Morningstar, Inc. - November 20, 2025
10 Things We Can Learn From Warren Buffett That Have Nothing to Do With Money
Plus: Private Assets Are Redefining How Portfolios Are Built...
 Morning DigestDan Lefkovitz Life lessons from the Oracle of Omaha as he retires as Berkshire Hathaway’s CEO. 
ADVERTISEMENT  Editor's Picks  “This is actually worse than dot-com,” Jain says. Leslie Norton   Greater access for investors comes with benefits and costs. Lucian Marinescu, Bryan Armour Investing Insights These exchange-traded funds offer promising new takes on old ideas. Zachary Evens These 12 undervalued consumer defensive stocks look attractive today. Tori Brovet Crypto ETF owners are on track to withdraw a record amount in November after holding steady during the start of the bitcoin plunge. Valerio Baselli How the largest US sustainable funds performed through October. And a look at top-performing sustainable funds. Frances Aufderheide Recent Earnings New Stock Analyst Reports ABB (ABBN) updated its financial targets at its capital markets day, excluding the robotics division, which was sold to SoftBank in October. It kept its organic revenue growth outlook at 5%-8% but raised its adjusted EBITA margin to 18%-22%. ABB's midterm revenue targets are lower than its electrical equipment peers'. Our forecasts assume that ABB will comfortably achieve its targets. Excluding its robotics division, ABB would have earned an 18.6% adjusted EBITA margin in fiscal 2024. The biggest driver of future margin expansion is the cyclical recovery in its discrete automation business. New Fund Analyst Reports Vanguard Energy's (VGENX) strengths remain intact, and it remains a superior energy and utilities combo. Vanguard changed this strategy's prospectus benchmark from the MSCI ACWI Energy Index to the MSCI ACWI Energy + Utilities Index (a custom benchmark that splices the MSCI ACWI Energy and MSCI ACWI Utilities indexes and has dynamic sector weightings) in late 2020. The firm made the change so that the strategy could capitalize on the evolution away from fossil fuels and toward renewable energy sources by investing significantly more in electric and other utilities. As a result, the strategy’s utilities stake climbed from 7% of assets to 48% of assets in 2020. The Tools You Need to Invest Like an Analyst Stay connected:
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