In Q3, Nitorum’s stake shrunk from 5.39% to 3.14% of its reportable assets. By September 30, the remaining position was valued at $17.85 million. Investors, like gods with poor aim, often sell when hope feels heavier than money.
Trading near the mid-$0.30 range-so modest it makes a thrift-store sweater look like a luxury item-ADA clings to life while its founder, Charles Hoskinson, grandly shifts focus to “long-term structural developments.” Because nothing says “confidence” like ignoring the obvious. 🤷♂️
According to their November 14 SEC filing, the fund has taken a new position in NCLH, acquiring 347,600 shares. This is like finding a needle in a haystack, but instead of a needle, it’s a bunch of shares, and the haystack is the entire stock market. The stake represents 1.05% of the fund’s $815.2 million in assets-a drop in the ocean, but a significant splash in a very small pond. (Pond: A body of water so small it could fit inside a teacup, yet somehow still manages to be full of surprises.)
In the dim-lit corridors of investment, many cast their eager gaze upon the shimmering ascent, hopeful that the year ahead-2026-will mirror previous triumphs. Yet beneath that veneer of optimism, a lesser-known indicator stirs-a spectral warning whispering from the shadows, repeating a refrain that history etched deep into its ledger.
An SEC filing, that most thrilling of bedtime reading material, revealed Tikvah had offloaded 400,000 PAYO shares during Q3 at an average price that would make a dragon hoard blush. The proceeds, $2.68 million, joined the fund’s coffers while leaving them with 1.29 million shares valued at $7.82 million. This reduced Payoneer’s presence in their portfolio to a mere 2.3% stake2-a position now dwarfed by titanic holdings like Alphabet and Amazon, which loom over Tikvah’s portfolio like colossi straddling the Strait of Gibraltar.
A filing, crisp as a new leaf, revealed Sand Grove’s purchase of 39,121 shares in CyberArk (CYBR 0.72%) by quarter’s end, valued at $18.9 million. The gesture, though modest against the vast forest of capital, hinted at a belief in the sap rising within this particular tree.
In what’s being called “the most romantic SEC filing since Elon tweeted about Dogecoin,” Sand Grove disclosed a shiny new 829,123-share position in STAAR Surgical (STAA 1.63%). Let’s pause to admire the math: $22.28 million invested in a company whose market cap could fit inside Jeff Bezos’s yacht closet. The filing, dated November 14, 2025, reads like a financial rom-com where the protagonist buys a timeshare in a struggling ophthalmology-themed amusement park.
Behold, the key edicts of this financial manifesto:
Park’s argument is as simple as it is devastating: Bitcoin’s soul has always been tied to volatility. When that volatile spirit wanes, so too does the allure of risk capital-those intrepid souls who rush in first, propelling prices upward, only to vanish as the next wave arrives. “We need two things,” he intoned, “a belief in Bitcoin’s future and a rise in volatility. And yet, why is this not happening today?” One might wonder if the market has forgotten the very chaos that once made Bitcoin a darling of the speculative elite.
They’re selling exposure to digital magic internet money through old-man investment vehicles. Brilliant! No wallets, no passwords – just good ol’ AMEX tickers. Who needs blockchain when you’ve got custodians? Revolutionary. [eye roll]