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It appears that Braze now constitutes a rather hefty 17.98% of Battery Management Corp.’s 13F AUM. A considerable slice of the pie, wouldn’t you agree? One pictures the portfolio manager, a chap named Featherstonehaugh, perhaps, surveying his holdings with a slightly anxious expression. The top holdings, for those keeping score, are as follows: TTAN leading the charge at $351.44 million, followed by KDK at $124.01 million, then our friend Braze at $111.95 million. CXM and CSBR bring up the rear, but with considerably less fanfare.

The narrative is, “Oh, AI needs power, Bloom has power, therefore Bloom is good.” It’s circular logic, really. And everyone’s buying into it. It’s like when people started paying extra for bottled water. Bottled water! We had perfectly good tap water. But no, suddenly it’s a premium product. This feels… similar.

We’re supposed to believe that Tilray Brands (TLRY 0.76%) and Canopy Growth (CGC +2.14%) are going to make someone rich? It’s insulting, frankly. Like they’re going to magically fix everything. I mean, they’re companies. They sell… stuff. And now we’re attaching dreams to them. It’s just… a lot.

The filing, dated February 17th, confirms the purchase. Battery Management, clearly feeling adventurous, has increased its position in Kodiak AI, adding a considerable sum to its portfolio. One trusts they’ve done their due diligence, though hope, as always, springs eternal.

According to a filing with the Securities and Exchange Commission – a body that exists solely to ensure that everyone is thoroughly confused – Battery Management Corp. has effectively removed Zeta Global Holdings from its ledger. 455,351 shares vanished, leaving not a trace. The net effect? A $9.05 million adjustment. A sum that could have funded a small, but ambitious, quest for the Holy Grail.² The fund now holds… well, nothing. A blank space where a stake once resided. A bit like the existential dread one feels after realizing one has misplaced one’s favorite pair of socks.

Bitcoin, as any fellow with a passing interest in these things will tell you, is mined using a process called “proof-of-work,” a rather energetic undertaking involving powerful computers solving cryptographic puzzles. It’s a bit like asking a team of industrious badgers to decipher a particularly fiendish crossword, really. Ethereum, on the other hand, has undergone a transformation, moving from proof-of-work to the more economical “proof-of-stake” system in 2022, during something called “The Merge.” It can no longer be mined, but one can “stake” it – locking it away to earn rewards, a bit like a particularly patient savings account. Furthermore, Ethereum is rather clever at facilitating “smart contracts” and the development of those newfangled “decentralized apps.” Bitcoin, alas, doesn’t quite have the knack for such things.

The documentation, dated February 17, 2026, details the aforementioned sale, occurring within the fourth quarter of 2025. The value, calculated by referencing the average closing price—a metric that feels increasingly arbitrary—is presented as a definitive figure. However, the true value, as any seasoned observer knows, resides not in the calculation, but in the unspoken implications. The fund’s position, once a discernible presence, has been reduced, its value eroded not merely by the sale itself, but by the relentless current of market forces. The reduction in value—$2.75 million—is presented as a simple accounting, but it feels like an admission of something less tangible, a recognition of a fading promise.

They’re still losing money, of course. A lot of it. But money, as anyone will tell you, is just a story we tell ourselves. The latest quarter saw losses swell to $942 million. A sizable sum. For a company with a market cap of $3.3 billion, it’s…noticeable. Investors are patient people, though. Or, they have to be. They keep waiting for the story to change. So it goes.

For decades, Idexx has quietly amassed a fortune, a testament to the relentless march of time and the inevitability of illness. Since 1994, a modest investment has blossomed into an astonishing sum – a million and a half dollars. Such figures are, of course, historical. The past is a phantom, a seductive illusion. But the underlying principle remains: the demand for veterinary diagnostics is not subject to the whims of fashion, but to the immutable laws of life and death.