Letters by company
Apple Inc.
46 letters discussing AAPL. Everything written about it on this site is on its ticker page.
- Mar Vista Investment Partners U.S. Quality Portfolio Commentary Mar Vista’s U.S. Quality strategy added to NVIDIA, trimmed Apple and exited Oracle after its valuation reduced the margin of safety. The portfolio favors AI infrastructure beneficiaries and businesses that can improve productivity through AI, while taking greater caution on rates, energy costs and elevated market valuations. third quarter 2026 AAPL $4.9TMSFT $3.9TNVDA $5.8T
- Andrew Hill Investment Advisors 2026.Q2 Performance Recap: Navigating a Narrow Rally & Shifting Commodities Andrew Hill Investment Advisors liquidated its remaining gold exposure, added floating-rate funds and short-duration bonds as inflation and rate expectations rose, and retained laddered high-grade bond portfolios. The firm reduced Nvidia, made Eli Lilly a leading equity position, shifted emphasis toward biotechnology, and added ADP, DocuSign and Blackbaud after software-sector selling. second quarter of 2026 AAPL $4.9TADP $107BBLKB $2B
- Andrew Hill Investment Advisors 2026 Q3 Client Letter Andrew Hill Investment Advisors increased emphasis on high-grade corporate bonds, cash buffers and AI-adjacent energy exposure as oil, inflation and higher rates complicated the outlook. The firm argues that Nvidia, Microsoft, Arista Networks, Eli Lilly and Vertex Pharmaceuticals remain durable beneficiaries of AI infrastructure and biotechnology trends while maintaining caution on broad equities. third quarter of 2026 AAPL $4.9TADP $107BANET $272B
- Vision Capital Fund Vision Capital Fund - Q2 2026 Quarterly Letter Vision Capital Fund exited Lululemon and Paycom after concluding that weakening operating fundamentals were becoming structural, while adding to selected existing holdings after price drawdowns. The fund rejects AI bottleneck trades in memory and supply-chain names, arguing that architectural innovation and new capacity can erode scarcity premiums, and favors durable platform businesses such as Tencent and Mastercard. Q2 2026 AAPL $4.9TAVGO $1.8TLULU $10B
- Andrew Hill Investment Advisors Q1 2026 Client Letter Andrew Hill Investment Advisors reduced equity, long-duration bond and gold exposure, added short-term bonds and an S&P 500 inverse fund, citing the Iran conflict, energy inflation and weakening economic conditions. The portfolios emphasize Nvidia, Microsoft, Apple, renewable-power equipment and U.S. gas infrastructure, while adding EQT, National Fuel Gas and Rivian. The firm argues that AI-driven electricity demand and localized energy production support its energy and utility themes. 2026.Q1 AAPL $4.9TEQT $33BGEV $274B
- Andrew Hill Investment Advisors Q4 2025 Client Letter Andrew Hill Investment Advisors harvested stock profits into laddered high-grade bonds, held gold, and positioned portfolios underweight equities relative to targets. It expects AI leadership to shift from infrastructure builders to users, adding First Horizon and Thermo Fisher while restoring Deere and initiating Rivian. fourth quarter 2025 AAPL $4.9TCEG $95BDE $179B
- EdgePoint Wealth Management Dare to be different – 3rd quarter, 2025 EdgePoint Global Portfolio argues that crowded exposure to the largest technology companies and A.I. infrastructure risks repeating earlier technology booms. It favors concentrated positions in smaller, less-indexed businesses, arguing that active share and entry price matter more than mimicking benchmark leaders. 3rd quarter, 2025 AAPL $4.9TAMZN $2.7TF $48B
- Fairlight Capital Fairlight Alpha Fund LP Q2 2025 Letter Fairlight Alpha Fund sold TSS after its AI-data-center-driven rerating made the earnings valuation less compelling, while continuing to screen AI infrastructure and offshore businesses for cheap growth. The fund argues that Logic Instrument’s niche rugged-device certifications, customer relationships and European defense exposure create layered barriers to entry, and sees Serabi Gold as undervalued against higher gold prices and production growth. Q2 2025 ALLOG $24MAAPL $4.9TSRBIF $239M
