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But before you mortgage the house, let’s peek behind the curtain, shall we? Because, trust me, there’s always a curtain. And probably a slightly disgruntled stagehand.

The filing with the Securities and Exchange Commission revealed a deliberate increase in their holdings. Not a frantic scramble for yield, mind you, but a considered addition. The fund, a collection of United States Treasury securities maturing in the year 2026, now constitutes nearly six percent of Moseley’s reported assets under management. A significant portion, certainly, but one cannot help but wonder if it represents genuine conviction or simply a prudent hedging of bets. The market, as always, remains inscrutable.

The firm, a meticulous collector of value, quietly reduced its stake in TETRA by 384,274 shares during the fourth quarter. An estimated $2.96 million changed hands, a sum large enough to momentarily stir the currents of the market, yet small enough to be absorbed by its insatiable appetite. The position, once a hopeful bloom in their portfolio, withered slightly, its quarter-end value diminished by $1.08 million—a loss not of wealth, precisely, but of potential, of the unfulfilled promise of continued ascent. It was a subtraction, a gentle pruning of a vine that had climbed too high, too quickly.

However, even the most stoic investor finds a certain… weariness creeping in after a prolonged period of watching a promising venture merely…exist. Archer Aviation (ACHR 3.88%), purveyors of electric vertical takeoff and landing aircraft – or ‘air taxis,’ as they rather optimistically call them – provides a particularly good example. It’s a stock I’ve held, you see, and one has been cultivating a rather impressive degree of forbearance.

You see, when you’re picking stocks – which is a bit like choosing sweets from a very large jar – you mustn’t get distracted by a single, slightly-sour bonbon. Focus on the whole jar, and how many lovely sweets it holds over the next few years. That’s what a sensible portfolio manager does, and believe me, I’m rather sensible. United Rentals, despite this little hiccup, is still a very promising sweet indeed.

And so it has come to pass. Joby, adhering to the trajectory previously indicated, has initiated a substantial infusion of new shares into the market, and the stock, predictably, has reacted with a decline of 17.2% as of midday Thursday. One observes, not triumph, but a weary confirmation of predictable cycles.

Let’s start with Ally Financial (ALLY +0.59%). They spun out of General Motors after the whole financial crisis mess. Smart move, honestly. Let someone else deal with the legacy baggage. They specialize in auto loans – which, let’s be real, is a surprisingly reliable business. Everyone needs a car, even when they’re pretending to be environmentally conscious. They’re the biggest auto lender in the U.S. not attached to a car manufacturer, and also, the largest online-only bank with a hefty $144 billion in retail deposits. Which is…a lot of money. People trust them. Or are just lazy and don’t want to go to a physical branch. Either way, it works for me.

The portfolio, as it were, reveals a predictable pattern of cautious optimism. XLK remains the favoured child, at $35.90 million, followed by this JBND, now at $33.22 million. VCRB and VCIT linger in the middle distance, while SCHX brings up the rear. One imagines lively debate amongst the partners as to the relative merits of each, though the ultimate decision, as always, rests with those who understand the true meaning of leverage.

The filing with the SEC… it’s a bureaucratic autopsy of a dying breed. Ledgewood, bless their cold, calculating hearts, are doubling down on fixed income. The quarter-end value of this little obsession swelled by four million, fueled by the purchase and… the movements of the bond market. Movements. That’s what they call it. A slow, agonizing drift towards… what? Oblivion? Or just another Tuesday?