The price of silver, you see, has been engaged in a most frantic dance this year. It commenced its journey at a modest seventy-two dollars the troy ounce, then, seized by a sudden fit of exuberance, leaped to one hundred and thirteen, only to collapse, exhausted, back to seventy. And now, a resurgence to eighty-nine. A truly maddening spectacle. One is reminded of a certain bureaucrat, perpetually oscillating between fits of generosity and crippling avarice.
This position, newly established within Sagefield’s portfolio—comprising 1.76% of their reported U.S. equity holdings as of December 31st—is a signal. Not a blaring trumpet, but the soft rustle of leaves indicating a shift in the wind. It speaks to a recognition of CSG’s role as a provider of essential services—revenue management, customer engagement—the very sinews that bind the communications sector together.
The recent surge – a 25% leap, if my calculations are correct – coincided with the announcement of revenues exceeding a billion. A rather substantial sum, though one cannot help but wonder if it was not tallied by a clerk with a fondness for adding extra zeros. They speak of 74 to 76 new establishments by 2026, a relentless march toward 500, then a thousand. A most audacious plan. The CEO, a Mr. Schulman, assures us that consumer spending remains…steady. Steady, indeed. As if the public were not prone to fits of whimsy and sudden reversals of fortune. They are introducing salmon, you see. Salmon! As if the addition of a single fish could alter the course of economic destiny. And these “TurboChef” ovens…a mechanical marvel, no doubt, though one suspects they are powered by the sighs of overworked cooks.
The question, of course, is not whether Coca-Cola provides a pleasant enough distraction from the tedium of existence – that is self-evident. The true inquiry is whether the current valuation reflects a genuine underlying strength, or merely the effervescent enthusiasm of a market prone to flights of fancy. To pay a premium for a commonplace pleasure requires, after all, a certain degree of…optimism.
It’s Centuri, though, that’s the real head-scratcher. Not a household name, certainly. My mother, who thinks Bitcoin is a type of birdseed, wouldn’t know it if it delivered her groceries. But they’re the ones quietly ensuring the lights stay on, the gas keeps flowing, and the power grid doesn’t resemble a Victorian plumbing system. It’s unglamorous work, admittedly. No one posts Instagram photos of a meticulously repaired transformer. But essential? Absolutely. And that, as my father used to say while fixing a leaky faucet, is where the real money is.
Two such entities currently warrant consideration: Axsome Therapeutics (AXSM +2.10%) and Madrigal Pharmaceuticals (MDGL +0.93%). They aren’t, as yet, household names (unless your household consists entirely of biotech analysts, in which case, apologies for stating the obvious). But they possess characteristics that, viewed through a macro lens, suggest potential for substantial growth. (It’s important to remember that ‘potential’ is a word frequently used by optimists immediately before being proven wrong. But we’re focusing on the probabilities, however slender, for now.)
One finds, upon closer examination, that the Vanguard High Dividend Yield ETF (VYM +0.48%) presents itself as a particularly eligible candidate for this very purpose. Its reputation, as a provider of consistent returns, is not without foundation, and deserves, perhaps, a more detailed consideration than is often afforded.
As the late, great Benjamin Franklin observed, death and taxes are life’s only certainties. A rather gloomy thought, perhaps, but undeniably true. One might, however, add a third item to that list: rubbish. As long as humanity continues to inhabit this planet – and one sincerely hopes it shall – there will, inevitably, be a prodigious amount of detritus requiring disposal. It’s a rather unromantic notion, admittedly, but a remarkably dependable one for the investor with a discerning eye.
Garden Investment, founded by Ed Garden (who, incidentally, previously honed his skills at Trian Fund Management – a name that sounds suspiciously like a villainous organization in a science fiction novel), has been quietly building its position in Middleby. A recent filing shows they added another 102,903 shares in the last quarter of 2025, bringing the total value of their stake to around $66.88 million. That’s a substantial sum, enough to make you wonder if they’re planning a hostile takeover or simply have a fondness for commercial ovens. (It’s almost certainly the former, but one can dream.)
Figma, a provider of cloud-based design solutions, once held a favored position in the market’s esteem. It now finds itself subject to the same forces that have humbled so many others. The advent of artificial intelligence – that tireless, unblinking engine of automation – is perceived by some as a death knell for enterprises reliant on human ingenuity. This is not merely a question of technological displacement, but a symptom of a broader malaise: the relentless pursuit of efficiency at the expense of enduring value. The platform, designed to facilitate the creation of digital forms, has itself become a fragile construct, buffeted by the winds of change.