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Yet, in September of 2017, at a gathering commemorating a century of Forbes, Mr. Buffett offered a glimpse beyond the immediate horizon. He posited that the Dow Jones Industrial Average (^DJI +0.53%) might, within a hundred years, ascend to the formidable height of one million. A pronouncement met with the customary blend of skepticism and polite interest. At the time, the Dow rested at a mere 22,370—a four-thousand-one-hundred-and-seventy-nine percent ascent required to reach such a lofty peak.

I’ve been following both Palantir and Nvidia for a while now, and I have a slightly unpopular opinion. A contrarian take, as they say. It’s not that Nvidia isn’t facing challenges – they absolutely are. But Palantir’s problems are…different. More human. And honestly, I’m starting to suspect they involve a disproportionate number of strongly-opinionated engineers.

They’re talking about “tokenization.” It’s just a fancy way of saying they’re turning ownership of things—stocks, houses, whatever—into digital tokens. Like arcade tickets, but with real money attached. They move these tokens around on something called a blockchain. The XRP Ledger, specifically. It’s all very…efficient. Or so they claim.

Stocks, naturally, are for those who believe in the endless upward curve. A beautiful delusion. Bonds, though… bonds are for those who’ve seen a few things. They’re not about getting rich quick. They’re about not losing everything when the music stops. A modest goal, perhaps, but a sensible one. The Vanguard Total Bond Market ETF (BND 0.04%) is a way to participate in this quiet corner of the universe.

This past quarter, or rather, four months gone by, he made a couple of moves that tickled the fancy of the market watchers. He parted ways with his holdings in Microsoft, a company that’s grown like a weed, and took a shine to Amazon, a concern that’s seen a rise of 243,600% since it first sprouted, nearly 30 years ago. A lesson in this, perhaps? Even a sturdy oak can be surpassed by a quicker-growin’ vine. Though I reckon a fella shouldn’t build his whole farm on such fleeting whims.

Between 2023 and 2025, the S&P 500 ascended a rather precipitous 78%. One might be tempted to believe this ascent will continue indefinitely. But as I’ve always maintained, to expect perpetual motion in the financial world is to misunderstand its fundamental nature – a charming delusion, perhaps, but a delusion nonetheless.

Look, Rivian isn’t Lucid. That’s…something. A low bar, admittedly. But it’s still not enough to make me reach for my chequebook. Potential? Absolutely. But potential doesn’t pay the bills, does it? And right now, there’s just too much risk clinging to this thing like static.

They call them magnificent. A bit much, if you ask me. But the numbers don’t lie. These seven giants have doubled the S&P 500’s performance over the last decade. Meta, the so-called “worst” performer of the bunch, still managed a 539% return. That’s a bad day at the races for most companies.

There’s been talk, you see. About companies that have, well, done rather well. Nvidia, for example. Apparently, it’s gone up something ridiculous – 800% in three years. I mean, seriously? I barely manage 8% on a good hair day. And then there’s Palantir. Another one. Climbing, climbing, climbing. It all sounds terribly exciting, but also slightly terrifying. Like being on a rollercoaster designed by someone who’s never actually experienced gravity.