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Ariel Appreciation Fund Q3 2025 Commentary

High Winds in Denver Prompt Warnings About Dangerous Fire Risk 19/12/2025

Thousands of people were without power in Colorado early Friday, and forecasters said some of the most extreme conditions were expected later in the day.

Jack Healy and Amy Graff

Carrie Coon and Tracy Letts Want to Get Under Your Skin 19/12/2025

The couple are gearing up for the Broadway opening of “Bug,” about a descent into paranoia and psychosis in a squalid motel room.

Ben Brantley

Union Pacific and Norfolk Southern Try Making Their Case for a Merger 19/12/2025

Regulators will decide whether a merger of Union Pacific and Norfolk Southern would improve shipment times or stifle competition. A decision is expected in 2027.

Peter Eavis

Real or Fake? There’s a War Over Christmas … Trees. 19/12/2025

Tree farmers and the marketing group that supports them want more Americans to buy live-cut trees. A new Home Depot ad gave them holiday hope.

Kevin Draper

How the Army Caused Alarm in the Washington Skies Years Before a Fatal Crash 19/12/2025

An aged helicopter fleet and inexperienced pilots from nearby Fort Belvoir had raised “widespread concern” among local pilots before a midair collision killed 67 people.

Kate Kelly

He Said He Was Not Close With Epstein. His Emails Suggest Otherwise. 19/12/2025

Andrew Farkas, a New York City real estate mogul, had assured investors that his relationship with Jeffrey Epstein was for business only.

Debra Kamin

U.S. Will Pay $450,000 to Wildfire Fighters With Cancer 19/12/2025

They will be eligible for a one-time payment as well as college tuition for their children. The effort is part of a legislative push to address the dangers of working in toxic smoke.

Hannah Dreier

What We Know About the Suspect in the Brown and M.I.T. Killings 19/12/2025

Officials identified a man from Portugal as the suspect in the deadly shooting at Brown University and the killing of an M.I.T. professor. The police said he died from a self-inflicted gunshot.

Pooja Salhotra

ICE Allows Democratic Lawmakers Inside Migrant Cells in New York City 19/12/2025

The immigration agency had barred elected officials from the holding facilities. A federal judge this week said they must be given access.

Luis Ferré-Sadurní and Olivia Bensimon

With New E.U. Loan, Ukraine Avoids Budget Crunch and Can Plan War Effort 19/12/2025

The loan will cover two-thirds of the country’s financial needs for the next two years. It also bolsters Ukraine’s position in ongoing peace talks.

Constant Méheut

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Ariel Appreciation Fund Q3 2025 Commentary