trend is net positive. What it requires is the ability to separate the wheat from the chaff. Investors must not be indiscriminate; they need to be very selective.
Kshitij Anand: I wanted to get your perspective on FIIs as well. You did say that FIIs are sort of coming back now, but net-net, they were net sellers last year. Hopefully, with the US deal coming through and the rupee also stabilising at this point around 90-ish, how are you seeing the FII picture at this point in time?
Ajay Tyagi: Let me share some data first and then directly respond to your question. FIIs started investing in India in 1992, when the markets opened up. Since then, FII ownership of Indian equities has steadily increased. It reached a peak of 22% in 2021 — the highest level of FII ownership in Indian equities.
From 2021 until now, this number has declined to around 17% or 17.5%. The last time it was this low was in 2013. If you recall, 2013 was the year when Morgan Stanley categorised India as part of the “Fragile Five.” Fundamentally, India was not performing well at that time, and FIIs were concerned, so they reduced their exposure.
Today, however, India is in much better shape, yet FII ownership has fallen back to 17–17.5%, a level last seen in 2013. After that period, ownership steadily rose year after year. This clearly indicates that FIIs have sold significantly. In fact, India has not been a good trade for FIIs, not just in the last year but over the last two to three years.
The key takeaway is that India is not over-owned by FIIs; it is under-owned. That is actually comforting. When there is no froth — whether in a stock, a sector, or a country — it provides a degree of comfort. India is not currently a crowded trade, and that is positive.
Secondly, as I mentioned earlier, there was a sentiment-driven negative impact when the India-US treaty did not materialise and India was subjected to a 50% tariff. China, for instance, faced a 35% tariff, so India being higher than that was surprising. It created uncertainty, and many investors preferred to stay underweight.
At least that part of the issue has now been addressed. With valuations correcting and fundamentals potentially improving, the case for India strengthens.
The third factor is earnings. As we discussed earlier, earnings were disappointing over the last couple of years. If earnings growth returns to trend levels, that could be the final trigger to bring FIIs back.
So, we may currently be at a cyclical low in terms of FII ownership, and we could potentially see this ownership rise again toward previous levels.
Kshitij Anand: So, being under-owned at this point is actually a comforting factor and perhaps a cue investors should take note of. Also, what would be your advice to long-term investors? There has been a lot of volatility, and many new-age investors have experienced it for the first time. For someone deploying money in 2026, which began on a volatile note but is now stabilising, what would your advice be?
Ajay Tyagi: I consider Warren Buffett my guru. Much of what I have learned in the markets comes from his teachings. I recall one of his one-line gems that changed my perspective on investing: “Markets are designed to transfer wealth from the active investor to the patient investor.”
My advice to investors is this: your patience will be tested. There will be times when you may feel foolish. But those are precisely the times when patience matters most — provided you have acted sensibly.
By sensible, I mean not investing indiscriminately in every IPO, but preserving capital for the right opportunities; not chasing sectors simply because they are fashionable; and not selling quality businesses like IT just because it is currently popular to say that AI will replace everything.
If you have done your fundamental research well and are focused on long-term drivers, then patience will be rewarded. This is a business where EQ is often more important than IQ.
There may be years when Indian markets deliver negative or flat returns. That does not mean the Indian economy has lost momentum or that equity markets will not deliver 12–13% returns over time. Markets are cyclical. After a few years of strong returns, it is natural to expect a few years of subdued performance.
