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The fund’s investment, amounting to 6.12% of its $318.61 million U.S. equity portfolio as of December 31, 2025, is not, in itself, remarkable. The market, after all, is a labyrinth of such transactions, each echoing the others in an endless, recursive pattern. Consider, if you will, the holdings of Boone Capital, as revealed by these same official pronouncements:

The issue isn’t necessarily the numbers, it’s the people running the show. Governance, capital allocation… it all sounds so…corporate, doesn’t it? Like a PowerPoint presentation designed to lull you into a false sense of security while your money slowly evaporates. I’ve seen more decisive leadership in a room full of cats. Seriously.

There’s a temptation to call it a simple recovery, a bounce from the bottom. And there’s truth in that. Markets, like people, often find a way to right themselves, to lift a weary head. But to dismiss it as only that would be to miss the quiet work being done, the slow building beneath the surface.

Now, it appears the tide may be turning. The tech sector, so recently the object of uncritical adoration, is showing a distinct lack of enthusiasm. Value stocks, those dependable old bores, are actually performing rather well. And dividend-paying companies? Positively scandalous! It suggests a degree of…sensibility is returning to the market. One hopes it lasts.

Reports highlighting the vulnerability of roles involving repetitive tasks to automation are not novel. The notion that machines will displace human labor is as old as the machines themselves. What is noteworthy is the degree to which these fears now permeate the market, influencing even established, seemingly secure, enterprises.

The infrastructure supporting this AI craze is, predictably, becoming quite the battleground. Broadcom (AVGO 4.11%) seems to be positioning itself rather cleverly. While Nvidia continues to enjoy a moment in the sun – a rather garish one, if you ask me – a growing number of those who actually own the data centers – the hyperscalers, as they’re called – are beginning to eye alternatives. Especially when it comes to inference, which is, essentially, the cost of having these machines actually answer questions. It adds up, you know.

Now, your average language model – the ones currently busy composing poetry or explaining the offside rule – won’t suddenly cease to function because of a few extra dollars on the barrel of crude. It will, blissfully unaware of macroeconomic forces, continue to generate text, presumably. But the companies behind those digital brains? They’re about to encounter a rather inconvenient truth. (It’s not that the machines are becoming sentient and demanding higher energy rations, though that’s a scenario we’re definitely modeling. Just in case.)