Jungfraubahn Holding AG

• VF 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 $3.5BGOOGL $4.1T +4

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