So, my generic advice — and it is perhaps even more relevant today — is to remain patient and stay focused on the long term.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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High-Yield and Tax-Advantaged Income Funds From NEOS (April Update)
David A. Johnson is founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company. As an investor entrepreneur, David invests in stocks, bonds, options, ETFs, REITs, real estate, closed end funds and alternative investment funds such as hedge funds and private credit. With over 30 years’ experience in investing, David holds a Master of Science (MS) Degree in Finance, with a concentration in Investment Analysis, from Boston University, a Certificate in Financial Planning, and a Master’s in Business Administration (MBA) from Fordham University.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of SPYI, QQQI, IWMI, BTCI, MLPI either through stock ownership, options, or other derivatives. 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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Vehicle slams into Louisiana crowd, injuring at least 15, sheriff’s office says

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At Easter vigil, Pope Leo urges world not to grow numb to war

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Mahsa Alert app aids Iranian civilians amid war, internet blackout
Former deputy national security advisor Victoria Coates analyzes President Donald Trump’s Iran stance after a U.S. aircraft was found down in Iran on ‘The Bottom Line.’
As the U.S. and Israel round out a fifth week of war with Iran, some 93 million civilians living inside Iran are stuck in a conflict zone without a missile alert system or access to the internet. Another 4 million people of Iranian origin worldwide are cut off from their friends and family still in Iran.
While the Islamic Republic has left its own people in the dark, Holistic Resilience, a group of engineers focused on internet freedom, is using an app called Mahsa Alert to light the way.
The app is named after Mahsa Amini, a 22-year-old Iranian woman who died in 2022 after an arrest by Iran’s “morality police.” This group regularly detains women it believes do not comply with the country’s mandatory hair-covering laws. Her death became the impetus for widespread protests after decades of oppression. Amini’s image is now a symbol of what has become known as the Woman, Life, Freedom movement.
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Holistic Resilience said it first recognized the lack of civilian protections during the 12-day war between Israel and Iran in June 2025.

Millions of civilians living inside Iran are stuck in a conflict zone without a missile alert system or access to the internet. (Fatemeh Bahrami/Anadolu via Getty Images)
“They’re checking on the surroundings of their loved ones’ neighborhoods to make sure there is no location that could be potentially a target of these strikes and inform them to stay away from them,” said Ahmad Ahmadian, the executive director of Holistic Resilience.
Using crowdsourcing and open-source intelligence, volunteers analyze about 100 tips a day for validity and accuracy. These reports can come in the form of social media videos or photos or messages on Telegram. They also pore through footage from some 18,000 CCTV cameras around the country.
As the 17th-largest country in the world by area, Iran presents a significant mapping challenge.
“We have to be up to be able to immediately push out that notification. The last one was, I guess, in the middle of the night,” said Ahmadian. “I have colleagues that are working near 16 hours on this project. We have been self-funding this project from the beginning, and we never stopped doing that despite all of the challenges. The reason for that is it’s something that people need to have, and it saves lives.”

Internet connectivity in Iran estimated at less than 1%. (Majid Saeedi/Getty Images)
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The Israel Defense Forces occasionally posts evacuation notices on its Farsi-language X account. A previous post from the account shows warnings like: “In the coming hours, the IDF will operate in the area, as it has in recent days across Tehran, to strike military infrastructure of the Iranian regime. For your safety and well-being, we ask that you immediately leave the area indicated on the map.”
With internet connectivity in Iran estimated at less than 1%, Israeli evacuation notices often fail to reach the civilians they are intended to aid.
Civilians who evacuate to towns or cities they are unfamiliar with can use the Mahsa Alert app as a critical lifeline, identifying hospitals, blood banks, government checkpoints or shelters while offline.
“We’ve realized, OK, if people start to move around and get displaced, they need to see the essentials, the essential locations,” said Ahmadian.
The Iranian government is prioritizing its objectives beyond its borders over its own people, according to Holistic Resilience.
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“Instead of the sirens, sending crisis alerts to the mass population, every day they’re sending text messages by the Ministry of Intelligence threatening people, [saying] if you share information with others, we will know about it and we’ll come after you,” said Ahmadian.

As the 17th-largest country in the world by area, Iran presents a significant mapping challenge. (Morteza Nikoubazl/NurPhoto via Getty Images)
The government has accused those volunteering information to the platform of acting as Israeli spies or gathering intelligence for the U.S. military. The group has come under attack from the Iranian government, both from hacking and from deliberately sending misinformation to undermine the group’s credibility. Palo Alto Networks’ Unit 42 has reported a widespread increase in cyberthreat activity by Iranian actors since the conflict began in late February.
