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This sale represents 1.04% of Clearline’s reported assets. A rounding error for some, a carefully considered adjustment for others. The fund’s current affections lie elsewhere: SATS commands $96.04 million, CORZ a respectable $68.28 million, while TLN, MU, and ROG receive varying degrees of attention. It’s a veritable menagerie of acronyms, each vying for a piece of the ever-shifting pie.

Index funds, in their apparent simplicity, offer a temporary respite from this relentless scrutiny. The exchange-traded fund, or ETF, a construct that allows for the fluid transfer of ownership, presents itself as a solution. To invest in a fund tracking the S&P 500, for example, is to become a fractional owner of 500 of the most prominent American corporations. A comforting thought, perhaps, until one considers the arbitrary nature of such an index, its reliance on a selection process dictated by committees and algorithms. The reported average annual gains of nearly 10% over decades are, of course, historical data, and offer no guarantee of future performance. The past, as everyone knows, is a foreign country, and its inhabitants rarely offer useful advice.

The decline, you understand, is merely… temporary. A consequence of disputes – litigations, they call them – over defaults. These are, naturally, being resolved, though one suspects at a pace dictated by the whims of clerks and the proliferation of paperwork. It is a drop, therefore, not of substance, but of illusion. The stock, having languished for five years – a veritable eternity in the feverish world of finance – required but the slightest encouragement to stir. One might compare it to a slumbering bear, roused not by a roar, but by a particularly insistent fly.

One is almost tempted to suggest the reported figures were too favorable. Revenue ascended a respectable 35% to $283 million, while earnings per share blossomed from a modest $0.32 to a rather extravagant $0.92. Daily active users swelled by 30% to 52.7 million, and free cash flow enjoyed a 16% increase to $80.9 million. A veritable cornucopia of prosperity, and yet, the markets frowned. It seems the pursuit of profit, untempered by a touch of aesthetic sensibility, is a most unlovely sight.

PlugPower, a company striving to harness this ethereal fuel, embodies this ambition. They speak of electrolyzers and hydrogen plants, of a network spanning continents. Indeed, they deliver hydrogen to great enterprises – Amazon, The Home Depot, General Motors – a testament to their ingenuity. But a keen observer, one attuned to the rhythms of the market and the true measure of value, cannot help but note a disquieting imbalance. Revenue, while growing, does not yet outweigh the considerable losses incurred. A deficit of seven hundred and four point one million dollars in the first nine months of the year is not a mere accounting detail; it is a chasm, a void that threatens to swallow the very foundations of the enterprise. And the weight of debt, nearly a billion dollars, presses heavily upon the company, a burden that limits its capacity for true innovation and enduring prosperity. One might ask, is this a vision of the future, or merely a reflection of the present moment’s speculative fervor?

This VWOB, you see, now makes up 1.33% of BlueStem’s hoard – their “13F reportable assets,” they call it. Sounds terribly important, doesn’t it? Like counting dust bunnies under the sofa. Let’s peek at what else they’re clutching:

Eaton, for those unfamiliar, isn’t exactly a household name in the way, say, Apple is. They don’t make gadgets you covet. They make the stuff that makes the gadgets work – power management systems, circuit breakers, the unglamorous but utterly essential components of modern life. For decades they’ve been a solid, dependable company. But now, with the insatiable appetite of AI data centers, they’re potentially poised for something more. It’s a bit like a quiet librarian suddenly finding herself in charge of a rock concert.

The formal record, filed with the Securities and Exchange Commission (a body dedicated to the meticulous cataloging of financial transactions – a task of truly heroic, if slightly baffling, proportions), confirms that Bastion established this new position. $8.04 million, you see, is a substantial amount of money. Enough to buy a great many sprockets, or possibly even a small moon. (The precise cost of a moon varies wildly depending on current orbital real estate prices.)

The filing with the SEC – those endlessly fascinating documents that reveal the secret lives of institutional investors – showed this transaction occurred during the fourth quarter of 2025. It wasn’t a gradual trimming of the position, mind you, but a full and complete exit. They went from having a stake in Check Point to having… well, nothing. A clean slate. A fiscal zero. The value of the position, predictably, declined by the aforementioned $3.1 million. It’s a reminder that even the most sophisticated investors aren’t immune to a bit of portfolio pruning.