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Navigating Thailand’s Power Generation Transition While Balancing the Energy Trilemma
“Promoting a low-carbon society by announcing that Thailand will achieve the goal of net-zero greenhouse gas emissions by 2050 (2050) to cope with international trade and climate change by promoting and supporting the use of clean energy such as solar energy in communities and government agencies, the use of electric vehicles and public transportation, as well as increasing energy efficiency, especially in the industrial sector.” The Prime Minister delivers the Cabinet’s Policy Statement (September 29, 2025 at the National Assembly)
The Government’s policy statement reflects the government’s commitment to support and promote the reduction of greenhouse gas emissions.The power generation sector will be pivotal in helping Thailand achieve its Net Zero 2050 goals, as electricity production is projected to become the country’s largest source of greenhouse gas emissions by 2024, contributing 38% of the total emissions. This article explores the ways in which the power generation sector can achieve its goals. Net zero 2050 without breaking the “energy trilemma” or energy balance triangle.
What is energy trilemma? Why do you care?
The energy trilemma is a conceptual framework for energy policy design that is used by energy policymakers around the world. The design of energy policies must maintain a balance between 1) sustainability, 2) energy security, and 3) affordability. For example, if policymakers are primarily focused on achieving sustainability or security goals. Without taking into account the cost impact, it may increase energy prices and negatively affect electricity users in both the household and industrial sectors. In Thailand, this concept has been applied and measured as the Energy Trilemma Index (ETI).
According to the data on Thailand’s Energy Balance Index for the period 2016-2024, which is between 0 (the lowest balance index) and 5 (the largest balance index), the Environmental Sustainability Index is likely to increase from 3.17 in 2016 to 3.76 in 2024 due to the continuous higher proportion of renewable energy and renewable energy from the past. Energy security is likely to stabilize from 3.73 in 2016 to 3.76 in 2024 due to the high level of electricity access by the people nationwide and the high amount of electricity reserves. In terms of affordable prices, the index has decreased considerably from 3.46 in 2016 to 2.79 in 2024 due to the increase in electricity costs in Thailand due to the recent increase in natural gas prices. This is coupled with the high cost of electricity from the ready payment (money paid to power plants even if there is no electricity generation) for power plants to ensure the stability of the power system, as well as the payment of subsidies to renewable energy producers to promote sustainability and increase the proportion of renewable energy. Therefore, it can be seen that focusing on the implementation of policies in one dimension will also have an impact on other dimensions in the energy trilemma, for example, accelerating the transition to clean energy may help increase sustainability, but if there are no supporting measures, it may affect the cost of electricity (affordability) and affect the stability of the electricity system that must be managed by the volatility of renewable energy (Security). In order to ensure that the country’s energy transition is balanced and does not create a burden on all sectors in the country according to the framework of the energy trilemma.
Environmental Sustainability: Renewable Energy is the Answer
Energy Security: Technology and Distribution of Energy Sources An aid that meets the needs of securityIncreasing electricity from renewable energy is an important approach to help meet the needs of environmental sustainability. For example, generating electricity from natural gas that emits about 0.48 tonnes of CO2 per megawatt hour (t-CO2e/MWh) and from coal that emits up to 0.90 tonnes of CO2 per megawatt hour (t-CO2e/MWh) is different from electricity generation from renewable and nuclear power (SMR) with zero greenhouse gas emissions. Promoting new renewable and clean energy projects such as nuclear power plants (SMRs) is essential to help the power generation sector reduce greenhouse gases to zero. This is reflected in the draft Electricity Generation Target Plan to Achieve Net Zero by 2050 prepared by the Department of Climate Change and Environment and the Research Unit on Sustainable Energy and Built Environment at Thammasat University. Renewable energy is expected to increase from 23% (54 TWh) in 2025 to 58% (327 TWh) in 2050, and in the period 2030-2050, new clean energy technologies will contribute more to electricity generation, such as hydrogen fuel and nuclear power (SMR), with electricity from nuclear and hydrogen energy accounting for 6% (16 TWh) in 2030 and increasing to 16% (87 TWh) in 2050. In Figure 2, the proportion of electricity from natural gas and coal is declining, with electricity from natural gas decreasing from 58% (136 TWh) in 2024 to 26% (146 TWh) in 2050, while coal-fired electricity will decrease from 19% (45 TWh) in 2024 to zero in 2050. Evaluation of cost-effectiveness and production costs, including impact studies on communities and the environment.