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In one instance, Ahmadian said a tip alleged missiles were being launched from a specific building, which the group later identified as a girls’ dormitory at a university. He said the group believed the tip may have been intended to mislead targeting, giving the Iranian government ammunition for its anti-Israel and anti-U.S. media campaign, though this could not be independently verified by FOX Business.
“By increasing the number of civilian casualties, they pump up their propaganda war,” Ahmadian said. “This is not our war. This has never been our war.”
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5 Highly Anticipated New Features for iOS 27 That May Be Announced at the WWDC 2026 Showcase
WWDC 2026 is right around the corner, and iOS 27 is already one of the most talked-about operating systems anticipated at the event. Based on new rumors, there would be fewer extravagant design changes to how it looks as Apple is going deeper with this development.
Here are the top five features that many are expecting to arrive in the update.
Apple Intelligence

iOS 27 will reportedly bring a new wave of Apple Intelligence-powered features, including an AI-powered web search platform via Safari that Apple is building internally to compete with tools like Perplexity.
Apple recently finalized its deal with Google to use Gemini models for new Siri and Apple Intelligence features. This includes Siri gaining the ability to remember past conversations and offer proactive suggestions tied to your calendar and daily routines.
Potential Liquid Glass Revamp

iOS 26 introduced the Liquid Glass design, but it saw mixed reviews from the public as some loved it, while others disapproved of the new look.
That said, recent claims say that iOS 27 may feature a revamp to this design language and give users what they want. According to new reports, Apple has been working on a slider that will let users control the intensity of the Liquid Glass effect.
It was revealed that this feature was previously considered by Apple for the iOS 26 release cycle, but the company’s development ran into issues.
While no full redesign is expected, a slider would significantly help users who do not like the translucent effect that the Liquid Glass design delivered. That said, it remains unknown if the feature will make it to the iOS 27 build.
Siri Revamp
Various reports claim that Apple is planning to deliver massive upgrades to Siri in the upcoming unveiling of iOS 27 via WWDC 2026.
According to 9to5Mac, reports mentioned that an animated version of the Finder logo is being tested internally, alongside Memoji-like characters.
Combined with Gemini-powered features, Siri’s new features and technology may finally be the version that the world has been waiting for after massive delays plagued its development.
Foldable Features

Speculations have also claimed that the iPhone Fold is coming later this year. Because of this, reports are claiming that iOS 27 will bring new features that will accommodate the expanded screen of the device.
The device will reportedly have an approximately 7.8-inch inner display and a 5.5-inch outer display, similar to the iPad mini.
The iPhone Fold’s version of iOS 27 will reportedly give it side-by-side multitasking and let users have apps running on two separate windows, a feature that iPhones did not have before.
Bug Fixes
Apple’s primary goal with iOS 27 is quality and underlying performance. Engineers are going through the operating system looking for bloat to cut, bugs to fix, and ways to boost overall speed.
After several massive updates in a row, iOS 27 is Apple hitting the reset button before the next big push.
Originally published on Tech Times
Business
Costco and Many Retailers Shut for Holiday
Easter Sunday falls on April 5, 2026, prompting widespread retail closures across the United States as many major chains give employees the day off to observe the Christian holiday celebrating Jesus Christ’s resurrection. Shoppers scrambling for last-minute groceries, candy, baskets or household items should plan ahead, as several big-box and department stores will be shuttered while others maintain regular or modified hours.

Target stores will be closed nationwide on Easter Sunday, a consistent policy in recent years aimed at allowing associates time with family. The retailer, which operates nearly 2,000 locations, typically shuts its doors completely for the holiday, urging customers to complete purchases on Saturday or earlier in the weekend. Good Friday on April 3 will see most Target stores operating normal hours, providing a final window for Easter-related shopping.
