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The reported earnings per share of $0.25, while somewhat shy of the analysts’ predicted $0.36 (a sum, I suspect, arrived at through a combination of hope and guesswork, as is so often the case with such pronouncements by S&P Global (SPGI 0.65%)), scarcely caused a ripple. It proves, if proof were needed, that the collective wisdom of the market is frequently less than wise.

Anyway, Laffont was shuffling things around in the fourth quarter. He sold a chunk of Nvidia, which, let’s be honest, feels a little like selling the winning lottery ticket just before the numbers are drawn. Though, I suppose when you’re dealing with that kind of money, a “chunk” is probably still enough to buy a small island. He then bought a rather substantial amount of Netflix. Netflix! It’s the thing my aunt uses to watch those true-crime documentaries, and then calls me to explain the gruesome details. It’s… a lot.

Indeed, the fourth quarter revealed a diminution of both revenue – a mere $1.3 billion, a sum that would scarcely fund a decent opera season – and earnings, which retreated with a distinct lack of enthusiasm. One is reminded of a fading actress, clinging to past glories. Yet, the market seems captivated, as if a compelling narrative can compensate for inconvenient truths.

Units of Cryptocurrency Lost: 0 (so far). Hours Spent Watching Charts: 17. Number of Times I’ve Considered Becoming a Goat Farmer: 3. It’s all very stressful, this investing business. Anyway, here’s the breakdown of what she’s been buying. I’ve tried to remain objective, but honestly, it’s hard when you’re picturing a very determined woman with a very large portfolio.

Mr. Gates, as is well known, has long benefited from the counsel of Mr. Buffett. The latter, a figure who regards speculation with the same polite disdain one might reserve for a poorly-made watch, has not only served as an advisor but, since 2006, has pledged a substantial portion of his own wealth to the Gates Foundation. A gesture, it must be said, that speaks volumes about a shared belief in the power of patient capital, and a quiet disdain for the ephemeral.

The thing is, these managers have, historically, outperformed the S&P 500. Which is good. But “outperforming” doesn’t mean “guaranteed success,” does it? It just means they’ve been slightly less wrong than everyone else. And it’s all tied up in technology, specifically things that might benefit from this… AI thing. Everyone’s talking about AI. It’s like the new kale. Supposedly good for you, but I suspect it’ll mostly end up as an expensive, forgotten trend.

This E.l.f. Beauty, now, is a right peculiar thing. Seems folks are payin’ good money for paintin’ their faces, and this company is sellin’ it by the wagonload. They’ve upended the old guard, these young whippersnappers, and are doin’ it with ingredients that don’t sound like they came out of a chemist’s nightmare. They’re caterin’ to a generation that cares more about what’s in their cosmetics than what the fancy bottle looks like, and that’s a sensible shift, if you ask me. They’ve even gone and bought up a fancy brand called Rhode, run by a woman who’s famous for bein’ famous, which strikes me as a bit of a head-scratcher, but they seem to be makin’ a go of it.

CoreWeave has experienced substantial revenue growth, attributable to increasing demand for GPU-accelerated computing resources. The company’s business model – providing on-demand access to Nvidia’s high-end GPUs – offers a compelling alternative to the capital-intensive process of building and maintaining in-house data centers. This has resonated with a client base seeking both flexibility and cost efficiency.

Let’s consider, shall we, a few observations regarding its prospects for 2026. One doesn’t predict, of course – that’s for the more excitable sort – but one can certainly assess.