Halvorsen’s Shuffle: A Market Phantom’s Whims

The market, dear reader, is a most peculiar beast. It hums with data, a ceaseless babble of numbers that threatens to drown the sanest of men. One might as well attempt to count the grains of sand on a beach, or the number of bureaucrats in a provincial government – a task equally futile, and likely to induce a similar melancholic despair. And within this swirling chaos, we find the figures of the great fund managers, those shadowy puppeteers who tug at the strings of fortunes, guided by whims as inscrutable as the designs of fate itself.

The filings, of course, are the official pronouncements. These Form 13F documents, arriving with the punctuality of a hangman, reveal the holdings of those who manage vast sums. They are, however, mere skeletons, lacking the flesh and blood of true understanding. To decipher them is to attempt to read a man’s soul from his tax returns – a task for theologians and, perhaps, particularly cynical accountants.

Ole Andreas Halvorsen, a name whispered with a certain reverence (and, occasionally, a touch of envy) on Wall Street, is one such puppeteer. A man who has, through some alchemy of calculation and intuition, managed to consistently outperform the common herd. Though, one suspects, a certain degree of luck, or perhaps a pact with a minor market demon, also plays a role. He oversees a kingdom of nearly $39 billion, a sum so vast it could comfortably purchase several small European principalities, or at least a very large collection of porcelain figurines.

And now, a curious shuffle. Halvorsen, with a gesture as nonchalant as a nobleman discarding a soiled glove, has jettisoned his holdings in Nvidia and Amazon. Two titans of the digital age, companies that have, in recent years, seemed as immutable as the laws of gravity. He has, instead, embraced Microsoft, a company that, while undeniably formidable, possesses a certain… bureaucratic solidity. One imagines its board meetings are conducted with the solemnity of a state funeral.

The Discarded Darlings

The “Magnificent Seven,” as these market behemoths are so grandly called, are typically the objects of investor adoration. But Halvorsen, it seems, is not one for slavishly following the crowd. He is, perhaps, a connoisseur of the overlooked, the slightly tarnished, the companies that have lost their initial luster but still possess a certain… inner strength. To discard Nvidia and Amazon is akin to a king abdicating his throne – a bold, perhaps reckless, move.

He sold 3,897,092 shares of Amazon, once a shining star in his portfolio, and 3,681,935 shares of Nvidia. It’s as if he decided his carriage was too crowded, and these passengers, while respectable, were simply taking up too much space. The rationale? Profit-taking, of course. A perfectly sensible explanation, if one discounts the possibility of a sudden, irrational aversion to anything remotely resembling innovation. His portfolio, it is said, turns over with the speed of a frantic baker kneading dough.

Some whisper of a looming AI bubble, a froth of speculation destined to burst, leaving a trail of shattered dreams and worthless silicon. Others suggest a simple matter of valuation, a refusal to pay exorbitant prices for companies already priced for perfection. One imagines Halvorsen, surveying the market with a weary sigh, muttering something about the folly of man and the inevitable return to common sense.

A New Favorite, and a Cloud of Bureaucracy

And so, to Microsoft. A company that, while undeniably successful, possesses a certain… predictability. It is the sturdy oak to Nvidia’s flamboyant peacock. Halvorsen acquired 2,429,412 shares, a sum worth nearly $1.26 billion. Enough to purchase a small island nation, or at least a very large collection of filing cabinets.

Azure, Microsoft’s cloud platform, is the engine driving this new affection. It is a vast, complex system, humming with data and algorithms, overseen by legions of engineers and administrators. One imagines its control room resembling the bridge of a battleship, with blinking lights, complex displays, and a general air of quiet desperation. The growth rate, a scorching 39%, is impressive, but one suspects it is fueled by a relentless marketing campaign and a healthy dose of corporate inertia.

Microsoft, unlike Nvidia, is not solely reliant on the fickle winds of AI. It still possesses a robust legacy business, churning out Windows and Office, two products that, while past their prime, continue to generate a steady stream of revenue. It is like a reliable old horse, plodding along, even as the sleek new racers whiz by. And, of course, it has cash. Mountains of it. Enough to buy several small countries, or at least a very large collection of antique maps.

The valuation, too, is attractive. A forward P/E of 25, a 16% discount to its average. A sensible price, one might say, for a company that, while not exactly thrilling, is undeniably solid. Halvorsen, it seems, prefers the comfort of the known to the allure of the unknown. He is, perhaps, a man who has seen enough market bubbles to last a lifetime, and now seeks the quiet stability of a well-managed bureaucracy.

2026-01-29 11:53

The Discarded Darlings

A New Favorite, and a Cloud of Bureaucracy

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