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The last quarterly report was, shall we say, less than stellar. Revenue dipped by a respectable 15.4% year-over-year, while Adjusted Funds From Operations—the metric REITs cling to like life rafts²—sank by 23%. Analysts, those oracles of moderate accuracy, are predicting a similarly gloomy picture for the current quarter, with revenue expected to fall further and earnings remaining…flat. A modest beat of expectations might offer a temporary reprieve, a brief illusion of recovery. But that’s rather like polishing a particularly tarnished gnome—it might look better, but it’s still a gnome.

These smaller altcoins, naturally, fared worse than the “blue chips” – Bitcoin and Ethereum. It’s always the little guys who get squeezed first. But here’s the thing: just because something’s down doesn’t mean it’s out. I’m looking at Solana and Cardano as potential buys before the inevitable “crypto winter is over!” headlines start popping up. Because, let’s be real, there’s always a spring training for crypto.

Solel Partners, these big money people, trimmed their Brightstar stake by 624,800 shares. Six hundred and twenty-four thousand. It’s a number. A big one. They still have some, $43.27 million worth, but they decided that was…enough. Or too much. Who knows? The whole thing is just…opaque. It’s like they’re deliberately trying to make it confusing. And of course, the stock is down 26% over the year. Because, naturally.

I’m not saying Nvidia is a bad investment. It’s just… predictable. Like ordering the chicken at a wedding. Safe. And when everyone’s doing the same thing, the real opportunity tends to hide in plain sight. So, I’ve been poking around, and two companies have caught my eye. They’re both reporting on the 26th, and if I’m being honest, I have a slightly irrational fondness for underdogs. It probably stems from being the youngest of five siblings.

Still, down about 15% year-to-date? That’s a proper tumble. Makes you wonder if this bounce is a genuine recovery, or just a desperate attempt to look like it isn’t sinking.

The particulars are these: 181,700 shares, a precise quantity, as if plucked from the ether. This addition represents 2.34% of Solel’s reportable AUM – a fragment, really, in the vastness of their holdings. Yet, it is the choice that intrigues. A foray into the world of eggs, of all things. One imagines the analysts, young men in crisp shirts, presenting charts and graphs, attempting to justify this… pastoral investment. Perhaps they spoke of protein, of breakfast habits, of the enduring appeal of the simple egg. Or perhaps, it was merely a whim, a gesture against the prevailing winds of technological speculation.

The initial bulletin, the one causing the current disquiet, concerns the failure to achieve a statistically significant reduction in Stage III-IV cancers. A nuance, perhaps lost on the more excitable elements of the market, is the ‘favorable trend’ observed in a pre-specified cohort of twelve particularly deadly varieties. A trend, however, does not pay dividends. Nor, one imagines, does it inspire confidence in those tasked with allocating substantial sums.

It is a matter of proportion, of course. Core Scientific now constitutes a mere 0.49% of Paloma’s reportable U.S. equity assets. A small constellation in a vast, expanding universe. Yet, to dismiss it as insignificant would be to ignore the quiet drama unfolding within the digital mining landscape. The top holdings remain steadfast: NVDA at $9.88 million, AVGO close behind at $9.69 million, followed by INTC, AFRM, and TTWO – each a sturdy vessel navigating the same, often turbulent, waters.

Solel Partners isn’t just sprinkling a little fairy dust on a dying unicorn. This is a significant commitment. 7.06% of their portfolio, to be exact. That’s not “Oh, we had some spare change lying around.” That’s “We’ve done the spreadsheets, argued with the analysts, and decided this thing might not be totally doomed.” Their top holdings? UnitedHealth, Synchrony, CVS…and now, Braze. It’s like a well-balanced portfolio…with a side of hope.