Letters by company

Meta Platforms, Inc.

61 letters discussing META. Everything written about it on this site is on its ticker page.

Rowan Street Capital Rowan Street 2025 Year-End Letter Rowan Street retained its long-held Meta Platforms stake and argues that durable businesses merit concentration when management and economics remain strong. It maintained patience with Shopify, let The Trade Desk shrink without averaging down as conviction moderated, and initiated Tesla amid pessimistic sentiment. 2025 META $1.9TSHOP $212BTSLA $1.5T
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
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
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
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
Oakmark Funds The certainty trap Oakmark’s fixed-income team favors Meta and Oracle bonds as AI exposure with several paths to value, recurring cash flows and resilient credit profiles. It also owns select single-tenant data-center bonds while avoiding highly leveraged NeoCloud issuers whose economics depend on sustained compute-demand strength. 2Q 2026 META $1.9TORCL $439B
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
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
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
Crossroads Capital, LLC Crossroads Capital Q1 2026 Investor Letter Crossroads Capital kept the core book largely unchanged, exited Vistry after its CEO resignation undermined the transformation case, and increased Nebius as execution de-risked the business. It argues AST SpaceMobile has cleared manufacturing constraints ahead of batch launches, while FTAI Aviation’s MRO model and power initiative broaden its earnings drivers. Q1 2026 ASTS $22BFTAI $17BMETA $1.9T
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
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
O'Keefe Stevens Advisory Quarterly Investor Letter Q3 2025 O'Keefe Stevens Advisory cautions that AI and crypto enthusiasm has pushed parts of the market toward speculative pricing while retaining exposure to capital-light infrastructure beneficiaries such as Corning and NVIDIA. The firm sold Donnelley Financial, Lazard and Capstone Copper, started Topgolf Callaway Brands, and found Compass Minerals' new management focused on maintenance, safety and capital discipline. Q3 2025 GLW $136BCMP $964MCSCCY $11B
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
Rowan Street Capital Rowan Street Q2 2025 Letter Rowan Street Capital argues that Meta Platforms and Spotify rewarded conviction through severe drawdowns, reinforcing its policy of holding durable businesses rather than reacting to sentiment. The portfolio also includes Netflix, The Trade Desk, Topicus, Shopify, Adyen and Dino Polska, while the firm plans to grow through aligned long-term partners. first half of 2025 ADYEY $31BDNOPF $8.3BMETA $1.9T
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 Annual Review: The Three Really Big Things Edition Horizon Kinetics argues that AI data-center expansion creates underappreciated demand for natural gas, water and strategically located Permian Basin land. It defends concentrated holdings in Texas Pacific Land, LandBridge and Bitcoin as long-duration assets positioned to benefit from resource scarcity, monetary debasement and institutional adoption. 4th Quarter 2024 TPL $24BLB $6.6BMETA $1.9T
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
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
Bireme Capital May 2023 Investor Letter Bireme Capital increased its community-bank basket, initiated Airtel Africa, retained Bollore through its tender and logistics-sale developments, and added a Sunrun short. It argues for conservatively financed businesses with pricing power as higher rates expose refinancing assumptions and pressure commercial real estate. the first five months of 2023 AAFRF $15BBOL $12BCGECF $317M
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 —
Broadleaf Partners Growth Equity Portfolio Third Quarter Review Broadleaf frames the economy as still expanding despite consumer cost pressures, and expects post-election clarity and a potential end to the Iran war to support demand. It argues that AI investment remains viable as hyperscalers demonstrate infrastructure demand, revenue opportunities and more credible paths to returns on capital. Third Quarter 2026 —
Ophir Asset Management TMT: it's dynamite Ophir Global Funds kept software and semiconductor weights near benchmark levels, avoiding concentrated bets on either side of the AI momentum trade. The managers argue that crowded hedge-fund positioning, stretched valuations and improving software results triggered a violent reversal, while idiosyncratic small-cap earnings remain their focus. August 2026 —