Walmart, by contrast, plans to keep the vast majority of its stores open on Easter Sunday during regular business hours, which often run from early morning until late evening depending on location. The world’s largest retailer has made it a practice to remain accessible on major holidays for convenience, though some individual stores may adjust slightly based on local mall or shopping center policies. Shoppers should verify specific hours via the Walmart app or website, as variations can occur.
Costco warehouses and gas stations will be closed on April 5, 2026, as Easter is one of the seven annual holidays when the membership-based retailer shuts down entirely. This policy applies across U.S. locations, with warehouses typically open on Good Friday and Saturday for last-minute bulk purchases of groceries, meats, produce and other Easter essentials. Sam’s Club, a Walmart subsidiary, will also close its doors on Easter Sunday.
The pattern reflects a broader trend in American retail: many companies close on Easter to prioritize employee well-being and family time, while essential or high-volume retailers like Walmart stay open to serve communities. Grocery chains show mixed approaches. Aldi, Publix and H-E-B stores are expected to close, as will many regional players. Kroger and its affiliated banners, including Harris Teeter and Ralphs, generally plan to operate, though some locations may close early or offer reduced hours. Trader Joe’s and Whole Foods will be open in most areas, providing options for fresh produce, baked goods and prepared foods.
Home improvement retailers follow a similar split. Lowe’s will close all stores on Easter Sunday, while Home Depot is anticipated to remain open, often with shortened hours such as 8 a.m. to 6 p.m. at many locations. This allows customers to pick up last-minute items for outdoor gatherings, egg hunts or home projects tied to the long weekend.
Department and specialty stores lean toward closure. Macy’s, Nordstrom and Nordstrom Rack, Kohl’s, JCPenney, TJ Maxx, Marshalls and HomeGoods are among those expected to shut down, giving staff a rare full Sunday off. Best Buy, Dick’s Sporting Goods, Hobby Lobby, Michaels and Apple Stores will also close in observance of the holiday. Office Depot, OfficeMax, Staples and Burlington are similarly expected to remain dark.
Pharmacies and convenience options provide continuity for urgent needs. CVS, Walgreens and many Dollar General locations will stay open, though hours may be reduced compared to typical Sundays. Gas stations, 7-Eleven stores and some fast-food outlets like Wendy’s will operate normally, offering fuel, snacks and quick meals for families on the road or hosting gatherings.
Restaurants present another mixed picture. Chains such as Texas Roadhouse, The Cheesecake Factory, Yard House and Tim Hortons may open with standard or adjusted hours, while others could close or limit service to accommodate staff. Diners seeking brunch or family meals are advised to call ahead or check apps, as policies vary by location and franchise ownership.
The decision to close or open often stems from balancing customer demand with employee considerations. Retailers that close, such as Target and Costco, frequently highlight giving workers a paid holiday or extended family time. Those that remain open, like Walmart, emphasize convenience for shoppers who may need groceries, diapers, medications or other essentials during the four-day weekend that includes Good Friday and Easter Monday in some regions.
Shoppers in 2026 face additional context from ongoing economic pressures, including fluctuating fuel prices and cost-of-living concerns that have made careful budgeting important for holiday spending. Many families stock up earlier in the week or opt for online orders with curbside pickup where available. Walmart and Kroger, for instance, continue to offer robust digital services even on days when physical stores operate limited hours.
Regional variations and local laws can influence operations. In some states or municipalities, blue laws or local ordinances may further restrict alcohol sales or certain retail activities on Sundays and holidays. Independent or smaller businesses often follow their own schedules, with many choosing to close for the religious observance.
For those planning Easter activities — church services, egg hunts, family dinners or travel — advance preparation is key. Grocery lists should be completed by Saturday, when most closed stores will operate normal hours. Bulk retailers like Costco encourage members to shop Friday or Saturday for large quantities of ham, eggs, desserts and party supplies.
Retail analysts note that Easter closures have become more standardized in recent years as companies align policies around major holidays. Thanksgiving and Christmas see even broader shutdowns, but Easter remains a significant day for family-focused retailers to pause operations.
