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Productivity, they call it. A fine word, masking the simple truth that folks are being asked to do more with less. These machines, these ‘agents’ as they’re known, are meant to lighten the load, to take the drudgery and leave room for something…better. UiPath (PATH 4.98%) is one of those building the hands that do this work. It’s a company that began with a simple idea: to automate the small, repetitive tasks that steal a man’s day. Hundreds of companies are now using their tools, building these digital workers, and positioning themselves as leaders in this quiet revolution.

Citadel’s purchase of 388,000 shares in Palantir, and 128,100 in Robinhood, are presented as significant. Yet, the accompanying claim of a 2,200% increase for Palantir and 1,100% for Robinhood since the beginning of the year feels… insufficient. It is akin to admiring the froth upon the wave, while ignoring the vast, unseen depths beneath. Such numbers, divorced from context, are mere illusions, shadows dancing upon the wall. The true question is not how far these shares have risen, but whether they possess the inherent strength to remain aloft, and, more importantly, to justify the price demanded by those who seek to partake in their ascent.

Yet, even the most skilled actor cannot forever maintain a flawless performance. Beneath the gilded surface, a disquieting truth stirs. It is not, as some might expect, a sudden catastrophe that threatens this spectacle, but a subtle imbalance, a creeping dissonance between the value ascribed to these enterprises and the very foundations upon which they rest. The fault, dear friends, lies not in the stars, but in our own accounting.

Through the mechanism of Form 13F filings – a quarterly accounting of holdings exceeding $100 million, mandated by the Securities and Exchange Commission – we gain a fleeting glimpse into the strategies of such funds as Thiel Macro. It is a necessary transparency, allowing those of us engaged in the more deliberate study of equity to interpret the signals – often faint, and always subject to revision – that these movements convey. Recently, a notable alteration has occurred. Mr. Thiel has divested entirely from Nvidia, a company long considered the very engine of the current artificial intelligence fervor, and redirected his resources towards two established titans of the technological realm.

The sums involved are not inconsiderable, of course. Though, as any seasoned gambler will tell you, one must always remember that even a mountain of coins begins with a single kopeck. The weighted average purchase price, a figure conjured from the SEC Form 4, came to $33.63. Post-transaction, the value hovers around $33.00, a modest dip that suggests the market, much like a skeptical cat, remains unconvinced.

Brookfield Renewable, you see, is an independent producer of power, selling its wares under contracts of considerable duration. A most sensible arrangement, one might observe, ensuring a steady flow of coin. This allows them to indulge in two noble pursuits: the distribution of dividends to shareholders and the expansion of their dominion. They are, in essence, tireless merchants, ever buying, building, and selling, transforming assets as a player shifts pieces upon a board.

Meta remains, despite the prognostications of doom and the endless parade of new platforms, a veritable behemoth of digital advertisement. Its revenues soared in the last quarter, a sum so large it could comfortably fund a small principality. And this growth, observe, is not merely accidental. It is the result of a subtle, almost unsettling, transformation wrought by artificial intelligence. The very algorithms that govern the flow of advertisements have been… altered. They now possess a certain… eagerness.

They’re a Canadian midstream energy company, which sounds…robust. And boring. Like a sensible pair of orthopedic shoes. But they move oil and gas, and natural gas, and they’re also dipping a toe into renewable power. All this translates to something called “reliable cash flow,” which, to a person like me, sounds suspiciously like actual money. They’ve been increasing their dividend for thirty years, which is a streak even my grandmother’s bridge club hasn’t managed. It’s…consistent. Like a metronome, but for your bank account.

So, I’ve been trying to figure out where this all goes. Wall Street analysts have opinions, naturally. It’s their job to have opinions. And to be completely, utterly wrong sometimes. Here’s a little list I made, just to keep track of the madness: