qfx

Meanwhile, a different sort of bloom is occurring. The industries built on enduring need—energy, the sinews of industry, the raw materials of our world—are stirring. They are not shouting their success, but rather offering a quiet strength. And alongside them, the defensive sectors—those providing the necessities, the staples of life, the utilities that keep the lights burning—are also finding favor. It is a natural rhythm, like the earth tilting towards the sun.

Which brings us to Realty Income (O +0.34%). Yes, it sounds like a villain in a Dickens novel, but it’s actually one of the world’s largest real estate investment trusts (REITs). They own a frankly alarming number of properties – over 15,500 – across the US, the UK, and a surprisingly robust portfolio in Europe. Basically, they’re the landlords of America…and a few other countries. And right now, they’re worth a look for anyone who likes getting paid, which, let’s face it, is most of us.

IREN, you see, has reinvented itself – or is attempting to – as one of these “neoclouds.” A rather ghastly term, isn’t it? Essentially, they’re Bitcoin miners who’ve decided chasing cryptocurrency is frightfully déclassé and have pivoted to housing artificial intelligence. One assumes they’ve realized that algorithms, unlike Bitcoin enthusiasts, rarely demand constant reassurance.

This isn’t just a purchase, you see. It’s a 2.63% stake as of December 31, 2025, in Broad Bay’s reported assets under management. Which, when you think about it, is a remarkably specific number. One wonders if they used a dartboard, or perhaps a particularly sophisticated algorithm involving the Fibonacci sequence and the price of tea in China. (The tea, naturally, is Earl Grey. Anything else would be illogical.)

It is a truth universally acknowledged, that a stock in possession of a plummeting price must be in want of a justification. Ms. Wood, ever the resourceful player, has been adding to positions recently cast down. Joby Aviation, GeneDx Holdings, and DraftKings – each a fallen star, each deemed worthy of another glance, and another investment. It is, one suspects, a matter of principle as much as profit; a refusal to abandon a promising narrative simply because the market has momentarily lost its enthusiasm.