Letters by company
Ebay INC
5 letters discussing EBAY. Everything written about it on this site is on its ticker page.
- Smead Capital Management 3Q25 U.S. Value Strategy Newsletter: Tortoise and the Hare Circa 2025 Smead Capital Management argues that the AI investment boom resembles earlier technology manias and may leave speculative capital spending without adequate returns. The portfolio remains focused on durable businesses in energy, healthcare and homebuilding, where it expects investor capital to rotate as AI enthusiasm fades. 3Q25 EBAY $55B
- Smead Capital Management 2Q26 U.S. Value Strategy Newsletter: Diversification Circa 2026 Smead’s U.S. Value Strategy argues that a 25-to-30-stock portfolio, selected under eight value-oriented criteria, provides diversification absent from the technology-heavy S&P 500. The strategy remains concentrated in oil stocks, mall REITs and consumer discretionary businesses bought during the COVID-19 shutdowns, prioritizing repeat customers, free cash flow and shareholder-friendly capital allocation. 2Q26 —
- Protean Funds The Rashomon Effect Protean reversed its Vend view and initiated a long position, arguing that the market now overstates near-term AI disruption while buybacks, simplification and valuation support the shares. The funds also began building Yubico, added Absolent and Luotea to Small Cap, and exited NCAB over concerns about a developing boom-bust demand pattern. April 2026 YUBCF $1.1BABSO $219MCOFFEE-B $415M
- Lyrical Asset Management 2025 Global Impact Value Equity Strategy (GIVES) Review GIVES attributed its year to earnings growth across undervalued holdings, while avoiding mega-cap growth stocks and crowded sustainability names. The strategy pressed Wesco to measure and disclose Scope 3 emissions, and expects valuation gaps between value stocks, smaller companies and mega-caps to narrow over time. 2025 6091 $76MAPTV $9.5B
- Hayden Capital Q3 2025 Quarterly Letter Hayden Capital argues that speculative technology bubbles can finance infrastructure, skills and consumer adoption that enable more durable businesses in a later deployment phase. The portfolio has avoided AI infrastructure winners while awaiting clearer applications and valuations. Timee is presented as Japan’s dominant spot-work marketplace, benefiting from labor shortages, dense liquidity and Mercari Hallo’s exit. 3rd Quarter 2025 215A $943MMCARY $4B