- Andrew Hill Investment Advisors 2025.Q1 Client Letter Andrew Hill Investment Advisors cut equity exposure, added high-quality bond ladders and allocated 2% to 3% of most client portfolios to gold as tariff uncertainty and federal budget cuts clouded the economic outlook. Portfolios favor healthcare, financials and utilities, with Johnson & Johnson, Progressive, JPMorgan Chase and Microsoft among core defensive holdings. 2025.Q1 AAGC $1MAAPL $4.9TAMZN $2.7T
- Andrew Hill Investment Advisors 2024.Q4 Client Letter Andrew Hill Investment Advisors reduced equity exposure after appreciation pushed allocations above client policy targets, directing proceeds into high-quality bond ladders. The firm trimmed core technology and utility holdings, increased financial exposure through Goldman Sachs, and added Johnson & Johnson and United Therapeutics while monitoring tariff, immigration and inflation risks. 2024.Q4 AAPL $4.9TAMZN $2.7TANET $272B
- EdgePoint Wealth Management Clones – 3rd quarter, 2024 EdgePoint Global Portfolio argues that global equity funds have crowded into the same mega-cap technology holdings, creating closet-indexing and valuation risk. It favours mid-cap blend businesses, where it sees lower entry valuations and greater room for corporate growth than among the market’s largest companies. 3rd quarter, 2024 AAPL $4.9TAMZN $2.7TAVGO $1.8T
- Andrew Hill Investment Advisors 2024.Q2 Client Letter Andrew Hill Investment Advisors increased Apple exposure ahead of its AI product rollout and added Duke Energy, Highwoods Properties and American Superconductor. The firm argues that AI demand supports Nvidia, Microsoft, Arista Networks and Constellation Energy, while it seeks to expand healthcare exposure through Eli Lilly, Vertex Pharmaceuticals, Intuitive Surgical and Johnson & Johnson. second quarter of 2024 AAPL $4.9TANET $272BCEG $95B
- Bireme Capital December 2023 Investor Letter Bireme Capital sold Netflix and substantially reduced Meta after their discounts to intrinsic value narrowed, while shorting Tesla, Apple, selected consumer-staples stocks, ARM Holdings and C3.ai on valuation concerns. It added British American Tobacco, citing its low valuation, established tobacco brands and expanding reduced-risk nicotine products. The firm argues that concentrated equity indices, persistent inflation and loose fiscal policy leave markets vulnerable. December 2023 BTI $120B0ADF AAPL $4.9T
- Lansing Street Advisors Q3 2023 Letter – Seven by Dave Matthews Lansing Street Advisors argues that S&P 500 leadership has become concentrated in a small group of technology stocks, leaving many investors overexposed to Apple and Tesla. It sees depressed bond valuations and higher coupons improving fixed income's appeal, while judging the broader equity market less stretched once technology is excluded. Q3 2023 AAPL $4.9TTSLA $1.5T
- Andrew Hill Investment Advisors The Client Letter Andrew Hill Investment Advisors shifted holdings after technology leadership displaced healthcare and kept client equity exposure below targets pending confirmation of a market bottom. The firm raised bond credit standards, plans to extend maturities, added to GLD, and argues that its core equity holdings balance recession resilience with secular growth and industrial exposure. 1st Quarter 2023 AAPL $4.9TANET $272BDE $179B
- Andrew Hill Investment Advisors The Client Letter Andrew Hill Investment Advisors maintained a defensive tilt through natural gas, healthcare, gold and short-duration fixed income while adding Tesla, Deere, Microsoft, Nvidia and Henry Schein. The firm reduced JPMorgan, Goldman Sachs and Nvidia, avoided most real estate and oil exposure, and argued that inflation, war-related supply shocks and tighter Federal Reserve policy would keep markets volatile. 1st Quarter 2022 AAPL $4.9TDE $179BMSFT $3.9T
- Andrew Hill Investment Advisors The Client Letter: Pivoting Investment Strategy Andrew Hill Investment Advisors expects pandemic-driven supply constraints to ease while labor and housing shortages keep longer-term inflation elevated. The firm harvested gains in speculative growth holdings, shifted from Nvidia to Apple, and favors recurring-revenue growth companies, renewable energy, financials and healthcare as Federal Reserve policy tightens. Year to Date (as of December 15, 2021) AAPL $4.9TABBNY $171BABBV $470B