Government services, including most post offices and many motor vehicle offices, will also be closed on Easter Sunday, though some essential functions continue. Banks typically observe the holiday with no transactions, though ATMs and online banking remain available.
As April 5 approaches, consumers are urged to use store locators, mobile apps and official websites for the most accurate, location-specific information. Policies can shift due to unforeseen circumstances, and individual stores within a chain may differ slightly based on staffing or regional management decisions.
Easter 2026 offers a reminder of the balance between commerce and tradition. While Walmart provides a reliable open option for everyday needs, the widespread closures at Target, Costco and others underscore a collective pause for reflection and family. Shoppers who plan strategically — completing big purchases early and relying on open pharmacies or grocers for last-minute items — can navigate the holiday smoothly without disappointment.
In the end, whether hunting for chocolate bunnies, fresh flowers or a forgotten ingredient, knowing the landscape of open and closed stores helps turn potential frustration into a more peaceful celebration. Families across the country will mark the day in their own ways, supported by the retailers that choose to operate and resting those that do not.
Business
Turning Plans Into Real Impact
Big ideas are easy to talk about. The hard part is making them real.
Kevin Hayes has built his career on doing exactly that. From law to lobbying, he has taken ideas, shaped them into plans, and followed through until they produced results.
His path shows how discipline, trust, and steady execution can turn vision into long-term impact.
“Achieving goals starts with a plan,” Hayes says. “You have to stay disciplined and stick to it.”
Early Life and Education: Where the Mindset Began
Kevin Hayes grew up in Metairie, Louisiana. His early life was rooted in structure, education, and responsibility.
He attended Jesuit High School in New Orleans. After graduating in 1983, he went on to Louisiana State University. While at LSU, he ran for student government president and finished as runner-up.
That experience gave him an early look at leadership and public decision-making.
He later earned his law degree from Southern University Law Center in 1991. But his law school years were shaped by personal loss.
“I lost my father during my senior year of law school,” Hayes says. “Later, I lost my mother too. That changes how you think about your path.”
Those moments forced him to focus. They also pushed him to think long term and stay grounded in his values.
Early Career in Law and Government
Hayes began his career in public service. He worked as General Counsel for the Louisiana Senate Commerce Committee. This role gave him a close view of how laws are shaped and how decisions affect businesses and communities.
It also exposed him to the gap between ideas and execution.
In government, plans are discussed often. But not all of them are carried out well. Hayes noticed that early.
“Following through is everything,” he says. “If you say you’re going to do something, you do it.”
After his time in government, he moved into private practice. He became a partner at Roedel Parsons and later at Adams and Reese. These roles expanded his experience and gave him exposure to complex legal and business challenges.
But more importantly, they helped him refine his approach to problem-solving.
How Kevin Hayes Turned Strategy Into Action
Over time, Hayes shifted toward lobbying and strategic advisory work. This move allowed him to focus on turning ideas into real outcomes.
Today, as the owner of Hayes Strategic Solutions LLC, he works with clients who need to navigate policy, regulation, and legislative processes.
His role is not just to advise. It is to help move things forward.
That often includes testifying at the legislature and helping shape how policies are understood and applied.
“Credibility and being trustworthy matter more than anything,” Hayes says. “People need to know you will follow through.”
This approach has helped him build long-term relationships. In fields like law and lobbying, trust is not built quickly. It comes from consistent action over time.
What Makes Big Ideas Work in Practice
Many professionals have ideas. Fewer know how to execute them.
Hayes believes the difference comes down to discipline and structure.
He relies on habits that keep him focused. He journals. He plans. He tracks progress. These small actions help him stay aligned with long-term goals.
“Lots of journaling and planning,” he says. “That’s how I stay on track.”
He also believes in staying grounded, especially when working on complex issues.
“Prayer, sticking to my plan, and trusting the outcome,” Hayes explains.
This mindset helps him handle uncertainty. It also allows him to stay consistent, even when results take time.
