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Professor Finch posited that true wealth is not measured in the accumulation of symbols, but in the securing of essential currents. He termed this the ‘Principle of the Unavoidable.’ That which is fundamentally required – energy, in this instance – is less susceptible to the vagaries of imposed cost. Dominion Energy and Williams Companies, examined through this lens, present themselves as intriguing cases. They are not, it must be understood, guarantees against the inevitable entropy of the market, but rather points of relative stability within a chaotic system. They are, in essence, localized minima in a vast, undulating landscape.

Alphabet, as those with long memories will recall, spent a considerable period languishing in the shadows of its own potential. The market, in its infinite wisdom (or lack thereof), seemed determined to undervalue a company practically overflowing with innovation. Then, in a sudden burst of enthusiasm – triggered, no doubt, by a particularly persuasive analyst or a favorable rumor – the stock took flight. Microsoft, it seems, is now experiencing a similar period of quiet contemplation. A perfectly good company, momentarily forgotten amidst the clamor for the next shiny object. A situation, one might add, ripe with opportunity for the discerning investor.

They picked up a bit over two million shares in the last quarter of 2025. That makes it the 11th largest holding for Glenview – a surprisingly specific statistic, and one that makes you wonder what numbers 1 through 10 look like. It represents about 1.96% of their reportable assets. Which, in the grand scheme of things, isn’t quite enough to buy a small island, but is certainly enough to keep a few data centers humming.

The Schwab U.S. Dividend Equity ETF (SCHD +0.83%), a construct whose very name lacks a certain…poetry, has, nonetheless, experienced this phenomenon firsthand. Since its inception in October 2011, it has yielded an annualized return of 12.9%. A respectable figure, certainly, but the true interest lies not merely in the number itself, but in the underlying mechanics – the delicate choreography of selection that allows such a return to blossom. It’s a matter of discerning not merely what pays, but how and why it pays.

Yet, within this seeming austerity lies a paradox. Berkshire’s equity holdings—a vast and intricate map of American commerce—generate substantial dividend income. Coca-Cola, American Express, and a host of others regularly remit funds to the parent company. Billions flow into the coffers, but remain…contained. It is as if a hidden river runs beneath the surface, nourishing the whole, but never reaching the sea.

Consider, if you will, the case of International Business Machines. A mere announcement – that a fledgling AI, Anthropic’s Claude, might modernize the ancient tongue of COBOL – sent its shares tumbling. A decline of thirteen percent in a single day! One might almost suspect a theatrical exaggeration, were it not for the very real losses suffered by its investors. It is a poignant reminder that even the most venerable of institutions can be undone by a clever turn of phrase – or, in this instance, a line of code.

The results, it appears, fell short of the company’s earlier projections – a discrepancy that casts a shadow over the carefully constructed narratives of growth. Management, with a pragmatism born of necessity, has lowered its guidance and, more significantly, reduced the dividend. A gesture, one might say, of acknowledging a shifting landscape. And it is this acknowledgement, this tacit admission of difficulty, that has prompted the current retreat.

Middleby, for those keeping track—and why would you be, frankly?—had three parts. Commercial foodservice, food processing, and residential kitchens. They’re spinning off food processing, selling off part of the kitchen stuff for $540 million. $540 million! It’s a number. And what’s left? Commercial foodservice. They’ll be making… things for restaurants. It’s not exactly groundbreaking. It’s like rearranging the deck chairs on the Titanic, except the Titanic is… a moderately successful industrial equipment company.

Anthropic’s latest offering, a facility for identifying and rectifying security flaws, has predictably unsettled the guardians of our digital ramparts. The thought, apparently, is that this represents a genuine threat to the established order. One observes a rather hysterical selling of cybersecurity equities. A perfectly reasonable response, of course, if one believes that a clever algorithm can truly replace years of accrued knowledge and, frankly, a healthy dose of paranoia.