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The company’s principal hope rests upon a candidate, VK2735, currently undergoing trials. It is a compound designed, like others, to influence the delicate balance of appetite and metabolism. A trial in injectable form progresses, and plans are laid for an oral version, a convenience which, it is presumed, will prove appealing to those of a less resolute disposition. Whether such convenience will translate into lasting success remains, of course, to be seen.

Yet, despite the evident difficulties attending PayPal, its present valuation suggests a degree of undervaluation, whilst SoFi appears to be held in rather higher esteem by the market. The question, therefore, arises: upon which of these establishments should a prudent investor bestow their favour?

However, even a distressed asset presents opportunities, and SL Green, should fortune favour it, could yet mount a recovery. Two conditions, rather elementary, really, would be required.

We’re weighing Bitcoin (BTC 1.17%), the digital gold standard, if you’ll forgive the oxymoron, against Cardano (ADA 0.67%), a blockchain that currently resembles a beautifully crafted, empty cathedral. Both claim to be the future, naturally. Everyone always does. It’s the marketing, you see. And the sheer, unshakeable optimism of those who believe they can solve everything with a distributed ledger.¹

The company prepares to unveil its fourth-quarter and full-year 2025 earnings on the twenty-sixth of February, before the sun deigns to rise. A popular pastime, this “earnings play,” especially with a stock prone to fits and tremors. Yet, I advise caution. To expect a miracle from D-Wave is akin to expecting a rational argument from a babushka arguing over a cabbage.

There’s a passel of these “exchange-traded funds” – fancy names for baskets of stocks – all claimin’ to be the best way to dip your toes into these faraway lands. But pickin’ the right one? That’s like tryin’ to choose the fastest mule in a stampede. One that stands out, though, is the Vanguard FTSE Emerging Markets ETF (VWO 0.02%). It’s got a bit of everything, spread around, and charges a fee so low, it’s practically givin’ the money away. Which, in my experience, is usually a sign of somethin’ clever or somethin’ about to go sideways.

This, naturally, gives one pause. Where will Nvidia be a year hence? A perfectly legitimate question, and one that requires a bit of jolly good thinking. The whole business, you see, hinges on this artificial intelligence business. It’s the latest craze, and everyone’s throwing money at it with the enthusiasm of a schoolboy let loose in a sweetshop.

The company, having successfully monetized a vaguely guilty conscience, now faces the more subtle challenges of maintaining its position. Investors, accustomed to breathless pronouncements of ‘user growth’ and ‘margin expansion’ – terms which, frankly, suggest a limited understanding of human nature – should direct their attention to the structural deficiencies which threaten to undermine this carefully constructed edifice.