The transaction, recorded on the 13th of February, adds Praxis to Affinity’s holdings – a modest 3.11% of their reported assets. A small enough portion, one might think, to not unduly trouble the fund managers. Yet, in the grand scheme of things, even small gestures can carry a certain weight. Especially when they involve sums that could, for a fleeting moment, alleviate the burdens of a struggling biotechnology firm.
Nvidia (NVDA 2.21%) has undergone a recent re-evaluation, shifting from a position of perceived overvaluation to one of relative affordability. This is not to suggest the stock is inexpensive in any absolute sense, but rather that its price has, for the moment, failed to keep pace with the prevailing enthusiasm for artificial intelligence. A forward price-to-earnings ratio of approximately 24.5, based on projections for the fiscal year ending January, descends to 19 times earnings if one extends the forecast by a single year. This is a significant, though not unprecedented, correction.
According to a document filed with the authorities – a paper trail, they call it – Affinity increased its holdin’s in Apogee during the last quarter of 2025. That $3.87 million transaction swelled their total stake to 1,234,926 shares. Not just that, mind you, but the whole shebang increased in value by $46.59 million, thanks to a combination of buyin’ more shares and the stock itself climbin’ like a monkey up a greased pole. A fella could almost believe in miracles, seein’ such a jump.
I’ve been trying to be optimistic, you know? I even downloaded a mindfulness app. But then I started looking at the numbers, and… well, let’s just say my inner calm has taken a vacation. Job openings are down, government debt is up (shocking, I know), and everyone seems to be maxed out on credit cards. It’s like we’re all living on borrowed time… and borrowed money.
There were whispers, you see, of a dwindling fortune, a squeezing of profit margins, and a slowing of the influx of new listeners. Fears, it seems, that proved as fleeting as a melody on the wind. Neither these apprehensions nor the specter of financial constraint manifested in the company’s accounts, or in their projections for the coming quarter.
Even after this spirited ascent, a certain skepticism might linger, a faint whiff of overvaluation. But there’s a subtle, almost lepidopteral reason to believe the upward trajectory isn’t yet exhausted. It concerns, predictably, demand – that insatiable, ever-shifting phantom that haunts every earnings report.
The market, of late, has been generous to many. This largesse, naturally, cannot last. I’ve watched as valuations climbed to heights divorced from reality, and held back. Now, a modest correction begins, and a company like e.l.f. Beauty – not a titan, but a survivor – presents itself. It’s not about chasing brilliance, but identifying resilience.
Both these instruments promise a journey beyond the shores of our native land, a diversification most laudable. Yet, observe a crucial divergence: VXUS, with a boldness that borders on imprudence, extends its reach into the emerging markets – those lands of both immense potential and, shall we say, a certain…unpredictability. IEFA, more prudent in its approach, confines itself to the established realms of developed nations, excluding both the United States and Canada. This, my friends, is where the comedy—and the opportunity—begins.
The market’s obsessed with beating the S&P 500. So predictable. I’m more interested in the companies that have already had a good cry, dusted themselves off, and are quietly trying to rebuild. Two fintech companies, specifically, are currently offering a rather intriguing blend of potential and panic. They’ve both taken a bit of a beating recently, which, naturally, is when I start paying attention.
These monthly benefactors are largely drawn from the ranks of Real Estate Investment Trusts (REITs) and Business Development Companies (BDCs) – structures designed, with admirable ingenuity, to avoid certain unpleasantries with the tax authorities. They relinquish a substantial portion of their earnings, and in return, receive a benevolent nod from the state. A Faustian bargain, if ever there was one. They pay out at least ninety percent of taxable income. Ninety percent. The remaining ten percent, one suspects, is used to fund increasingly elaborate shareholder lunches.