In a week where the Indexes segment held their value (+0.38%), to see the Vendors fall -2.99% was both unsurprising and disappointing. AI valuations and expectations still plague the Vendors segment, and once again, the Operators segment has proved a safer store of value in a painful week for the Vendors. Nonetheless, if you want to bank on returns, the Operators segment is not where investors should make their plays. Through the past year, the Operators segment has increased its aggregate value by just +4.25%. This compares to +27.25% in the Indexes, and +43.62% for the Vendors. The ‘Liberation Day’ tariff-introduction panic was a low point for all the segments, and while some confidence has returned, the new anxiety centers…