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The final years of the Buffett reign saw a curious shedding of equity, a strategic divestiture that swelled the cash reserves to proportions bordering on the baroque. Share buybacks, a quarterly ritual for twenty-four consecutive seasons, ceased abruptly in June of 2024. Twenty-one months of abstinence. A prolonged pause that invited speculation, a silence that now, with Abel’s intervention, has been elegantly broken. One suspects a certain impatience, a quiet assertion of autonomy. Or perhaps, simply, a favorable valuation. The market, after all, is a capricious mistress, and even the most discerning eye can occasionally detect a fleeting moment of lucidity.

It is a curious spectacle, this dance of capital. Angelo Gordon, a firm accustomed to navigating the complexities of investment, has chosen to place a portion of its resources in a company dedicated to the management of that which others discard. One wonders if this is a pragmatic calculation, a simple assessment of potential returns, or if there is a more subtle impulse at play – a recognition, perhaps, that the very foundations of prosperity rest upon the efficient disposal of its byproducts. The increase in their stake, amounting to a substantial sum, elevates Enviri to a position of prominence within their portfolio, representing nearly six percent of their total assets as of the close of the previous year.

By the time the market decided to close its eyes for the night, Oracle’s price had puffed itself up by more than nine percent. Not bad for a company that once sold things in boxes.

Angelo Gordon’s acquisition represents a 2.98% allocation within their reportable 13F assets under management. The firm’s broader holdings provide some indication of their investment thesis. Their top five positions as of the filing date are:

Brookfield Renewable casts itself as a champion of all things clean. Hydro, wind, solar… a veritable garden of virtuous energy sources. They have holdings scattered across continents, a testament to their… optimism. The company has a record of modest growth, funds from operations creeping upward at a predictable pace. Distributions have increased, predictably, as well. It’s all… competent. One wonders, though, if such relentless expansion leaves room for genuine innovation, or if it simply becomes a matter of accumulating assets, like a diligent, but somewhat weary, collector.

The numbers tell a story, but they rarely speak the whole truth. Tesla, a behemoth now, stands at a valuation that feels…distant. A trillion and a half dollars. It’s a weight, that much capital. Rivian, a younger sprout, barely breaks twenty billion. A difference so vast, it feels less like comparison and more like observing two different species. The small farmer against the railroad baron.

Nobody, not a soul, can rightly say what’s causin’ this latest bit of a shiver. River Financial, a firm dealin’ in these digital tokens, reckons a heap of long-term holders – regular folks, mostly – are takin’ profits. Smart enough, I suppose. But it does add a bit of a sellin’ pressure, like a leaky dam givin’ way.