qfx

The filing hit the SEC on Thursday, and it’s a doozy. Lighthouse is clearly signaling a conviction play. It’s not about tracking the S&P it’s about finding something…different. Something that will actually move the needle. The top holdings now look like this: AKRE at $18.21 million (12.4% AUM), QQQ at $15.14 million (10.3% AUM), HEFA at $13.76 million (9.4% AUM), SCHK at $12.31 million (8.4% AUM), and SCHD at $12.28 million (8.4% AUM). Notice a pattern? They’re layering in a concentrated bet on top of broad market exposure. It’s a high-wire act, and I’m starting to feel a little dizzy just looking at it.

The filings with the Securities and Exchange Commission—those dry, official pronouncements—reveal a steady increase in Nepsis’s faith, or perhaps its desperation, in RLI. The quarter’s accounting shows a gain of $5.51 million, a figure born of both the exchange of coin and the shifting tides of market sentiment. One wonders, however, if this increase is a testament to RLI’s intrinsic worth, or merely a reflection of Nepsis’s own limitations—its inability to discern more promising avenues for investment.

The market cap is $8.7 billion. Not nothing. Though it peaked at $25 billion in 2021. Which, let’s be honest, feels like a lifetime ago. Everything felt more optimistic then. Before the…everything. Could it bounce back? That’s the question, isn’t it? A millionaire-maker? It’s a big ask. A very big ask. But let’s dissect it. For my own sanity, if nothing else.

The increase, amounting to a few percentage points, is presented as evidence of a robust future. Yet, one cannot help but reflect on the inherent fragility of such optimism. The market, like a gathering of hopeful peasants anticipating a bountiful harvest, is easily swayed by appearances. The true measure of prosperity, however, lies not in momentary fluctuations, but in the enduring strength of foundations.

Speculation regarding a stock split, or its inverse, is a recurring motif in these post-public offerings. The notion that the mere fragmentation of ownership, a purely cosmetic alteration, could somehow influence the underlying reality of the enterprise is, of course, illogical. Yet, the persistence of this belief speaks to a deeper, unspoken anxiety – the fear that value itself is a fragile construct, susceptible to manipulation through arbitrary divisions. Figma, at its current price, does not require such contrivances. It exists, for now, within acceptable parameters. But the very absence of this need is itself a cause for quiet contemplation.

The question, of course, is whether this is a genuine cause for concern, or simply the market having one of its periodic bouts of existential angst. Let’s have a look.

AMD is forecasting “strong demand” for its fancy process tech in Q1 2026. Which, translated from corporate-speak, probably means “we’re hoping everyone keeps panicking about AI and buying all the chips.” Honestly, it’s a brilliant strategy. Play on the fear. I respect it. I also feel a little dirty acknowledging it.

Look, I’m not saying ditch your high-growth tech stocks for pepperoni and pineapple. But before you scoff, consider this: while the rest of us are stressing about inflation and the general state of… everything, people are still ordering pizza. Consistently. It’s a comfort thing, a ‘the world is ending, pass the garlic bread’ kind of thing. And that, my friends, is a remarkably stable business model. They held nearly 3 million shares as of September 30th. And frankly, it’s hard to argue with that kind of conviction.