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One observes that the portfolio, a considerable assemblage of capital amounting to some $318 billion, is not merely large, but remarkably concentrated. A vulgar man might call it a lack of diversification; a discerning eye recognizes it as a deliberate assertion of conviction. Nearly 61% of these funds reside within a mere five equities, a testament to the enduring power of – and, dare I say, the stubbornness of – focused investment. Let us examine these chosen few, these pillars of the Abel inheritance.

The figures for 2025 are, on the surface, encouraging. Orders increased by a respectable 34%, the backlog swelled to $31.2 billion, and revenue experienced a 9% lift. Vernova’s management, predictably, has raised its guidance for 2026 and beyond. One is tempted to inquire, however, whether these projections are based on genuine economic momentum or simply a collective delusion fueled by the prevailing narrative of energy scarcity. The market, it seems, prefers a story to a balance sheet.

To describe Hims & Hers as a ‘drug company’ is to diminish its ambition. It does, of course, deal in compounds intended to alter the human condition. But its innovation lies not in the creation of these substances, but in the architecture of access. It has bypassed the labyrinthine corridors of traditional healthcare, establishing a direct line to the consumer – a feat not unlike the legendary Library of Babel, attempting to contain all possible formulations of wellness within its digital walls.

Anthropic has recently secured a rather substantial injection of funds – a cool $30 billion, if you please – and the whispers suggest an IPO is imminent. A pity for those of us who enjoy a bargain, as direct investment is, for the moment, out of the question. However, a perfectly serviceable proxy exists, and it goes by the name of Amazon. Yes, Amazon (AMZN 1.31%) is rather cleverly positioned to benefit from all this AI fuss.

Last month, whispers from the Wall Street Journal spoke of a planned establishment, a superstore of some 225,000 square feet, near the city of Chicago. A space comparable, it is said, to those occupied by Walmart, offering a comprehensive array of goods – groceries, household necessities, the countless items that constitute the material fabric of modern life. One anticipates, should this venture prove fruitful, a proliferation of such establishments, a reshaping of the American landscape, and a further entanglement of the populace within the web of consumerism.

Stanley Druckenmiller, a name now whispered with the reverence once reserved for the old masters, has become something of a lodestar in this constellation of wealth. With the venerable Warren Buffett easing into a quieter season, Druckenmiller’s movements are followed with a scrutiny usually reserved for migrating birds. He is a man who speaks with his actions, a collector of growth, and currently, his gaze seems fixed upon the giants of the digital age.

Last year, they raked in a sum that’d make a Mississippi gambler blush – over $215 billion, if you please. And they reckon they’ll do even better this next quarter, a jump of around 77 percent. A fellow could get used to numbers like that, though I suspect it’d spoil a man rotten.

But ah, the fickleness of fortune! 2026 has arrived, and AMD, despite a respectable showing – a 35% revenue increase, earnings of $4.17 per share – finds itself… underperforming. A touch disappointing, wouldn’t you agree? The investors, those demanding spirits, had apparently expected miracles. They seem to believe that silicon wafers grow on trees, fertilized by the sheer force of expectation. And of course, there’s Nvidia, looming like a particularly unpleasant dream, threatening to supply Meta Platforms and Lenovo with server and laptop chips. A predictable skirmish, really; the usual jostling for position in this grand, absurd drama.

The logic, as best one can decipher it (and frankly, the deciphering process involves a concerning amount of caffeine), is that insurance companies generate capital that can then be deployed into other ventures. This is not a new idea. It’s been done before. Many times. But Ackman, bless his ambitious soul, seems to believe he can do it better. (A common delusion amongst the financially fortunate, and indeed, a significant driver of economic activity.) His hedge fund, Pershing Square Capital Management, has a reasonably encouraging track record – beating the S&P 500 by a respectable 40 percentage points over the last decade. Which, if you consider the inherent randomness of the stock market, is either impressive or simply a statistical anomaly. The jury, as they say, is still out, and probably ordering another round of drinks.

Dividends. They call it a ‘return.’ As if the machine simply gives back what is rightfully yours. No. It is a portion of the surplus, extracted from the hands of others, and briefly passed along the line. Yet, even a small share of the harvest can sustain a family. Reinvest it, yes, but remember what built it: the sweat and the striving of countless souls.