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The SEC filing hit Thursday, and it’s a signal. Triad now holds 3.87% of their reportable assets in this…enterprise. It’s not a tidal wave of cash, but it’s enough to raise an eyebrow – and maybe a glass of something strong. Compared to their holdings in Warner Bros. Discovery ($9.38 million), Google ($6.48 million), and other shiny objects, Macerich feels…different. Like a forgotten corner of the portfolio. A dark horse. Or maybe just a horse that’s about to be shot.

The filing with the Securities and Exchange Commission, dated as above, details the liquidation of 126,339 shares. The calculation of $17.83 million, derived from the average share price over the quarter, feels less like an objective valuation and more like an attempt to impose order on a fundamentally chaotic system. The fund’s position in QQEW now registers as zero, a stark and unsettling nullity. The net change, a precise $17.83 million, echoes with a bureaucratic finality that is, frankly, unnerving. One wonders about the internal procedures that led to this precise accounting, the endless forms and confirmations required to reach such a definitive conclusion.

One must, of course, acknowledge that the accumulation of capital through share repurchase is a perfectly respectable endeavor, and frequently a more advantageous one, from a tax perspective. Yet, for those of a more settled disposition – those who prefer a predictable return upon their investment – such maneuvers offer little comfort. For it is the steady, reliable income that allows for prudent planning and the maintenance of a comfortable independence.

The arrangement, while seemingly novel, echoes a pattern observed throughout history: the convergence of disparate disciplines to unlock concealed truths. Recall the medieval alchemists, who, through a blend of mysticism and observation, laid the groundwork for modern chemistry. This alliance, however, possesses a distinctly modern character, predicated not on empirical intuition, but on the relentless logic of computation. The laboratory, as described in the company pronouncements, will be powered by Nvidia’s Vera Rubin processors—a fitting name, considering Rubin’s own exploration of celestial patterns—acting as a digital oracle, divining potential therapeutics from the vastness of biological data.

The stock itself has experienced an upward trajectory exceeding 600% over the past year. One begins to suspect the numbers themselves are breeding, replicating with an unsettling disregard for underlying value. This week’s increase is, therefore, not an anomaly, but rather a continuation of a process whose ultimate destination remains frustratingly obscured.

The stated function of CoreWeave is the provision of specialized computational infrastructure – a network of data centers powered by what are termed “graphics processing units.” These units, it is asserted, facilitate the construction, deployment, and scaling of “artificial intelligence” applications. The term “artificial” feels particularly loaded, given the increasingly blurred lines between the constructed and the genuine. The company also caters to larger entities – “cloud computing giants” – who require additional processing capacity. This arrangement suggests a parasitic relationship, a dependency that feels… precarious.

The purchase, detailed in a recent SEC filing, brings Tema’s stake in Powell to a meaningful portion of their portfolio – nearly two percent. It’s not the flash of a speculative gamble, but the deliberate placement of stones, building a foundation. Powell Industries, for those unfamiliar, isn’t a name that trips easily off the tongue. They don’t peddle dreams of instant wealth. They build the quiet infrastructure – the electrical systems, the substations, the switchgears – that keep the lights on, the factories humming, the world turning.

So, we’ve got three contenders today. Three dividend dynamos. First up, we’ve got Realty Income (O +0.68%). Then there’s PepsiCo (PEP +0.45%), a company that’s been slaking our thirst for, oh, a century or so. And finally, Ares Capital (ARCC +0.43%). A bit of a wild card, that one. Like a chihuahua with a Napoleonic complex. Let’s dive in, shall we? But hold onto your hats, because this could get… profitable.

Recalls are anticipated, budgeted for, a line item in the endless accounting. Yet the figure for 2025 – 153 recalls affecting nearly thirteen million vehicles – transcended mere anticipation. It was, rather, an assertion of entropy, a demonstration that even the most meticulously assembled machine is, at its core, a collection of potential failures waiting to manifest. To surpass the previous high of 2014 (General Motors, 77 recalls) by such a margin suggests not a temporary lapse in quality control, but a fundamental law of automotive existence. The company’s COO, Kumar Galhotra, acknowledged the situation, speaking of “reducing the cost” as though cost were the ailment, not the symptom. The phrasing itself felt…distant, a bureaucratic incantation against an inevitable tide.