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Apparently, this purchase bumped Encompass’ stake in T1 Energy from a negligible 1% to a rather significant 9.5% of their reportable U.S. equity assets. That’s a jump. I’m not sure if I’ve ever increased my holdings in anything that dramatically. Usually, I just sort of… forget about it. It’s a perfectly valid strategy, if you ask me. Anyway, this means T1 Energy is now one of their top holdings, nestled between NYSE: SOC, NYSE: SEI, NASDAQ: FANG, and NASDAQ: NESR. A veritable alphabet soup of financial instruments. I suspect there’s a spreadsheet involved.

Now, could this be the setup for a magnificent comeback? A phoenix rising from the ashes of investor disappointment? Possibly. But let’s not get ahead of ourselves. I’ve seen more “sure things” go belly up than I’ve had hot dinners. Still, let’s take a look under the hood, shall we?

Boston Scientific (BSX 1.07%) isn’t exactly a name that sets pulses racing, is it? It’s not the shiny new tech everyone’s clamoring for. Which, frankly, is exactly why I like it. It’s quietly, reliably, addressing the realities of… well, becoming obsolete. And that’s a business model I can get behind. Or, at least, invest in.

Walmart, it must be admitted, has been a remarkably successful enterprise. A rise of 28% in the last year and a staggering 185% over five years… one begins to suspect they’ve discovered a secret formula, perhaps involving strategically placed discount bins and an uncanny understanding of the public appetite for affordable goods. They’ve evolved, you see, moved beyond the humble brick-and-mortar establishment. They’ve dabbled in e-commerce, turned their stores into fulfillment centers – a logistical ballet of cardboard and delivery trucks – and even ventured into the lucrative world of advertising. A true polymath of the retail landscape.

Nio. The Chinese one. They’ve got this clever idea – swapping batteries instead of charging. Like a pit stop for your car. Efficient, if you ignore the logistical nightmare. They’re aiming higher end, but are branching out with cheaper brands. Smart. They’re also trying to escape China, which, let’s be honest, is a good plan for anyone. Then there’s Rivian. American. They make pick-up trucks, SUVs, and delivery vans for Amazon. Amazon! The overlords of everything. It’s either genius or utterly terrifying. They’re planning a more affordable SUV, the R2. Because apparently, everyone wants an electric vehicle, just not at a price that requires selling a kidney.

For decades, the pursuit of self-driving vehicles resembled a particularly frustrating quest for the Holy Grail. The assumption was that all that was needed was more…stuff. More cameras, more sensors, more lidar. It was the ‘more is better’ school of engineering, which, while occasionally effective, often results in a vehicle that can detect a dust mote at fifty paces but can’t quite manage a parking space. Now, though, the whispers speak of Artificial Intelligence as the true alchemical ingredient – the philosopher’s stone that will turn leaden metal into autonomous gold.

Which of these two, then, offers a more plausible path towards growth? The answer, I submit, is not one of boisterous certainty, but rather a quiet observation of existing currents. It is a matter of discerning which has already begun to cultivate a garden, and which remains, for the present, a fallow field.

This Marathon outfit, they did a bit of housecleaning back in February of ’26, unloading their Cinemark shares during the last quarter of ’25. A tidy sum vanished from their books, reflecting the sale. One might say they jumped ship just as the waters began to churn, though I reckon every man has his reasons, and a good investor keeps a weather eye open.

Decades ago, the Japanese came in with these little fuel-efficient cars. And Detroit? They ignored it. Completely. Said it was a fad. A fad! Now they’re doing the same thing. Only this time, it’s with batteries and charging stations. And the charges? Oh, the charges. It’s not the money, it’s the principle of the thing. They just throw money at problems instead of, I don’t know, asking people what they want.

The price, hovering around $84.84 per share, barely nudged above the market close that same day. It wasn’t a desperate attempt to offload before a downturn, but a simple transaction, completed in the quiet hum of the market. He still holds a substantial stake, over two million shares held in trust, and a direct holding of fifteen thousand. A man doesn’t abandon a field he’s tilled for so long with a single swing of the scythe.