Letters by company

Alphabet Inc.

70 letters discussing GOOGL. Everything written about it on this site is on its ticker page.

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
Sequoia Fund Year-End 2025 Sequoia Fund Letter Sequoia Fund trimmed Rolls-Royce and Alphabet after their weightings and valuations rose, while retaining both as its largest holdings. It added to Elevance and built new positions in MSA Safety, Accenture, and Align Technology, arguing that each combines a durable franchise with a temporary source of market concern or a favorable valuation. 2025 GOOGL $4.2TRLLCF $87BACN $118B
RGA Investment Advisors The Great Divide: Why the Stock Market is So Concentrated and Where We Are Finding Opportunities Alphabet anchors the portfolio’s AI thesis, with RGA arguing that its proprietary chips, datacenters, models, consumer distribution and cloud business make it uniquely vertically integrated. Capital One was added after its Discover acquisition, which RGA expects to create a scaled payments network, improve its loan mix and support substantial capital returns. Q3 2025 COF $120BGOOGL $4.2T
Vltava Fund Tadej Pogačar and Investing in Stocks Vltava Fund sold Jungfraubahn after its valuation became expensive and bought Auto Trader, citing its dominant UK vehicle marketplace, recurring dealer revenue and network effects. The fund argues that cash, low leverage, liquidity and selective diversification protect against ruin. It also warns that AI infrastructure spending may temporarily inflate corporate profits before depreciation costs emerge. 3/2026 AMZN $2.7TATDRF $3.7BGOOGL $4.2T
The London Company Large Cap – 2Q2026 vs. Russell 1000 Value Market Update The Large Cap portfolio retained its quality bias as AI-led semiconductor and cyclical leadership left Quality and Yield factors behind. It trimmed Alphabet to maintain position limits, added to Republic Services for its defensive waste-services model, and argues that elevated AI spending, index concentration and valuations warrant discipline. 2Q2026 ENTG $25BGOOGL $4.2TMLM $35B
Mar Vista Investment Partners U.S. Quality Premier Portfolio Commentary U.S. Quality Premier initiated ASML, exited Intuit and Ametek, added to Broadcom and GE Vernova, and trimmed several large holdings. The strategy argues that AI beneficiaries must convert infrastructure spending into earnings, while favoring GE Aerospace’s aftermarket cycle, Alphabet’s AI-led growth, TSM’s advanced-chip leadership, and QXO’s TopBuild acquisition. second quarter 2026 ASML $693BGOOGL $4.2TINTU $79B
Forager Funds Management Annual Report June 2026 Forager argues that the AI capital-spending boom has become a sector-specific bubble while neglected software and value businesses offer better prospective value. The firm sold Fiserv after its turnaround failed, exited richly valued Comfort Systems and Zegona, added to selected Japanese software holdings, and retained conviction in operating progress at companies including Cuscal and IDP Education. 2026 financial year 5038 $221MAMA $159MBVS $974M
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
Stone Sentinel Capital Risk before reward: Q226 letter to partners Stone Sentinel Capital argues that unpopular stocks offer lower expectations and greater downside protection than crowded AI beneficiaries, whose capital spending may outrun sustainable demand. The portfolio added Marex on its clearing-market advantages, while retaining Ascentech and Protasco despite market skepticism over their operating results and valuations. Year-to-date as of June 30 2026 MRX $5.4BAMZN $2.7TGOOGL $4.2T
Claret Asset Management To sell or not to sell, that is the question. Claret Asset Management argues against trying to time an extended bull market, favouring patience in well-managed compounders such as Alimentation Couche-Tard, CGI and Microsoft. It warns that AI infrastructure spending, falling token prices, circular financing and power constraints could turn today’s enthusiasm into an eventual capex correction. Q2.2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
Harry Qelm Baabsman 2026 Half-year Investment portfolio report The Steppe Eagle added Accenture, Salesforce, Lululemon, Uber, ServiceNow, Adobe, Zoom and DocuSign after new capital diluted existing position weights, using incremental purchases as prices fell. It retains Alphabet despite concerns over mega-cap concentration, sees value in software and clean energy, and sets out long-term cases for Salesforce, Uber, Shopify, Zoom, solar businesses and other holdings. 2026 Half-year ACN $118BADBE $90BCRM $183B
Bretton Fund 2026 Q2 Shareholder Letter Bretton Fund added to UnitedHealth after its selloff and initiated SAP and Constellation Software, arguing that mission-critical enterprise and niche vertical software are more insulated from AI disruption than investors assume. The fund avoided the expensive AI data-center and memory boom, citing unsustainable capital spending and inflated semiconductor valuations. 2nd Quarter 2026 CNSWF $43BGOOGL $4.2TSAP $240B