Electricity generation from renewable energy will help meet the needs of environmental sustainability, but there are limitations that reduce the stability of transmission lines and power grids. Fluctuations in electricity quality from renewable energy that depend on weather and seasonality. For example, solar energy can only generate electricity during daylight hours or about 5-6 hours a day, and can only produce electricity at peak efficiency during periods of high solar intensity. If there are clouds that obscure the sun, such as the rainy season with a lot of clouds, it will reduce the efficiency of solar power generation. Because natural gas and coal can be stored and reserved to generate electricity 24 hours a day, the electricity obtained is of good quality from the production process that can be controlled to ensure the stability of electricity. However, with today’s advanced technology, SCB EIC found that there are at least three types of technologies that can help solve the problem of grid instability caused by renewable energy generation. As follows:
1) Battery Energy Storage System (BESS) technology: This technology helps to store electricity from renewable energy produced at different times so that it can be used throughout the day or during times of high electricity demand. For example, in many countries that use BESS to increase electricity security, such as the Waratah Super Battery project in Australia that installed up to 700 MW of BESS to increase the stability of the power grid by increasing electricity from renewable energy instead of decommissioning coal-fired power plants in New South Wales, and the Henan grid-side project in China that uses BESS for backup power during peak load times and emergency response, etc. In Thailand, BESS has already been applied to work in tandem with electricity generation from solar farms, such as the Solar + BESS project with a power sale agreement of 121 MW of GULF Group companies that have started generating electricity and selling it to ELECTRIC in 2025.
2) Smart grid technology that will work with renewable energy and battery power plants to increase “electrical stability”, especially in regional electricity consumption or areas remote from the main power grid. For example, in Australia. It is the country with the most smart grid installations in the world, both experimentally and commercially, such as the Western Downs + Broken Hill project with a total capacity of more than 320 MW. In order to strengthen the stability of the power grid by increasing electricity from solar farms in Queensland, etc.
3) Demand Response (DR) technology will help to visualize the overall picture of electricity demand and electricity production in various sources (Supply), from large-scale power plants down to household electricity generation from solar rooftops, so that they can participate in electricity generation to meet demand. For example, the DR installation project in 45 states in the U.S. provides real-time electricity demand awareness, allowing the government to manage electricity production and distribution to meet demand and reduce energy losses in the grid.
Increasing the proportion of electricity generation from renewable energy must be done in parallel with diversifying energy sources. This is to reduce the risk in the event that electricity generation from renewable energy is problematic and reduce the risk of the country’s supply and import of fossil fuels. For example:
- Sourcing fuel from a variety of producers and procurement plans to reduce the risk of energy imports, such as: Providing natural gas from multiple suppliers and increasing domestic natural gas production will reduce the risk of fluctuating natural gas import prices and affect the cost of electricity generation.
- Develop a Small Modular Reactor (SMR) nuclear power plant as a baseload power generation source as a new alternative to natural gas and coal power plants in the long term.
Strengthening energy security is an important priority for countries such as Singapore and Japan to have a fuel reserve storage strategy to reduce the risk of fluctuating energy import prices and promote the use of hydrogen as a substitute for natural gas in the long term and in emergencies.
Affordable prices (energy wealth) – High electricity costs drag on energy wealth. Therefore, it must be managed in parallel with the investment in new technology.
