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USA Rare Earth (USAR 3.30%), a company currently engaged in the ambitious project of turning dirt into…well, magnets, is at the center of this particular drama. It’s a venture that requires a certain amount of faith, a robust risk tolerance, and possibly a small offering to the geological deities. The U.S. government, in a move that suggests either remarkable foresight or a desperate attempt to avoid future trade disputes, has agreed to contribute up to $1.6 billion. Which, in the grand scheme of things, is roughly the cost of a moderately lavish wizard’s tower.

Apparently, the slowdown isn’t Pinterest’s fault entirely. They’re blaming tariffs. Tariffs! As if Pinterest single-handedly controls global trade policy. It’s a bit rich, isn’t it? They say large retailers, the ones who actually spend money on ads, are cutting back because of these tariffs. Pinterest, it turns out, is more exposed to this particular brand of retail pain than, say, Alphabet or Meta. Those giants deal with a million tiny merchants. Pinterest? More home furnishings. And let’s be honest, nobody’s redecorating with reckless abandon right now. Not unless they’ve won the lottery. Which, let’s face it, is most of us.

The filing, dated February 13th, 2026, confirms the acquisition. At quarter’s end, the investment was valued at the aforementioned sum, a figure inflated, no doubt, by the sheer velocity of the stock’s ascent. One is reminded of those Parisian bubbles of the 1920s – briefly dazzling, ultimately unsustainable.

First Turn Management, you see, decided on February 13th, 2026, that Cogent was worth a closer look. They’ve added these shares to their collection, and the value, naturally, wobbles about like jelly on a plate depending on what the market decides. It’s all terribly unpredictable, you know. They now own 3.35% of Cogent, a rather significant chunk, as of December 31st, 2025.

It is, undeniably, one of the larger purveyors of rented cubic footage in the United States. It generates cash with a consistency that would impress even the most meticulous accountant (a breed not known for being easily impressed), and has established a reputation for being reasonably well-managed in a sector that tends to remain stubbornly upright even when the economic landscape resembles a particularly unstable jelly. If one desires stability and a predictable income stream, it ticks a fair number of boxes. Though one might find more excitement watching paint dry.¹

Most of these funds chase the streak – the companies that have raised dividends for ten, twenty years, a monument to consistency. Fine. But consistency can be a mask. DGRO does things its own way. It’s not about the longest run; it’s about quality, about building a portfolio that doesn’t buckle when the market gets rough. It’s a $38.37 billion fund, which means someone’s paying attention. Not just gamblers, either.

Even should a drug triumphantly emerge, its moment in the sun is often fleeting. A patent, nominally lasting twenty years, is largely consumed by the development process itself. The actual period of exclusive benefit, the time when one can reap the rewards of ingenuity, is frequently limited to a mere decade or so. One recalls the case of Pfizer, whose stock experienced a rather giddy ascent around the year 2000, thanks to a certain vaccine. However, as demand waned, so too did the stock’s fortunes, plummeting in 2023 and remaining stubbornly unenthusiastic since. A cautionary tale, to be sure.

According to the SEC filings (because, paperwork. Always paperwork), Gate City shaved off 481,537 shares during the last quarter of 2025. That $14.15 million figure is based on average pricing, which, let’s be real, is a bit of a smoothing exercise. At the end of the quarter, they still held $18.11 million worth of BTU, but the value had dipped by $10.83 million from the previous quarter. Which is… a lot. Though, honestly, in this market, what isn’t a lot?