- PenderFund Capital Management Ltd. Pender Alternative Multi-Strategy Growth Fund Manager’s Commentary Pender Alternative Multi-Strategy Growth Fund maintained a defensive allocation through volatile energy, trade and leverage-driven markets, with cash and equivalents at approximately 16% of the small-cap portfolio. The strategy adjusted underlying-fund weightings, added several hyperscalers to its select-equity sleeve and retained merger-arbitrage exposure while monitoring correlations and liquidity opportunities. July 2026 —
- Shelton Capital Management Shelton Equity Income Fund Quarterly Commentary Shelton Equity Income Fund benefited from security selection in Micron Technology, Advanced Micro Devices, Lam Research, Apple and NVIDIA, while Salesforce, Accenture, Intuit, Comcast and Intuitive Surgical detracted. The strategy expects geopolitical and oil-related volatility to persist, while covered calls trade some upside participation for option income and lower volatility. 2Q 2026 —
- TIFF Investment Management 2nd Quarter 2026 CIO Commentary TIFF retained broadly benchmark-like public-equity and diversifier exposures while adding a market-neutral stock basket to reduce unintended factor risk and introducing Topwater where appropriate. The CIOs warned that narrow AI hardware leadership and a heavy SpaceX, Anthropic and OpenAI IPO pipeline could strain public-market demand, while researching Japan activism, systematic strategies and AI exposure. Q2 2026 —
- Oakmark Funds The discipline to stay boring Oakmark Fund declined to chase AI hardware leaders despite their dominance in value indexes, arguing that uncertain durability of elevated margins leaves insufficient margin of safety. The fund favors discounted businesses such as Corebridge Financial and expects holdings including Capital One, AIG, Alphabet and Amazon to benefit from AI adoption. 2Q 2026 CRBG $15B
- Distillate Capital 2026 Q2 Letter to Investors: Momentum Distillate Capital argues that AI-linked valuations have outrun free-cash-flow gains as hyperscaler spending shifts profits to semiconductor suppliers and deferred depreciation, stock compensation, off-balance-sheet financing and circular deals obscure economics. It favors systematically rebalanced, high-quality cheap stocks, citing Accenture, and plans new long/short vehicles amid extreme valuation dispersion. 2026 Q2 ACN $118BAMZN $2.7TAVGO $1.8T
- Wedgewood Partners Are Hyperscalers Still Magnificent? Wedgewood increased Alphabet, Amazon, Meta Platforms and Microsoft, arguing that AI capital spending compounds already high-return businesses while their private investments help offset DRAM inflation. The firm initiated Hermès, citing scarce artisan capacity, durable brand equity and pricing power, while maintaining position-size limits amid speculative semiconductor demand. Second Quarter 2026 GOOGL $4.2THMI $152BAMZN $2.7T
- RiverPark Funds RiverPark Long/Short Opportunity Fund First Quarter 2026 Performance Summary RiverPark Long/Short Opportunity Fund retained software longs including Microsoft, ServiceNow and Datadog, arguing that enterprise software coordinates institutional workflows and that AI is creating demand rather than displacing revenue. The fund exited Pinterest amid advertising weakness and increased short exposure while remaining cautious on richly valued semiconductor shares. First Quarter 2026 ADBE $90BADSK $46BAMAT $404B
- Berkshire Hathaway 2025ltr Berkshire sets out Greg Abel’s stewardship priorities: decentralized operations, underwriting discipline, a fortress balance sheet and capital allocation focused on durable businesses. It announced acquisitions of OxyChem and Bell Laboratories, expects insurance pricing pressure to reduce premium volume, and targets operational improvement at BNSF, GEICO and other subsidiaries. 2025 BRK.A $1.1T
- Horizon Kinetics 2026 New Year Letter from Our Founders Horizon Kinetics argues that private investments in exchanges, royalties and Permian infrastructure extend its long-horizon value discipline, citing TPL, MIAX, LandBridge and WaterBridge. It avoids AI-IT mega-caps while seeking beneficiaries controlling land, water and natural gas, and says continual chip replacement makes sector cash-flow forecasts internally inconsistent. 2025 ICE $86BLB $6.6BMIAX $3.1B
- Horizon Kinetics 4th Quarter Commentary Texas Pacific Land anchors the commentary’s case that Delaware Basin land, water and disposal infrastructure gain strategic value as AI data centers require dedicated power and cooling. The firm contrasts the capital burden and obsolescence risk facing chip buyers with royalty and exchange businesses that collect fees with limited capital at risk. 4th Quarter 2025 TPL $24BAMG $9.8BATUSF $2.8B