Electricity costs are likely to increase due to the adoption of new technologies with high production costs. Although it meets the needs of security and sustainability, it will affect the wealth that is the cost of energy for the country. Although the cost of generating electricity from renewable energy tends to decrease and is lower than the cost of generating electricity from fossil fuels, investment in new technologies to make the power system stable and sustainable. This will increase the cost of electricity production. For example, according to the draft PDP 2024 Power Generation Capacity Development Plan, the electricity bill is likely to increase from 3.76 baht per unit in 2030 to 3.98 baht per unit in 2037 due to the introduction of new clean energy technologies for electricity generation, such as the introduction of hydrogen as a fuel to replace natural gas in electricity generation in 2030, the investment in the BESS energy storage system for the power grid and the start of use in 2032, and the start of nuclear power generation (SMR) in 2037. The government must take measures to accommodate the increase in electricity bills in the future because the increase in electricity costs will affect many dimensions, including the cost of living of the people and business costs, as well as the country’s competitiveness. If you compare the electricity tariff for Thailand’s large-scale industrial sector (group with investment plans in Thailand) with other countries in the ASEAN region by 2025, it will be found that Thailand has an average electricity tariff of about 3.55 baht per unit, which is the fourth highest among the 10 countries in the ASEAN group. If Thailand’s electricity bill tends to increase in the next period, it will reduce the country’s competitiveness, and the government is the main agency that must manage the cost of electricity production appropriately during this transition. It is believed that from the Net zero goal, Thailand must increase clean energy technology and make electricity bills tend to rise. The government can alleviate this problem through at least three actions:
1) Supply domestic fuel in a higher proportion to reduce the import of high-priced fuels, such as the supply and production of natural gas in the Gulf of Thailand. Procurement of alternative fuels such as biogas for use in natural gas power plants, etc.
2) Purchase electricity from renewable energy at a lower price in line with the trend of declining electricity production costs in the future, such as solar energy, which is expected to reduce the cost of electricity generation to 1.1 baht per unit in 2030 and to 0.7 baht per unit in 2050, etc.
3) Enable Direct PPA (pilot project to trade electricity from renewable energy directly between data center operators and power producers) and Third Party Assessment (TPA) (allowing third parties or power producers to connect electricity to the power grid). This will not affect the electricity bills of the public and other businesses due to the government’s charging for power grid services by separating the costs arising from the investment in the new power grid in the areas where the new industrial groups are investing. Such an approach will be able to meet the needs of new industries that need clean electricity to achieve Net zero, which will encourage investment while not affecting the country’s overall electricity bill.
After all, Thailand is moving towards Net Zero 2050, which will affect all three dimensions of the energy trilemma: sustainability, security, and prosperity. But the transition also requires investment to strengthen the stability of the power system. Whether it is BESS investment, strengthening network management capabilities, and SMR development, these are all factors that may affect electricity costs and inevitably affect energy wealth. Therefore, SCB EIC has proposed three ways to help revive energy wealth. These approaches will help Thailand pursue a balanced energy transition between sustainability, security, and prosperity, while maintaining the country’s competitiveness amid increasingly fierce business competition and rapidly increasing demand for clean energy in the future.
Published in the Journal of Banking and Finance, the financial tidbit column for March 2026.
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Star-Studded Lineup Revealed for 2026 World Cup Opening Ceremonies and Final Halftime Show
NEW YORK — FIFA has unveiled an ambitious roster of global music stars for the 2026 World Cup, featuring multiple opening ceremonies across the three host nations and the tournament’s first-ever halftime show during the final. The performances aim to celebrate the expanded 48-team tournament’s cultural diversity and deliver a spectacle matching its historic scale.
The 2026 FIFA World Cup, co-hosted by the United States, Canada and Mexico, will kick off with three separate opening ceremonies on June 11-12. Each host nation will present tailored lineups reflecting regional musical influences while showcasing international appeal.
United States Opening Ceremony (SoFi Stadium, Los Angeles) Katy Perry will headline the U.S. portion ahead of the United States vs. Paraguay match. She will be joined by a high-profile lineup including BLACKPINK’s LISA, who makes history as the first K-pop female solo artist to perform at the World Cup. Brazilian superstar Anitta, Nigerian artist Rema, Atlanta rapper Future, and South African sensation Tyla round out the bill. DJ Sanjoy is also expected to contribute.
Mexico Opening Ceremony (Estadio Azteca, Mexico City) Mexico’s ceremony features a strong Latin music focus. Headliners include rock band Maná, Alejandro Fernández, Belinda, J Balvin, Lila Downs, Los Ángeles Azules and Danny Ocean. Tyla will also perform here, bridging African and Latin influences.
Canada Opening Ceremony (Toronto) Canada’s event emphasizes homegrown talent alongside international acts. Michael Bublé, Alanis Morissette and Alessia Cara lead the lineup. Additional performers include Elyanna, Jessie Reyez, Nora Fatehi, Vegedream, William Prince and Sanjoy.