Leadership Roles and Industry Influence
Hayes has not only built a career. He has also shaped the professional community around him.
He has served in key leadership roles, including:
- President of the Baton Rouge Bar Association
- President of the Louisiana Association of Louisiana Lobbyists
- Chairman of the Young Lawyers Section
He has also served on the Board of Directors for the Association of Louisiana Lobbyists and contributed to the Center for Law and Civic Education.
These roles reflect his ability to turn leadership ideas into real initiatives that support others in the field.
He has also received recognition for his work. This includes the Outstanding Young Lawyer of Louisiana award in 2001 and the Judge Joseph Keogh Award in 2002.
Still, Hayes keeps his perspective simple.
“Humble is how I try to stay,” he says.
A Career Built on Trust and Follow-Through
At the core of Hayes’ career is a simple idea: do what you say you will do.
That idea may sound basic, but it is often overlooked in fast-moving industries.
Hayes has built his reputation by focusing on consistency rather than short-term wins.
“I want to be able to sleep at night knowing I have done the right thing,” he says.
This focus on integrity has shaped both his career and his approach to clients.
Outside of work, Hayes stays connected to his personal values. He enjoys hunting, fishing, and spending time outdoors. He is also active in church and professional organizations.
His family plays a central role in his life.
“My children are a big part of why I do what I do,” he says.
Why Kevin Hayes Baton Rouge Stands Out
Kevin Hayes’ career shows that big ideas only matter when they are followed by action.
He has taken lessons from law, government, and leadership and applied them in a practical way. His work focuses on turning plans into results.
His approach is clear:
- Build a plan
- Stay disciplined
- Follow through
- Stay grounded
Over time, that approach has created lasting impact.
In a field where many talk about change, Hayes has focused on making it happen.
Business
Venomous Snakes Shift Toward Australia’s Populous East Coast as Climate Changes, Study Warns
Highly venomous snakes long associated with Australia’s remote arid interior are projected to expand their ranges southward toward densely populated coastal regions, increasing potential encounters with humans in backyards, parks and suburbs along the east coast, according to a major international research project published this week.

The findings, detailed in a study tracking medically important venomous snake species worldwide, highlight how rising temperatures and shifting climate patterns are rendering traditional inland habitats less suitable while creating more favorable conditions in cooler, wetter coastal zones. Researchers warn that species such as the eastern brown snake could become more common in areas from Queensland through New South Wales to Victoria by 2050, raising public health concerns even as Australia’s snakebite fatality rate remains among the world’s lowest.
The international project examined the future distributions of 508 medically significant venomous snakes — those capable of causing severe illness, death or long-term disability in humans. In Australia, the analysis focused on key species including the eastern brown snake, one of the country’s most medically important reptiles responsible for the majority of serious bites. Models project its range contracting in the hot, dry center while expanding south and east along the populated seaboard where millions of Australians live.
Climate change is the primary driver, researchers said. As global temperatures rise, arid inland areas may become too hot or dry for some snake populations, pushing them toward coastal regions that offer more stable moisture, moderate temperatures and abundant prey. The east coast, home to major cities including Sydney, Brisbane and Melbourne, along with sprawling suburbs and national parks, sits directly in the path of these projected shifts.
Experts emphasize that “migration” in this context refers to gradual range expansion rather than sudden mass movements. Snakes do not undertake long-distance journeys like birds or mammals but slowly colonize new areas as conditions allow over decades. Still, the implications for human-snake interactions could be significant in a country already known for its diverse and potent reptile fauna.
Australia hosts some of the world’s most venomous snakes, including the inland taipan — often cited as the most toxic land snake — the coastal taipan and the eastern brown. While fatalities average fewer than two per year nationwide thanks to excellent antivenom availability, rapid medical response and public education, increased encounters could strain resources and heighten anxiety in urban and suburban communities.
