Letters by company
Vornado Realty Trust
2 letters discussing VNO. Everything written about it on this site is on its ticker page.
- Hosking Partners Q3 2026 – Quarterly Report Commentary Hosking Partners argues that AI data-centre investment is creating a capital-heavy, potentially commoditised compute industry. It reduced oil-shipping, energy and memory-semiconductor exposure, while adding selected office-property positions and rotating Japanese gains into smaller deep-value companies. Q3 2026 DHT $3.5BHAFN $5BINSW $5.2B
- Hosking Partners Q2 2026 – Quarterly Report Commentary Hosking Partners took profits in its DRAM memory-semiconductor basket while retaining selective exposure to supply-constrained AI beneficiaries. It added to Sibanye Stillwater, Hikari Tsushin, Japanese value stocks and New York office REITs, arguing that capital discipline and constrained supply favor these holdings over equity-issuing technology companies. Q2 2026 453950 AMAT $314BBESVF $13B
