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Both, of course, pursue the same elusive quarry: value in the smaller enterprises. But the very definition of “value” in these circumstances feels provisional, contingent on factors beyond any reasonable calculation. The indices they track, the Russell 2000 Value and whatever internal construction Vanguard employs, are not objective truths but rather arbitrary frameworks imposed upon a chaotic reality. To choose between them is not to select the superior instrument, but to acknowledge one’s acceptance of a particular set of rules, a particular form of bureaucratic oversight.

The filing, dated February 17th, 2026 (a date which, I suspect, will be remembered by future historians for reasons entirely unrelated to geothermal energy), reveals this rather substantial acquisition. It is a transaction that speaks volumes, or perhaps whispers secrets, depending on one’s inclination for fanciful interpretation. Aperture now holds nearly 3% of Ormat’s reportable U.S. equity assets – a percentage that, while seemingly insignificant in the grand scheme of things, feels… weighty. As if the very fate of the fund rests upon these shares.

The whispers speak of conflict, of a simmering heat in the Middle East. And with heat, comes demand. Not for peace, mind you, but for…tools. Palantir, it seems, offers a particular set of tools, forged in the fires of data and algorithms. They’ve been building these tools for some time, refining them, and now, the government—always a discerning customer—appears to be taking notice. Or, perhaps, simply restocking the armory.

The analysts, those detached observers of our collective folly, hadn’t dared to hope for much. A revenue target of $140.9 million – a sum representing the combined, barely-breathing, remnants of the pre-merger entities. They preferred to fixate on adjusted EBITDA, a metric as divorced from reality as a theologian’s promise of salvation. A projection of $0.54 per share. Such precision, applied to the swirling chaos of the market, is almost… insulting.

Vitesse, a company which styles itself a “Bakken ETF” – a rather audacious claim, as it lacks the true form of an exchange-traded fund – does not, it seems, sully its hands with the actual extraction of oil. No, it prefers to remain a spectator, a shareholder in the endeavors of others, holding minority interests in a multitude of wells scattered across the Bakken Shale – a region stretching across the territories of North Dakota, Montana, and even into the Canadian provinces. A most passive form of wealth-seeking, wouldn’t you agree?

Observe the Global X Artificial Intelligence & Technology ETF. A surge of 118% in three years… a testament to the insatiable hunger for innovation. And yet, the S&P 500, that monument to established order, trails behind at a mere 76%. The disparity is not merely numerical; it is a moral one. The market rewards the novel, the disruptive… but forgets, with alarming speed, to assess true worth. It is a dangerous game, this pursuit of fleeting gains, and one that leaves many souls – and portfolios – impoverished.

Now, Condire ain’t spreadin’ their bets like a gambler at a county fair. They’re a concentrated sort, holdin’ only 22 different stocks, which is a right peculiar way to run a business if you ask me. But they’ve got $958 million to play with, so who am I to argue? Here’s where they’re layin’ down their money: