November 2025 - 3 somethings

Hope you are having a great week; our 3 somethings are below

Tim

Something new with McElvaine Value Fund

Admin news isn’t always riveting, but I’m pleased to announce three new Independent Review Committee members: David Feather, Ruby Lougheed Yawney, and Jonathan Heymann. I’m blessed to have their help and thank the retiring members for their contributions.

I rarely join boards of companies we don’t own, but I’ve made a few exceptions when I liked the people and knew I’d learn something that would make me a better investor. One example was Bastion Square Holdings which later acquired Aluula Composites through a reverse takeover. I left the board in 2023 on closing. About a year ago, I noticed the company, now called Aluula, was doing a public rights offering backed by insiders. This is often an interesting setup. Normally we would not invest in something like Aluula but because I knew and trusted the people involved and understood, as much as this accountant can, the technology, MVF established a small position. Under Sage Berryman’s leadership, the business outlook improved and the stock responded. A short video below describes their technology.

This isn’t a recommendation. The stock has treated us well, and we’ve already recouped almost twice our original investment. We still hold shares, but I’m not much of a dreamer so we may or may not stay for the next act.

Aluula Composites

Something interesting

This short Substack note reviews this week’s release of Gemini 3. It outlines its possible (negative) implications for NVIDIA and OpenAI.

Marcus on AI

Something fun

Gen Z continues to amaze me. This is a fun video where Mattias Krantz teaches an octopus to play piano. Perhaps he can dumb it down and try me next!

Octopus and a piano