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She added to positions in Figma, Arcturus Therapeutics, and 10x Genomics. Which, if you’re scoring at home, is a lot like picking the slightly bruised fruit at the grocery store. It could be perfectly fine, or it could lead to a digestive adventure. Let’s unpack these choices, shall we? Because, as a macro strategist, I’m less interested in the stock picking and more interested in what this tells us about the overall risk appetite—or lack thereof—in the current environment.

Recent historical data – a construct as fragile as it is insistent – indicates that the S&P 500 has experienced a period of… expansion. A 283% total return over the last decade (as of March 19th) suggests a system functioning as intended, though whether that intention benefits the participant or merely reinforces the structure remains a question best left unasked. Certain entities, such as Amazon (AMZN 1.66%), have demonstrably exceeded this average. This, of course, creates the expectation – a silent, insistent demand – that one must select from the multitude. The very act of selection, however, implies a degree of control that is demonstrably absent.

Berkshire Hathaway’s most substantial holding, a name synonymous with past returns, has been, in some circles, dismissed as lagging in this technological spring. But to see it as merely behind is to misunderstand its nature. It is not a race of immediate acceleration, but a slow, deliberate unfolding. Consider this: two and a half billion reasons why such a judgment might be premature.

keep inflation around 2%, and keep everyone employed. Sounds simple enough, doesn’t it? Except, right now, those goals are actively fighting each other. Like trying to herd cats. Or, you know, manage your own conflicting desires. It’s exhausting.

But let us not be fooled by simple arithmetic. Gold remembers a time before ledgers, before nations, before the very notion of ownership as we know it. It is a comfort to those who cling to the past, a weighty reassurance in a world spinning too fast. Bitcoin… Bitcoin is different. It’s a ghost in the machine, a challenge to the established order, a flickering hope for those who have been systematically excluded.

For the purpose of accumulating wealth is not merely to witness its momentary expansion, but to secure a future against the inevitable uncertainties of time. I maintain a portion of my resources for shorter-term endeavors, yes, but the greater weight of my holdings is dedicated to the distant horizon of retirement. And it is here, in the realm of long-term security, that the Breakwave Tanker Shipping ETF proves itself an unsuitable companion. It is a venture too closely tethered to the whims of the present, unlike the steady, diversified course of an instrument such as the Vanguard S&P 500 ETF.

Now, I’m not here to denigrate Nvidia. A profitable enterprise is a beautiful thing, even if its success is built on the backs of exorbitant pricing. But to assume its dominance is eternal is… naive. The market abhors a monopoly, and even the most formidable empires eventually succumb to the forces of competition… and a bit of cunning.

The Bolt, you see, had a rather curious history. GM, in a moment of uncharacteristic optimism, once declared it a “game changer.” A bit strong, perhaps, but it was a reasonably priced electric vehicle, which, as any sensible investor knows, is a rare and valuable thing. It had a bumpy start, a few unfortunate incidents involving fires, but, rather remarkably, sales surged in 2022 and 2023. A record 62,000 units! Then, just when one thought it might actually succeed, it was discontinued. The Americans are terribly fond of dramatic reversals, aren’t they?