Berkshire Hathaway's stock price hit a new all-time high against the market trend—does this mean Buffett’s portfolio is once again spot-on, or has Abel steered the company in a new direction?

At that time, AI was still advancing full steam ahead. Just like in China, many institutions were heavily invested—and trapped—in AI. But Buffett had already exited early, holding massive cash reserves—making Berkshire the most valuable securities investor in the market today. The situation is similar in the U.S.: many Wall Street firms are also stuck in AI. In fact, this round of tech hardware stocks saw A-share leaders post higher gains—and greater volatility—than their U.S. counterparts; yet U.S. markets also experienced severe turbulence. For instance, why did Li Ka-shing sell his real estate assets back in 2018? The market was still red-hot then—but given his scale, waiting until the peak to sell would have made exit impossible. Once prices began falling continuously, no one showed interest; he’d be trapped outright, with value halving repeatedly. Strictly speaking, Buffett didn’t buy AI stocks either—but when the AI bubble burst, his high-dividend and traditional-sector holdings inevitably suffered collateral damage. Of course, I believe Buffett’s large cash holdings stem from multiple factors—not only those mentioned above, but more importantly, the upcoming leadership transition. After all, U.S. markets have seen wave after wave of ‘stock-picking gods’ over the years. For example, earlier this year, a young team went all-in on AI, raking in hundreds of billions of dollars—only to blow up shortly thereafter.

Behind Ashland’s ‘sale,’ what should Chinese raw-material companies truly understand?

According to FBeauty Future Track, Ancora was able to launch this campaign because Ashland’s assets remain attractive—even though its operating performance has long failed to satisfy public-market expectations. For Chinese cosmetics ingredient companies accelerating toward capital markets, this contradiction is far more worthy of caution than the acquisition itself. Why was Ashland placed on the ‘trading block’? Ashland’s current predicament can be summed up in one sentence: the company owns excellent assets—but has failed to fully convert them into growth visible to shareholders. Founded in the 1920s, Ashland has long focused on high-value-added markets such as life sciences, personal care, coatings, and specialty additives. In cosmetics, its products span cellulose derivatives, film-forming agents, bioactive ingredients, and preservative systems; in pharmaceuticals, many products require lengthy customer qualification cycles. Such businesses share a distinct feature: entering a customer’s supply chain is extremely difficult—but once in, replacement costs are also high. In June, Ancora publicly stated that Ashland possesses high-quality end markets, mature customer relationships, and assets with strong competitive moats—yet its stock price has plunged nearly 50% since late 2022. To Ancora, the public-market valuation has already fallen below the potential control-value these assets could command in a strategic transaction. The core issue lies in operational execution. From FY2023 to FY2025, Ashland’s sales declined from $2.191 billion to $2.113 billion, then further to $1.824 billion. Yet these figures warrant closer scrutiny. The $289 million drop in FY2025 revenue included $153 million attributable to divestitures and portfolio optimization—alongside volume declines and shifts in pricing mix. In other words, revenue contraction wasn’t solely due to slowing core operations; proactive streamlining was also a major factor. What truly eroded investor patience was the lack of clearly visible growth improvements following these adjustments. In Q2 FY2026, Ashland’s sales rose 1% year-on-year—but adjusted EBITDA fell 9%. The company also lowered its full-year guidance, citing slower-than-expected ramp-up at its Hopewell plant, delays in the Calvert City project, and softness in certain end markets. By Q3, conditions improved: sales jumped 7% to $497 million, volumes rose 6%, and all four business units posted revenue growth—yet adjusted EBITDA still declined 4% year-on-year. Clearly, Ashland hasn’t lost orders or technical moats; its life sciences and personal care businesses have even resumed growth. But after years of investment in globalization, innovation, capacity expansion, and portfolio restructuring, capital markets are left wondering: when will these investments translate into higher profits and stronger cash returns? For shareholders, Ashland’s current value realization offers two paths: One is continued independent operation—gradually unlocking value through efficiency gains and organic growth. The other is control-value realization—selling the entire company to a strategic buyer or private equity firm, enabling new owners to restructure assets, boost efficiency, and reprice the business. Activist investor Ancora clearly favors the latter path.

Ashland Inc. Stock Hits 52-Week High at $78.26

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Ashland Inc. stock reached a 52-week high of $78.26, reflecting a 56% annual increase despite mixed fourth-quarter earnings. The company maintains a 56-year dividend streak and reports strong cash generation with an optimistic outlook for 2027.

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