Elon Musk, they say, is a visionary. A man who sees the future stretched out before him like a desert plain. But a man can also be a whirlwind, scattering promises and leaving a trail of uncertainty in his wake. His hand is on the tiller of this company, and with every pronouncement, every impulsive turn, the stock [TSLA] dances to a tune only he can hear. For a man seeking steady ground, a quiet harbor, this is not the vessel to board.
They’ve been paying things back. A little at a time. They’re making money again, which is… nice. People still like floating around in the middle of nowhere, apparently. The stock’s gone up, but not enough to buy a small country. Yet.
While prevailing market sentiment appears robust, a reliance on recent performance as a predictor of future returns is, at best, imprudent. Historical data suggests that extended periods of market appreciation are often followed by periods of correction, or, in more pronounced instances, decline. The Shiller Price-to-Earnings (P/E) Ratio, or CAPE Ratio, offers a long-term perspective on market valuation. Currently hovering between 39 and 41, the CAPE Ratio places the S&P 500 amongst the most expensively valued markets in history, second only to the dot-com era. This elevated valuation, while not necessarily indicative of an imminent crash, does suggest limited upside potential and increased vulnerability to adverse events.
Old Walt himself, a visionary, naturally. He dreamed it all up, but thankfully had his brother Roy to keep a watchful eye on the pennies. Roy was a sensible sort, you see. A bit like a very large, very responsible badger. When Walt popped his clogs, Roy lumbered out of retirement to prevent the whole shebang from tumbling into a financial bog. He built the Florida swamp castle, which was a feat of engineering, and sheer stubbornness.
IXUS, the all-encompassing fund, casts a wide net, scooping up equities from developed and developing nations alike. IEMG, however, is a specialist, a devotee of the emerging markets, convinced that the greatest fortunes are to be made where the risks are highest. The question, naturally, is which path leads to the most agreeable outcome. We shall examine their costs, performance, and peculiar habits, much as a seasoned pawnbroker examines a collection of dubious heirlooms.
Broadcom. The name doesn’t quite ring with the same…enthusiasm. It lacks a certain theatrical flair. And yet, one suspects, it is there, steadily accumulating power, like water eroding stone. By the end of 2026, one might find a few more people murmuring it, perhaps with a touch of surprise.
The interesting bit, though, isn’t the overall growth, but where that growth is coming from. The data center segment – where AMD peddles its EPYC server CPUs and Instinct data center GPUs – is doing rather well, growing revenue by 39% in the last quarter. And Lisa Su, the CEO – a woman who clearly understands the value of a well-polished spreadsheet – expects this to accelerate. She’s talking about over 60% annual growth for the next three to five years, and a staggering tens of billions in AI revenue by 2027. One suspects she’s been consulting with the Oracle of Silicon Valley.1
This year, though, the air is thick with uncertainty. Regulations loom like particularly grumpy tax collectors, the long-term narrative is…let’s say ‘evolving’, and the broader economic outlook resembles a particularly complicated knot. Which, for those of us who observe these things, presents a rather interesting opportunity. A chance to perhaps, cautiously, poke the beast with a long stick. Or, if you prefer, acquire a few digital tokens at a slightly less alarming price.
Both are names known to nearly all, woven into the fabric of modern life. But to view them merely as brands, as convenient tools for daily transactions, is to miss the deeper currents at play. They are, in their own way, monuments to ambition, to the relentless pursuit of expansion, and to the inherent contradictions of a system driven by both desire and dread.
These three companies, they’re leaders, supposedly. Growing industries, they say. Which mostly means other people are throwing money at them. It’s a strange game, this capitalism. A lot of hope. A lot of disappointment. Anyway, here they are.