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According to the aforementioned filing, Progeny 3, Inc. diminished its Peabody Energy holdings. The precise value, as calculated by averaging closing prices over a quarter – a method which assumes, rather optimistically, that the market behaves with predictable regularity – amounted to the aforementioned $24.08 million. Their remaining position, a modest 89,160 shares, currently values at approximately $2.65 million. Which, in the grand scheme of things, is a little less than a small, possibly inhabited, island.

Peloton, once the darling of the lockdown crowd, is down 98% from its peak. It’s like watching a very expensive houseplant slowly wither. Uber, meanwhile, is only 25% off its high, and has actually increased 126% in the last three years. A relative success story, I suppose, if you consider that most of us are just trying to avoid complete financial ruin.

Ananym, it seems, decided to redistribute its wealth. They reduced their BlackLine holdings by 189,029 shares in the fourth quarter. That’s a lot of shares. It’s enough to make you wonder if they had a particularly bad Christmas and needed the cash for gifts. At the end of the quarter, their remaining stake was valued at $14.02 million, but the whole transaction, factoring in the share price wobble, resulted in a net loss of $9.48 million. It’s like watching someone try to bail water out of a sinking boat with a teacup.

Let us consider, for a moment, the hypothetical investor who, ten years ago, succumbed to this particular siren song. A purchase of one hundred shares in late 2015 would have required approximately $5,163. A sum, one imagines, cheerfully diverted from some less profitable indulgence. The annual yield at that time was a modest $2.29 per share, or $229.20 for the entire holding. A return of 5.7% on the initial outlay – not ruinous, certainly, but hardly a cause for extravagant celebration.

This new position, valued at a rather agreeable $37.32 million, suggests a growing realization that excitement is vastly overrated. The fund, it seems, is attempting to cultivate a portfolio that doesn’t require a constant supply of sedatives. A laudable ambition, though one rarely encountered on Wall Street.

They sold 217,684 shares, apparently, for around $3.6 million. Which, in the grand scheme of things, isn’t a fortune. It’s roughly the cost of a small island, or a very large number of biscuits. The fund’s overall stake is now 8.65% – still a significant chunk, so let’s not panic. Not yet, anyway.

Here’s why a man might put his money on Berkshire, even with the whole world looking a little shaky.

Flaherty Asset Management, a name once synonymous with patient accumulation, disclosed a shedding of 524,260 shares of the aforementioned fund in the waning days of 2025. A sale amounting to some $13.6 million, calculated with the precision of a cartographer charting a vanishing coastline. It wasn’t a dramatic exodus, not a fire sale born of desperation, but a measured retreat, a paring back of exposure to a sector that, like a beloved but aging bull, had perhaps run its course. The firm’s overall stake, once a proud pillar of its holdings, diminished, its value falling by $14.8 million – a sum that felt less like a loss and more like a necessary pruning, a clearing of space for new growth.

The augurs whisper of decline, while the hopeful still envision a future of gains. To foresee Nike’s state in three years hence is to attempt a cartography of shadows, a tracing of probabilities within a perpetually shifting maze.

Three companies, you see, are not merely participating in this AI frenzy; they are building the very infrastructure upon which it rests. They aren’t peddling dreams; they’re selling shovels – and exceptionally well-made shovels, at that. I speak of Nvidia (NVDA 4.43%), Taiwan Semiconductor Manufacturing (TSM 0.59%), and Broadcom (AVGO 0.67%). A modest $3,000 invested amongst them, I assure you, is far more sensible than chasing the latest unicorn.