The White House, predictably, has been agitating for something more dramatic. A forceful intervention, a swift correction. Mr. Powell, however, remains stubbornly wedded to the notion of allowing economic data to dictate policy. A quaintly old-fashioned idea, really. As a result, January passed without incident, much to the visible displeasure of certain parties. One pictures a rather frosty exchange of memoranda.
For years, these software companies enjoyed what’s politely called a ‘moat’ – a lovely image, isn’t it? – meaning they were so dominant, so deeply entrenched in their markets, that competition was minimal. This translated into healthy profits, predictable revenue, and, naturally, inflated valuations. But AI, it’s claimed, could erode those advantages. It can write code, extract information… even, apparently, compose passable poetry. (Though I suspect Keats needn’t worry just yet.) The question is, has the market overreacted? And, more importantly, can we profit from the resulting panic?
The core idea here is simple: these stocks may have more to gain than to lose. A concept, it should be noted, that applies to most things, provided you’re sufficiently vague. Freeport-McMoRan, specifically, looks interesting for three reasons. First, the company helpfully provides projections of its earnings before interest, taxes, depreciation, and amortization (EBITDA) based on various copper prices. It’s like a weather forecast for money, only slightly more reliable. Their latest update suggests $11 billion EBITDA at $4/pound of copper, escalating to $19 billion at $6/pound. Given the current price of $5.66, a rough calculation (involving numbers, which are, frankly, a bit of a nuisance) suggests around $17.6 billion. Assuming an enterprise value (EV) of $96.9 billion, that puts Freeport trading on an EV/EBITDA multiple of a mere 5.5 times in 2027 – a historically favorable valuation. It’s as if someone accidentally left a rather large discount sticker on it.
That’s how I ended up looking at Regeneron. Not because I’m particularly interested in macular degeneration – though, frankly, at my age, I should be – but because they’ve built a business. A real one. They’re not waiting for a miracle; they’re making things happen, and that, in this market, feels almost…radical.
The filings with the Securities and Exchange Commission reveal an addition to their holdings during the final quarter, amounting to approximately $10.16 million – a sum which, while not inconsiderable, seems almost quaint given the general profligacy of modern finance. The quarter-end value of the position rose by a further $3.68 million, a figure inflated, naturally, by the capricious whims of the market.
The grander narrative, however, is a tale of tepid cooling-no implosions, thank heavens-where buyers, like overzealous chaperones, guard technical levels with the fervor of a Victorian maiden clutching her corset. Long-term momentum, though, lingers in the shadows, a specter refusing to be exorcised by short-term tremors.
Whetstone, it appears, sold all 79,172 shares of monday.com during the final quarter of 2025. The estimated value? Approximately $15.33 million. Which, when you consider the sheer scale of the universe, is roughly equivalent to the cost of a particularly extravagant cheese sandwich on a planet orbiting Proxima Centauri. (The price of cheese, naturally, fluctuates wildly depending on the local gravitational anomalies.) This disposal resulted in a $15.33 million decrease in their portfolio value, factoring in both the sale and, rather predictably, the movement of the share price. It’s a classic case of numbers going up and down, which, frankly, is a bit of a shock to the system when you think about it.
It is this latter inclination that draws the eye, perhaps, to Sirius XM, a name that evokes a certain… obsolescence. A company in which Berkshire Hathaway, that venerable institution, maintains a substantial, if somewhat enigmatic, stake. The share price, currently languishing ninety-seven percent below its former heights, presents a curious spectacle. Is it a bargain, a relic, or simply a fading signal in the vastness of the digital ether?
In the wake of this frenzied activity, the data reveals a spectacle most grotesque: 1.6 billion XRP, a sum so vast it boggles the mind, hath been bound to the altar of futures contracts. A 2.56% increase in open interest, they say-a mere trifle, yet enough to stir the hearts of the faithful. But is this a sign of resurrection, or merely the death rattle of a dying beast? Ah, the irony! The more they stake, the deeper they plunge into the abyss of uncertainty.
Thus it is with Bristol Myers Squibb, a name now whispered with a certain melancholy on Wall Street. The company finds itself upon the precipice of what is termed a “patent cliff,” a rather prosaic description for a potentially devastating event. Revlimid, a drug once a pillar of their revenue, has already begun its descent, its sales diminished by nearly half. Sprycel follows, its strength fading with each passing month. But the true reckoning lies ahead, with the looming expiration of patents protecting Eliquis and Opdivo, two titans that currently sustain the company with a combined revenue of $24.4 billion – a sum representing, as it were, the very lifeblood of the enterprise. To witness such potential loss is to contemplate the vanity of earthly endeavors, the impermanence of even the most carefully constructed fortunes.