Letters by company
PayPal Holdings, Inc.
9 letters discussing PYPL. Everything written about it on this site is on its ticker page.
- Nixon Capital September 2026, Third Quarter Nixon Capital exited PayPal after its investment thesis broke down, while retaining four other major holdings whose valuations it sees as offering greater upside. The firm attributes headwinds to higher Treasury yields and oil prices, and reiterates its discipline on valuation, thesis reassessment and long-term compounding. Third Quarter 2026 BRK.A $1.1TPYPL $48B
- Marram Investment Management 2026 2nd Quarter Letter Marram exited PayPal after its leadership change broke the original turnaround thesis and sold ICON after concluding its competitive moat and pricing power were deteriorating. It added to Berkshire Hathaway, retained energy infrastructure and regional-bank exposure, and held substantial cash while awaiting bargains amid high valuations and AI-driven uncertainty. 2026 2nd Quarter BRK.A $1.1TICLR $13BPYPL $48B
- Marram Investment Management 2025 4th Quarter Letter Marram trimmed Fifth Third, initiated Oneok and added to Plains All American while moderating regional-bank exposure as valuations expanded and underwriting loosened. It exited AvidXchange and BILL, reduced Paysafe, and shifted payment-technology capital toward PayPal, Shift4 and Paymentus, citing durable cash-flow growth despite valuation compression. 2025 4th Quarter FITB $46BFOUR $3BPAY $4B
- Sound Shore Management December 31, 2025 Sound Shore credited a broad set of value holdings, including Regeneron, TEVA, General Motors, Southwest Airlines and Citigroup, for offsetting the market’s concentration in technology. The fund added to its case for FLEX and Huntington Ingalls while selling PayPal and PVH after consumer and tariff concerns weakened their prospects. 2025 FLEX $34BHII $11BPVH $3.8B
- Sound Shore Management March 31, 2025 Sound Shore added to Teva Pharmaceutical after price weakness, citing new leadership, improving margins and clinical progress. The fund retained full positions in PayPal and Disney, initiated Barrick Gold on operational improvement prospects, and exited Vistra after it approached the price target. first quarter of 2025 CHKP $14BDIS $192BPYPL $48B
- Broyhill Asset Management The Broyhill Letter 2024.Q3 Broyhill initiated Rentokil Initial, Evolution AB and Nice Ltd, citing consolidation potential, online-gaming legalization, and AI-enabled cloud contact-center software. It exited Danone, PayPal and EPAM Systems over valuation, unclear product growth and changing labor-force risks, while maintaining its theses on Philip Morris and Baxter. Q3 2024 BAX $13BDANOY $44BDG $29B
- Broyhill Asset Management The Broyhill Letter 2023.Q2 Broyhill Asset Management added Charles Schwab, Nintendo, British American Tobacco and PayPal, exited First Horizon and Altria, and rebalanced tobacco exposure toward Philip Morris and British American Tobacco. The firm argues that AI-led market concentration, tightening credit and weakening consumer conditions leave equities exposed, while depressed valuations create opportunities in resilient businesses. second quarter 2023 BAYRY $49BBTI $130BBUD $157B
- Marram Investment Management 2025 3rd Quarter Letter Marram harvested gains in large financials, exited First Horizon and trimmed Regions as valuations expanded and underwriting standards eased. It reinvested proceeds into PayPal, Shift4 and a diversified biopharma basket built around ETFs, clinical-research services and biosimulation software, while emphasizing a disciplined research wishlist and liquidity for future opportunities. 2025 3rd Quarter —
- 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
