When I look at the modern banking industry, I see a strange contradiction. Banking has never been more technologically advanced, yet it has rarely felt more impersonal. The country’s largest institutions can process payments in seconds, analyze millions of transactions, operate sophisticated mobile platforms, and spend more on technology in a year than many community banks possess in total assets. They can place an advertisement in front of me before I have fully formed the thought that I may need a credit card. What they often cannot do is make me feel that anyone inside the organization actually knows who I am. That tension is what makes Princeton Bancorp, Inc., traded under the ticker BPRN, interesting to me. Princeton Bancorp is the holding company for The Bank of Princeton, a regional community bank founded in 2007. It is tiny compared with the country’s financial giants, but small does not automatically mean irrelevant. In banking, size creates major advantages, yet local knowled...
Bristol Myers Squibb has a problem that every successful pharmaceutical company eventually faces: its biggest drugs will not remain exclusive forever. For years, products such as Eliquis, Opdivo and Revlimid generated enormous amounts of revenue. In 2025 alone, Eliquis brought in $14.4 billion, Opdivo produced $10 billion and Revlimid contributed another $3 billion. Together, those three drugs accounted for well over half of Bristol Myers Squibb’s $48.2 billion in annual revenue. ( Bristol Myers Squibb ) That kind of concentration is wonderful while the patents are intact and the prescriptions keep arriving. It becomes considerably less charming when generic and biosimilar competition begins circling the calendar. Revlimid is already declining sharply following the introduction of generic competition. Eliquis, which Bristol Myers shares with Pfizer, faces an approaching loss of exclusivity later in the decade. Opdivo’s competitive position will also become more difficult to defend over...