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One recalls a time, in the year 2019, when a single share of Canopy Growth commanded a price exceeding five hundred and sixty dollars—after adjustments, of course. Today, that same share fetches a little over a dollar. It has transitioned, shall we say, from a Wall Street belle to a penny stock—a transformation as complete as it is disheartening. Penny stocks, one must observe, are rarely a pathway to fortune; they are, more often, a destination for disappointed dreams.

The talk from management in January wasn’t of fireworks, but of momentum. A strengthening of loans made, a careful balancing act of costs and returns. They see a possibility, a way to pay less for the water that keeps the bank flowing, while still drawing more from each loan it extends. A farmer doesn’t ask for miracles, just a good season and a fair price.

The tendency of markets to concentrate wealth – to sculpt mountains of value around a few favored peaks – is a phenomenon observed across centuries. The modern manifestation, the dominance of a handful of technology concerns, is merely a repetition of patterns witnessed in the tulip mania of the Dutch Golden Age, or the South Sea Bubble. Most ETFs, mirroring the market’s capitalization, amplify this tendency, becoming dangerously reliant on the fortunes of a few. Consider the Vanguard Information Technology ETF, or the Technology Select Sector SPDR Fund: magnificent constructions, certainly, but precariously balanced. A single tremor in the foundations – a shift in sentiment, a regulatory decree – could send the entire edifice tumbling.

Now, Buffett’s stepping back, becoming chairman – which basically means he’ll be the guy nodding wisely in the background. But this quarter? This is probably the last time we get a direct glimpse into what this financial Yoda thinks. So, pay attention! It’s like a financial archaeological dig – we’re uncovering clues about the Oracle of Omaha’s thinking.

The anxieties of the investing class, those restless souls who seek assurance in numbers, center upon a perceived lagging in the race for artificial intelligence, a vast expenditure of capital, and a retail enterprise that, despite its scale, struggles to yield consistent profits. These are not merely financial concerns; they are reflections of a deeper unease, a questioning of whether this relentless pursuit of growth is truly a path to lasting prosperity.

A peculiar silence has descended upon the executive suites of these afflicted SaaS entities. Few captains of industry have deigned to signal confidence by purchasing shares in their own creations – a reticence that, while understandable, invites speculation. One might almost suspect a collective premonition, a silent acknowledgment of impending obsolescence. Or, more prosaically, a complex accounting dance.

Which brings us to Ethereum. Always the bridesmaid, never the bride, as they say. But Harvard, that bastion of sensible investing, has just done something…interesting. They’ve trimmed their Bitcoin holdings and, get this, bought Ethereum. For the first time. Five point three five million shares of Bitcoin gone, replaced with three point eight seven million of Ethereum. It’s like watching your ex date someone a little…quirkier. You’re not sure if it’s a good move, but you’re definitely curious.

Everyone’s terribly excited about Nvidia and AMD, all flashing lights and impressive benchmarks. Like magpies admiring shiny objects. But Broadcom, ah, Broadcom is a different beast altogether. It doesn’t shout from the rooftops; it quietly builds the plumbing that makes the whole digital world function. Think of it as the Guild of Alchemists, turning base metals into the gold that powers the modern age. They’ve landed significant contracts with Alphabet and Anthropic, and their revenue and income are rising at a rate that would make a dragon envious.