Take Tether, for instance. Bo Hines, the chap in charge of their U.S. arm, has grand plans to stuff Tether into the top 10 U.S. Treasury holders. Why? Because 83.11% of their reserves are already in T-bills, of course! It’s like deciding to buy more umbrellas when you already own a raincoat factory. Brilliant, really.
They sold off just over a million shares – roughly $21 million worth – leaving them with a still-substantial $40 million holding. I’ve spent the last few days trying to convince myself I have a better grasp of this than I actually do, and honestly, it feels like trying to assemble IKEA furniture with oven mitts on. The numbers are there, of course, but the why remains elusive. They claim it’s about portfolio balancing, which is what everyone claims. It’s a polite way of saying, “We thought this might not go so well.”
This compels a certain optimism, naturally. A portfolio manager is, after all, a creature of habit, and habit dictates a pursuit of value. And within this swirling vortex of skepticism, two names present themselves with a certain… solidity: Nvidia (NVDA 1.70%) and Broadcom (AVGO 3.38%). Both are positioned to benefit handsomely from this ongoing expenditure, and appear, at present, to be rather… reasonably priced. Though reason, one must admit, is a commodity in short supply these days.
So, they both cost the same. Same. And SPSM gives you a slightly bigger dividend? Okay, great. Like that’s going to change my life. It’s the principle of the thing! They’re dangling this tiny fraction of a percent in front of you like it’s some major breakthrough. And the AUM difference…$169 billion versus $14 billion? That’s just…unfair. One’s a behemoth, the other is…struggling. It’s like comparing a blue whale to a…a slightly larger dolphin.
It is recorded that North of South Capital, a firm whose holdings resemble the branching corridors of a library, increased its stake in YMM, committing an estimated $2.88 million. Yet, to speak of “value” in such contexts is to fall prey to a comforting illusion. The market, after all, is not a measure of inherent worth, but a complex reflection – a hall of mirrors distorting the true weight of things. The preceding quarter witnessed a decline of nearly 20% in YMM’s share price, a fall that erased approximately $21.18 million from the fund’s position. One might interpret this as loss, but within the larger scheme—the endless permutations of the market—it is merely a rearrangement of shadows.
By the close of trading, the price had, predictably, settled. A gain of over 15%, they say. Such percentages are, of course, merely abstractions. They do not, in themselves, indicate a fundamental shift in the human condition, or even in the efficacy of textbooks.
According to a filing that probably cost a small fortune in legal fees, North of South increased its stake in JD.com during the fourth quarter of 2025. The purchase is valued around $5.63 million. Now, the value of their existing position fell by $20.41 million. Which, let’s be honest, is a really effective way to illustrate the concept of diminishing returns. They bought high(er), the market said “nope,” and now they’re hoping for a rebound. It’s the circle of retail life.
Nuance now holds a little over two and a third percent of Lindsay, according to their 13F report. A small piece of a larger whole, yet enough to cause a ripple. Looking at their top holdings, it’s a landscape of familiar names. Clorox, a steady presence at nearly eighty million dollars. California Water Service, another dependable source, close behind. Martin Transport, Werner Enterprises, Aspen Insurance… these are the companies that keep the gears turning, the goods moving. They aren’t glamorous, but they are necessary. And in necessity, there is a certain strength.
The decline began, oh, late 2024, and has continued with a depressing regularity. The stock is down nearly 46% over the last twelve months. For the optimists, naturally, this presents an ‘opportunity.’ Trading at a forward P/E of around 9 and a price-to-sales ratio well under 1, it’s cheap, certainly. Though one wonders if ‘cheap’ is always synonymous with ‘wise.’ It’s hovering just above its 52-week low as of February 9th. A rather precarious position, wouldn’t you agree?
And so, Congress, in its infinite wisdom, has authorized a generous outpouring of funds for nuclear innovation. Hyperscalers, those modern-day alchemists seeking clean-burning energy, and the United States, eager to disentangle itself from the dubious embrace of Russian sources, have unwittingly created a most peculiar opportunity. Enter Centrus Energy (LEU 11.59%), a company poised, not to conquer, but to… occupy a small, rather damp corner of this burgeoning market. Let us observe this creature in its natural habitat.