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They traded 54 million shares, which is a lot of shares. A lot. It’s the kind of volume that suggests people are… restless. Like a room full of toddlers who’ve just discovered they can open the kitchen cabinets. Blue Owl went public in 2020, which feels like a lifetime ago. They’ve grown 1% since then. One percent. My sourdough starter has had a better return.

I bought into this quantum computing thing a while back. Not because I believed in miracles, but because sometimes, a big company can stumble into something useful while looking for something else. It’s happened before. Mostly, it involves making better staplers.

The SEC filings reveal a deliberate increase, a bolstering of their position to 3,536,884 shares. A considerable sum, to be sure, but a sum cast into the void of recent performance. The fourth quarter yielded not triumph, but a muted echo of former glories. Net sales descended to $2.7 billion, a precipitous fall from the previous year’s $420 million. A small net loss…a chilling premonition, perhaps? Yet, within this decline, a flicker of something…else.

It’s a full-on product offensive. iPhones, iPads, displays, laptops… it’s enough to make you need a new spreadsheet just to keep track. And let’s be honest, the sheer volume is a strategy. It’s the corporate equivalent of yelling really loudly to distract you from the fact that, yes, these are still expensive gadgets.

Adelante, you see, once held a grand pile of 209,976 BXP shares. A truly impressive heap! But now? They’ve pruned it back, leaving them with a measly 75,363. That’s like a giant trimming his fingernails. It leaves them with a BXP stake representing just 0.3% of their entire hoard. A rather insignificant crumb, wouldn’t you say?

The broader market, alas, mirrored the inherent melancholy of existence. The S&P 500 (^GSPC 0.94%) succumbed to a decline of 0.95%, settling at 6,817. The Nasdaq Composite (^IXIC 1.02%), ever the volatile spirit, fell a similar measure to 22,517. Bloom Energy (BE 7.93%) and Ballard Power Systems (BLDP 4.40%), fellow travelers in this hydrogen-fueled wilderness, fared little better, offering a stark reminder that even in shared suffering, there is little true solace. Plug Power’s rebound, however, is a peculiar anomaly—a flicker of defiance in a sea of resignation.

Canopy Growth’s recent financial pronouncements suggest a state of affairs best described as…mediocre. A polite euphemism, naturally. Net revenue for the third fiscal quarter remained stubbornly static at 74.5 million Canadian dollars – a sum that barely registers on the scale of ambition. The net loss per share, while improved, still whispers of fiscal imprudence. To claim a reduction in loss due to a decline in share-based compensation is akin to boasting of solvency achieved through the liquidation of one’s heirlooms – a temporary reprieve, certainly, but hardly a sign of robust health. Free cash flow, at a paltry 19 million Canadian dollars, suggests a company less inclined to generate capital than to consume it. One is reminded of a spendthrift heir, cheerfully burning through a dwindling inheritance.

The numbers, of course, are just numbers. They tell you what happened, but not why. Or, more accurately, they don’t tell you the whole why. The whole why is always messy, involving ambition, fear, and the relentless march of time. It’s a story as old as commerce itself.

Both funds, in their way, offer a path to participation in the global currents. SPGM, the more established of the two, spreads its holdings across the developed and emerging worlds. SCHE, by contrast, commits itself wholly to the latter, a gesture of faith in regions where growth often arrives hand-in-hand with volatility. The difference, as always, lies in the appetite for risk, and the capacity to endure the inevitable disappointments.