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Both ETFs get you into the precious metals game, but they approach it… differently. GLD is basically buying the gold itself. Like, physical gold. It’s the ‘I want a bar of gold in a vault somewhere’ option, without the actual hassle of finding a vault. SIL, on the other hand, is investing in the companies that dig up the silver. So, you’re betting on their efficiency, their management… and, let’s be real, their ability to avoid collapsing mines. Which, statistically, isn’t always great. I’m just saying.

Last quarter, back in October, Vulcan announced figures that, while not quite miraculous, were…robust. Revenue up 14.4%, earnings per share leaping a frankly alarming 80%. The market, naturally, did what markets do: it got briefly excited. The stock wobbled upwards, like a newly awakened earth elemental. It opened at $285.50 and closed at $290. A five percent bump. Which, in the grand scheme of things, is less a mountain and more a rather enthusiastic pebble. As of February 11th, it’s around $311. They claimed improved margins, and a mysterious quantity called ‘cash gross profit per ton’ – $11.51, if you’re keeping score. They’ve been improving this metric for eleven consecutive quarters. Eleven! That’s a lot of quarters. One begins to suspect a very dedicated accounting department, possibly powered by gnomes.¹

Being cheerful about Peloton is…difficult. Like trying to teach a badger to waltz. One wonders where this peculiar contraption will be in five years. A truly sticky question.

Last year witnessed a return of some twenty percent, exceeding, it must be noted, the performance of the broader S&P 500. The successes of companies such as Nvidia, Alphabet, and even Palantir Technologies were, of course, instrumental in this outcome. Though the present year has begun with a degree of volatility, the index remains, at the time of writing, only slightly below its previous peak – a situation which encourages, naturally, a degree of circumspection.

The question isn’t why it’s going down, it’s how dare it go down? I mean, you buy a stock, you expect…stability. Not this freefall. It’s like they want to lose money. They probably do. They’re probably sitting in a room, cackling, as regular people like me…well, it’s just not right.

The reason? Earnings, apparently. Q4 numbers. They were…better than expected. Not by a huge amount, but enough to stop the bleeding. Revenue hit $846.7 million, up 20% year over year. Which, when you translate it from corporate speak, means more people are buying their CRM stuff. And crucially, they’re spending more. Average revenue per subscriber edged up 3%. Small wins, people. Small wins.

And conveniently, those professionals have been on sale. Which, in the stock market, is basically like finding a designer handbag in the clearance bin. It’s suspicious, but you take it. I’m talking about CrowdStrike (CRWD 2.43%). They’re the folks who keep the bad guys out, and right now, they’re trading at a price that suggests everyone thinks the bad guys are winning. Which, frankly, is a depressingly accurate assessment of most things these days.

Management is guiding for a growth rate of 8% in 2026, which, while perfectly adequate for a quiet life, is a considerable drop from the 15% they’ve been enjoying these past five years. And, adding to the general air of mild consternation, the entire software industry is currently in a bit of a flutter over this Artificial Intelligence business. The market, you see, is rather keen to determine which of these SaaS companies will be most susceptible to being, shall we say, ‘disrupted’ by the clever chaps developing these new technologies. This widespread worry, coupled with Tyler’s slightly underwhelming results, has left the stock down a considerable 55% from its peak. A spot of bother, indeed!

Netflix, you see, had a deal lined up for Warner Bros. Discovery. Seventy-two billion dollars, give or take a few yachts. A hefty sum. Warner Bros. Discovery was preparing to shed some of its older holdings, the bits that don’t quite shine anymore. It’s like decluttering, but with television networks. Paramount Skydance, though, wasn’t thrilled. They wanted all of Warner Bros. Discovery for themselves. A perfectly understandable desire, if you happen to be a large media company. So it goes.

Indeed, to observe Cognex’s ascent in the year 2026 is to witness a transformation most astonishing. Up a staggering 62% since the commencement of the year, it appears this manufacturer of automated vision systems has discovered the philosopher’s stone of the industrial age.