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They published their fourth-quarter results yesterday. Q4. The last quarter of the year. You’d think they’d try to make a good impression. Earnings per share? $0.61. Fine. Better than nothing. Sales at $359.99 million? Okay, whatever. They’re bragging about beating Wall Street’s targets by a measly $0.77 million? It’s insulting. It’s like saying, “We’re slightly less awful than you thought!” And then, the kicker. They had a year-over-year sales decline in Q4. A decline! And they’re acting like the record $1.46 billion in annual revenue somehow makes up for it? It’s like losing ten pounds but then eating an entire cheesecake. Doesn’t negate the loss, does it?

SoFi began, as these things often do, with a modest ambition: student loans. It has since metastasized into a “one-stop shop” for financial services, offering everything from mortgages to estate planning. A commendable breadth, perhaps, but one wonders if the modern consumer truly desires a single entity to manage their entire financial life. Still, the appeal to the younger generation – Millennials and Gen Z, those creatures of habit and impulse – is undeniable. They flock to convenience, and SoFi provides it, albeit at the cost of a certain… elegance. The acquisition of Galileo, a payment processor, and the establishment of a direct bank, are further steps in this relentless pursuit of ubiquity. At the end of 2025, they boasted 13.7 million members, a number which, while impressive, says more about the state of modern finance than about SoFi itself. Galileo, meanwhile, quietly hosts nearly 160 million accounts, a figure which suggests a degree of competence, if not inspiration.

The question isn’t whether to consider allocating a modest sum – let’s say a thousand dollars, a figure roughly equivalent to the cost of a decent wizard’s apprentice these days – but rather, what sort of fool wouldn’t?²

The filing, a sterile document devoid of soul, confirms the acquisition. $7.58 million. A sum that could represent salvation for some, oblivion for others. The market, of course, remains unmoved, a cold, calculating entity that recognizes only profit and loss. But for those of us who delve deeper, who attempt to understand the currents beneath the surface, this transaction speaks volumes. It suggests a belief, however fragile, that Dolby’s current misfortunes are not terminal.

But HOLD THE PHONE. As of 3 PM Eastern, a twitch. A flicker. 9% UP. A reversal? Don’t start polishing the rocket boosters just yet, but… maybe. Just maybe, the vultures are circling a little slower. I’ve seen enough dead cats bounce to know better than to get excited, but I’m also wired on enough lukewarm coffee to chase the phantom of a trend. Let’s dissect this… anomaly.

Just to be clear, this isn’t some long-term, deeply considered romance. Neo Ivy just started buying AHR in the fourth quarter. It represents about 1.02% of their portfolio – a little like adding a sprig of parsley to a hearty stew. Still, it’s a signal. And signals, even faint ones, are what we’re here for.

Yesterday’s earnings report delivered a curious paradox: revenue aligned with expectations, yet a loss exceeding them. One might observe that meeting forecasts is merely avoiding failure, while exceeding loss is a feat of remarkable, if unwelcome, ambition.

The aforementioned Neo Ivy, in a filing dated February 13th, rather trumpeted their new position. A bit late to the game, darling, but who’s counting? The shares, it seems, are currently enjoying a most enthusiastic rally. 1.10% of Neo Ivy’s portfolio is now dedicated to this venture. A significant commitment, or merely a rounding error in a larger, more chaotic scheme?

When I think of Garmin, I picture my Uncle Barry, attempting to navigate a golf course using a handheld GPS. He’d spend more time arguing with the device than actually playing, convinced it was deliberately misleading him. It turns out Garmin does a lot more than torment retired uncles. They’re into aviation, marine electronics, and apparently, equipping BMWs with things I don’t even want to think about. And, yes, they still make fitness trackers, which is what most of us associate them with. It’s a surprisingly diverse portfolio, like discovering your quiet neighbor moonlights as a competitive lumberjack.

The filing with the Securities and Exchange Commission, dated February 13, 2026, confirmed it. They trimmed their position. A perfectly reasonable act, given the circumstances. The stake went from substantial to merely significant. Valued at $16.84 million at the end of the quarter, down $8.40 million. Markets fluctuate. People sell. It’s the natural order of things.