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QQQ, you see, is a bit of a specialist. It focuses on the ‘Magnificent Hundred’ – the largest non-financial companies listed on the NASDAQ. Mostly tech, naturally. Because everyone knows that the future runs on silicon and caffeine. IVV, on the other hand, casts a wider net, scooping up the entire S&P 500. It’s like comparing a highly trained assassin to a reasonably competent town guard. Both can get the job done, but their methods, and the mess they leave behind, are rather different.

The volume swelled to 71.7 million shares traded – a restless sea compared to the usual 57 million. They IPO’d in 2021, these architects of convenience, and have climbed 51% since. A respectable ascent, perhaps, but one built on the shifting sands of consumer trust and the ever-present promise of disruption. One wonders how many of those who placed their faith in this digital edifice are truly benefiting, or merely fueling the engine of another gilded tower.

The following observations, drawn from a meticulous, if incomplete, cataloging of recent transactions, may prove illuminating:

The air around On Holding, they say, is different. It isn’t merely the sleek design of their shoes, nor the vibrant colors that seem to capture the fleeting light of a Swiss sunrise. It is something more profound: a defiance of the established order, a quiet rebellion against the monolithic giants of athletic wear. They have built, from the very ground up, a brand that whispers of performance, of innovation, and, increasingly, of a certain effortless cool. Net sales, rising like the mists from the alpine lakes, grew by a substantial 34% last year, and their ambition—to double that figure in the coming years—is not hubris, but a calculated confidence. It is a company that understands that true loyalty isn’t bought with advertising, but earned with consistent quality and a genuine connection to the aspirations of its wearers.

IBKR, in its customary fashion, has released its monthly report, a document as predictable as a sunrise and, one suspects, almost as illuminating. February’s figures reveal a Daily Average Revenue Trade count of 4.37 million, a 21% increase year-over-year. A pleasing number, certainly, though tempered by a slight sequential decline. One is reminded that even the most carefully constructed edifice is vulnerable to the erosive forces of time – or, in this case, a single month.

The S&P 500 barely stirred, inching up a fraction. The Nasdaq, a touch more lively, gained 0.36%. These numbers, they mean little to the man who calculates whether he can afford the ticket, or the woman who fears a delayed connection. Delta and United, fellow travelers in this industry, fared no better, their shares also descending. It’s a collective sigh, a recognition that the air is becoming more expensive, the journey less certain.

Both, it turns out, are about big, shiny growth stocks. The kind of companies that, if they do well, might mean I can finally afford that small cottage in Cornwall. Or, you know, just not have to eat ramen for the rest of my life. QQQ (Invesco QQQ Trust, Series 1) and MGK (Vanguard Mega Cap Growth ETF) both promise access to these titans. But which one? It’s a question that’s kept me up at night, alternating between optimistic projections and visions of financial ruin.

It was, of course, the affairs in the East which cast the longest shadow. Those engaged in the pursuit of energy – notably Exxon Mobil – experienced a considerable increase in fortune, their shares rallying with an enthusiasm that bordered on imprudence, as crude oil approached the eighty dollar mark. One could not help but observe a certain…expectation of profit amongst those connected to such ventures. Palantir Technologies, and others of a similar inclination, also benefited from the prevailing anxieties.

The volume was 178.1 million shares. 178.1 million. That’s… a number. It’s 93% above their three-month average. So, people are trading. They went public in 2020. 2020! Remember 2020? A simpler time. They’re up 73% since then. 73%! It’s just… unsustainable. It has to come down at some point. It always does. And then who’s left holding the bag? Not me. I’m diversified. Mostly in complaining.

Trading volume reached 72.1 million shares, which is roughly equivalent to the entire annual output of goblin-forged accounting ledgers.² Palantir IPO’d in 2020, and has, shall we say, grown since then – a 1,428% increase. One can only assume they’ve discovered a particularly effective method of multiplying shares. Or possibly, a very persuasive accountant.