- Peapack Private Third Quarter 2025: Cornucopia, or an Embarrassment of Riches Peapack Private argues that AI investment, corporate earnings strength, fiscal stimulus and easier monetary policy support equities despite elevated valuations. It favors maintaining US large-cap exposure, sees relative value in small caps and international stocks, and recommends longer-duration, higher-quality bonds while warning that tariffs, inflation and excess stimulus could disrupt the outlook. Third Quarter 2025 —
- Palm Valley Capital Third Quarter 2025 Commentary Palm Valley Capital Fund kept roughly three quarters of assets in cash equivalents while arguing that AI-led mega-cap valuations and small-cap multiples leave little margin for error. It added Teleflex, Robert Half, LKQ, and Avista, sold Seaboard after shares exceeded its valuation, and trimmed precious-metals trusts to manage their weightings. Third Quarter 2025 NVDA $5.8TAVA $3BDOX $6.1B
- Patient Capital Management Samantha's Quarterly Letter Opportunity Equity argues that tariff policy has raised recession risk, but negotiated trade deals could stabilize markets and preserve the secular bull case. The portfolio added back airline exposure after trimming it during strength, and favors Nvidia, Amazon, Alphabet and Meta alongside cyclical travel names priced for a downturn. 1Q25 NVDA $5.8TAMZN $2.7TDAL $54B
- Horizon Kinetics 2025 New Year Letter from Our Founders Bitcoin's institutional acceptance and the emergence of cryptocurrency lending markets frame Horizon Kinetics' case for digital assets as a new asset class. Horizon Kinetics retains concentrated energy and water-resource exposures, arguing that artificial intelligence and data-center growth will make water, dispatchable power and other physical resources scarcer. 2024 —
- Lansing Street Advisors Q4 2024 Letter – Does Anybody Really Know What Time It Is? Lansing Street Advisors questions whether private equity’s retention of unicorns has permanently impaired small-cap stocks and IPO supply, while weighing a reversal between U.S. and European equities. It argues that dollar-collapse claims ignore foreign capital inflows and asks whether bonds can recover as mortgage rates constrain housing. Q4 2024 —
- Patient Capital Management Quarterly Market Review 2024 U.S. equities were led by the Magnificent Seven as earnings growth and multiple expansion drove repeated record highs. Patient Capital Management describes easing inflation, resilient consumer spending and Federal Reserve rate cuts, while noting that long-term yields rose and investor sentiment ended the year near neutral. Q4 2024 —
- Berkshire Hathaway 2024 Letter to Shareholders Berkshire Hathaway credits GEICO’s overhaul, stronger insurance pricing and Treasury Bill income for improved operating earnings, while acknowledging that many operating businesses saw earnings decline. Buffett argues for patient equity ownership, disciplined insurance underwriting and long-term holdings in Japan’s five trading companies, while recounting Forest River founder Pete Liegl’s exceptional stewardship. 2024 ITOCY $95BMARUY $49BMITSF $89B
- Andrew Hill Investment Advisors 2024.Q3 Client Letter Andrew Hill Investment Advisors kept portfolios overweight utilities and industrials on rising electricity demand from AI, with Constellation Energy remaining the largest holding. The firm eliminated EQT, increased Chipotle after its selloff, added Axon and United Therapeutics, and continued building high-quality bond ladders while trimming some equities. 2024.Q3 CEG $95BLLY $1.1TMSFT $3.9T
- Lansing Street Advisors Q2 2024 Letter – Sweet Emotion U.S. equities are argued to remain supported by resilient technology earnings and the economics of American creative destruction, despite geopolitical conflict, high rates and recession signals. Lansing Street Advisors rejects direct comparisons with the dot-com bubble and argues that rate cuts could ease pressure on government borrowing, commercial real estate, housing and private equity. Q2 2024 —
