Robo (Translation) Cops; Rich Pay Later, Too; More Investing News
Let's scan through the headlines for the stories of the week that speak to our Pro Portfolio holdings.
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It's not only the financially struggling who buy now and pay later -- the wealthy are doing it, too. Cops are using body cameras that offer near instant language translation. And more people are living with their parents, relatives and even strangers. These are a few of the headlines we've collected as we hunted for reports this past week that speak to our investments in the Pro Portfolio.
In fact, we've collected more than 25 individual "signals" to share this week. The reports should inform you about the holdings in the Portfolio. If you’ve come across a signal we should know about, be sure to drop a link in the Comment section below.
Aging Population
The recovery in patient volumes following the postpandemic slowdown and the aging population has led to higher utilization across all care segments. Growth has been strongest in pre-acute settings such as ASCs and urgent care centers, driven by site-of-care shifts. Post-acute care segments—particularly home health and hospice—have also seen substantial growth, largely due to population aging. Read more here
Position: Labcorp (LH) ; Welltower (WELL)
Artificial Intelligence
Procurement functions are rapidly shifting from manual, paper-based workflows to artificial intelligence-driven systems that speed execution and surface deeper commercial insights. According to research quoted by Oracle, AI can reduce the time to complete common procurement tasks like processing contracts or purchase orders by up to 80%, freeing teams from routine work. Read more here
AI is a key accelerant in the healthcare procurement ecosystem. Healthcare systems generate enormous volumes of procurement data, but historically, they’ve used very little of it. Spreadsheets and static forecasts ruled the day, even as supply environments grew more volatile. Legacy systems, regulatory complexity and cultural inertia remain endemic bottlenecks to progress. But as procurement decisions ripple directly into cash flow, operating margins and clinical performance, the trajectory for healthcare’s B2B supply chains is one of modernization. Inventory has always been healthcare’s necessary evil… AI is helping end that compromise. Read more here
Enterprise AI adoption has reached unprecedented levels in 2025. In fact, nearly nine in ten companies now report using AI in at least one business function. This broad uptake is a global phenomenon. More than 80% of firms are using AI in some capacity, and more than 90% plan to increase their AI investments further. Yet, high adoption does not mean AI initiatives are easy or fully delivering value. Many organizations still struggle with common challenges such as scaling promising AI pilots, finding the right talent, integrating AI into legacy systems, and managing the risks that come with AI. Read more here
Position: Alphabet (GOOGL) , Amazon (AMZN) , Arista Networks (ANET) , Axon (AXON) , Meta (META) , Microsoft (MSFT) , ServiceNow (NOW) , SuRo Capital (SSSS)
Cash-Strapped Consumer
Pay later is no longer a niche solution for cash-strapped consumers, as high earners increasingly use credit card installment plans to manage spending with precision and control… While buy now, pay later (BNPL) remains part of the mix, credit card installment plans are gaining momentum among higher-income users who already have access to traditional credit and are choosing structured payments for strategic reasons. Read more here
Position: Amazon, Costco (COST) , TJX Companies (TJX)
Cybersecurity, Data Privacy & Digital Identity
U.S. digital investment advisor Betterment confirmed that hackers breached its systems and sent fake crypto-related messages to some customers… The company has more than one million customers, for whom it manages $65 billion in various assets. The platform is a mix between automated investment and financial advice services, and is considered one of the pioneers in the U.S. "robo-advisory" sector. Read more here
Belgian hospital AZ Monica was forced to shut down all servers, cancel scheduled procedures, and transfer critical patients earlier today due to a cyberattack. The hospital, which operates campuses in Antwerp and Deurne, disconnected all servers at 6:32 AM after its systems were hit. The cyberattack also forced the hospital to suspend all scheduled procedures on Tuesday… Read more here
The Kyowon Group (Kyowon), a South Korean conglomerate, disclosed that a cyberattack has disrupted its operations and customer information may have been exposed in the incident… Kyowon is a well-established South Korean conglomerate specializing in education and publishing, digital learning tools, hospitality, and various consumer services. According to Korean media, there are over 9.6 million accounts registered with the company, corresponding to about 5.5 million people, who may have had their information exposed to hackers. Read more here
Position: Alphabet, First Trust Nasdaq Cybersecurity ETF, Microsoft
Digital Infrastructure
