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Novo Nordisk, purveyor of Wegovy, directly challenges Lilly’s Zepbound. They’ve announced a cut in price, a lowering of the barrier to entry for those seeking to lighten their load – and, more importantly, for those who profit from the effort. A one-month supply, once exceeding $1,000, is now slated for $675. A significant reduction, yes, but one that feels less like generosity and more like a calculated maneuver. The change takes effect in 2027, giving the market time to adjust, to absorb the shock of diminished returns.

Therefore, let us consider a trio of enterprises, not as beacons of guaranteed fortune, but as vessels—somewhat leaky, perhaps—capable of navigating the treacherous currents of commerce. These are not promises of riches, mind you, but observations—the musings of a man who has seen too many ledgers and too few honest accounts.

One does not suggest a crisis, merely a recalibration. The truly elegant investor anticipates, and profits from, the inevitable shifts in fortune. To assume perpetual growth is, shall we say, lacking in imagination.

ServiceNow. Started as a glorified help desk, fixing broken printers and lost passwords. Now, it’s the nervous system of a lot of big companies. They’ve dug in deep, wrapped themselves around critical systems with security protocols and audit trails. Hard to dislodge once they’ve got a grip. That’s what they call a moat, and this one’s wide. They’ve been sprinkling AI on top like a fancy garnish, but it’s their new Control Tower that’s got my attention. A place to orchestrate the digital workforce, before it gets out of hand.

Regeneron’s current star performer is a preparation called Dupixent, a rather ingenious concoction for soothing the woes of eczema sufferers. They share the spoils with Sanofi, which is always a civilized arrangement. It’s become quite the leader in its field, and they’re extending its talents to other bothersome conditions, including a particularly nasty form of lung trouble—Chronic Obstructive Pulmonary Disease, or COPD as the chaps in white coats call it—in the coming months.

The company beat expectations. Analysts, those who try to predict the whims of the market, had figured on something less. Less revenue, less profit. But DRS delivered. They spoke of strong demand for radars, for sensors that see in the dark. It’s a business built on seeing what others cannot, on preparing for shadows. The truth is, the world is a hungry place, and the appetite for security, for the illusion of control, is never sated.

BlackRock’s acquisition garnered the headlines, of course. Such grand gestures are always more palatable to the public imagination. But it is in the shadows, amongst the less celebrated ventures, that true opportunities often bloom. ValueAct’s move with Toast, while less dramatic, feels… considered. A recognition, perhaps, that even in an age of algorithms and automated kitchens, the simple act of nourishment remains stubbornly, beautifully, human.

The SEC filing of February 17, 2026, reveals this deliberate lessening of exposure to Frontier Group Holdings. It is a move not born of panic, one suspects, but of a pragmatic desire to refine the composition of their holdings. The reduction, while substantial in absolute terms, represents a mere fraction of their overall position, leaving them with a stake still valued at $16.88 million – a decrease of $2.03 million from the preceding quarter. One observes a certain restraint, a refusal to succumb to the more boisterous impulses that often grip the market.

So, after the closing bell Monday, a regulatory filing dropped – a document so thrilling, it’s a wonder it didn’t require a drumroll. Apparently, an entity associated with Mr. Sprott scooped up 150,000 shares. Not exactly a king’s ransom, but enough to make Hycroft’s stock price do a little jig. He now owns over 36.9 million shares. Thirty-six point nine million! I’ve got that many paperclips, and frankly, they’re not performing nearly as well.

Workiva (WK +0.19%)… honestly, the name. It sounds like a spa treatment. Anyway, the stock’s down 25% this year. And people are surprised? I’m not. It’s just… predictable. They aggregate data, create reports, regulatory filings… it’s all very… responsible. But responsible doesn’t pay the bills, does it? The idea that a manager is going to trust AI with something going to the SEC… it’s just… naive. One misplaced decimal point, a misspelled word, and suddenly you’re on the news. It’s a disaster waiting to happen. And it’s always the little things.