Facts by #JoeHansenFacts# That green flash right before a Falcon 9 lifts off is the engines being lit. The Merlin engines start with TEA-TEB, a chemical mix that bursts into flame the moment it touches oxygen. The boron in it burns green. Every start uses up a charge. At liftoff it comes from the pad, but in flight only the upper stage engine and the three landing engines carry their own. That puts a hard limit on how many times they can restart. Raptor on Starship skips the chemicals. Spark plugs light small torches, and the torches light the engine. No cartridges to run out of, and nothing extra to ship to Mars.

FactSet has long helped investment professionals understand companies, markets, and portfolios. As AI changes how they find information and conduct research, what will they need from FactSet next? At the 33rd Annual Baron Investment Conference on November 6, we look forward to welcoming @FactSet CEO Sanoke Viswanathan. He will join Co-Chief Investment Officer and Portfolio Manager Andrew Peck to explore where he sees opportunities for FactSet and how the company may evolve to meet those needs. To learn more about this year’s Conference speakers and attendee eligibility requirements, click here: -- Information and services provided on independent websites are not reviewed, guaranteed by or endorsed by Baron Capital or its affiliates. Please be aware that this independent website’s terms and conditions and other legal information may be different than those of Baron Capital’s website. Baron Capital is not liable for the content appearing on it, or for the content appearing on it, or for technical or systems issues arising from the use of this independent website. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and can be obtained from the Fund's distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read them carefully before investing. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of September 30, 2026 for securities mentioned are as follows: FactSet Research Systems Inc. - Baron Asset Fund (1.2%), Baron Focused Growth Fund (3.3%), Baron Generational Growth Fund (7.1%), Baron Partners Fund (3.3%*), Baron First Principles ETF (2.6%), Baron Capital US All Cap Focused Growth Fund (4.2%). *% of Long Positions Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. Entertainment is provided at this event. Please confirm this event complies with your firm's policies on the receipt of gifts and entertainment. All expenses associated with this conference are paid by BAMCO, Inc. No conference expenses are paid by Baron Funds’ shareholders or Baron Capital clients. THIS POST IS NOT A TICKET FOR ADMISSION. REGISTRATION IS REQUIRED. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). ©2026 Baron Capital. All rights reserved.

Facts by #JoeHansenFacts# Why does a Starmind cluster need way more laser than Starlink does? Starlink lasers pass your data along until it reaches the ground. In a compute cluster the satellites run one AI model together, so they're talking to each other nonstop. 1. SpaceX says each Starmind satellite is about one rack of compute, up to 250 kW peak. 2. A cluster is planned at "10-ish" satellites with "10 terabits or so" between them, per SpaceX VP Michael Nicolls. That's his design target, not flying hardware. 3. On the ground, Nvidia's NVL72 rack moves 130 terabytes per second between its 72 GPUs, inside one box. In orbit, the step between racks has to happen by laser. 4. Each satellite has a 75 m wingspan, and they still have to fly in tight formation so the links stay locked. SpaceX says the first thousands could start going up as soon as late 2027.

Facts by #JoeHansenFacts# Picture a 72 m Super Heavy booster, taller than a 20-story building, coming back down to the tower it launched from. Two giant steel arms, the "chopsticks", swing shut and catch it out of the air. It has no landing legs at all. SpaceX did it first on 13 October 2024, Flight 5, on the first try. They caught boosters again on Flight 7 and Flight 8 in early 2025. So why skip the legs? Earth's gravity is brutal. A rocket that flies back in one piece has very little lift left over for cargo, so every ton counts. Legs strong enough to hold a booster this size are heavy, and they ride all the way up and back down. Give that job to the tower and the weight stays on the ground. Elon says taking the legs off "greatly improves payload margin". The second reason is speed. The same arms already lift the booster onto the launch mount before every flight. When they catch it, it is right back where it started. No barge, no crane, no trip back to the pad. Elon's goal from the start: put the ship back on top, refuel, and fly again within an hour. The arms close on strong points up by the grid fins, near the top of the booster, and those carry the whole weight. Next is the ship itself. Elon hopes Flight 15 flies in 4 to 6 weeks, and he wants the tower to catch Starship too. Then both halves of the rocket come home to the same tower.

Facts by #JoeHansenFacts# A flat Starlink dish follows satellites doing over 27,000 km/h, and the dish itself never moves. So how does it keep up? Under the cover is a big grid of tiny antennas, all driven by custom chips on one thin board. If every antenna sends at the exact same moment, the signals add up straight ahead. Start each one a tiny bit later than its neighbor and the combined beam leans to one side. Change the timing and the beam points somewhere else, with nothing moving. Kind of like a stadium wave. Each person just stands up a moment after the person next to them, and the wave runs around the whole stadium. The satellites are only a few hundred km up, so each one crosses the sky in a few minutes. University measurements show the network reshuffles which satellite each dish talks to every 15 seconds, at the same seconds of every minute worldwide. The first round dish had motors to aim itself at setup. Today's Standard and Mini have none. You prop them on a kickstand and the app tells you which way to point it. After that the panel stays still and the beam does all the moving.

FACTSET $FDS Q4’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $634.7M (Est. $630M) 🟢; +6.3% YoY 🔹 Organic Revenue: +7.1% YoY 🔹 Adj. EPS: $4.52 (Est. $4.33) 🟢; +11.6% YoY 🔹 GAAP EPS: $3.41; -15.4% YoY 🔹 Adj. Oper Income: $209.4M (Est. $206M) 🟢 🔹 Adj. Operating Margin: 33.0%; -80 bps YoY 🔹 Organic ASV: $2.57B; +7.0% YoY 🔹 FCF: $177.3M (Est. $147M) 🟢; -0.5% YoY FY27 Guide: 🔹 Revenue: $2.6B-$2.63B (Est. $2.62B) 🟡 🔹 Adj. EPS: $19.25-$19.65 (Est. $19.68) 🔴 🔹 GAAP EPS: $17.00-$17.50 🔹 Adj. Operating Margin: 34.75% to 35.25% 🔹 Organic ASV Growth: 5.0% to 6.5% Key Updates: 🔹 Capital Returns: More than $179M in Q4, including $138M in repurchases and more than $41M in dividends 🔹 AI Solutions ASV: More than doubled YoY in FY26 Comments: 🔸 “FactSet delivered strong results, highlighted by a record increase in organic ASV for both the fourth quarter and fiscal year with continued momentum across our AI and data solutions.”