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IVV, the dependable one. Solid, established, a bit… predictable? It tracks the S&P 500, which basically means it owns a slice of everything large and generally successful in the US. It’s like marrying a doctor – safe, secure, probably a bit boring after a while. The expense ratio? A ridiculously low 0.03%. Honestly, it’s practically giving money away. Dividend yield is a respectable 1.2%. Units of Self-Restraint Exercised While Not Immediately Buying All of It: 0.

According to the SEC filing (dated, naturally, February 17th), Canyon Capital Advisors now holds those 2,000,936 Compass shares. The value as of December 31st, 2025? $21.15 million. It’s all terribly precise, isn’t it? As if numbers can actually predict anything. Still, one notes the shift in their portfolio. It’s like rearranging the deck chairs on the Titanic, but perhaps with slightly more optimistic furniture.

The iShares Silver Trust and the SPDR Gold Shares – mechanisms for participating in this quiet hoarding – have, of late, exhibited a liveliness that is, perhaps, disproportionate to any underlying economic health. A feverish bloom, one might say. The metals themselves remain unchanged, of course. It is merely the perception, the collective yearning for stability, that has driven the prices upwards.

In the year past, while certain sectors strutted and fretted their hour upon the stage – the Technologists, the Communicators, the Industrials – they proved, alas, to be built upon foundations of air. The current year, however, reveals a different tableau. Those once languishing in the shadows – Energy, Materials, the very Staples of life – now dance in the sunlight, exceeding the performance of that broad measure known as the S&P 500. A most delightful reversal of fortune, indeed!

The trouble, as near as I can tell, lies in the looking ahead. Management guided sales growth under twenty percent for the next quarter, and spoke of tighter margins. They’re testing the waters with a new GPS product for pets, and letting go of their brick-and-mortar operations. These are the necessary adjustments of a growing thing, a farmer thinning seedlings to give the strong ones room to reach for the sun. But the market, it seems, prefers instant bloom.

They sold $5.6 billion worth of vehicles, which was $330 million more than everyone expected. A 58% increase year over year. 43% more cars rolling off the virtual lot. Earnings per share clocked in at $4.22. Wall Street was hoping for $1.13. Numbers, numbers. They mean something, I suppose, until they don’t. But the important metric, the one that really matters to people who own stock, was…less good.

As of this afternoon, shares are down 3.8%, which, in the world of volatile stocks, is basically a polite cough before the full-on sneeze. It was a 10% drop earlier, but hey, small victories, right?

Peloton unveiled its fiscal Q2 results, which, naturally, encompassed the all-important holiday shopping season. You’d think a company selling $2,000+ bikes would be immune to seasonal pressures, but apparently not. They missed analyst estimates on both revenue and earnings, which, in the corporate world, is the equivalent of showing up to a black-tie gala in sweatpants. Revenue declined by almost 3% year-over-year to $656.5 million. Membership rolls are shrinking – down 6% to 5.8 million – and paid subscriptions are following suit, down 7% to under 2.7 million. It’s a bit like watching a treadmill slowly lose power.

The aforementioned HG Vora, as documented in a recent SEC filing, executed a complete withdrawal from Ryder during the previous quarter. A clean break. One suspects a tale of calculated risk and perhaps, a touch of premonition. After all, in the grand bazaar of finance, even the most seasoned merchants occasionally scent a changing wind.