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The previous guidance, delivered some months prior, was, shall we say, adequate. Sufficient to maintain a polite hum of activity, but hardly enough to induce this current, almost frantic, ascent. No, the market is chasing shadows, fueled by whispers and the faint scent of… possibility. And as a man who deals in the tangible, the verifiable, I find myself observing this spectacle with a mixture of professional interest and a profound, almost existential, bewilderment.

Of course, things are…different now. Everything’s more expensive. Even hope. It’s hard to find another rocket ship, isn’t it? But the basic math is still there. Double your money in a year? Needs a 75% return. Unrealistic. Two years? About 40% annually. Still ambitious. My current investment strategy largely consists of “hope” and “avoiding eye contact with my bank statement,” so a plan is required. A realistic plan.

Both venture into the realm of U.S. investment-grade bonds, yet their approaches diverge. This is not a simple comparison of numbers; it is an examination of temperament, of how each fund confronts the inherent uncertainty that gnaws at the heart of every investment. To understand their performance, their risk profiles, is to glimpse a reflection of our own anxieties, our own desperate attempts to impose order upon chaos.

By the close of trading, the price had swelled by more than 7%. A trifling gain, perhaps, for those accustomed to fortunes built on solid foundations, but a spectacle nonetheless for those who traffic in vaporous promises.

In July of the previous year, XRP reached an all-time high of $3.65, fueled by expectations of regulatory tailwinds following the 2024 election and the concurrent settlement negotiations between Ripple Labs and the Securities and Exchange Commission. The subsequent decline, however, has been persistent and lacks a singular, identifiable catalyst. The limited impact of recent spot XRP exchange-traded fund approvals suggests a diminished capacity to respond to positive developments, a potentially concerning indicator.

This is not a simple accounting, a tally of percentages. It is a study in character. The market, like a restless sea, demands clarity. And yet, it often rewards opacity. We, as stewards of capital, must strive for the former.

See, a dividend is a rather beautiful thing. It’s a little piece of the company’s earnings, handed directly to the shareholders. It’s not a promise of future glory, or a belief in the CEO’s magnificent vision. It’s cold, hard cash.² It’s a small, regular acknowledgement that, for a while at least, the company hasn’t entirely vanished in a puff of logic gates and venture capital. Without dividends, you’re relying on trust. With them, you get something tangible. And in times like these, tangible is good. Very good indeed.

Coinbase Global (COIN +1.30%) presents a case worthy of consideration. The company is currently positioned to yield over $2.5 billion in net income annually. This is not a negligible sum, and it is derived from a business that, while speculative in nature, demonstrably functions. Its recently articulated “everything exchange” strategy, though ambitious, aims to broaden its revenue streams beyond the volatile fortunes of cryptocurrency alone.

I’ve made a little list, just to clarify things. Because clarity is vital. Especially when money is involved. And especially when I’m involved. It goes like this: