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Nio, a purveyor of electric vehicles in the vast and enigmatic land of China, offers more than mere transportation. It offers a vision, a promise of liberation from the internal combustion engine, but also a profound question: can this vision survive the brutal realities of competition and the capricious whims of the consumer? They sell sedans, SUVs, even smaller, more affordable models through subsidiary brands – a desperate attempt, perhaps, to appeal to every stratum of society, to become all things to all people. Their swappable battery technology – a clever innovation, certainly – feels less like a solution and more like a temporary reprieve, a postponement of the inevitable reckoning with range anxiety and charging infrastructure. And their expansion into Europe… a bold stroke, or a reckless overextension? The Chinese market, saturated and fragmented, compels them outward, but will they find greener pastures, or merely exchange one set of challenges for another?

You’re probably thinking it’s too late to join the party. And you’d be right, mostly. But things are…shifting. It’s a slow, quiet kind of shift, like continental drift, but with more paperwork.

But 2025, bless its heart, brought a rather unexpected turn-up for the books. Investors, it seems, began to remember that valuations actually mean something. Growth rates overseas started to perk up, and the prospect of assistance from the Federal Reserve dwindled, which, oddly enough, proved rather beneficial. It unlocked a bit of inherent value, you see, like finding a tenner in an old waistcoat pocket.

Alta Fox, it turns out, bought 776,975 shares in the fourth quarter. Roughly $26 million, if you’re keeping track. And, predictably, the stock has been doing quite well. Up 74% in a year. Which is…a lot. It makes my own investments look particularly pathetic. Mostly antique thimbles and a questionable collection of porcelain kittens.

The SEC filing confirms it: LM is all in on Vermilion. A quarter of their reported assets now tied up in crude and gas. Twenty-five percent. That’s not a position, that’s a commitment. A declaration. The value jumped $8.46 million in the last quarter. A tidy sum. But let’s not confuse profit with sanity. This isn’t about slow, steady growth; it’s about riding the rollercoaster, hoping the safety bar holds.

Keenan Capital, it seems, is feeling optimistic. They’ve taken a 9.35% stake, which, let’s be honest, is a rather large gesture. It’s like saying, “Yes, the chocolate biscuits are tempting, but we believe in long-term health.” Their existing portfolio is…interesting. Lots of software and tech – APP, GLBE, WDAY. Very sensible. Very…grown-up. I’m mostly invested in wishful thinking and a slightly alarming collection of scented candles.

The third quarter of 2025 was all about stadium shows, a fact that, if you’ve ever been to a stadium show, isn’t entirely surprising. They had a whopping 60% increase in events, adding around $40 million to their concert profits. Management is feeling bullish about 2026, claiming ticket sales are already significantly ahead of last year. Which is encouraging, unless of course, everyone’s just really, really eager to see a band they haven’t seen in three years. As CFO Joe Berchtold put it on the earnings call, “Tickets sold, sponsorships committed, deferred revenue a lot of factors are pointing extremely positively.” It’s the sort of statement that sounds impressive until you realize it could apply to nearly any successful enterprise. Like a bakery, for example. Or a very efficient shoe-polishing service.

The company, once a humble troupe performing for a select audience, now commands a vast amphitheater. Daily and monthly users have swelled to a most impressive 50 million and 135 million respectively – a veritable throng eager to conjugate verbs and memorize vocabulary. But let us not mistake mere attendance for genuine appreciation. The true measure of a performance lies not in the number of spectators, but in their willingness to reward the players. And reward them, these users do, albeit with a subtlety that requires a discerning eye.

According to the SEC filing from February 13, 2026, Keenan Capital decided Clearwater Analytics was worth a significant chunk of change. $88.3 million, to be precise. That’s after factoring in the usual quarterly market roller coaster. It’s a bold move. Like ordering the lobster when you’re pretty sure you’re still paying off student loans.