The SEC filing dated January 26, 2026, confirms Shaker Financial’s entry into ETY. The acquisition represents approximately 1.0172% of the firm’s 13F reportable assets under management as of December 31, 2025. While the absolute percentage may appear modest, the selection of this particular fund suggests a deliberate strategy focused on income generation, albeit with attendant risks.
One might be tempted to attribute this to a genuine spring, a fundamental shift in the company’s fortunes. And there is a kernel of truth to that. The “18A” manufacturing process – a rearrangement of the internal architecture of the chip, a subtle reordering of the elements – is, in its way, an elegant solution. It speaks to a striving for efficiency, a desire to tame the unruly complexity within. A momentary reprieve, perhaps, from the relentless march of Moore’s Law.
On the twenty-sixth of January, in the year of our Lord two thousand and twenty-six, word reached the market that Shaker Financial had divested itself of all 362,415 shares of this High Yield Fund. A complete and utter abandonment, as if the fund had suddenly sprouted thorns or begun to sing bawdy songs. The effect, naturally, was a diminution of the fund’s value – a paltry $3.44 million, to be sure, but a loss nonetheless. One suspects the accountants are presently engaged in a frantic tally, lest the deficiency be laid at the feet of some unfortunate clerk.
The SEC filing, a document as dry and bureaucratic as a confession overheard in a dimly lit anteroom, reveals this transaction occurred during the fourth quarter. The fund’s value, already burdened by the anxieties of the market, diminished by $3.29 million, a combined effect of sales and the ever-shifting tides of price. It is a curious thing, this valuation of intangible assets. We assign worth to shadows, to promises of future returns, and then act as though these phantoms possess a tangible weight.
Thus, we turn our attention to PepsiCo. Not a company to quicken the pulse, certainly. It manufactures, after all, sweetened water and puffed potatoes. But it does so with a remarkable consistency, and a disconcerting efficiency. One might even say it has mastered the art of the unremarkable. Which, in the current climate, is a considerable achievement.
One observes a familiar pattern. Commvault, like so many enterprises, speaks of transformation, of a shift towards recurring revenue streams. The 30% increase in subscription sales is presented as evidence of this success. It’s a comforting narrative, isn’t it? To believe that one is building something lasting, something predictable. Yet, the market, with its cold, indifferent logic, seems to suspect a fragility beneath the surface. The guidance, aligning with analyst consensus at approximately $306 million, was… sufficient. But sufficiency, it appears, is no longer enough to justify a valuation of 73 times trailing earnings. One wonders if investors anticipated a bolder stroke, a more decisive leap forward.
No, the smart money – and believe me, I’m always looking for the smart money – is going where the real power is already flexing. Which brings us to Alphabet (GOOGL +0.72%) (GOOG +0.72%). Google. The company that knows everything about you anyway. Might as well profit from it, right? I mean, I would.
The official report states a profit of $1.06 per share on sales of $6.8 billion for the fourth quarter. Analysts anticipated $1.05 on $6.1 billion. A victory, to be sure, but a victory announced with the mournful trumpet of diminishing returns. It reminded me of a particularly stingy merchant I once encountered in Odessa, who boasted of a profitable sale while simultaneously lamenting the cost of the thread used to wrap the goods.
The fourth quarter’s numbers have arrived, and they possess a quality that reminds one of a poorly-stuffed sausage – lacking in substance. Deliveries, you see, have fallen a full thirty-one percent. A rather significant tumble, wouldn’t you agree? The explanation, of course, is that customers, anticipating the withdrawal of a certain tax benefit by a former, rather boisterous president, rushed to acquire vehicles as if fleeing a sudden plague. A curious phenomenon, this panic buying. It suggests a public less driven by genuine need and more by a frantic desire to outwit a bureaucratic decree. One might almost suspect a conspiracy involving pigeons and coded messages, were it not so utterly mundane.
The current climate, you see, is one of relentless expenditure within the artificial intelligence sector. A veritable spring thaw of investment, following a long winter. Billions flow, a rising tide lifting… some boats, certainly. Yet, amidst this abundance, BigBear.ai finds itself not carried forward, but subtly, inexorably, drawn back. Revenue, instead of swelling with the tide, has diminished – a contraction, a drawing in of resources. A perplexing anomaly when one considers the fortunes of its peers, particularly Palantir Technologies, which has bloomed in this same season.