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The learned scholar, Master Alistair Finch, in his apocryphal treatise, “The Geometry of Speculation,” posited that all investment vehicles are, at their core, mirrors – reflecting not merely the underlying asset, but the anxieties and aspirations of those who gaze into them. These two trusts, then, are twin mirrors, offering a glimpse into the age-old fascination with the yellow metal. Both aim to replicate the performance of gold bullion, freeing the investor from the logistical labyrinth of physical storage – a considerable advantage, given the ephemeral nature of security in our age.

For five years, the shares of this venerable institution have offered a yield, a regular pulse of income, but one shadowed by a declining price – a bittersweet offering, like a ripe mango touched by frost. The S&P 500, meanwhile, has surged, a relentless tide lifting all boats, while Western Union has remained tethered, a lonely galleon in a sea of progress. But to assume this languor will persist is to misunderstand the enduring power of habit, the deep-seated trust built over generations, and the subtle currents that shift beneath the surface of financial markets.

Yet, as with all theatrical productions, the curtain has risen and fallen upon a most uneven performance. The year 2025 saw a spirited ascent, a veritable rocket launch of enthusiasm, only to be abruptly grounded by a broader sell-off amongst those who dabble in the atom’s power. The final tally? A modest decline of 3.5%, leaving Nano trailing behind both the venerable S&P 500 and the VanEck Uranium and Nuclear ETF [NLR 0.09%]. A humbling experience, to be sure.

It is immediately apparent that Vanguard, with its considerably lower annual charge, presents a more economical proposition. One cannot help but observe that a prudent management of expenses is, after all, the very foundation of a secure future. Fidelity, however, boasts a higher dividend yield, a feature which may appeal to those who prioritize immediate income, though one must always question whether such advantages are not purchased at a corresponding degree of risk.

Then we have Nike (NKE 0.72%). A name everyone knows, like a particularly bossy headmaster. They make the shoes, the shirts, the whole kit and caboodle. But even headmasters have their off days, and Nike, it seems, is currently having a bit of a wobble. A rather expensive wobble, if you ask me.

The prevailing optimism regarding this company’s prospects extending into 2026 is not unwarranted, though it demands a degree of circumspection. The company appears to be positioned to benefit from a specific, and rapidly expanding, need.

On January 22nd, a filing with the SEC revealed that DDD Partners engaged in a bit of share shedding, parting ways with 125,198 shares of HF Sinclair. The estimated transaction value, based on the aforementioned quarterly average, was $6.45 million. The firm’s overall position, however, experienced a more substantial decline – $8.37 million – which includes both the aforementioned sales and the unpredictable whims of market valuation. (Market valuation being, of course, a complex algorithm based on hope, fear, and the occasional rogue pigeon.)

Iridian, it seems, has acquired 1,108,301 additional shares of ACV Auctions, bringing their total stake to a rather robust $23.97 million. A significant commitment, particularly when one considers the prevailing atmosphere of gloom. The market, you see, is frightfully predictable in its panics. It mistakes a temporary inconvenience for a permanent catastrophe. And ACV Auctions, currently trading at a mere $8.62 – a decline of nearly 60% from its former glory – is currently the object of its disdain.

Rambus, it appears, has discovered the virtues of belated adaptation. Where once it pursued a singular vision, it now caters to the insatiable demands of the data centre and, naturally, the all-consuming deity of Artificial Intelligence. This pivot, while hardly original, has proven remarkably effective. The company now derives a substantial 75% of its revenue from chips and intellectual property related to these burgeoning sectors, a figure that has propelled product revenue upwards at a respectable 28% annual pace since 2019. A triumph of pragmatism, one might venture.

Chipotle and Cava also offer things grown from the earth, more or less. But Sweetgreen insists on a certain… earnestness. They’ve even dabbled in robots, thinking automation could solve the fundamental human problem of wanting things done for them. A noble, if misguided, effort.