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It’s funny, isn’t it, how a company that makes connectors—the little bits that hold everything else together—can suddenly become a darling of the artificial intelligence crowd? Amphenol, apparently, is no longer just a mature industrial cycle company. It’s a “picks and shovels” play, which is a phrase I always associate with failed gold rushes and slightly desperate prospectors. They’re supplying the infrastructure for the AI boom, which feels a bit like building sandcastles on a rising tide, but who am I to judge? I still haven’t figured out how to program my thermostat.

The year 2025 has passed. Now, in 2026, a faint recovery is observed, but is it merely a temporary reprieve, a flickering candle against the gathering shadows?

Peloton Interactive (PTON +2.51%)… a name once whispered with the fervor of a religious awakening. Now, merely a shadow of its former glory. Five years ago, on this very date, it stood at a precipice of $167.42. Today? A paltry $6.62. Such a descent… it compels one to question not merely the valuation, but the very nature of hope itself. Is this a genuine opportunity, a diamond in the rough? Or a meticulously crafted illusion, a trap for the unwary investor?

The question, posed with a certain calculated imprecision, is this: could a stake in Joby Aviation presently double one’s capital? It’s a siren song, isn’t it? A doubling. So neat, so symmetrical. But the markets, alas, rarely adhere to such pleasing geometries.

The company, unlike its brethren obsessed with tangible creation, chose a different path. It didn’t strive to be the future, but to quietly own a piece of it. A peculiar strategy, some said, a kind of intellectual parasitism. But Mateo, who had seen fortunes rise and fall on the whims of algorithms, understood that true power lay not in building the machine, but in controlling the current. InterDigital, you see, didn’t manufacture the devices that filled every pocket and home; it owned the invisible architecture that allowed them to speak to one another, a network of patents woven into the very fabric of modern life.

The filing hit the SEC on Thursday, and it’s a doozy. Lighthouse is clearly signaling a conviction play. It’s not about tracking the S&P it’s about finding something…different. Something that will actually move the needle. The top holdings now look like this: AKRE at $18.21 million (12.4% AUM), QQQ at $15.14 million (10.3% AUM), HEFA at $13.76 million (9.4% AUM), SCHK at $12.31 million (8.4% AUM), and SCHD at $12.28 million (8.4% AUM). Notice a pattern? They’re layering in a concentrated bet on top of broad market exposure. It’s a high-wire act, and I’m starting to feel a little dizzy just looking at it.

The filings with the Securities and Exchange Commission—those dry, official pronouncements—reveal a steady increase in Nepsis’s faith, or perhaps its desperation, in RLI. The quarter’s accounting shows a gain of $5.51 million, a figure born of both the exchange of coin and the shifting tides of market sentiment. One wonders, however, if this increase is a testament to RLI’s intrinsic worth, or merely a reflection of Nepsis’s own limitations—its inability to discern more promising avenues for investment.

The market cap is $8.7 billion. Not nothing. Though it peaked at $25 billion in 2021. Which, let’s be honest, feels like a lifetime ago. Everything felt more optimistic then. Before the…everything. Could it bounce back? That’s the question, isn’t it? A millionaire-maker? It’s a big ask. A very big ask. But let’s dissect it. For my own sanity, if nothing else.

The increase, amounting to a few percentage points, is presented as evidence of a robust future. Yet, one cannot help but reflect on the inherent fragility of such optimism. The market, like a gathering of hopeful peasants anticipating a bountiful harvest, is easily swayed by appearances. The true measure of prosperity, however, lies not in momentary fluctuations, but in the enduring strength of foundations.