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According to a recent SEC filing, Silphium effectively liquidated its holding in VCLT. The fund’s reported position now stands at zero. The mechanics are simple enough: shares were sold, funds received. The significance, however, is rarely found in the transaction itself, but in the reasons – stated or unstated – that prompted it. One must avoid the temptation to read too much into a single action, but equally, to dismiss it entirely would be negligent.

A new position, they’re calling it. One point two percent of their holdings. Not exactly betting the ranch, but enough to raise an eyebrow. Berkeley doesn’t usually play hunches. They prefer a sure thing, which, in this business, is about as common as an honest politician.

The connection, one suspects, lies not in some arcane mystery, but in the very substance Newmont wrests from the earth.

Trust. That’s a funny thing to ask for from a company that once halved its dividend. It happened in 2020, a year when everything felt like a bad dream. The world was ending, or so it seemed, and Energy Transfer decided to join the party. Other pipeline companies, like Enterprise Products Partners and Enbridge, kept the checks coming. They weren’t saints, mind you, just less…enthusiastic about sudden austerity.

They scooped up 334,227 shares, according to the SEC filing. Which, when you break it down, is a lot of shares. My aunt Mildred buys shares, too, but it’s usually in companies that make porcelain dolls. Different strategies, I suppose. Elevation Capital is clearly betting on “fallen angels” – companies that were once considered safe investments, then…weren’t. It’s a lovely phrase, really. Fallen angels. Sounds like a particularly gloomy rock band.

The feverish pursuit of this intelligence, this phantom born of silicon and code, has driven valuations to heights that make even the most seasoned investor pause, a collective breath held against the inevitable correction. Yet, to shy away entirely is to misunderstand the nature of these cycles, to believe that progress can be neatly contained within a spreadsheet. The true opportunity, as always, lies not in chasing the ephemeral peak, but in identifying the quiet foundations upon which it rests.

The market, ever prone to fits of delayed recognition, has yet to fully account for this shift. Consequently, certain equities present themselves as opportunities – not for reckless speculation, but for the patient investor, one who understands that true value often resides in the overlooked or momentarily unfashionable. There are, too, those that bear the marks of a recent, perhaps overdone, correction, offering a chance to acquire sound businesses at a reasonable price.

The catalyst? A revised price target from Cantor Fitzgerald’s Derek Soderberg, a bold $35, issued in the wake of the recent sell-off. One wonders, however, if this is a reasoned assessment, or merely a desperate attempt to impose order upon a fundamentally chaotic situation. The markets abhor a vacuum, and perhaps this price target is simply the nearest solid object upon which to anchor a failing narrative.

The fourth-quarter results, announced with the usual fanfare, were, predictably, disappointing. A mere 4% decline in revenue, they assure us, and earnings marginally improved. A triumph, no doubt, if one discounts the subsequent guidance, which sent the shares tumbling with the swiftness of a disgraced diplomat. Break-even earnings are projected for the current quarter, a stark contrast to the expectations of a modest profit. The market, it seems, prefers its illusions undisturbed.

The challenge, naturally, isn’t finding ETFs. It’s finding the right ones. There are more ETFs than there are varieties of tea (and that’s saying something, considering the British Empire was built on the stuff). So, let’s consider a couple that, while not guaranteeing immortality or a free trip to Alpha Centauri, might just provide a reasonable return on investment over the long term. We’ll look at the Invesco QQQ Fund (QQQ 0.36%) and the Vanguard Growth Index Fund (VUG 0.48%). Because, frankly, staring into the abyss of endless investment options is exhausting, even for a seasoned observer of market absurdities.