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According to the official pronouncements emanating from the Securities and Exchange Commission – a body whose paperwork, one suspects, could circle the globe several times over – OrbiMed’s purchase brought their total holding in RAPT to a respectable 1,642,891 shares. This represented, at the quarter’s end, a valuation of $55.64 million. A not insignificant stake, even for a fund accustomed to shuffling millions about like cards in a particularly high-stakes game.

The filing, dated February 17th, reveals Kerrisdale’s discreet withdrawal of 204,364 shares. They retain a respectable, if diminished, position of 147,621 shares, valued at approximately $4.17 million. A net decrease of $5.79 million over the quarter, which, while noticeable, hardly suggests a crisis of confidence. One suspects a bit of portfolio housekeeping, rather than a wholesale abandonment of the offshore drilling sector.

Palantir, they sell a kind of digital divination. Software that sifts through mountains of data, the kind that would bury a lesser man, and finds the glint of meaning. It’s used by those who guard our nation, those who seek to understand the world’s shadows. But it’s also finding its way into the hands of businesses, helping them decipher the whispers of the market. A client feeds it the raw stuff of numbers, and Palantir delivers not just information, but a glimpse of what might be. It’s a subscription, mind you. A continuing claim on a man’s earnings, but one that, if the software holds true, could offer a return beyond mere profit.

The market, as it often does, has noticed. TDS shares are currently trading at $47.59, a respectable 25% climb over the past year. This puts it a hair ahead of the S&P 500’s own, admittedly robust, 20% gain. One begins to suspect a slow-burning efficiency, a quiet competence in a world obsessed with shouting into the void.

NOBL, they tell me, is all about these “Aristocrats.” Companies that have raised dividends for, like, 25 years. Like that’s a guarantee of anything. Meanwhile, FDVV just grabs whatever’s paying out a decent yield. It’s not exactly rocket science, is it? Both are trying to give you a little trickle of income, but they’re going about it with different levels of… pretension. I looked at the numbers, March 2026, and frankly, it’s a headache. Tables, metrics…who has time for this?

This surge, of course, is attributed to the insatiable hunger of artificial intelligence. These digital gods demand memory – vast, unending oceans of it – to fuel their complex calculations. Dynamic random-access memory (DRAM) and high-bandwidth memory (HBM) are the lifeblood of this new era, and Micron, for the moment, holds a significant portion of the vein. But is this a blessing, or merely a temporary reprieve from the inherent chaos of the market?

The fund’s investment, amounting to 6.12% of its $318.61 million U.S. equity portfolio as of December 31, 2025, is not, in itself, remarkable. The market, after all, is a labyrinth of such transactions, each echoing the others in an endless, recursive pattern. Consider, if you will, the holdings of Boone Capital, as revealed by these same official pronouncements:

The issue isn’t necessarily the numbers, it’s the people running the show. Governance, capital allocation… it all sounds so…corporate, doesn’t it? Like a PowerPoint presentation designed to lull you into a false sense of security while your money slowly evaporates. I’ve seen more decisive leadership in a room full of cats. Seriously.

There’s a temptation to call it a simple recovery, a bounce from the bottom. And there’s truth in that. Markets, like people, often find a way to right themselves, to lift a weary head. But to dismiss it as only that would be to miss the quiet work being done, the slow building beneath the surface.