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Last year was, shall we say, generous to Robinhood. Revenue doubled, profits soared, funded accounts swelled. A veritable cornucopia of capital! They’ve even dabbled in event contracts and tokenization – embracing the future, they claim. As a shareholder, I concede, they’re pulling the right levers. But let’s be frank: the price has become…ambitious. Forty-two times forward earnings? One begins to suspect the market is valuing hope, not fundamentals. A rather precarious foundation, wouldn’t you agree?

The twenty-fifth of February looms, a date etched in the calendars of those who traffic in such ephemeral things as stock valuations. Nvidia will unveil its quarterly earnings, and the vultures – I mean, analysts – will descend, eager to pick over the bones of the report. They speak of earnings per share, a figure so precise, so utterly divorced from the messy reality of commerce, that one suspects it is calculated by a committee of ghosts. A projected increase of seventy-one percent, they say. Seventy-one percent! As if a company could simply will itself to grow at such a rate, as if it were a particularly robust turnip.

The entirety of Kawa’s position – 2,094,404 shares – has been relinquished. One cannot help but ponder the deliberations that led to this decision. Was it a cold calculation of valuation, a premonition of shifting market currents, or a more subtle reckoning with the inherent volatility of even the most seemingly solid of enterprises? The fund’s prior allocation – nearly twelve percent of its reportable assets – suggests a conviction that, at some juncture, waned. It is a lesson often relearned: even the most promising of ventures demands constant vigilance, and the weight of a substantial holding can become, in time, a burden rather than a benefit.

The pertinent question for investors isn’t whether Ferrari will grow, darling. It’s whether this delightful scarcity can continue to compound value through 2030. The world, as you may have noticed, is rather insistent on electrification, digital frippery, and a perpetually evolving definition of what constitutes ‘luxury’. A tiresome business, really.

The numbers, when stripped of the marketing sheen, tell a story of a company losing its grip. A decline of 8.5% in vehicle deliveries—not a gentle correction, but a stumble. For the first time, the crown slips, landing on the head of BYD, a name whispered with a growing confidence. It’s a harsh lesson, isn’t it? That even in a world hungry for novelty, the fundamentals still matter. The working man—the delivery driver, the gig worker—doesn’t care about innovation; he cares about a reliable vehicle at a price he can bear.

They’ve got early access to the next generation of hardware, which sounds impressively futuristic, and billions in contracted revenue. Billions. It’s a lot of zeroes. The whole thing feels a bit… precarious, doesn’t it? Like a beautifully constructed house of cards. But a house of cards with a lot of venture capital behind it. I checked the market prices on January 19, 2026, just so I could feel slightly more responsible about this whole endeavor. This was published on January 22, 2026, so don’t blame me if it’s all gone to pot by the time you read this.

The SEC filing, a document akin to a cartographer’s incomplete map of a shifting terrain, reveals the liquidation of 253,363 shares. This action effectively erased Healthcare Services Group from Azarias’s holdings, a deletion as absolute, and as ultimately meaningless, as any found in the annals of forgotten empires. The fund’s broader portfolio, a constellation of preferred equities, offers a clue. The largest positions – NYSEMKT: SPY, NYSEMKT: URG, NASDAQ: EU, NYSE: NXE, NYSE: MAN – suggest a preference for liquidity, for the predictable rhythm of cyclicality. A fund, after all, is not a collector of curiosities, but a surveyor of probabilities.