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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.

Look closely at this digital ad circus. The Trade Desk, in theory, was supposed to be the cool hand, the guy who could find the right eyeballs for the right message. A platform for the ad agencies and the advertisers, armed with AI and algorithms, sifting through the noise. It was a beautiful concept, a streamlined machine… until the sharks started circling. Google and Amazon, of course. They could do the same thing, but they’re biased. Like asking a fox to guard the henhouse. They’ll steer you toward their own platforms, naturally. It’s the way of the beast.

A projected revenue growth of 38% for the first quarter, a full-year rise of 30%… these are not the numbers of a reckless gambler, but of a calculating soul. And then, the capital expenditure. A staggering $52 to $56 billion… a commitment that chills one to the bone. For a foundry like TSMC, to construct these ‘fabs’—these temples of microfabrication—is to gamble with the very future. An underutilized facility is a tombstone for ambition, a monument to miscalculation. They are not merely responding to demand; they are attempting to will it into existence, to forge a future where such capacity is not merely sufficient, but desperately needed.

There’s a restlessness in the air, a sense that the easiest gains have been taken. To stake everything on one field, no matter how fertile, feels…precarious. A man needs to scatter his seed, to find new ground where growth hasn’t yet been exhausted. That’s where a look beyond our borders becomes a necessity, not a luxury. It’s about spreading the risk, yes, but it’s also about finding opportunity where others haven’t yet looked.

The filing with the Securities and Exchange Commission reveals a reduction of their stake to 2.59% of reportable assets. A significant sum, certainly, but a fraction of the whole. One imagines the portfolio managers, not celebrating a grand victory nor lamenting a defeat, but simply… accounting. The position, at quarter’s end, stood at $5.92 million, a decline of $3.23 million from the previous report. The ebb and flow. It’s always the ebb and flow.

The raw figures, as always, are misleading. Despite this lavish expenditure, these live broadcasts constitute a relatively insignificant portion of total viewing hours. A mere 340 million hours consumed amidst 96 billion. One begins to suspect a purpose beyond simple entertainment. The management, predictably, insists there is one.

This foray into the realm of workers’ compensation, disclosed on January 22nd, represents a new position for Azarias. A mere 1.31% of their reportable assets, to be precise. A trifling sum, one might think, were it not for the sheer audacity of investing in a sector generally regarded as…stable. One must admire their contrarian spirit, even if one questions their judgment. It is a truth universally acknowledged, that a fund in possession of good sense must view insurance with a degree of skepticism.

There exist, by the latest count, a mere handful of these regal dividend payers. A select club, indeed, and one that demonstrates a rare commitment to rewarding investors – or perhaps, merely a shrewd understanding of human nature.