The opening ceremonies will feature performances of songs from the official World Cup album, including the collaborative track “Goals” by LISA, Anitta and Rema. Shakira is also widely expected to contribute to the overall musical programming, building on her history with previous tournaments.
Historic Final Halftime Show For the first time, the World Cup final on July 19 at MetLife Stadium in New Jersey will include a dedicated halftime show. Madonna, Shakira and BTS will co-headline the performance, curated by Coldplay frontman Chris Martin in partnership with Global Citizen. The show aims to raise funds for the FIFA Global Citizen Education Fund. Characters from Sesame Street and The Muppets are also expected to appear.
This star power reflects FIFA’s strategy to maximize global viewership and cultural impact. The 2026 tournament, the largest in World Cup history with 48 teams, provides an unprecedented platform for artists to reach billions of viewers.
Industry analysts note the strategic value of these performances. Katy Perry and LISA bring mainstream pop and K-pop appeal, while regional stars like Maná, J Balvin and Michael Bublé ensure strong local engagement. The inclusion of African and Latin artists underscores the tournament’s multicultural ethos.
Preparation for the ceremonies has involved months of coordination across host cities. Each event is expected to last approximately 15-20 minutes, blending music, cultural elements and World Cup branding. Rehearsals are already underway in several venues.
The announcement has generated significant excitement on social media. Fans have praised the diversity of the lineup, particularly the mix of established icons and rising global stars. Discussions around LISA’s participation and the historic halftime show have trended heavily since the reveals in early to mid-May 2026.
FIFA officials emphasized that additional performers may be announced closer to the events. The current lists represent confirmed and strongly reported artists, with potential for expansions as final preparations advance.
The 2026 World Cup musical programming continues a tradition of high-profile entertainment dating back to previous tournaments, while introducing new elements suited to the multi-nation format. Organizers hope these performances will enhance the fan experience both in-stadium and for global television audiences.
As the tournament approaches, anticipation continues to build. The combination of elite athletic competition and world-class musical talent positions 2026 as potentially the most entertaining World Cup yet. From the opening ceremonies in mid-June to the grand finale in July, music will play a central role in unifying audiences worldwide.
The full impact of these performances will only be realized once the events unfold, but early indications suggest they will deliver memorable moments that extend far beyond the pitch. For now, fans and industry observers eagerly await further details and any last-minute additions to what is already shaping up as an extraordinary celebration of sport and culture.
Business
10 Reasons GameStop Is Pursuing eBay Acquisition in 2026
NEW YORK — GameStop Corp.’s unsolicited $55.5 billion bid to acquire eBay Inc. in early May 2026 has stunned Wall Street, raising questions about the video game retailer’s bold strategy under CEO Ryan Cohen. While eBay swiftly rejected the offer as “neither credible nor attractive,” the proposal highlights GameStop’s ambition to evolve beyond traditional retail. Here are 10 key reasons driving the company’s interest in combining with the e-commerce giant.
1. Synergies Between Physical Stores and Online Marketplace GameStop operates approximately 1,600 retail locations across the United States that could serve as physical hubs for eBay. The proposal envisions using these stores for product authentication, intake, fulfillment and live commerce events. This hybrid model would give eBay a national network it currently lacks, potentially accelerating delivery times and building consumer trust in secondhand and collectibles markets.
2. Expansion into Collectibles and Resale Markets Both companies have strong footholds in gaming, trading cards and collectibles. GameStop’s expertise in these categories could enhance eBay’s offerings, creating a more robust platform for enthusiasts. The combination would position the merged entity as a dominant player in the growing resale economy, competing more effectively with platforms like Amazon and specialized marketplaces.
3. Cost-Cutting Opportunities GameStop has identified significant efficiency gains. The proposal suggests $2 billion in annualized cost reductions within the first year through streamlined operations, reduced marketing spend and headcount optimization. These savings could improve eBay’s profitability while leveraging GameStop’s leaner operational approach.
4. Leveraging GameStop’s Cash Reserves and Financing With roughly $9.4 billion in cash and liquid investments as of early 2026, plus commitments for substantial debt financing, GameStop aims to fund half the deal in cash and half in stock. This structure allows the company to use its elevated valuation as acquisition currency while minimizing immediate dilution risks.