Pittenger & Anderson 2026 – 2nd Quarter Letter – Happy Birthday America U.S. capital markets, entrepreneurial risk-taking and property rights are presented as the foundations of America’s economic resilience and innovation. Alphabet’s entry into the Dow and strength from Caterpillar and other industrial names illustrate a rotation away from Magnificent Seven leadership, reinforcing the case for durable businesses with real earnings and demand. 2nd Quarter 2026 GOOGL $4.2T
Moon Capital Management 2026 Q2 letter Moon Capital sold DaVita after valuation expansion reduced the benefit of buybacks and left future upside more dependent on difficult volume growth. It added Zoetis, arguing that temporary companion-animal product-cycle pressures obscure a durable franchise, strong veterinary relationships, and an undervalued innovation pipeline. second quarter 2026 ZTS $30BAMZN $2.7TDVA $11B
Gabelli Funds Gabelli Funds Shareholder Commentary: Open-End Funds Gabelli Funds frames AI infrastructure spending, resilient earnings and renewed merger activity against inflation, geopolitical risk and a more hawkish Federal Reserve. Growth portfolios added Advanced Micro Devices and Micron Technology, while several funds emphasized data-center power demand, industrial automation and live sports assets. Value managers continued to seek discounts to private-market value and catalysts such as separations, acquisitions and operational turnarounds. second quarter of 2026 6954 $36B7011 $81B9984 $227B
Financial Synergies Wealth Advisors Q2 Newsletter Financial Synergies argues that private credit, structured notes and private real estate can supplement stocks and bonds to improve retirement income and diversification. The firm also describes a diversified 1031-exchange real estate solution and reviews an AI-led equity rally, oil-driven inflation concerns and the outlook for rates. Q2 2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
Auxier Asset Management Auxier Report: Summer 2026 Auxier Focus Fund favored AI-infrastructure suppliers including Corning, Nvidia and Dell while warning that debt-funded data-center expansion, leverage and concentrated momentum exposure could reverse sharply. The portfolio also emphasized durable franchises such as Mastercard, Visa, Bank of New York Mellon, Philip Morris and Alphabet, and cited operational AI savings at UnitedHealth and other insurers. Second Quarter 2026 AMZN $2.7TBNY $3.4BDELL $368B
Riverwater Partners Laying the Tracks: The AI Buildout and Small Cap Opportunity Riverwater Partners argues that the AI data-center buildout shifts small-cap opportunity toward electrical infrastructure, cooling, construction, connectivity and power generation suppliers. It is building positions in quality businesses with durable demand and pricing power, while warning that circular financing, rising funding costs and hyperscaler capex pauses could expose late-cycle suppliers. Q2 2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
Hayden Capital Q2 2026 Quarterly Letter Hayden Capital argues that AI disruption will unfold more slowly than markets initially expected, favoring durable platforms with proprietary data and embedded workflows. The firm sees Shopee’s VIP and logistics spending and Mercado Libre’s delivery investments as reinvestment programs that can strengthen customer economics. It exited Pinduoduo after its original thesis played out, citing limited visibility into Pinmu and China’s weaker consumption backdrop. Q2 2026 AMZN $2.7TGOOGL $4.2TMELI $94B
Intrepid Capital Mutual Fund Commentary Intrepid Capital Fund 2Q 2026 Intrepid Capital Fund criticized AI-led market speculation, pointing to Google’s large equity and debt financing and SpaceX’s heavily oversubscribed public offering. The fund favored family-controlled, cash-generative businesses and argued that investors may be starting to recognize holdings outside the AI build-out. 2Q26 GOOGL $4.2T
Weitz Investment Management Letter to Shareholders: Value Matters — Beyond the AI Boom Alphabet, Microsoft, Amazon and Meta remain significant holdings because their established cash-generative businesses, engineering talent and financial strength support their AI investment despite uncertainty over eventual returns on data-center spending. Weitz expects broader market leadership to revive as enthusiasm for semiconductor stocks cools, while positioning for possible interest-rate and credit volatility. second quarter 2026 AMZN $2.7TGOOGL $4.2TMETA $1.9T
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
GreensKeeper Asset Management Scorecard #54 – Value in Action GreensKeeper materially increased ICON after concluding that accounting restatements would not impair its cash generation or customer relationships. The fund retained its positions through concerns over Intercontinental Exchange’s competitive risks and Lockheed Martin’s execution issues, arguing both retain durable long-term earnings power. Q2 2026 CFRHF $122BELV $88BGOOGL $4.2T
