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Circle’s reported revenue growth, a figure of fifty-nine percent year over year for the first nine months of 2025, is, on the surface, impressive. But numbers, divorced from context, are easily misinterpreted. The crucial detail is the source of this revenue: ninety-six percent derives from reserve income. In simpler terms, Circle profits from holding money – a practice not unknown, of course, but one that renders the company less an innovator and more a sophisticated form of banking. This model is vulnerable. A decline in interest rates, or an increase in the amount of USDC in circulation, are the levers upon which this entire structure rests. The recent doubling of USDC in circulation is not a sign of strength, but a temporary boost to income – a tide that will inevitably recede.

Revenue ascended to $2.9 billion, a figure that, while impressive, feels… insufficient to truly capture the scale of the ambition at play. Net income swelled to $795 million, a sum large enough to purchase a small principality, or perhaps, a particularly well-equipped operating theatre. One can almost hear the whirring of the machines, tirelessly accumulating wealth, while the rest of us grapple with more mundane concerns.

Altria. It’s got this huge dividend yield, 6.9% at last count. Which, on paper, is fabulous. It’s the sort of number that makes you think, “Yes! Financial security! Early retirement! Maybe a small yacht!” But then you actually look at the company, and it’s like realizing that gorgeous guy at the party works as a professional mime. It’s…a warning sign. 89% of their sales come from nicotine. Cigarettes, specifically. And 97% of that is cigarettes. And 85% of that is Marlboro. It’s…a pyramid scheme of puffing, isn’t it? One brand, one habit, slowly…disappearing.

Yet, the market, as it always does, has begun to murmur its discontent. Over the past year, the stock has retreated, a subtle decline of some 26%, fueled by anxieties regarding slowing sales, diminishing margins, and a cautious outlook. It is in such moments, when the exuberance fades and a quiet apprehension descends, that the discerning investor might find opportunity. The present dip, I believe, is not a harbinger of decline, but rather a temporary obscuring of a fundamentally sound enterprise.

Dozens of headlines clamored for attention, each one a distraction. Strip away the noise, and what remains? Four stark realities for those who watch these giants – not as admirers, but as those who feel the weight of their decisions.

The landscape of communication, it appears, is undergoing a subtle, yet significant, reshaping. This test, involving the transmission of messages via Iridium’s network of low-Earth orbit satellites, hints at a future where the limitations of terrestrial networks are gracefully circumvented. A space-based platform, capable of facilitating direct communication between devices – a vision once relegated to the realm of speculative fiction – is drawing nearer to realization.

Some $6.4 billion, disbursed across six holdings in the third quarter – a sum that speaks not of bold expansion, but of careful preservation, of seeking shelter from the winds. The filings with the Securities and Exchange Commission reveal a pattern – not a gambler’s reckless abandon, but a gardener’s selective pruning and planting. Six new shoots, nurtured with a practiced hand.

However, a closer inspection reveals a rather… uneven distribution of success. It appears that a disturbingly small number of stocks have been doing most of the heavy lifting. In fact, unless you’ve diligently adhered to the strategy of simply buying the entire index (a perfectly sensible approach, if you can find an index to physically purchase), your returns have likely been… less exuberant. Last year, just seven stocks accounted for nearly half of the S&P 500’s total return. A situation akin to a team of penguins attempting to push a grand piano up a hill – impressive, but ultimately reliant on a few particularly determined penguins. Approximately 30% or fewer of the index’s components have outperformed the average return in each of the last three years. Which, statistically speaking, is… unusual. (And potentially foreshadowing something.)

Almost twenty-one million new shares, released into the current, a flood attempting to nourish a fragile seedling. One hundred and fifty million dollars, they anticipate—a sum that feels both substantial and, somehow, insufficient. The price, seven dollars and twenty-five cents per share, feels less like a valuation and more like a concession—a whispered agreement between hope and necessity. It is the way of things, I suppose, this constant calculation of worth.

It did have a moment. A proper, soaring-stock moment. Up 600% over three years! Which, let’s be honest, is enough to make anyone feel like a financial genius. But then reality bites. It’s down 35% in the last year. And currently wobbling around the $11 mark. It’s like a dating app profile: initially promising, then… well, you know.