- Patient Capital Management Quarterly Market Review 2Q 2024 U.S. equities rebounded from April’s pullback as mega-cap technology companies extended their market dominance and concentration within the S&P 500. Patient Capital Management points to sticky rate expectations, narrowing large-cap leadership, weak small-caps and divergent sector and asset-class conditions. 2Q 2024 —
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that passive indexation has concentrated equity exposure in a handful of large technology companies as the disinflationary forces behind decades of margin expansion fade. It favors hard-asset exposure in the Permian Basin, particularly LandBridge, as AI-driven electricity and water needs raise the value of gas, land and infrastructure. 2nd Quarter 2024 LB $6.6BTPL $24B
- Bireme Capital May 2024 Investor Letter Bireme Capital added materially to Disney, arguing that its Experiences business supports much of the enterprise value while streaming profitability and rebundling create additional upside. The firm shifted its short book away from meme stocks after covering Trump Media and GameStop, and expanded long investments outside the United States, particularly in Japan. first five months of 2024 DIS $180BDJT $2.3BGME $13B
- Andrew Hill Investment Advisors 2024 Q1 Client Letter Andrew Hill Investment Advisors added to EQT and retained Oneok for a potential commodity rebound, while keeping portfolios overweight equities and concentrating on AI beneficiaries including Nvidia, Microsoft, Dell, Constellation Energy and NextEra. The firm favors investment-grade bond ladders and argues that passive-fund flows can push share prices away from business fundamentals. 1st Quarter of 2024 CEG $95BDELL $368BEQT $33B
- Lansing Street Advisors Q4 2023 Letter – America America argues that U.S. economic and capital-market dominance rests on free markets, innovation, entrepreneurial risk-taking and comparatively strong household balance sheets. It warns that crowded enthusiasm for large-cap technology and AI may reverse, then sets out contrarian scenarios spanning rates, recession, real estate, Bitcoin, oil and international equities. Q4 2023 TSLA $1.5T
- Lansing Street Advisors Q2 2023 Letter – Rocky Mountain Way Lansing Street Advisors argues that bearish positioning, money-market inflows and renewed technology buying reflect persistent herd behavior. It examines the concentration of the Nasdaq 100 and S&P 500, government-led manufacturing investment, structurally higher rates, and the demographic shift toward southern U.S. states. Q2 2023 —
- Troy Asset Management Investment Report No.77 July 2023 Troy’s multi-asset strategy favours short-dated government bonds, US TIPS and liquidity while waiting for zero-rate-era asset valuations to reset. It owns Microsoft and Alphabet at more reasonable valuations, avoids Nvidia and other expensive AI beneficiaries, and expects tighter monetary policy to expose recession risks. 6 months 2023 NVDA $5.8TCSCO $465BERIC $31B
- Andrew Hill Investment Advisors Investment Wrap Up of 2022 & Outlook for 2023 Andrew Hill Investment Advisors reduced technology and long-duration bond exposure during the selloff, then began selectively adding stocks and longer-term high-grade bonds. The firm favors Treasury bills for near-term cash needs and municipal bonds for taxable accounts, while arguing that Federal Reserve tightening risks an unnecessary recession. It sold Tesla over governance concerns and added Merck for its defensive balance sheet and Keytruda-led growth. 2022 TSLA $1.5T
- Andrew Hill Investment Advisors Hurricane Ian Edition of the Client Letter/4Q2022 Andrew Hill Investment Advisors cut equity exposure, added an S&P 500 short position and kept bond maturities short with high credit quality as the Federal Reserve raised rates. The firm favored energy-transition holdings and rebuilding beneficiaries, while waiting for bond yields and earnings expectations to stabilize before extending duration or taking more equity risk. Q3 2022 NEE $162BTSLA $1.5T
- Andrew Hill Investment Advisors The Client Letter AHIA kept cash balances high, shortened fixed-income exposure and underweighted equities while beginning to add stocks and bonds, with Alphabet the largest addition. The firm favors technology, healthcare, renewable energy and banking holdings, and reduced Tesla to establish Enphase amid concerns over the Twitter distraction. second quarter of 2022 —