Vulcan Value Partners Second Quarter 2026 Vulcan Value Partners added Equifax, Badger Meter, TPG, Veeva and ServiceNow, funding several purchases by selling UnitedHealth and other less discounted holdings. It argues proprietary data, embedded workflows and disciplined underwriting protect its holdings from AI and cyclical fears while discounted prices provide margins of safety. Q2 2026 AMZN $2.7TBMI $3.6BEFX $17B
Smead Capital Management 1Q26 U.S. Value Strategy Newsletter: Permanently Higher Plateau The U.S. Value Strategy challenges the case for a permanently elevated S&P 500 valuation, arguing that AI investment is reducing free cash flow efficiency at dominant technology companies. It contrasts Microsoft, Alphabet, Meta and Amazon with Apache, whose oil and gas cash generation is expected to benefit from a restored geopolitical risk premium. 1Q26 AMZN $2.7TGOOGL $4.2TMETA $1.9T
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
Troy Asset Management Investment Report No.88 April 2026 Troy Multi-Asset Strategy cut gold after its sharp advance and took profits in Alphabet and Microsoft as AI investment spending and valuation risk intensified. The strategy retained short-duration inflation protection and yen exposure, arguing that Gulf-war supply shocks, persistent inflation and crowded risk assets warrant proactive stock selection. first quarter of 2026 GOOGL $4.2TMSFT $3.9T
Latitude Investment Management Latitude Annual Report 2025 Latitude Investment Management argues that disciplined trading in Dollar Tree improved the portfolio while preserving exposure to its core discount-retail thesis. It replaced Heineken with Royalty Pharma, Interactive Brokers with Intercontinental Exchange and BP with Assa Abloy, seeking stronger growth with less cyclicality. The portfolio also emphasizes defensive healthcare, infrastructure and selected AI exposure through Alphabet. 2025 DLTR $22BAIQUY $120BASAZY $36B
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
RGA Investment Advisors Working with AI, Thinking with Discipline RGA Investment Advisors is formalizing AI use in research through proprietary-note queries, specialized risk agents and Claude Code automations, while retaining human judgment and adversarial review. The firm added Celsius Holdings and Lattice Semiconductor, and argues that Amazon’s logistics network and Lattice’s efficient FPGAs are well placed for AI application-layer demand. Q4 2025 LSCC $18BAMZN $2.7TDASH $83B
Patient Capital Management 4Q25 Portfolio Activity and Attribution Patient Opportunity Equity added long-dated Biogen calls, initiated Fiserv and Chime, and exited Angi, arguing Biogen's Alzheimer’s franchise and pipeline offer upside while Fiserv can recover following a management reset. It backed Alphabet’s AI monetization, Precigen’s Papziemos launch, Illumina’s sequencing recovery, Coinbase’s platform expansion and Bitcoin’s scarcity. 4Q25 BIIB $33BCHYM $11BCOIN $47B
Pershing Square Holdings Letter to Shareholders Pershing Square Holdings added Amazon and Meta after market dislocations, arguing that AI infrastructure spending will reinforce the competitive advantages of Alphabet, Amazon and Meta. It backed Howard Hughes Holdings’ acquisition of Vantage as the first step in building a diversified holding company, while exiting Hilton, Chipotle, Canadian Pacific and Nike. 2025 HHH $4.3BAMZN $2.7TBN $81B
GoodHaven Capital Management 2025 Annual Letter to Shareholders GoodHaven reduced Alphabet after its gains widened the range of outcomes for digital advertising, while retaining it as a material holding. The fund added to Chubb and Lennar, established Toll Brothers, and argues that volatility can create opportunities to buy strong businesses with a margin of safety. 2025 BLDR $6BBRK.A $1.1TCB $129B
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
Palm Harbour Capital Letter 2025 Q3 | 553 KB Palm Harbour Capital exited Ocean Wilsons, Syensqo and The Italian Sea Group, and added Cirsa, Converge ICT, Indofood and Vivendi in favour of cyclical businesses with stronger cash-flow prospects. The portfolio avoids US mega-cap AI momentum and argues that Youngone’s premium apparel OEM franchise and a recovery in SCOTT Sports offer an attractive turnaround opportunity. third quarter 2025 0NFS 0OIY $1.5BAMZN $2.7T
Patient Capital Management 3Q25 Portfolio Activity & Attribution Patient Opportunity Equity Strategy added to Delta Air Lines and Norwegian Cruise Line during travel-sector weakness, doubled UnitedHealth after its pullback, and converted Precigen preferreds into common stock after Papzimeos won FDA approval. The strategy argues that Alphabet and Alibaba remain undervalued despite improving fundamentals, while maintaining conviction in turnarounds at Dave & Buster's, QXO and Crocs. 3Q25 PGEN $2.8BBABA $270BCROX $5.5B
Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that index construction concentrates exposure in highly valued technology companies while excluding scarce hard-asset, utility and entrepreneurial opportunities. It favors Japanese owner-operators, centered on Japan Elevator Service Holdings, whose founder-led maintenance model uses technology, training and below-incumbent pricing to gain share from established manufacturers. 2nd Quarter 2025 JPEVF $1.7BAB $3.3BAMZN $2.7T
Pershing Square Holdings Letter to Shareholders Howard Hughes Holdings is being remade into a diversified holding company, starting with a property-and-casualty insurer whose assets Pershing Square would manage without charge. Pershing Square added Amazon and Hertz, trimmed Universal Music Group, Hilton and Chipotle, and exited Canadian Pacific to reduce tariff-related risk. Six-month period ended June 30, 2025 HHH $4.3BAMZN $2.7TBN $81B
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
Troy Asset Management Investment Report No.83 Troy Multi-Asset Strategy retained modest equity exposure and avoided semiconductor stocks despite the AI-led market rally, favouring Microsoft and Alphabet for their cloud infrastructure and distribution. It kept significant inflation-linked bond and gold exposure while warning that concentrated US equity leadership, elevated valuations and higher bond yields leave little room for disappointment. 2024 GOOGL $4.2TMSFT $3.9T
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
Patient Capital Management 2Q24 Portfolio Activity and Attribution Patient Opportunity Equity increased exposure to underfollowed health-care and smaller-company opportunities while finding several Magnificent 7 holdings closer to fair value. It entered Everi Holdings and exited Capital One and Uber. The portfolio argues that Illumina, Biogen and Royalty Pharma offer mispriced health-care upside, while Everi’s IGT transaction should create a stronger casino-technology platform. 2Q24 AMZN $2.7TBIIB $33BCOIN $47B
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
TIFF Investment Management 3rd Quarter 2026 CIO Commentary TIFF increased AI-related passive equity exposure during July's weakness while retaining an underweight stance toward semiconductor exposure. It raised bond duration after Treasury yields reached long-term highs, added specialist public-equity and diversifier managers, and continued sourcing private-market opportunities through independent sponsors. 3rd Quarter 2026 —
PenderFund Capital Management Ltd. Pender Global Small/Mid Cap Equity Fund Manager’s Commentary Pender Global Small/Mid Cap Equity Fund maintained a defensive stance amid an AI-related rotation out of semiconductor and high-beta technology shares, citing rising debt-funded hyperscaler capex and concerns over investment returns. The fund initiated Auto Trader, added Copart on weakness, sold Kneat.com after its Thoma Bravo takeout, and defended its Generac thesis while Kinaxis raised guidance. July 2026 AUTO $4.9BGNRC $13BKXS $3.4B
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 —
Hinde Group 2Q26 Amazon.com was increased in February after concerns over AWS AI infrastructure spending drove a sell-off. Hinde Group argues that accelerating AWS growth, capacity constraints and a maturing mix of higher-margin AI services support Amazon’s long-term earnings and valuation case. second quarter of 2026 AMZN $2.7T
Fairtree Asset Management Fairtree Global Equity Fund Q2 2026 commentary Fairtree Global Equity Fund added to Booking Holdings, Meta and TSMC, opened positions in Shibaura Mechatronics, Charles Schwab, Robinhood, LVMH, Sasol and Gold Fields, and exited several lower-conviction holdings. The portfolio favours technology over cyclical shares while retaining valuation discipline amid a momentum-led semiconductor rally. Q2 2026 —
Troy Asset Management Investment Report No.89 July 2026 Troy Multi-Asset Strategy added infrastructure exposure through Canadian National and Hubbell while keeping cyclical holdings sized cautiously. It trimmed equities as valuations extended, added Experian at a depressed multiple, and held index-linked bonds and short-dated nominal bonds for inflation protection and future equity purchases. The first half of 2026 CNI $72BHUBB $25B
Sustainable Growth Advisers U.S. Large Cap Growth Commentary - Q2 2026 The SGA U.S. Large Cap Growth Portfolio added Equinix and Arista Networks while exiting Intuit and Aon following forced attrition. The portfolio lagged momentum-driven market leadership concentrated in AI capital-expenditure beneficiaries, but SGA expects its companies to compound revenue and earnings and sees unusually attractive relative valuation. Q2 2026 —
