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The core idea here is simple: these stocks may have more to gain than to lose. A concept, it should be noted, that applies to most things, provided you’re sufficiently vague. Freeport-McMoRan, specifically, looks interesting for three reasons. First, the company helpfully provides projections of its earnings before interest, taxes, depreciation, and amortization (EBITDA) based on various copper prices. It’s like a weather forecast for money, only slightly more reliable. Their latest update suggests $11 billion EBITDA at $4/pound of copper, escalating to $19 billion at $6/pound. Given the current price of $5.66, a rough calculation (involving numbers, which are, frankly, a bit of a nuisance) suggests around $17.6 billion. Assuming an enterprise value (EV) of $96.9 billion, that puts Freeport trading on an EV/EBITDA multiple of a mere 5.5 times in 2027 – a historically favorable valuation. It’s as if someone accidentally left a rather large discount sticker on it.

That’s how I ended up looking at Regeneron. Not because I’m particularly interested in macular degeneration – though, frankly, at my age, I should be – but because they’ve built a business. A real one. They’re not waiting for a miracle; they’re making things happen, and that, in this market, feels almost…radical.

The filings with the Securities and Exchange Commission reveal an addition to their holdings during the final quarter, amounting to approximately $10.16 million – a sum which, while not inconsiderable, seems almost quaint given the general profligacy of modern finance. The quarter-end value of the position rose by a further $3.68 million, a figure inflated, naturally, by the capricious whims of the market.

Whetstone, it appears, sold all 79,172 shares of monday.com during the final quarter of 2025. The estimated value? Approximately $15.33 million. Which, when you consider the sheer scale of the universe, is roughly equivalent to the cost of a particularly extravagant cheese sandwich on a planet orbiting Proxima Centauri. (The price of cheese, naturally, fluctuates wildly depending on the local gravitational anomalies.) This disposal resulted in a $15.33 million decrease in their portfolio value, factoring in both the sale and, rather predictably, the movement of the share price. It’s a classic case of numbers going up and down, which, frankly, is a bit of a shock to the system when you think about it.

It is this latter inclination that draws the eye, perhaps, to Sirius XM, a name that evokes a certain… obsolescence. A company in which Berkshire Hathaway, that venerable institution, maintains a substantial, if somewhat enigmatic, stake. The share price, currently languishing ninety-seven percent below its former heights, presents a curious spectacle. Is it a bargain, a relic, or simply a fading signal in the vastness of the digital ether?

Thus it is with Bristol Myers Squibb, a name now whispered with a certain melancholy on Wall Street. The company finds itself upon the precipice of what is termed a “patent cliff,” a rather prosaic description for a potentially devastating event. Revlimid, a drug once a pillar of their revenue, has already begun its descent, its sales diminished by nearly half. Sprycel follows, its strength fading with each passing month. But the true reckoning lies ahead, with the looming expiration of patents protecting Eliquis and Opdivo, two titans that currently sustain the company with a combined revenue of $24.4 billion – a sum representing, as it were, the very lifeblood of the enterprise. To witness such potential loss is to contemplate the vanity of earthly endeavors, the impermanence of even the most carefully constructed fortunes.

The question, then, dear investors, is this: which of these companies merits our confidence, our precious capital? Which shall prove the more astute player in this game of technological one-upmanship?

During January, Energy Transfer’s units appreciated 11.9%. While trailing the broader energy sector’s performance, this increase warrants examination. The company’s business model, characterized by fee-based services, provides a degree of insulation from the volatility inherent in upstream commodity pricing. Unlike exploration and production companies directly exposed to fluctuations in natural gas and crude oil prices, Energy Transfer’s revenue stream is predicated on the transportation, storage, and processing of these commodities. This distinction is critical in evaluating its long-term sustainability.