5. Transformation from Meme Stock to Technology Platform The acquisition would accelerate GameStop’s pivot from a declining brick-and-mortar retailer to a diversified technology and e-commerce player. By acquiring eBay’s established marketplace infrastructure, GameStop could reinvent itself in the eyes of investors and reduce reliance on volatile video game sales cycles.
6. Access to eBay’s Massive User Base eBay boasts over 135 million active buyers. Integrating GameStop’s loyal customer community with this scale would create immediate cross-selling opportunities and strengthen data analytics capabilities for personalized recommendations and targeted marketing.
7. Competitive Positioning Against Amazon Cohen has framed the deal as a way to build a stronger alternative to Amazon. Combining GameStop’s retail footprint with eBay’s online reach could create a formidable hybrid competitor, particularly in gaming, electronics and collectibles categories where both companies already compete.
8. Monetizing GameStop’s High Stock Valuation Trading at elevated multiples due to its meme stock status, GameStop can use its shares as valuable currency in the deal. This approach allows the company to acquire a much larger business while potentially delivering long-term value to shareholders through synergies.
9. Diversification Beyond Gaming The video game industry faces cyclical challenges and console transition risks. Acquiring eBay would provide exposure to broader e-commerce categories including fashion, home goods and automotive parts, reducing GameStop’s dependence on a single sector.
10. Long-Term Vision for Omnichannel Retail Cohen’s strategy emphasizes building a sustainable omnichannel ecosystem. eBay’s marketplace technology paired with GameStop’s physical presence could pioneer new models for live shopping, in-store pickup and authenticated resale, creating a differentiated customer experience in an increasingly digital retail landscape.
eBay’s board rejected the proposal on May 12, 2026, citing concerns over financing credibility and strategic fit. GameStop holds approximately a 5-6% stake in eBay and has signaled it may pursue further actions, including direct engagement with shareholders. The bid remains non-binding, and the outcome remains uncertain as of late May.
The proposal has sparked intense debate among analysts. Some view it as a visionary move to capitalize on retail transformation trends, while others question the financial feasibility and cultural integration challenges between the two organizations. Regardless of the final result, GameStop’s aggressive pursuit underscores Cohen’s activist-style approach to reshaping the company’s future.
The retail sector continues to evolve rapidly amid shifting consumer behaviors and technological advancements. GameStop’s bid for eBay represents one of the more audacious attempts by a traditional retailer to leapfrog into e-commerce leadership. As negotiations and potential next steps unfold, the situation will be closely watched by investors, competitors and industry observers alike.
While the immediate path forward remains unclear, the proposal has already elevated discussions about the future of hybrid retail models and the role of physical stores in an increasingly online world. GameStop’s willingness to challenge much larger players highlights the disruptive potential still present in legacy retail brands with strong leadership and creative vision.
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Search for Mother Nancy Enters 4th Month with No Arrest Despite DNA Leads
The search for Nancy Guthrie, the 84-year-old mother of “Today” show co-host Savannah Guthrie, approaches four months with authorities confirming the investigation remains active and they anticipate an eventual arrest, though no suspect has been publicly identified.
Guthrie was last seen around 9:45 p.m. on Jan. 31 after a family member dropped her off at her home in the Catalina Foothills area north of Tucson following dinner. She was reported missing the next day when she failed to appear at a friend’s house to watch a church service online.
Pima County Sheriff Chris Nanos has repeatedly expressed confidence in solving the case. On the 100-day mark, May 12, he told local station KOLD-TV that investigators would make an arrest “at some point in time” and were not giving up.
“We’re not going to give up on it just because it’s been 100 days,” Nanos said.
More recently, Nanos told outlets that his team is “getting closer,” citing ongoing DNA analysis from labs working on evidence recovered from the home. He confirmed some evidence is being withheld from the public to protect the investigation.
FBI footage and forensic efforts
The FBI released doorbell camera footage on Feb. 10 showing a masked and armed individual at Guthrie’s home in the early morning hours around the time of her disappearance. Mixed DNA, including a hair sample, is being analyzed at the home, along with other items like gloves found nearby.
Authorities have ruled out Guthrie family members as suspects. Nanos previously described the family as “nothing but cooperative and gracious and are victims in this case.”
A combined reward of $1.2 million is offered for information leading to her recovery. Tips continue to come in, though the high volume in the early weeks has slowed.
Recent searches in the surrounding Sonoran Desert terrain turned up human remains on May 7, but experts determined they were prehistoric — hundreds to 1,000 years old — and unrelated to the case. University of Arizona anthropologist James T. Watson examined the bones and artifacts, which were returned to the Tohono O’odham Nation.
Family’s public appeals
Savannah Guthrie marked her first Mother’s Day without her mother with an emotional Instagram Reel on May 10. The video compilation featured family photos and clips over the years, including one where Nancy says, “Miss you.”
In the post, Savannah expressed unwavering resolve. “We will never stop looking for you,” she wrote.
The Guthrie family has released multiple public statements and videos pleading for her safe return. Early in the investigation, they indicated willingness to meet any demands to bring her home safely.
Savannah has since returned to her role on “Today” after stepping away briefly, though the case continues to weigh heavily on the family. Reports indicate she has hired private investigators to supplement official efforts.
Challenges in the investigation
The case has drawn intense national attention due to Savannah Guthrie’s prominence as a co-anchor on NBC’s flagship morning program. Despite that spotlight, progress has been slow in the rugged desert landscape around Tucson, where hiding a person or evidence presents significant difficulties.
Nanos has faced scrutiny over his leadership amid the investigation, including allegations related to his past disciplinary record and a recent $25 million lawsuit involving jail healthcare issues. However, efforts to remove him from office have so far failed.
Investigators continue to review tips and work with federal partners. The sheriff’s department and FBI maintain that the case is not cold and that leads are still being actively pursued.
Details shared by the family paint a disturbing picture: Nancy disappeared in her pajamas without shoes or her medication, with reports of a propped-open door, blood on the doorstep and a disturbed security camera.
Community and law enforcement response
The quiet Catalina Foothills neighborhood has seen heightened activity in the months since the disappearance. Neighbors have been asked to review home security footage, and the area remains under periodic patrol.
As of late May, no new public appeals for specific information have been issued, but officials stress that even small details could prove significant. The investigation involves multiple agencies, with the FBI playing a key role in forensic analysis and tip coordination.
The prolonged uncertainty has taken an emotional toll. Savannah Guthrie and her siblings — Annie and Camron — have spoken of their deep love for their mother and the pain of not knowing her whereabouts. Nancy, a widow since 1988, was known for her close family ties and community involvement.
Ongoing calls for information
Anyone with information is urged to contact the Pima County Sheriff’s Department tip line at 520-351-4900 or the FBI tip line at 1-800-CALL-FBI. Tips can also be submitted anonymously through official channels.
The case highlights vulnerabilities for elderly residents living alone, even in affluent areas. Security experts have noted the importance of robust home monitoring systems following the doorbell camera evidence.
As the four-month mark arrives on Monday, June 1, the family and investigators continue to hold out hope for Nancy Guthrie’s safe return or a breakthrough that brings closure. The $1.2 million reward stands as one of the largest in recent Arizona missing persons cases, underscoring the urgency.
Pima County officials and the Guthrie family have thanked the public for continued vigilance. While media interest has fluctuated, the commitment from law enforcement remains steady, with Nanos reiterating his team’s dedication.
“We fully 100 percent believe that” the case will be solved, he said in a recent interview.
The disappearance of Nancy Guthrie serves as a stark reminder of the challenges in high-profile abduction cases where initial evidence does not quickly yield a suspect. For now, the search continues across Tucson and beyond, with authorities and family refusing to relent.
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Julian Lin is a financial analyst. He finds undervalued companies with secular growth that appreciate over time. His approach is to look for companies with strong balance sheets and management teams in sectors with long growth runways.
Julian is the leader of the investing group Best Of Breed Growth Stocks where he only shares positions in stocks which have a large probability of delivering large alpha relative to the S&P 500. He also combines growth-oriented principles with strict valuation hurdles to add an additional layer to the conventional margin of safety. Features include: exclusive access to Julian’s highest conviction picks, full stock research reports, real-time trade alerts, macro market analysis, individual industry reports, a filtered watchlist, and community chat with access to Julian 24/7. Learn more.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of AFRM 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.
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