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For those unfamiliar, Lone Pine is a hedge fund known for a blend of sensible value investing and a willingness to dabble in growth stocks. Mandel, a chap who clearly knows his way around a balance sheet, recently decided to completely exit his position in Meta Platforms – Facebook and Instagram to the rest of us. A sizable position, mind you – over $971 million worth of shares. Now, that’s a lot of likes and shares. Over the past couple of years, Meta’s stock had rather impressively doubled, so a bit of profit-taking was entirely understandable. Hedge funds, after all, aren’t charities. Their average holding period is a mere 16.5 months, which, when you think about it, is less time than it takes to properly mature a good cheddar. Still, the complete jettison of the stock raised a few eyebrows.

For decades, the Oracle of Omaha has dispensed wisdom, often couched in folksy aphorisms. These, investors have dutifully recorded, and, in some cases, even acted upon. The effect, one suspects, has been rather like attempting to steer a supertanker with a rowing oar, but a certain amount of incidental benefit undoubtedly accrued. The truly astonishing thing, however, is not what Mr. Buffett did in his final quarter, but what he conspicuously didn’t.

Established in 1957, the index tracks the fortunes of five hundred large enterprises, representing, it is claimed, approximately eighty per cent of the nation’s equity value. Admission to this gilded club is, of course, governed by a series of criteria – profitability, liquidity, a minimum market capitalisation of twenty-two billion dollars – all designed to maintain the illusion of seriousness. One suspects the true requirement is simply a capacity to inflate the numbers, at least for a season.

The question, naturally, is whether this agreeable ascent will continue. Oil prices, those volatile, darkly alluring indicators, have been exhibiting a decided upward trajectory, nearing levels not witnessed since the languid days of last summer. Geopolitical anxieties, those ever-present specters, and the lingering effects of global energy sanctions, threaten to introduce further disruptions to supply, potentially sustaining elevated prices for the foreseeable future. And, let us not overlook the rather compelling valuation: a price-to-earnings ratio of nineteen, positioning the sector as one of the more reasonably priced options within the S&P 500’s somewhat bloated landscape. A bargain, perhaps, in a world increasingly devoid of them.

Dutch Bros, a coffee chain currently enjoying a period of rapid expansion, presents a case worthy of examination.

PepsiCo, a name that conjures not merely refreshment but a certain cultural ubiquity, has accrued over half a century of dividend elevations. A rather impressive feat, wouldn’t you agree? To be a “Dividend King” – a title bestowed with the solemnity of a minor European principality – suggests a resilience, a certain implacable forward momentum. Its current yield of 3.3% – a respectable figure, though hardly scandalous – is thrice the paltry offering of the S&P 500. But the true artistry lies in the average annualized dividend growth of 7%. A delicate choreography of capital, if you will.

And when it comes to these ‘exchange-traded funds’ – little bundles of shares, carefully curated to avoid the worst of the market mayhem – one stands out as being particularly… un-explosive. It won’t make you a wizard overnight, but it might just fund a comfortable retirement, which, let’s face it, is a kind of magic in itself.

Buffett built this empire on a simple premise: find solid things, things that endure. Companies that don’t chase fleeting fancies, but quietly serve the needs of others. And that principle, like a worn boot, still fits. The new man, Abel, will likely continue to pick over the same fields, seeking out strong backs and steady hands. Management that doesn’t promise miracles, but delivers…enough. Enough to keep the wheels turning, enough to satisfy the shareholders, enough to keep the whole elaborate game going.

The stock jumped, of course. A 1,490% climb will do that to a ticker symbol. But a big number attracts attention, and attention breeds skepticism. Investors want more than just a chart that looks like a rocket launch. They want to know if this thing has legs, or if it’s all hot air.