According to a report Wednesday (Jan. 14) by The Information, Microsoft has become one of Anthropic’s top customers. The tech giant is now on track to spend around $500 million per year to use Anthropic’s artificial intelligence (AI) in Microsoft products, the report said, citing a source with direct knowledge of the matter. In addition, Microsoft has increased its focus on selling its cloud customers Anthropic AI models, which could drive more revenue for both firms. Read more here
Position: Alphabet, Amazon, Apple, Meta
Digital Lifestyle
Meta’s AI-powered wearables are reportedly seeing demand outpace the current supply. It was reported Tuesday (Jan. 13) that the company and eyewear maker EssilorLuxottica are considering doubling their capacity to produce Ray-Ban Meta smart glasses from 10 million to 20 million by the end of the year and to 30 million if demand continues to grow. Read more here
The inaugural Fullpath Auto Intelligence Index found use of AI and large language models emerging as a “significant driver of online engagement” with dealerships in 2025, the company said, with LLMs becoming a major referral source for car shoppers looking for detailed information about specific dealerships and vehicles. Read more here
A hefty number of consumers, 70%, are using AI in their personal lives and nearly half, 45%, are using it daily compared to half that just nine months ago. Read more here
Consumers say the most desirable AI agent is a deal hunter, according to a survey released Wednesday by the IBM Institute for Business Value and the National Retail Federation. It should be able to monitor prices across brands and factor in discounts and loyalty rewards to alert them of the best time to buy. Read more here
While many major US tech companies have been consumed by the cost and pressure of keeping pace in the AI race, Samsung has largely avoided this scrutiny, despite arguably lagging further behind than Apple. This may be due to its more limited control over software and services on Android devices, where Google ultimately retains decision-making power. That said, Samsung has begun expanding AI features across more of its hardware lineup. It recently unveiled a range of new AI capabilities at the launch of the Galaxy S25 FE and Tab S11 series, though much of this functionality was enabled through Google Gemini. Read more here
Position: Alphabet (GOOGL) , Amazon, Apple, Meta (META) , SuRo Capital (SSSS)
Energy Pain Point
2026 will be a year of reckoning for the electric power industry. Major policy changes in the One Big Beautiful Bill Act, which axed most subsidies for clean energy and electric vehicles, are forcing utilities, manufacturers, developers and others to pivot fast. The impacts of those changes will become more pronounced over the coming months. Market forces will also have their say. Demand for power has never been greater. Read more here
Data center load accounted for $6.5 billion, or 40%, of the $16.4 billion in costs from the PJM Interconnection’s December capacity auction, according to the grid operator’s independent market monitor. About $6.2 billion of those costs is related to data centers that haven’t been built but could come online by PJM’s 2027/28 delivery year that begins on June 1, 2027… Read more here
Meta is increasing its bet on nuclear generation to power data centers, announcing Friday that it has struck deals with Oklo, Vistra and TerraPower to supply up to 6.6 GW of nuclear power by 2035. The announcement follows a December request for proposals from Meta, which sought “developers that can help accelerate the availability of new nuclear generators and create sufficient scale to achieve material cost reductions by deploying multiple units.” Read more here
Position: Eaton (ETN)
Homebuilding & Materials
About one-third of the nearly 70 million young adults aged 18-34, or 32.2 percent, were living with their parents in 2024, according to the latest U.S. Census Community Survey, the National Association of Homebuilders reported. An additional 10 percent of adults in this age group were doubled-up with housemates who were not relatives, romantic partners or student roommates. Read more here
The 2026 Luxury Outlook report by Sotheby's International Realty finds that many wealthy buyers are looking for homes that can accommodate multiple generations, with Gen Xers and millennials looking for properties that work for aging parents and young children. The report found that one in five home purchases in the United States were made by buyers looking to live with relatives beyond their immediate family, including grandparents who could potentially cover some of the costs. Read more here
Luxury Buying Boom
Berenberg believes that the Chinese consumer holds the key to the growth of the luxury industry; it is the critical sector theme for 2026. Meanwhile, the strength of the US luxury consumer continues to surprise. “The Chinese consumer accounted for 21 per cent of global luxury spend in 2024, down from a peak of 33 per cent in 2019, and it is expected to account for more than half of future growth over the next five years,” Berenberg said in a statement. The bank predicts the share of expected growth in personal luxury goods over the period 2023 to 2030 to reach 61 per cent for China, 10 per cent for America and 8 per cent for Europe. Read more here