Crossroads Capital, LLC Crossroads Capital Q2 2026 Investor Letter Crossroads Capital trimmed and wrote calls on Nebius, added Nintendo during its selloff, and initiated a common-and-call position in Take-Two alongside its Nintendo work. The portfolio emphasizes company-specific catalysts in AST SpaceMobile, Nebius and FTAI Aviation while treating momentum-driven selling as disconnected from operating progress. Q2 2026 ASTS $22BBE $87BFTAI $17B
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
Nightview Capital Q2 2026 Investor Letter Nightview Capital added to Salesforce and ServiceNow, initiated Atlassian, and held Autodesk steady on the view that systems of record, switching costs, distribution and AI integration protect strong software franchises. It exited Meta, Intuitive Surgical, Shopify and EchoStar, added gaming and hospitality exposure, and rotated financials toward BlackRock and Charles Schwab. Q2 2026 ADSK $46BCRM $183BLVS $24B
SaltLight Capital 2Q 2026 Co-Investor Letter - Is It "Good Enough?" SaltLight Capital argues that AI competition could erode NVIDIA's CUDA and infrastructure economics as open-weight models, alternative chips and algorithmic efficiency improve. The portfolio has become more cautious, revisits hyperscalers after prior profit-taking, and adds Constellation Software for its mission-critical vertical software franchises. 2Q 2026 CNSWF $43BMSFT $3.9TNVDA $5.8T
EdgePoint Wealth Management Why did your cash balance almost hit 2.5% despite the market being near all-time highs? EdgePoint Global Portfolio put most of its capital to work as momentum concentrated market gains in semiconductors and left other sectors at depressed valuations. The portfolio rebuilt S&P Global, added health-care exposure through Revvity and sees Tencent as an AI beneficiary trading below its historical valuation. 2nd quarter, 2026 RVTY $18BSPGI $116BTCTZF $468B
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 —
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
O'Keefe Stevens Advisory Quarterly Investor Letter Q2 2026 Sotera Health was added after Warburg Pincus exited, leaving a discounted sterilization duopoly with high switching costs, constrained industry capacity and a path toward lower capital spending and litigation risk. Qualcomm and Corning were trimmed and hedged after AI-driven appreciation, while cash remained a major holding as the firm watches software dislocation and broader AI uncertainty. Q2 2026 SHC $5.1BCALY $2.5BGLW $136B
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 —
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 —
Sequoia Fund Q1 2026 Sequoia Fund Letter Sequoia Fund added modestly to SAP and Universal Music Group while building several undisclosed new positions. The fund financed the purchases through tax-efficient trims in Amentum Holdings, Credit Acceptance, Liberty Broadband, Meta, Rolls-Royce and TSMC. first quarter of 2026 —
O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2026 O'Keefe Stevens Advisory kept cash as its largest position, sold Alibaba and Tri Pointe Homes, and trimmed Corning as valuations and AI spending risks widened. The firm initiated Baxter, added to Perrigo and Weyerhaeuser, and argues that security-specific dislocations, rather than macro calls, should govern redeployment. Q1 2026 BABA $270BBAX $13BCALY $2.5B
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
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
Hayden Capital Quarterly Letter 2025 | Vol. 4 Hayden Capital sold New Oriental after its turnaround matured and backs Sea Limited, arguing Shopee’s logistics investment is offensive while TikTok Shop growth slows. It sees AI-driven selloffs creating opportunities in software, gaming and ecommerce platforms whose network effects, proprietary data and physical infrastructure remain defensible. 4th Quarter 2025 EDU $8.9BSE $57BAMZN $2.7T
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
Riverwater Partners Q3 2025 Small Cap Market Commentary: Bottom of the Lineup, Top of the Charts Small-cap equities are positioned to benefit from AI infrastructure spending and the productivity gains that follow, despite concerns that hyperscalers are overbuilding. Riverwater favors second-order beneficiaries in components, services and infrastructure, while monitoring AI-exposed holdings for weaker lead times, inventory accumulation and supplier guidance cuts. Q3 2025 —
