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Transaction value based on the SEC Form 4 reported price of $10.78. Which, incidentally, is about the price of a decent used bicycle, give or take a few gears.

They still hold 784,540 shares, valued at $11.4 million. A considerable weight, still the largest holding in their portfolio, comprising nearly 12% of their assets. It’s not a collapse of faith, but a calculation. The fund managers, like men tending a fire, are adjusting the fuel to maintain a steady burn.

A brief spasm of enthusiasm, fueled by the aforementioned AI mania, briefly inflated Oklo’s share price in the recent past. This, naturally, proved unsustainable. The stock now trades some 68% below its previous peak, a salutary lesson in the volatility of markets, and the folly of chasing novelties. One suspects the shareholders are beginning to feel a distinct chill, far colder than any generated by fission.

The Dow Jones Industrial Average (^DJI 0.23%) is clinging to gains, which is a polite way of saying it’s barely above water. The S&P 500 (^GSPC 0.39%) is treading water with a 0.2% drop. And the Nasdaq Composite (^IXIC 0.89%)? Well, it’s channeling its inner Grumpy Cat, down about 0.7%. Several large tech stocks are taking a breather, which is corporate-speak for “we need a vacation.”

The contemporary predicament, as best as can be reconstructed from the fragmented reports of the Global Petroleum Observatory, is this: We possess a surfeit of one variety of oil, while our instruments are calibrated for another. Imagine, if you will, a library containing only volumes bound in vellum, yet all our readers demand paperbacks. The sheer quantity of vellum is irrelevant; the incompatibility of form remains.

Broadcom (AVGO 1.70%) has taken a tumble – roughly 25% off its peak. The Relative Strength Index (RSI), that mystical divination tool favoured by chart-readers, has dipped to 39. That’s levels not seen since the Tariff Wars of Last April, when the High Priests of Trade declared a particularly unpleasant curse upon all imported widgets.¹ In short, the stock is, shall we say, looking a little…undervalued. And that, my friends, is an opportunity. A rare glimmer of sanity in a world determined to prove its own absurdity.

The Form 4 filing, a document ostensibly intended for transparency, instead serves as a ghostly echo of decisions made behind closed doors. It reveals that this purchase is not an isolated event. Since September 2023, Mr. Fetter has engaged in six similar acquisitions, each ranging from 3,000 to 3,700 shares. This methodical approach suggests not a belief in rapid appreciation, but a slow, deliberate positioning – a quiet entrenchment within the structure. The total now stands at 22,291 shares, representing an 18.63% increase from his previous direct holdings of 18,791. The significance, however, eludes easy definition.

Records indicate the sale of 12,274 shares, valued at approximately $839,000. This figure, however, is deceptive in its solidity. It is merely the visible manifestation of an underlying structure—a “sell to cover” arrangement, as the documents term it, tied to the vesting of Restricted Stock Units. The transaction, therefore, is not so much a declaration of intent as a mechanical consequence, a shadow cast by a more fundamental law. To interpret it as a signal regarding the company’s prospects would be akin to divining the future from the fall of dust motes.

The usual chorus proclaims opportunity. A “ground floor” purchase, they murmur, as if the foundations weren’t constructed on a rather unstable plot of land. Still, a clever speculator might consider the premises, especially given the current… eccentricities of the global energy market. Let us delve into the particulars, shall we?

As of 12:08 p.m. ET, ServiceNow took a 4.4% tumble. The iShares Expanded Tech-Software ETF (IGV 3.82%)? Down 4%. It’s a bloodbath! (Okay, maybe a mild scrape. But still!) It’s enough to make a grown macro strategist weep into his borscht.