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But the winds, as they often do, have begun to shift. Last year, for the first time since the Age of Steam-Powered Calculating Machines (2020, to be precise), Emerging Markets dared to outperform the venerable S&P 500.¹ The U.S. market, whilst still reasonably prosperous, showed signs of… well, looking around for other options. A subtle hint, perhaps, that the game was afoot. And 2026? It’s confirmed what the ancient scrolls (and a surprisingly accurate pigeon) have been predicting: international stocks are still leading the charge, and a broader rotation is underway. This is significant because history, that most unreliable of storytellers, suggests these cycles aren’t mere flutters of the market, but rather long, slow shifts in the very foundations of fortune.

Visa (V 3.00%) just reported a 15% revenue bump in the first quarter of 2026. Decent. A respectable showing. Like a mildly enthusiastic tap dancer. And their earnings per share? Up 17%. Okay, fine. They’re not exactly losing money.

Now, one finds oneself pondering the rather vexing question of timing. After such a climb, one naturally wonders when, precisely, to acquire a few shares. Is there a particularly propitious moment lurking just around the corner? Should one, perhaps, leap before looking, and purchase ahead of their earnings report on February 25th? Let’s have a bit of a look at the history, shall we? It might shed a glimmer of light on the proceedings.

The recent decline in Pfizer’s share price, exceeding 50% from 2021 highs, is attributable to multiple factors, most notably the company’s delayed entry into the glucagon-like peptide-1 (GLP-1) receptor agonist market. While the pursuit of internal candidates proved unsuccessful, the subsequent acquisition strategy and distribution agreement represent a reactive, rather than proactive, approach.

One must remember that these companies dare to challenge the established order—the behemoths of Alphabet and IBM—and such audacity always comes at a price. The question, therefore, is not merely which company possesses the superior technology, but which is more adept at the art of captivating investors – a skill, I assure you, far more valuable than mere innovation.

You see, the larger the vessel, the more sluggishly it turns. Berkshire’s most spectacular leaps – the years 1968, 1971, 1976, and so on – occurred when it was but a nimble skiff, not the ocean liner it is today. A fact Mr. Buffett acknowledged as early as 1994, a man of foresight, that one. He predicted, with the certainty of a seasoned gambler, that future gains would be… less enthusiastic. A most sensible fellow, to admit such a thing!

It appears, however, that a small cloud has drifted across the otherwise sunny landscape. A warning sign, as the chaps are calling it. How terribly dramatic.

The company in question? Rhythm Pharmaceuticals, a name that, admittedly, doesn’t exactly trip off the tongue with the ease of, say, a perfectly mixed gin and tonic. But don’t let that put you off. It’s a smallish affair, currently valued at a modest $6.8 billion, though it was even more diminutive at the start of 2025. It’s not chasing after ailments that plague the masses, you see. Instead, it’s focusing on the rather specialized field of rare genetic obesity. A niche, perhaps, but a surprisingly lucrative one, as we shall see.

Let us recap, shall we, and then consider what other opportunities this enterprising REIT might unearth. After all, a clever man always has a second, and a third, scheme brewing.

The current valuation – $1.84, a number that feels both arbitrary and profoundly significant – invites inquiry. A bargain, perhaps? Or merely the price at which a forgotten system component is finally discarded? One is compelled to examine the mechanisms that have led to this state, though the examination itself feels like a pointless exercise in documenting decay.