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Buffett, a man who measured value in the weight of tangible assets – the steel, the railroads, the See’s Candies – had long resisted the siren song of the intangible. He preferred businesses with moats carved deep by years of steady performance, a predictable rhythm like the pulse of a sleeping town. Yet, even the most steadfast captain must occasionally adjust his sails to navigate shifting winds. He cautiously entered the digital sea, acquiring Apple, then Amazon, and, later, Alphabet, guided by the keen eyes of his lieutenants, Weschler and Combs, men who understood the language of algorithms and the fickle hearts of consumers. These were, without question, formidable holdings, each a fortress guarding its share of the modern world.

One might draw a parallel with Meta Platforms (META 2.22%), a company which, in its infancy, was similarly devoid of earnings. It scaled, it prospered, and now, after a suitable interval, it deigns to distribute a modest portion of its wealth. A yield of 0.29% is hardly extravagant, of course, but those who invested a decade ago enjoy a considerably more gratifying return. Whether Oklo will follow this trajectory remains, naturally, to be seen. The markets are littered with the wreckage of similar hopes.

The pharmaceutical industry. It’s a race, isn’t it? A constant scramble for the next blockbuster. And it’s always the same story. Novo gets something out there, Lilly tries to one-up them, and then everyone acts surprised when someone actually innovates. It’s just… predictable. Lilly’s shots were “better received,” they say. Better received by whom? The investors? The marketing department? Because if you ask the people actually taking the shots, I suspect the answer is more nuanced. And now Novo has a pill. A pill! It’s almost… sporting. Like they’re deliberately trying to make things difficult. And Lilly will bring out their own pill. Of course they will. It’s a cycle. A never-ending, profit-driven cycle. And the whole thing is just… exhausting.

They speak now of a pipeline, of investments bearing fruit. A hope, perhaps, for something more than mere preservation. The company, it seems, is attempting to stir itself from a long slumber. The recent guidance is…encouraging, in a way. Though one has seen such pronouncements before. They shimmer briefly, then fade into the usual, unremarkable performance.

American Express isn’t simply another name printed on a piece of plastic. It’s a bank, yes, but one that holds its own accounts, unlike Visa [V 0.97%] or Mastercard [MA 0.26%] which mostly act as intermediaries. Those others, they skim a bit off the top of every transaction, a toll taken on the flow of commerce. American Express, though, it earns from both the swipe and the interest, a more solid foundation, built on the actual money changing hands.

The transaction, calculated with the precision of a watchmaker repairing a flea, amounted to approximately $93.99 million. A sum capable of purchasing a respectable number of samovars, or perhaps, a small principality, if one were so inclined. The fund’s overall stake, naturally, swelled – an increase of $87.34 million, a figure that dances on the page like a mischievous imp. One wonders if the accountants celebrated with black bread and sour cream, or merely adjusted their spectacles and prepared for the next audit.

The creation of intelligence – or, more accurately, the simulation thereof – demands a prodigious expenditure of computational power. Each model, each attempt to replicate the nuances of thought, requires an orchestration of processing units on a scale that would have astonished even Babbage. Nvidia, it appears, has mastered this art. Not merely the purveyor of graphical processing units (GPUs), but a weaver of digital tapestries, the company anticipates the needs of an evolving intelligence. Their recent performance – a 66% year-over-year increase in data center revenue – is not merely a statistical anomaly, but a consequence of their foresight.

The proposed expansion of defense spending, while ostensibly bullish for companies such as Lockheed Martin, is not without its inherent contradictions. The Trump administration, it seems, operates under a principle of controlled demolition – simultaneously constructing a larger edifice while dismantling the foundations of established procedure. An executive order, issued in April 2025, invoked the specter of “misplaced priorities and poor management” – a phrase redolent of forgotten treatises on the art of war – and proposed a revitalization of the “defense industrial base.” The directive stipulated limitations on executive compensation and, most curiously, prohibitions on stock buybacks for underperforming contractors. A gesture reminiscent of the ancient practice of binding the hands of fortune-tellers before demanding a prophecy.

Rivian, it seems, is attempting a rather clever repositioning. From purveyor of rather expensive toys for the discerning weekend adventurer, they’re now aiming for the decidedly more pedestrian mass market. Their upcoming R2 – a midsize SUV, frightfully common, but potentially lucrative – is directly targeting Tesla’s Model Y. A sensible move, wouldn’t you say? They’re quoting a starting price of $45,000, which, while still a considerable sum, is at least within the realm of possibility for the average motorist. Launch is scheduled for 2026, which, in the automotive world, is practically tomorrow. They even suggest it might actually turn a profit. One holds one’s breath, but cautiously.