Lululemon is losing some of its shine in North America, and new rivals are stealing “cool,” but the business still throws off a lot of cash and keeps growing fast overseas. With a new leader on the way and activists pushing for change, the key question is whether this is a fixable slump—or the start of something permanent.Read more

Paraphrasing Charlie Munger, I would neither buy nor short Tesla, Inc. at present.Read more

Microsoft’s heavy spending is scaring the market, but the real story may be that customers want more cloud and AI capacity than the company can deliver. The bigger question isn’t whether the spending is reckless—it’s what happens if demand cools or regulators step in.Read more

Novo Nordisk’s business model is straightforward. It develops hormone-based therapies, protects them with patents, manufactures them at scale, and sells them at high margins into reimbursed healthcare systems.Read more