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The filings speak of an increase, a bolstering of position to 14,836,121 shares, representing a net change of $40.29 million. A simple accounting, isn’t it? Yet, within those numbers lurks a deeper question: what drives such a conviction, this insistence on adding to a portfolio already weighted with the uncertainties of a volatile world? Gates Capital now holds 3.95% of TIC Solutions within its 13F reportable AUM as of December 31, 2025. A significant, yet not overwhelming, portion. A calculated risk, or a desperate attempt to stave off the inevitable entropy of capital?

Tesla possesses a certain… maturity, shall we say. Scale, distribution networks, a general air of having figured things out (or at least appearing to). Rivian, meanwhile, is still in the process of, well, becoming. It’s a relatively recent arrival, a fledgling attempting to take flight in a rather crowded airspace. But the interesting thing about fledglings is that they occasionally grow into something rather magnificent. And, potentially, something that significantly disrupts the established order. (Disruption, in financial circles, is generally considered a good thing. Unless you’re the one being disrupted, of course. Then it’s mostly just irritating.)

The figures, you see, indicate a slight reduction in Mr. Grzebinski’s holdings – a mere 25.80%, leaving him with a perfectly respectable 98,241 shares. One suspects he won’t be reduced to selling his motoring accessories anytime soon.

Apparently, Progeny 3, Inc. decided to add 531,000 shares to their GPGI holdings in the fourth quarter. $24.45 million, they’ve got tied up in this thing. That’s… a lot of metal payment cards, isn’t it? I tried to visualize it. It ended with me needing a lie-down and a cup of chamomile.

The arithmetic is precise, yet tells little of the spirit that compels such a divestment. The shares were valued at one hundred and six dollars apiece, a figure not far removed from the market price on that day. One notes, with a touch of irony, that the stock closed at one hundred and four dollars, a difference so slight as to be almost a phantom. It is a world of fractions, of decimal points, where fortunes are won and lost on the turn of a digit.

According to the aforementioned filing, Progeny 3, Inc. diminished its Peabody Energy holdings. The precise value, as calculated by averaging closing prices over a quarter – a method which assumes, rather optimistically, that the market behaves with predictable regularity – amounted to the aforementioned $24.08 million. Their remaining position, a modest 89,160 shares, currently values at approximately $2.65 million. Which, in the grand scheme of things, is a little less than a small, possibly inhabited, island.

Peloton, once the darling of the lockdown crowd, is down 98% from its peak. It’s like watching a very expensive houseplant slowly wither. Uber, meanwhile, is only 25% off its high, and has actually increased 126% in the last three years. A relative success story, I suppose, if you consider that most of us are just trying to avoid complete financial ruin.

Ananym, it seems, decided to redistribute its wealth. They reduced their BlackLine holdings by 189,029 shares in the fourth quarter. That’s a lot of shares. It’s enough to make you wonder if they had a particularly bad Christmas and needed the cash for gifts. At the end of the quarter, their remaining stake was valued at $14.02 million, but the whole transaction, factoring in the share price wobble, resulted in a net loss of $9.48 million. It’s like watching someone try to bail water out of a sinking boat with a teacup.

Let us consider, for a moment, the hypothetical investor who, ten years ago, succumbed to this particular siren song. A purchase of one hundred shares in late 2015 would have required approximately $5,163. A sum, one imagines, cheerfully diverted from some less profitable indulgence. The annual yield at that time was a modest $2.29 per share, or $229.20 for the entire holding. A return of 5.7% on the initial outlay – not ruinous, certainly, but hardly a cause for extravagant celebration.