Safety & Security
US defense spending needs to be rebaselined to at least 4 percent of the nation’s gross domestic product to enable the Navy to meet current readiness demands and to expand its fleet of warships to contend with future threats, its top admiral said today. Asked how much the Navy budget needs to grow to accommodate new ship classes envisioned as part of the Golden Fleet — including the Trump-class battleship and frigate redesign — Chief of Naval Operations Adm. Daryl Caudle demurred from providing a specific dollar figure and instead spoke broadly on military spending. Read more here
As demand for munitions like the Army’s Guided Multiple Launch Rocket System and the Navy’s Standard Missile family has skyrocketed in recent years, so too has demand for the solid rocket motors that power them, prompting new entrants to dive into the market and traditional standbys to rapidly expand. But that growth hasn’t yet been replicated across the fragile SRM supply chain, several senior industry officials told Breaking Defense, raising questions about whether the scale exists to support the sector. Read more here
Although police may not be asking ChatGPT for quick weeknight dinner recipes or travel itineraries at work, artificial intelligence has found a way into their day-to-day operations. There are a handful of companies developing AI software directly integrated into police body cameras, which offer transcription, report writing, live translation services and on-the-go reference to policing manuals. Officers and policy experts told A&E Crime + Investigation that such technology could increase body cam usage and public trust in policing with a more manageable way to review thousands of hours of footage that would otherwise go unseen, unless an incident occurs and requires review. Read more here
The Renton Police Department will soon be incorporating new AI software into its law-enforcement technology. The Renton City Council recently approved to extend the city’s contract with Axon Enterprise Inc. by 10 years for the cost of $1,567,151.59, an increase to the current contract by approximately $700,000. With the price increase, Renton Police Department Public Information Officer Meeghan Black said the additions will enhance the department’s existing products by modernising their public safety systems. Read more here
The technology in an officer's body camera can detect the language as a person is speaking to them, translate it in seconds, and repeat it back to an officer in English. It can then translate a phrase in English to dozens of languages, including Spanish, Portuguese and Russian. Officer Jaclyn Douillard says this technology was a game changer when she responded to a robbery call recently. Read more here
For the first time in Excelsior Springs, police officers will soon be equipped with body-worn cameras after the City Council unanimously approved funding for the program during its Jan. 5 meeting. Read more here
Position: Axon, Palantir
The Strategies Behind Our Thematic Models
Aging of the Population - Capturing the demographic wave of the aging population and the changing demands it brings.
Artificial Intelligence – Software, chips, and related companies that facilitate the collection and analysis of large data sets and autonomous generation of solutions given non-machine language prompts.
Cash-Strapped Consumer - Companies poised to benefit as consumers stretch the disposable spending dollars they do have.
Cybersecurity - Companies that focus on protecting against the penetration of digital networks and the theft, ransom, corruption, or destruction of data.
Data Privacy & Digital Identity - Companies providing the tools and services that verify authorized users and safeguard personal data privacy.
Digital Infrastructure & Connectivity -The buildout and upgrading of our Networks, Data Storage Facilities, and Equipment.
Digital Lifestyle - The companies behind our increasingly connected lives.
Digital Payments - This model focuses on companies benefiting from the accelerating structural adoption of digital payments and financial technology (FinTech).
Energy Pain Point - Companies poised to prosper from rising power demand.
EV Transition - Capturing the transition to EVs and related infrastructure from combustion engine vehicles.
Guilty Pleasure – Companies that produce/provide food and drink products that consumers tend to enjoy regardless of the economic environment and potential long-term health hazards associated with excessive consumption.
Homebuilding & Materials – Ranging from homebuilders to key building product companies that serve the housing market, this model looks to capture the rising demand for housing, one that should benefit as the Fed returns monetary policy to more normalized levels.
Luxury Buying Boom - Tapping into aspirational buying and affluent buyers amid rising global wealth.
Rebuilding America - Turning the focused spending on rebuilding US infrastructure into revenue and profits.
Safety & Security – Targeted exposure to companies that provide goods and services primarily to the Defense and security sectors of the economy.
