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The scene is no less grim in formal terms: a quarterly Form 13-F filed with the SEC, a document more about numbers than stories, revealed that Findell had emptied its coffers of Valaris entirely. An agile departure-full and uncompromising-leaving the offshore driller’s name in the dust. This act, measured in dollars and shares, signals not just a shrug, but a clear shift in vision-away from the heavy, resource-drunk machinery of offshore drilling toward promises of faster, shinier assets elsewhere. The move reflects more than numbers; it echoes the cautious retreat of those who sense the tides shifting-less certainty, more calculation.

At first glance, you might think: “So, they bought some shares-big deal.” But wait, my dear reader, it’s a bit more fascinating than that. This latest move puts Penn Capital’s Harrow stake at a respectable 1.2% of their total $1.3 billion U.S. equity holdings. That’s no small chunk of change, folks. It’s a signal, I’d say, that Penn Capital sees something worth noting in the somewhat murky waters of Harrow’s stock. For those following along, Harrow is one of those small-cap, healthcare-ish companies, but don’t let that lull you into complacency. It’s precisely these types of stocks that can sometimes reveal hidden treasures-or at least the potential for them.

So, apparently, during the third quarter, Findell upped its game by snagging 90,000 shares of TPB, which in the world of financial wizardry, translates to about $8.9 million-more or less. This move-what some fancy folks call a “new position”-represents a modest 3.5% slice of their $253.4 million pot of U.S. equities. The fact that they now have 15 positions in their portfolio might seem impressive until you realize I’m still obsessively counting the number of stocks I own, which is currently too many. Anyway, the key takeaway? Some smart money is hedging its bets on this tiny titan as it surges-up 60% over the past year-leaving the S&P 500 scratching its head at a mere 13% gain. Simply put, it’s what we’d call a “red flag” wrapped in a rally hat.

Penn’s folks filed their quarterly confession-more formally known as a U.S. Securities and Exchange Commission (SEC) form-and it said they cut their stake in BGC pretty dramatically. The number: 1,615,590 fewer shares, estimated to be worth roughly $17.1 million at the average price in the last quarter. After the shuffle, they still hold 622,783 shares, valued at a modest $5.9 million-more pocket change in the grand ledger of investing. So it goes.

What, you ask, hath driven Allstate’s stock to this height? Let us peer through the curtain, and behold!