Fairlight Capital Fairlight Alpha Fund LP Q3 2025 Letter Fairlight Alpha Fund argues that junior gold miners remain cheaply valued despite higher gold prices, citing Monument Mining’s operational improvement and potential rerating at Serabi Gold. It presents Beng Kuang Marine as a cash-generative turnaround, adds a small put-based short, and favors AI infrastructure businesses with valuation discipline and downside protection. Q3 2025 —
Andrew Hill Investment Advisors 2025 Q3 Client Letter Andrew Hill Investment Advisors emphasized AI-linked energy infrastructure, building positions in Google, GE Vernova and American Superconductor while identifying Yeti and solar-equipment makers as opportunities created by weak sentiment. The firm added catastrophe-bond exposure through Victory Pioneer A+ and retained gold as a geopolitical hedge while reducing healthcare and defensive consumer exposure. Q3 2025 AMSC $1.5BCOST $418BGE $315B
Sequoia Fund Q3 2025 Sequoia Fund Letter Sequoia Fund trimmed Meta Platforms, Jacobs Engineering, Charles Schwab and Taiwan Semiconductor to add modestly to Elevance Health. The fund also initiated two investments, with names deferred until purchases are complete. third quarter of 2025 —
Weitz Investment Management Letter to Shareholders: Value Matters Weitz Investments kept portfolios focused on steady earners with understandable long-term prospects rather than the AI market leaders. It argues that Salesforce, Constellation Software and Accenture can benefit from bringing AI to business users, while Danaher and Thermo Fisher retain durable life-sciences prospects despite policy and funding disruptions. third quarter 2025 ACN $118BCNSWF $43BCRM $183B
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
Vision Capital Fund Vision Capital Fund - Q2 2025 Quarterly Letter Vision Capital Fund added to eleven existing holdings, including JD.com, Lululemon, Meituan, MercadoLibre, Meta, Nu, NVIDIA, Shopify, Spotify, TSMC and The Trade Desk, while maintaining zero turnover. The fund argues that food-delivery subsidy competition has created a longer-term opportunity in Meituan and JD.com, and favors compounders that extend successful products into adjacent services and geographies. Q2 2025 3690 $55B9618 $38BAMZN $2.7T
Sequoia Fund Q2 2025 Sequoia Fund Letter Sequoia Fund added to ICON and Universal Music Group while trimming Credit Acceptance, Liberty Broadband, Jacobs, Meta and UnitedHealth. The sales funded new investments that will be disclosed after purchases are complete. second quarter of 2025 —
Patient Capital Management 2Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added UnitedHealth, Noble, Tempus AI, Clear Secure and Costco puts, while exiting New Fortress Energy over deteriorating fundamentals and balance-sheet strain. It expects tighter offshore-rig supply to favor Noble, sees UnitedHealth as a durable platform after Medicare Advantage setbacks, and backs Tempus’s AI-enabled molecular-data business. 2Q25 BABA $270BCOIN $47BCOST $418B
Horizon Kinetics 1st Quarter Commentary Horizon Kinetics argues that AI-driven data-center construction will intensify demand for power, natural gas, water and industrial inputs, while broad indexes concentrate exposure in their consumers rather than suppliers. It favors limiting-factor resource owners and infrastructure, using Aris Water Solutions, San Juan Basin Royalty Trust and Hawaiian Electric as cases where capacity constraints or temporary capital burdens obscure longer-term value. 1st Quarter 2025 ARIS $3.6BHE $1.5BLB $6.6B
Vision Capital Fund Vision Capital Fund - Q1 2025 Quarterly Letter Vision Capital Fund added to The Trade Desk after its earnings miss and platform rollout problems drove steep pessimism, judging CEO Jeff Green capable of repairing the product and sales execution. The portfolio remains concentrated in platform businesses such as Amazon, Shopify, TSMC and JD.com, whose proprietary infrastructure and ecosystem effects are seen as durable advantages despite tariff risks. Q1 2025 0LF5 453950 AMZN $2.7T
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 —
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
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
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
Bireme Capital 2Q22 FV Quarterly Report Bireme Capital argues inflation will force tighter policy, compress corporate profits and prolong pressure on risk assets, while its short book targets speculative companies. It keeps HCA as a major holding on its scale, cash generation and buybacks, covered Affirm, and remains short fuboTV, GameStop and MicroStrategy. 2Q22 HCA $96BAFRM $25BFUBO $962M

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