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Let us consider, then, five such holdings, each with its own character and potential for long-term yield.

The appeal, it seems, lies not in a breathless pursuit of novelty, but in a return to certain fundamental principles – a preference for value, for steady yield, for companies that, like old estates, have weathered many storms and continue to distribute their bounty. This is not the realm of speculative excess, but of a more considered, almost patient accumulation.

Rocket Lab began as the project of a New Zealander, Peter Beck, and has grown into a company with ambitions that, while not unreasonable, are presented with a degree of optimism rarely justified in the realm of investment. It initially focused on small-scale launches, filling a niche previously overlooked. More recently, it has expanded into the construction of space systems – satellites and the like – a logical progression, but one that demands substantial capital.

It’s a small cap, which already puts it at a disadvantage. Wall Street seems to have a pathological aversion to anything under a billion or two. It’s like they can’t see it on the screen. Tenable is currently valued around $2.5 billion, which, in the grand scheme of things, is less than the cost of a decent yacht. Compared to the behemoths like CrowdStrike (CRWD +0.60%) and Palo Alto Networks (PANW 0.11)—companies valued in the triple digits—it’s practically invisible. And its stock, well, it’s been having a bit of a moment. Down 65% from its 2022 peak. A steep drop, even for a company whose business involves preventing things from falling apart.

Thirty-six million shares. Indirectly, of course. Because direct ownership is just… too straightforward. There’s always a layer. Sprott Mining Inc. and then 2176423 Ontario Ltd… it’s like a Russian nesting doll of holding companies. Who even keeps track of this? And the price, $45.99. They couldn’t make it a round number? It’s just… irritating. They open at $53.53. The fluctuation! It’s designed to make you feel like you’re constantly losing.

Two names came across my desk: Walmart (WMT +1.69%) and Macy’s (M +3.52%). Both deal in dividends. Both are looking for a piece of your action. The question isn’t whether they can pay, but whether they’re worth the risk.

Valuation? Oh, they whine about valuation. As if numbers on a screen can contain the sheer, unadulterated potential of this company. It’s not about what it is, it’s about what it’s becoming. A digital panopticon, maybe. A key to unlocking… well, let’s just say a lot of doors you probably didn’t want opened in the first place. The numbers, frankly, are just a smokescreen. A distraction from the REAL story unfolding in the data streams.

American Express. A name that once evoked images of elegant travel, of discerning clientele… now largely reduced to points and rewards programs. Berkshire Hathaway’s long-held affection for this institution is… curious. Sixteen-point-seven percent of the total portfolio. A substantial commitment, bordering on the obsessive. One suspects a personal attachment, a sentimental fondness for a bygone era. Perhaps Mr. Buffett simply enjoys the weight of the platinum cards in his hand. Regardless, the numbers are… acceptable. The company persists, demonstrating a resilience that is, frankly, surprising. They’ve managed to ensnare a new generation, these millennials and Gen-Z creatures, with promises of instant gratification. The irony, of course, is that they are merely perpetuating the same cycle of debt and desire as their predecessors. But who are we to judge? The wheel turns, and American Express collects its toll.

The discerning investor, one who favors the quiet accumulation of value over the fleeting spectacle of hype, might instead cast an eye towards less celebrated, yet potentially more fertile, ground. Sandisk and Pagaya Technologies, names that lack the immediate resonance of Nvidia, offer a different sort of allure—a promise not of instantaneous elevation, but of sustained, perhaps even glacial, growth. Their valuations, presently more… tractable, suggest a degree of headroom that Nvidia, having already scaled such dizzying heights, can only dream of.

Joby is, to give them credit, making noises that suggest forward momentum. Hundreds of test flights have been conducted, which is good, assuming they haven’t simply been circling the same field repeatedly to impress onlookers. They’re now investing in simulators to train pilots, a sensible precaution considering that handing the controls to an untrained individual in a flying machine is generally frowned upon by insurance adjusters. This is all progress, of a sort, though it feels rather like measuring the distance travelled by a snail attempting to cross the Atlantic.