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Observe, if you will, the spectacle of the panicked herd. They believe, with a touching naiveté, that the market reflects reality. A most peculiar notion! The market, I assure you, is a stage upon which folly and greed perform a perpetual dance. To believe it a mirror to the world is to mistake a painted mask for a true face. Last June, the index plumbed even greater depths – a mere 50! One might have expected the very foundations of commerce to crumble. Instead, for a brief, deceptive moment, the sensible investor might have considered retreat. But alas, such prudence is rarely rewarded.

The principal advantage of this alteration lies in the potential relief from the constraints of Internal Revenue Code 280E. Currently, these businesses are denied the customary deductions afforded to other commercial ventures. A revision would allow them to account for essential expenses – salaries, rent, and the like – and, consequently, to demonstrate a more accurate reflection of their true profitability. A most welcome development, though one must consider whether such gains are already factored into current valuations.

They speak of an earnings report next week, February sixth. A chance for a reprieve, a flicker of hope. But hope, my friends, is a dangerous commodity. It sustains you only until the inevitable disappointment. The market, like a hungry beast, demands more than promises. It demands results. And Canopy Growth, for a long time, has offered little more than excuses.

The history books will tell you it’s a beverage company. A bland, sanitized account. But I’ve been digging. I’ve been tracing the supply chains, the marketing campaigns, the sheer will to dominate. It’s not about quenching thirst; it’s about controlling desire. And desire, my friends, is a far more powerful force than any algorithm.

Micron Technology has historically operated with a degree of cyclicality characteristic of commodity-driven businesses. For extended periods, the company’s performance lagged broader market indices, including the S&P 500. However, the generative AI boom presents a potentially transformative catalyst. The escalating demand for high-bandwidth memory—critical for training and deploying large language models—is creating a supply-demand imbalance with favorable implications for Micron’s revenue and profitability.

But here’s the rub. When things go up, up, up, one begins to wonder if the balloon is about to pop. Are we clever enough to buy now, or should we wait for a bit of a tumble? It’s a tricky business, investing, full of bluster and bother, like trying to sell pickled newts to a king.

Wood went on a little spree Thursday, adding to positions in Joby Aviation (JOBY 16.68%), Kodiak AI (KDK 1.37%), and CRISPR Therapeutics (CRSP 0.63%). These aren’t your grandma’s blue-chip stocks, folks. These are…ambitious. Let’s just say that.

They announced a Letter of Intent with the U.S. Government. Two hundred and seventy-seven million in funding, a billion-plus loan under the CHIPS Act. Sounded like a lifeline. And a private investment of a billion and a half, “anchored” by Inflection Point. Anchored, right. More like weighted down with expectations.

One observes, of course, that a rising tide, however temporary, benefits all boats. Freeport-McMoRan and Rio Tinto also enjoyed the current. A pleasant enough sight for shareholders, though one wonders if they truly appreciate the fragility of it all. It’s a game of numbers, after all, and numbers are rarely kind.