Matrix Asset Advisors Capital Markets Commentary and Quarterly Report: 2nd Quarter 2026 Matrix Asset Advisors added Consumer Staples, Healthcare and selected pressured Technology names while trimming holdings that had become oversized or reached target prices. The firm initiated Abbott Laboratories and McDonald’s in its dividend strategy, reduced equity overweighting in balanced accounts, and continued to favor bonds maturing within five years. 2nd Quarter 2026 ABT $173BMCD $164B
Harding Loevner International Equity Second Quarter 2026 Report Harding Loevner trimmed Samsung Electronics, TSMC, ASML and other technology holdings as AI-driven semiconductor profits pushed valuations and concentration risk higher. The portfolio added Spotify, arguing that its scale and AI product development can defend its competitive position, while retaining selective exposure to memory and semiconductor equipment suppliers. Second Quarter 2026 035420 $21BNTES $76BSKHY $943B
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
Tweedy, Browne Tweedy, Browne Funds Commentary, Q2 2026 Tweedy, Browne Funds added Capgemini and bioMérieux at discounts to conservative intrinsic-value estimates, while trimming chemicals holdings and positions approaching estimated value. The managers warn that AI-led capital spending, elevated technology valuations and speculative market behavior resemble conditions preceding the 2000 technology bubble. Q2 2026 —
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
Alpine Capital Research The AI Iran Rollercoaster ACR rejects trading around the Iran conflict, tech leadership and value rotations, instead valuing energy producers on normalized commodity assumptions and temporary cash distributions. It warns that AI leaders command extreme valuations while software firms face uneven disruption risks, prompting company-by-company research rather than broad bets. 1Q 2026 —
Intrepid Capital Mutual Fund Commentary Intrepid Capital Fund 1Q 2026 Intrepid Capital Fund attributed the quarter’s market volatility to the Iran conflict, higher oil prices and rising Treasury yields. Sprott, Permian Resources, Fabrinet, Madison Square Garden Sports and Alphabet were leading contributors, while Fiserv, Jefferies and Take-Two were among the main detractors. 1Q 2026 —
RGA Investment Advisors Year Zero: How AI Is Reshaping Our Investment Process RGA Investment Advisors rebuilt its research workflow around Claude Code, APIs and proprietary dashboards that flag changes, validate data and focus follow-up work. The firm argues Amazon’s AWS can benefit from model-agnostic AI workflows and uses a SaaS risk tracker to distinguish resilient businesses from potential value traps. Q1 2026 AMZN $2.7T
Davis Opportunity Fund Davis Opportunity Fund Annual Review 2026 Davis Opportunity Fund argues that concentrated, expensive passive indexes warrant a selective active approach, with reduced exposure to richly valued megacap technology. The portfolio added managed-care insurers after cost-driven weakness, trimmed selected Magnificent 7 holdings, and emphasizes Capital One, Wesco International, Coterra and Teck Resources as undervalued or structurally advantaged holdings. 2025 AMAT $404BCOF $120BUNH $338B
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 $77MAPTV $9.2B
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
Sequoia Fund Annual Shareholder Report | December 31, 2025 Sequoia Fund trimmed several holdings on valuation, position-size and opportunity grounds, added to Ashtead Group, exited Jacobs Solutions and opened positions in MSA Safety, Accenture and Align Technology. Rolls-Royce, Alphabet, Taiwan Semiconductor Manufacturing, Eurofins Scientific and Charles Schwab led contributors, while Constellation Software and UnitedHealth Group were among detractors. year ended December 31, 2025 —
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
Giverny Capital Annual Letter to our Partners 2025 Giverny Capital sold CarMax after its turnaround faltered and exited Fiserv after leadership changes, weakened guidance and balance-sheet concerns raised risk. The firm retained Constellation Software, arguing its niche vertical software, embedded customer data and acquisition model remain resilient despite AI fears. It cautioned that AI infrastructure spending may produce poor early-investor economics. 2025 CNSWF $43BCNI $72BFISV $24B
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 —
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 —
Patient Capital Management 3Q24 Portfolio Activity and Attribution Patient Opportunity Equity added QXO and Dave & Buster’s, funded in part by exits from JPMorgan and Everi following its acquisition. The portfolio argues that QXO’s acquisition-led building-products strategy, Kosmos’s approaching cash-flow inflection, and Seadrill’s tightening deepwater-rig market offer idiosyncratic upside beyond macro conditions. 3Q24 BABA $270BET $70BEXPE $31B
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
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
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 —

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