Letters by company
Netflix INC
5 letters discussing NFLX. Everything written about it on this site is on its ticker page.
- Giverny Capital Annual Letter to our Partners 2025 Giverny Capital sold Carmax after deteriorating sales and profits, and exited Fiserv after its CEO departure, weaker guidance and balance-sheet concerns. It retained Constellation Software, arguing that its deeply embedded vertical-market software and decentralized operating model can adapt to AI disruption. The firm cautioned that AI infrastructure spending may produce poor early-investor economics despite its technological value. 2025 +2.7% CNSWF $47BCNI $77BFISV $28BFIVE $13B
- Bireme Capital December 2023 Investor Letter Fundamental Value sold Netflix, cut Meta Platforms and added Apple, Clorox, Tootsie Roll, ARM Holdings and C3.ai shorts as mega-cap and staples valuations rose. It remained long Old Republic and RCI Hospitality, arguing their earnings power is underappreciated, and initiated British American Tobacco for its low valuation and reduced-risk nicotine franchise. The portfolio expects persistent inflation and fiscal deficits to constrain the soft-landing narrative. December 2023 +21.3% BTI $123BAAPL $4.5TAI $1.6BARM $268B
- Bireme Capital 3Q22 FV Quarterly Report Bireme Capital argues that persistent inflation and a Fed unwilling to support markets have replaced the buy-the-dip regime with a sell-the-rally one. It backed RCI Hospitality and Netflix on operating momentum and valuation, exited Tencent Music over weakening Social Entertainment and pricing pressure, and built Twitter into its largest position ahead of Musk's acquisition. 3Q22 +2.5% NFLX $511BRICK $240MTME $14BTWTR delisted
- Rowan Street Capital Rowan Street Q2 2025 Letter Rowan Street Capital argues that holding Meta Platforms and Spotify through severe drawdowns, rather than trading around sentiment, reflects its edge in backing durable businesses. The portfolio also includes Netflix, The Trade Desk, Topicus, Shopify, Adyen and Dino Polska, while the firm says AI will not replace investor temperament and patience. The first half of 2025 +20.1% META $1.4TSPOT $110BADYEY $39BDNOPF $9.2B
- Bireme Capital 2Q22 FV Quarterly Report Bireme Capital argues that persistent inflation, tighter policy and falling corporate profitability leave risk assets exposed to further declines. The portfolio retained HCA Healthcare as a core long, covered shorts in Affirm and Skillz, and remained short fuboTV, GameStop and MicroStrategy. 2Q22 -1.4% AFRM $26BFUBO $1.1BGME $8.1BHCA $88B
