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This isn’t some whimsical side bet, either. It represents 4.18% of the fund’s U.S. equity holdings as of December 31st, 2025. Which, when you consider the sheer volume of investments Harvard juggles, is a rather significant statement. As of the filing, their top holdings looked like this: IBIT ($265.81 million), Google ($252.87 million), Gold ($248.27 million), Microsoft ($236.82 million), and Booking Holdings ($180.25 million). So, nestled amongst the titans of industry, there’s a healthy chunk of digital ether. It’s like inviting a particularly eccentric guest to a very formal dinner party.

The numbers themselves weren’t dreadful, mind you. Revenue popped up by a respectable 10% – a goodly sum, even for a company the size of a small country. Skyrizi and Rinvoq, those two clever little immunology medicines, are doing the heavy lifting, pulling the company forward with surprising vigor. But there’s a shadow lurking, a bit of a nasty surprise for those who haven’t been paying attention.

These aren’t glamour stocks. They won’t make you rich overnight. But they pay. And in a world where promises are cheaper than dirt, a consistent payout is a rare commodity. I’ve been digging through the numbers, and these two seem to have built a foundation that might just withstand the next tremor.

This past week, it went up a bit, over 5%. Apparently, people are feeling optimistic about AI. A dangerous thing, optimism. It usually leads to disappointment. But a 5% gain is a 5% gain. In this business, we look for anything that isn’t a loss. A modest return is a victory.

This past week, a ripple of excitement – or is it hysteria? – propelled WULF to a 52-week high. Analysts, those oracles of the market, have begun to issue revised pronouncements, elevating their price targets with a speed that suggests a collective panic to appear prescient. One suspects a touch of career preservation at play; it is always unwise to be the last to recognize a phantom.

Nvidia. The name itself sounds like a shadow. They don’t create intelligence; they provide the tools for others to simulate it. Their graphics processing units – these intricate silicon hearts – are the favored instruments for this modern alchemy. They’ve built a fortress around their CUDA platform, a walled garden where the code blooms, and the profits accumulate. It’s not innovation, precisely; it’s a masterful locking-in of the market. A clever, ruthless efficiency.

First, let us examine their endowments. XLP, a veteran of these financial stages, boasts a considerable fortune – some $17.24 billion, amassed over years of steady performance. FTXG, a more recent arrival, possesses a modest $20.1 million. A significant disparity, wouldn’t you agree? One might say it’s akin to pitting a seasoned nobleman against a newly appointed page.

It is generally understood that a stock may experience a temporary elevation following the publication of earnings, particularly if the figures align with—or, more precisely, exceed—the pre-ordained expectations of the collective. Conversely, a failure to meet these phantom standards can induce a corresponding decline. This is, of course, a statement of the obvious, akin to noting that a shadow appears when an object obstructs the light. The true mystery lies not in the reaction, but in the arbitrary nature of the standards themselves.

The fund has performed adequately, buoyed by the persistent, and perhaps irrational, demand for a tangible store of value. A hedge against inflation, against the encroaching uncertainty that seems to permeate every transaction. It has tripled in value over five years, a statistic which, upon closer inspection, reveals only the accelerating rate of our collective anxiety. However, the iShares Silver Trust (SLV +2.94%) presents a more… compelling, if unsettling, proposition, particularly following the recent, and largely unexplained, correction. It is a matter of observing the currents, not merely the surface ripples.

Okay, so they’re remarkably similar. Like, suspiciously so. Expense ratios are basically a coin toss, but FTXG is dangling a slightly sweeter dividend yield. Tempting, isn’t it? It’s the equivalent of someone offering you a free sample. You know you shouldn’t, but… well, free.