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I’ve been trying to diversify, you see. “Become disciplined long-term investor” is on my list. Right below “Learn to meditate” and “Stop checking crypto prices every five minutes.” So, I started looking at innovation. Because, logically, that’s where the growth is. And TransMedics… they’re trying to fix a really big problem. The organ transplant system. It’s… surprisingly inefficient. Apparently, a lot of organs just… don’t make it. They deteriorate during transport. Which, when you think about it, is awful. For everyone involved.

And yet, to dismiss Amazon as a spent force would be a miscalculation, akin to judging a winter wheat field barren before the first green shoots appear. The current Chief Executive, Mr. Jassy, has articulated a vision for continued expansion, a series of initiatives designed to unlock further potential. Whether these plans will bear fruit remains to be seen, of course. The market, ever fickle, rarely rewards optimism without demonstrable results. Still, for those willing to observe with a discerning eye, there are glimmers of promise, whispers of a future yet unwritten. This examination, the concluding installment concerning Amazon within the context of the Voyager Portfolio, will attempt to assess the viability of Mr. Jassy’s ambitions, and to gauge whether the company truly possesses the capacity to surprise us once more.

The current prosperity is, after all, a recent phenomenon. The lending model – particularly the extension of unsecured credit in Brazil and Mexico – thrives when economic tides are favorable. Loan books swell, interest income rises, and the inevitable delinquencies remain, for a time, manageable. The numbers look impressive, but they are numbers born of a specific, and potentially fleeting, circumstance.

They offer all this “platform-as-a-service” and “software-as-a-service” nonsense. It’s just layers of abstraction designed to obscure the fact that somebody, somewhere, is still just flipping a switch. And now they’re claiming AI is boosting their numbers? Of course it is. It’s the buzzword of the moment. Everybody throws it around like it’s confetti. Their latest report, February 24th… honestly, who even reads these things? I do, apparently. Because I’m a trader. And that means I have to suffer through this.

Professor Finch posited that true wealth is not measured in the accumulation of symbols, but in the securing of essential currents. He termed this the ‘Principle of the Unavoidable.’ That which is fundamentally required – energy, in this instance – is less susceptible to the vagaries of imposed cost. Dominion Energy and Williams Companies, examined through this lens, present themselves as intriguing cases. They are not, it must be understood, guarantees against the inevitable entropy of the market, but rather points of relative stability within a chaotic system. They are, in essence, localized minima in a vast, undulating landscape.

Alphabet, as those with long memories will recall, spent a considerable period languishing in the shadows of its own potential. The market, in its infinite wisdom (or lack thereof), seemed determined to undervalue a company practically overflowing with innovation. Then, in a sudden burst of enthusiasm – triggered, no doubt, by a particularly persuasive analyst or a favorable rumor – the stock took flight. Microsoft, it seems, is now experiencing a similar period of quiet contemplation. A perfectly good company, momentarily forgotten amidst the clamor for the next shiny object. A situation, one might add, ripe with opportunity for the discerning investor.

They picked up a bit over two million shares in the last quarter of 2025. That makes it the 11th largest holding for Glenview – a surprisingly specific statistic, and one that makes you wonder what numbers 1 through 10 look like. It represents about 1.96% of their reportable assets. Which, in the grand scheme of things, isn’t quite enough to buy a small island, but is certainly enough to keep a few data centers humming.

The Schwab U.S. Dividend Equity ETF (SCHD +0.83%), a construct whose very name lacks a certain…poetry, has, nonetheless, experienced this phenomenon firsthand. Since its inception in October 2011, it has yielded an annualized return of 12.9%. A respectable figure, certainly, but the true interest lies not merely in the number itself, but in the underlying mechanics – the delicate choreography of selection that allows such a return to blossom. It’s a matter of discerning not merely what pays, but how and why it pays.

Yet, within this seeming austerity lies a paradox. Berkshire’s equity holdings—a vast and intricate map of American commerce—generate substantial dividend income. Coca-Cola, American Express, and a host of others regularly remit funds to the parent company. Billions flow into the coffers, but remain…contained. It is as if a hidden river runs beneath the surface, nourishing the whole, but never reaching the sea.