usdaed

100%;”>

It is a truth universally acknowledged, that a company in possession of a good fortune, must be in want of a temporary setback. And so it has proven with these two titans. The recent sell-off, a tempest in a teacup if ever there was one, has presented us with a chance to acquire shares at valuations that would have been deemed fantastical but a season ago. Let us not mistake this for prudence, however; it is merely the market indulging in a fit of the vapors.

Don’t get me wrong, AXP is solid. It’s…flirty. It knows how to attract a crowd. But Visa? Visa is the quiet one in the corner, efficiently processing transactions while everyone else is busy peacocking. And honestly, in this market, I’ll take efficient over flashy any day.

The White House, predictably, has been agitating for something more dramatic. A forceful intervention, a swift correction. Mr. Powell, however, remains stubbornly wedded to the notion of allowing economic data to dictate policy. A quaintly old-fashioned idea, really. As a result, January passed without incident, much to the visible displeasure of certain parties. One pictures a rather frosty exchange of memoranda.

For years, these software companies enjoyed what’s politely called a ‘moat’ – a lovely image, isn’t it? – meaning they were so dominant, so deeply entrenched in their markets, that competition was minimal. This translated into healthy profits, predictable revenue, and, naturally, inflated valuations. But AI, it’s claimed, could erode those advantages. It can write code, extract information… even, apparently, compose passable poetry. (Though I suspect Keats needn’t worry just yet.) The question is, has the market overreacted? And, more importantly, can we profit from the resulting panic?

The core idea here is simple: these stocks may have more to gain than to lose. A concept, it should be noted, that applies to most things, provided you’re sufficiently vague. Freeport-McMoRan, specifically, looks interesting for three reasons. First, the company helpfully provides projections of its earnings before interest, taxes, depreciation, and amortization (EBITDA) based on various copper prices. It’s like a weather forecast for money, only slightly more reliable. Their latest update suggests $11 billion EBITDA at $4/pound of copper, escalating to $19 billion at $6/pound. Given the current price of $5.66, a rough calculation (involving numbers, which are, frankly, a bit of a nuisance) suggests around $17.6 billion. Assuming an enterprise value (EV) of $96.9 billion, that puts Freeport trading on an EV/EBITDA multiple of a mere 5.5 times in 2027 – a historically favorable valuation. It’s as if someone accidentally left a rather large discount sticker on it.

That’s how I ended up looking at Regeneron. Not because I’m particularly interested in macular degeneration – though, frankly, at my age, I should be – but because they’ve built a business. A real one. They’re not waiting for a miracle; they’re making things happen, and that, in this market, feels almost…radical.

The filings with the Securities and Exchange Commission reveal an addition to their holdings during the final quarter, amounting to approximately $10.16 million – a sum which, while not inconsiderable, seems almost quaint given the general profligacy of modern finance. The quarter-end value of the position rose by a further $3.68 million, a figure inflated, naturally, by the capricious whims of the market.

Whetstone, it appears, sold all 79,172 shares of monday.com during the final quarter of 2025. The estimated value? Approximately $15.33 million. Which, when you consider the sheer scale of the universe, is roughly equivalent to the cost of a particularly extravagant cheese sandwich on a planet orbiting Proxima Centauri. (The price of cheese, naturally, fluctuates wildly depending on the local gravitational anomalies.) This disposal resulted in a $15.33 million decrease in their portfolio value, factoring in both the sale and, rather predictably, the movement of the share price. It’s a classic case of numbers going up and down, which, frankly, is a bit of a shock to the system when you think about it.