usdaed

Let’s break it down for those of us who track global energy flows (and occasionally binge-watch geopolitical thrillers). Two things you need to know, because frankly, I don’t have all day.

It was on that day, a Tuesday steeped in the grey light of a northern winter, that USAdvisors Wealth Management, LLC, began to subtly, almost reluctantly, loosen its grip on 86,075 shares of the First Trust Smith Opportunistic Fixed Income ETF (FIXD 0.01%). The movement wasn’t a landslide, not a panicked flight, but a measured withdrawal, a sigh escaping the lungs of a patient investor. A reduction, they called it in the sterile language of SEC filings, a decrease of $3.8 million in value, a sum that, in the grand scheme of things, was merely a ripple, yet contained within it the echo of larger uncertainties. It was a transaction observed by few, understood by fewer, and yet, in the long, slow rhythm of the market, it carried a weight all its own.

Let us then, consider three observations, not as pronouncements from a sage, but as the ramblings of a man who has observed, with a weary amusement, the peculiar habits of those who chase these digital shadows.

The markets as a whole decided to indulge in a bit of buoyancy Tuesday. The S&P 500 rose 0.77% to 6,890, and the Nasdaq Composite managed a 1.04% climb to 22,864. Such movements, of course, are rarely driven by rational thought. Within the credit services arena, Adyen, a rival, dipped 1.08% to $11. One suspects the differing trajectories simply reflect a nuanced understanding of which payment platforms are best positioned to extract wealth from the unsuspecting public.

And so, we come to Novartis (NVS +1.46%). A peculiar name, isn’t it? Sounds like a villain from a particularly gloomy fairy tale. But let’s see if this pharmaceutical fellow can help line our pockets.

NexGen Energy, a Vancouver-based enterprise, concerns itself with the exploration and development of uranium. Their principal asset, the Rook I project in Saskatchewan’s Athabasca Basin, is a place of promise, a vast expanse of land holding the potential for…well, for more uranium. The company operates, as these companies do, on the premise of future value, of potential unlocked. They are not yet extracting the ore, not yet turning promise into tangible product. They are, for the moment, a collection of maps, assays, and optimistic projections.

Lucid, a mere three billion dollar venture, dares to dream of dominion. They speak not of building cars, but of selling the very thought of driving. Eighty percent of their ambition lies not in steel and rubber, but in lines of code, in the ethereal realm of software. A curious strategy, to become a vendor of dreams instead of a builder of realities. It reminds one of the market peddlers, selling promises they cannot keep.

The promise is this: a capacity to solve problems intractable to even the most prodigious of our silicon-based engines. Hybrid systems, linking the quantum and the classical, are envisioned – a coupling of the ethereal and the concrete. By 2030, some predict a discernible impact. By 2035, a widespread adoption. Such timelines are, of course, etched in sand, susceptible to the shifting winds of scientific discovery and the inevitable disappointments of technological development. To invest now is to accept a substantial degree of uncertainty, a willingness to gamble on a future that may never fully materialize. Still, the potential reward… it compels attention.

The air around Palantir, naturally, grew thick with skepticism. The latecomers, those who measured fortunes in weeks instead of decades, muttered of overvaluation, of bubbles poised to burst. They saw only the ascent, the impossible climb, and failed to understand the peculiar gravity that held the company aloft. They spoke of multiples and ratios, of benchmarks and norms – the sterile language of those who believe the future can be contained within a spreadsheet. They didn’t see the currents shifting beneath the surface, the slow, deliberate construction of something…different.

It’s a funny thing, isn’t it? Everyone’s chasing yield, chasing growth, but actually finding companies that can consistently generate free cash flow feels like finding a decent avocado at the supermarket – increasingly rare and requiring a careful inspection. Keystone clearly thinks VFLO has those avocados. Or, well, the financial equivalent.