Snake catchers in Queensland and New South Wales already report busy seasons, with warmer winters reducing periods of brumation — a reptilian form of hibernation — and keeping snakes active longer. One professional in southern Queensland has handled dozens of calls on peak days, removing venomous species from homes, pools and gardens. Urban sprawl into bushland edges further blurs the line between wild habitats and human spaces.
The new study builds on earlier research into climate impacts on reptiles and aligns with global patterns showing venomous snakes shifting toward higher latitudes and more populated zones. In other regions, similar movements could expose unprepared communities to unfamiliar species, complicating treatment. For Australia, the focus remains on familiar but dangerous locals potentially appearing in greater numbers farther south.
Public health officials and herpetologists urge calm alongside vigilance. Most snakes prefer to avoid humans and will only bite in self-defense. Simple precautions — wearing sturdy boots and long pants in bushy areas, using torches at night, keeping yards clear of debris and supervising children and pets — can dramatically reduce risks. Residents encountering snakes are advised not to approach or attempt to kill them but to contact professional snake catchers or wildlife services for safe removal.
Antivenom stocks remain robust, and Australian hospitals are well-equipped to treat bites from local species. The eastern brown, for instance, delivers a potent neurotoxic and coagulopathic venom, but prompt pressure immobilization bandaging and hospital care yield excellent outcomes in most cases.
Environmental scientists note that habitat loss and human encroachment already influence snake distributions more immediately than long-term climate projections. Urban development fragments landscapes, while agriculture and fires alter prey availability. Snakes may seek refuge or hunting grounds in parks, golf courses and even suburban gardens as natural areas shrink.
The study’s authors call for proactive measures, including enhanced public education campaigns, monitoring programs to track range shifts and investment in research on snake ecology under changing conditions. They also stress the importance of preserving biodiversity corridors that allow species to move naturally without increasing conflict.
For everyday Australians, the message is preparation rather than panic. Ophidiophobes — those with intense fear of snakes — may find the news unsettling, but experts point out that Australia records far fewer snakebite deaths annually than many tropical nations despite its fearsome reputation. Effective healthcare and widespread awareness play key roles.
Coastal communities in southern New South Wales and Victoria could see more frequent sightings of species previously rarer in those latitudes. Warmer summers and milder winters may extend snake activity seasons, overlapping more with human outdoor recreation periods such as hiking, camping and gardening.
Tourism operators in regional areas have mixed reactions. While some fear negative publicity could deter visitors, others note that Australia’s unique wildlife remains a draw for many international travelers when managed responsibly. National parks already provide guidelines on snake safety, and guided tours often include education on respectful coexistence.
Broader climate impacts on Australian reptiles extend beyond venomous species. Some non-venomous snakes and lizards face range contractions, while others may thrive. Overall biodiversity could suffer if specialized habitats disappear faster than species can adapt.
Researchers used sophisticated modeling incorporating multiple climate scenarios to project distributions to 2050 and beyond. While uncertainties remain — including the exact pace of warming and human adaptation responses — the directional trend toward coastal expansion appears consistent across models.
Wildlife organizations and government agencies are expected to review the findings and update guidelines. Snake relocation services may see sustained demand, and apps or hotlines for reporting sightings could expand.
In the meantime, Australians are reminded that snakes play vital ecological roles as predators controlling rodent and insect populations. Removing them indiscriminately disrupts local balances and is often illegal without proper permits.
The global study underscores a wider truth: climate change reshapes ecosystems in complex ways, sometimes bringing wildlife closer to human populations. In Australia, with its vast interior and concentrated coastal living, the east coast shift highlights the need for balanced urban planning, habitat conservation and community preparedness.
As temperatures continue their upward trajectory, monitoring and education will be crucial to minimizing risks while respecting the place of these ancient reptiles in the Australian landscape. For now, the advice remains straightforward: look where you step, keep your yard tidy and call professionals when snakes appear — rather than attempting heroic removals.
The research, published in a leading journal focused on neglected tropical diseases, serves as both warning and call to action. With careful management, Australia can continue its record of low snakebite mortality even as distributions evolve.
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