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It is tempting to view this preference as a straightforward calculation of return. Yet, to do so would be to miss the subtle geometry at play. For years, Apple occupied the apex of Berkshire’s pyramid of holdings. But the gradual diminution of that position – a shedding of shares like leaves in autumn – has revealed a new prominence for American Express. The conglomerate’s stake, now encompassing 16.5% of the portfolio, expands not through accretion, but through the elegant subtraction of shares by the company itself – a peculiar form of self-augmentation.

Recent observations – gleaned, it should be noted, not from the clamorous present, but from a careful reconstruction of the past twelve months – suggest a curious divergence. While the larger indices have traced predictable arcs, the Russell 2000 has exhibited a certain… restlessness. As of this writing, it has outperformed its more celebrated counterparts, a phenomenon that invites speculation. Is this a temporary anomaly, a statistical quirk? Or does it hint at a deeper shift in the underlying currents of the market?

Acuity Brands is a leading provider of lighting and building management solutions, with a global footprint and a strong presence in North America. They leverage a diverse brand portfolio and a dual-segment structure to address both traditional and intelligent building markets. A perfectly sensible strategy, one might argue, given the inevitable convergence of the two.

They now hold over 1.8 million shares. That’s $180.36 million worth of hope, or risk, depending on how you look at it. 6.7% of Soleus’s whole pile of money is now tied up in this one company. A significant commitment. Or a foolish one. Time will tell, won’t it?

The criteria are deceptively simple: a product or service of unyielding demand, and a corporate culture resistant to the entropy that governs all things. These, of course, are ideals. What follows is not an endorsement, but a cartography of potential illusions – a catalog of securities that, for a fleeting moment, appear to defy the inevitable.

Nvidia, of course, briefly hit that $5 trillion mark, then wobbled. It’s like watching a tightrope walker. Impressive, but also deeply unsettling. Alphabet, though, feels…different. It’s not just about the numbers. It’s about the sheer, almost frightening ubiquity of the company. I was at a family barbecue last week, and even my Uncle Harold, who still thinks the internet is a fad, was asking Siri – Siri! – to identify a particularly stubborn weed. It’s a takeover, really, subtle and complete. And, as an investor, I’m strangely okay with that.

Starbucks. A place where one pays an astonishing amount for a cup of heated bean water. And yet, they persist. Truly remarkable. They’ve had a bit of a wobble lately, a bit of a “what are we doing with our lives?” crisis, but seem to be pulling themselves together. They’re paying a dividend, which, at the moment, is about $2.48 a year for every $100 you invest. Which isn’t exactly going to fund a yacht, but it’s a start. The interesting thing is, they’re pushing the limits of what they can realistically afford to pay out, given their earnings. It’s a bit like a family taking out a second mortgage to buy a slightly nicer television. Risky, but potentially rewarding. Their new CEO, Brian Niccol – a chap who previously ran Chipotle, which, let’s be honest, is a bit of a miracle in itself – seems to have a plan. He’s calling it “Back to Starbucks,” which sounds suspiciously like a desperate attempt to recapture lost glory. But it appears to be working. Sales are up, people are ordering more things, and the company is generally looking less…despondent.