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Index funds, in their apparent simplicity, offer a temporary respite from this relentless scrutiny. The exchange-traded fund, or ETF, a construct that allows for the fluid transfer of ownership, presents itself as a solution. To invest in a fund tracking the S&P 500, for example, is to become a fractional owner of 500 of the most prominent American corporations. A comforting thought, perhaps, until one considers the arbitrary nature of such an index, its reliance on a selection process dictated by committees and algorithms. The reported average annual gains of nearly 10% over decades are, of course, historical data, and offer no guarantee of future performance. The past, as everyone knows, is a foreign country, and its inhabitants rarely offer useful advice.

The decline, you understand, is merely… temporary. A consequence of disputes – litigations, they call them – over defaults. These are, naturally, being resolved, though one suspects at a pace dictated by the whims of clerks and the proliferation of paperwork. It is a drop, therefore, not of substance, but of illusion. The stock, having languished for five years – a veritable eternity in the feverish world of finance – required but the slightest encouragement to stir. One might compare it to a slumbering bear, roused not by a roar, but by a particularly insistent fly.

One is almost tempted to suggest the reported figures were too favorable. Revenue ascended a respectable 35% to $283 million, while earnings per share blossomed from a modest $0.32 to a rather extravagant $0.92. Daily active users swelled by 30% to 52.7 million, and free cash flow enjoyed a 16% increase to $80.9 million. A veritable cornucopia of prosperity, and yet, the markets frowned. It seems the pursuit of profit, untempered by a touch of aesthetic sensibility, is a most unlovely sight.

PlugPower, a company striving to harness this ethereal fuel, embodies this ambition. They speak of electrolyzers and hydrogen plants, of a network spanning continents. Indeed, they deliver hydrogen to great enterprises – Amazon, The Home Depot, General Motors – a testament to their ingenuity. But a keen observer, one attuned to the rhythms of the market and the true measure of value, cannot help but note a disquieting imbalance. Revenue, while growing, does not yet outweigh the considerable losses incurred. A deficit of seven hundred and four point one million dollars in the first nine months of the year is not a mere accounting detail; it is a chasm, a void that threatens to swallow the very foundations of the enterprise. And the weight of debt, nearly a billion dollars, presses heavily upon the company, a burden that limits its capacity for true innovation and enduring prosperity. One might ask, is this a vision of the future, or merely a reflection of the present moment’s speculative fervor?

This VWOB, you see, now makes up 1.33% of BlueStem’s hoard – their “13F reportable assets,” they call it. Sounds terribly important, doesn’t it? Like counting dust bunnies under the sofa. Let’s peek at what else they’re clutching:

Eaton, for those unfamiliar, isn’t exactly a household name in the way, say, Apple is. They don’t make gadgets you covet. They make the stuff that makes the gadgets work – power management systems, circuit breakers, the unglamorous but utterly essential components of modern life. For decades they’ve been a solid, dependable company. But now, with the insatiable appetite of AI data centers, they’re potentially poised for something more. It’s a bit like a quiet librarian suddenly finding herself in charge of a rock concert.

The formal record, filed with the Securities and Exchange Commission (a body dedicated to the meticulous cataloging of financial transactions – a task of truly heroic, if slightly baffling, proportions), confirms that Bastion established this new position. $8.04 million, you see, is a substantial amount of money. Enough to buy a great many sprockets, or possibly even a small moon. (The precise cost of a moon varies wildly depending on current orbital real estate prices.)

The filing with the SEC – those endlessly fascinating documents that reveal the secret lives of institutional investors – showed this transaction occurred during the fourth quarter of 2025. It wasn’t a gradual trimming of the position, mind you, but a full and complete exit. They went from having a stake in Check Point to having… well, nothing. A clean slate. A fiscal zero. The value of the position, predictably, declined by the aforementioned $3.1 million. It’s a reminder that even the most sophisticated investors aren’t immune to a bit of portfolio pruning.

Now, in 2026, the whispers are different. The grand promises feel brittle, the gains unevenly distributed. They talk of “correction,” of “volatility,” but these are just polite words for the shifting of burdens, the quiet anxieties of those who build the machines and those who depend on them. The Vanguard Information Technology ETF – a vessel holding $130.3 billion of other men’s hopes – has barely dipped, down a mere 3.6% year to date. A comforting statistic for those at the top, perhaps, but a cold one for the man staring at a shrinking paycheck.