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I’ve made a list, actually. A list of things I’m supposed to be doing with my money. 1. Pay off student loans. 2. Invest for the future. 3. Not buy another pair of boots I don’t need. ExxonMobil is, theoretically, item number two. It’s been paying dividends for 43 years, which is… reassuring. In this economy, longevity feels like a superpower.

Yet, amidst this minor catastrophe, a glimmer of…something. The introduction of an oral version of Wegovy, a drug designed to wrestle with the very essence of human gluttony. A pill, you see, instead of a needle. A small victory for those who harbor a deep, irrational fear of sharp objects, and a considerable convenience for travelers, who, as any seasoned observer of humanity knows, are prone to indulging in excesses of both scenery and pastry. And it is here that a curious tale unfolds, a tale whispered from the lips of none other than Eli Lilly.

Potrero, it seems, has been whispering to the market, a reduction in their Ramaco stake, a gesture barely perceptible amidst the roar of the exchanges. The fund’s remaining position, once a robust pillar, has diminished to $9.52 million, a phantom weight in the portfolio. It’s a dance as old as the hills, this constant recalibration, this trimming of the sails to catch the prevailing winds. They’ve lessened their grip, allowing Ramaco to drift a little further from their core, a subtle acknowledgement that even the most carefully constructed narratives require pruning.

Alight’s fourth-quarter and full-year pronouncements were released unto the world on Thursday. The reception, shall we say, was not one of joyous acclaim. One imagines the analysts, those diligent scribes of the market, clutching their pearls, or perhaps simply adjusting their spectacles with a weary sigh. It is a curious thing, this obsession with quarterly pronouncements, as if the fate of nations hinged upon the decimal point.

The shift followed Integer’s report, figures that showed a little more profit, a little more revenue than expected. A decent showing, certainly, but hardly a cause for champagne. Still, it was enough to loosen a few tongues among the so-called experts. They adjusted their forecasts, raised their price targets. It’s a game, this forecasting. A dance of numbers and assumptions, with little bearing on the lives of those who actually build and use the devices Integer produces.

The fund, it appears, still retains a respectable 1,724,544 shares, representing a value of around $21.80 million at the quarter’s end. The net effect, after accounting for market fluctuations and the general vagaries of finance, is a decrease of $12.64 million in their TransAlta portfolio. Not a disaster, by any means, but enough to raise a quizzical eyebrow, what?

Both began, rather innocently, by providing facilities for the computationally intensive, and let us say, ethically ambiguous, world of Bitcoin mining. Now, sensing a shift in the prevailing winds – and the direction of investment capital – they aspire to cater to the more respectable demands of the AI industry. The transition, naturally, is not without its ironies.

The filing speaks for itself: 370,557 shares acquired. It places BlackLine among Potrero’s holdings, a 6.9% slice of their reported assets. A deliberate choice, not a rounding error. Consider the landscape: Talen Energy, Teck Resources… names that carry the grit of tangible things. BlackLine, a cloud-based accounting solution, feels… different. More ethereal. But money, it seems, recognizes no such distinctions.

The allocation to Frontdoor warrants consideration within the context of Breach Inlet’s broader portfolio strategy. The position, currently constituting 4.62% of the firm’s $212.33 million in reportable U.S. equity assets as of December 31, 2025, suggests an assessment of Frontdoor’s potential for sustained revenue growth and, critically, cash flow generation.