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They speak of a manufacturing report, a momentary surge in activity, and the optimistic pronouncements of Old Dominion Freight Lines. But such external validations are mere distractions, whispers in the face of the fundamental uncertainties that plague us all. XPO’s own recent results—revenue up 5%, yield increasing even as tonnage declines—are, admittedly,…intriguing. A company managing to extract more value from less substance. Is this efficiency, or a subtle form of deception?

Shares in the membership-based wholesale retailer have, defying gravity and common sense, risen about 15% this year. Investors, it seems, are beginning to appreciate a business that reliably sells stuff, regardless of whether the world is ending, starting, or simply having a particularly grumpy Tuesday. The combination of low prices, a membership fee (essentially a small annual tribute to the gods of bulk purchasing), and the relentless demand for everyday essentials – the stuff that keeps civilisation from collapsing into a heap of unpaid bills – is a potent brew. It’s the sort of business that thrives when everyone else is panicking about the price of digital sheep².

The planned investment of $175 to $185 billion in capital projects this year – double the previous year’s outlay – is not a testament to visionary leadership, but a recognition of necessity. It is a tacit admission that, despite considerable resources, Alphabet remains reliant on external suppliers for the core infrastructure of its artificial intelligence ambitions. The sheer scale of this expenditure, while presented as progress, carries inherent risks, a fact conveniently downplayed in official pronouncements.

The prudent investor, one accustomed to the solid weight of established enterprises, would be well advised to observe TRX Gold from a distance. It remains, at its core, a diminutive concern, trading at a price that speaks of considerable risk. Its market capitalization, a mere half-billion dollars, pales in comparison to the titans of the industry, such as Barrick Mining, whose scale dwarfs it with a valuation approaching eighty billion. One might compare it to a fledgling attempting to soar alongside eagles; an admirable ambition, perhaps, but fraught with peril.

Yet, let us not mistake a temporary stumble for a fatal decline. The company, far from languishing, continues to amass wealth with a vigor that would impress even the most avaricious of misers. Recent reports reveal a robust surge in revenue, accompanied by a corresponding increase in operating income. Indeed, Microsoft invests heavily in cloud computing and AI, a commendable ambition, though one wonders if such boundless expenditure is not akin to feeding a bottomless pit.

The Americans, it appears, are extracting considerable quantities of oil and gas. A record 13.6 million barrels a day, they claim. And they are exporting it, naturally. To Europe, to Asia… wherever the demand arises. It is a busy world, and these pipelines are, if nothing else, efficient. One wonders, though, if all this activity truly alters the grand scheme of things, or if it is merely a rearrangement of shadows.

One observes, with a certain detached amusement, the relentless expansion of Vireo. In late December, the company absorbed the Eaze brand for a sum of forty-seven million dollars, extending its reach into the lucrative markets of Florida, California, and Colorado. This was not a measured step, but a stride, almost a lunge, following closely upon the acquisition of PharmaCann’s Colorado assets for forty-nine million dollars – seventeen additional dispensaries added to their tally. And before that, the absorption of Medicine Man Technologies, secured with sixty-two million dollars in Vireo stock, granting control over a network of forty-six dispensaries and two manufacturing plants. It is a pattern of accretion, a relentless hunger for territory, reminiscent of the great land grabs of centuries past, though here, the prize is not soil, but the potential for profit. The additions of Deep Roots Harvest, Proper Brands, and WholesomeCo Cannabis only serve to illustrate the sheer velocity of this expansion.