Apparently, they shifted 77,109 shares during the last quarter. A substantial chunk, yes. But it’s not a panic, I don’t think. More a… recalibration. Like deciding you don’t need all seven cardigans, even though they were on sale. The fund’s overall holding in VBIL is down a bit in value – $5.86 million, factoring in both the sale and… well, the market doing its thing. Which it always does, doesn’t it? It’s terribly distracting.
The pursuit of ‘regulatory clarity’ in the cryptocurrency space is a bit like attempting to herd cats using only interpretive dance. It’s a noble goal, certainly, and will undoubtedly generate a great deal of paperwork. But clarity itself is a slippery concept, particularly when applied to technologies designed, at least in part, to circumvent traditional systems. Nevertheless, a piece of legislation, rather creatively titled the ‘Digital Asset Market Clarity Act’ (Clarity Act), is currently making its way through the legislative process. It promises to establish rules, define terms, and generally impose order upon the delightful chaos of decentralized finance. (One suspects the primary beneficiaries will be lawyers.)
Mr. Thiel’s management of the Thiel Macro fund, amounting to some $74 million, has recently undergone adjustments which, whilst not dramatic, are worthy of consideration. A divestment of holdings in both Nvidia and Tesla – the latter reduced, rather than entirely abandoned – suggests a reassessment of their relative merits. It is a truth universally acknowledged, that a fund manager in possession of a good fortune, must be in want of judicious repositioning. The acquisition of shares in Apple and Microsoft, however, indicates a preference for establishments of a more… established character.
According to a press release-an art form unto itself-shared with crypto.news, this new service will permit SGB clients to mint, convert, hold, and trade stablecoins like USDC (yes, that one) and USDT (the other one) across those trendy major blockchain networks on the oh-so-exclusive SGB Net.
Gundlach, the Bond King, called some of these loans “garbage.” Garbage. He’s seen a few cycles. Dimon, over at Goldman, figured the lending standards were getting soft. Lenient. Like a bartender giving away free drinks. He expects issues if things turn south. And they always do, eventually.
The transaction, documented in a filing of January 29th, reveals a shifting of sands, a re-arrangement of pieces within the larger game. The fund’s weight within the portfolio, once a noticeable 2.48%, has now dwindled to a mere 0.07% – a ratio akin to a single volume lost within the boundless stacks of the Library of Babel. One might speculate on the motives of the custodians of this wealth, but the market, as always, offers only echoes, not answers.
In a drama that echoes the misfortunes of Tom Lee’s BitMine-where the dreams of a Supercycle are crashing down faster than a soapbox derby car-Trend Research finds itself caught in the maelstrom of price decline.
A subtle distinction, often overlooked in the breathless rush to categorize, separates these contenders. AMD, you see, is a designer, an architect of silicon dreams. It conceives the blueprints, the intricate logic that powers the modern digital world. But the actual fabrication, the delicate dance of photons and chemicals that transforms those blueprints into tangible reality, is outsourced. TSMC, then, is the artisan, the master craftsman who brings those designs to life. Many a leading computing concern—Nvidia amongst them—entrusts its precious designs to TSMC’s capable hands. It’s a division of labor, a perfectly functional, if somewhat less poetic, arrangement.
Bonds, once the bedrock of prudent portfolios, have fallen somewhat from favor in these restless times. Yet, they remain, I believe, essential – a counterweight to the volatile energies of the equity markets, and a source of diversification in an age of concentrated risk. I have found a particular solace in the exchange-traded funds which offer access to these instruments, and among them, the Vanguard Total Bond Market ETF (BND 0.04%) holds a place of quiet distinction. It is not a thrilling investment, to be sure, but then, true security rarely is.
Now, Mr. Buffett, bless his cotton socks, decided it was time to step down from being the chief hoarder. He handed the reins to a fellow named Greg Abel – a perfectly pleasant chap, no doubt, but lacking the original’s peculiar knack for sniffing out a bargain. But don’t think for a moment that the old bird simply settled down with a cup of cocoa. Oh no. He was still busy, shuffling things about, making little adjustments before he finally took his leave.
