Letters by company
Walmart Inc.
10 letters discussing WMT. Everything written about it on this site is on its ticker page.
- EdgePoint Wealth Management Exponential – 3rd quarter, 2026 EdgePoint Global Portfolio favors mid-cap businesses where improving fundamentals and durable growth have not yet been reflected in valuations. The team sold Ross Stores after holding it from 2021, and contrasts its margin expansion and buybacks with Walmart, while presenting Techtronic and Home Depot as further examples of how entry valuation shapes long-term outcomes. 3rd quarter, 2026 HD $318BROST $76BTTNDY $30B
- Guinness Global Investors Guinness Global Equity Income Investment Commentary – October 2026 Guinness Global Equity Income replaced Aflac with Nvidia, arguing that Nvidia's AI-computing franchise, cash generation and dividend-growth potential fit its quality-income discipline. The portfolio retained defensive and cyclical balance while backing Microsoft, CME, Danone and ABB on their respective operating and strategic cases. third quarter of 2026 ABBNY $157BAFL $61BCME $110B
- Pittenger & Anderson 2026 – 2nd Quarter Letter – Happy Birthday America U.S. capital markets, entrepreneurial risk-taking and property rights are presented as the foundations of America’s economic resilience and innovation. Alphabet’s entry into the Dow and strength from Caterpillar and other industrial names illustrate a rotation away from Magnificent Seven leadership, reinforcing the case for durable businesses with real earnings and demand. 2nd Quarter 2026 GOOGL $3.9T
- Greenwood Gearhart First Quarter 2026: Market Commentary Geopolitical conflict in Iran, higher energy prices and softer economic data drove volatility and compressed large-cap valuations despite intact earnings and margins. The portfolio retained exposure to small caps, utilities and staples to offset technology weakness, while Nvidia's infrastructure demand and Walmart's resilience supported a broadening market-leadership thesis. first quarter of 2026 —
- Moon Capital Management 2025 Q3 letter Moon Capital Management argues that AI enthusiasm has pushed technology valuations beyond realistic expectations, echoing the late-1990s dot-com boom. It cites hyperscaler infrastructure spending, vendor financing and speculative quantum-computing valuations, and says it will continue to favor earnings and cash-flow fundamentals over fashionable themes. first 9 months of 2025 AMZN $2.7TDEPW META $1.8T
- Distillate Capital 2025 Q3 Letter to Investors: Execution Supersedes Intention Distillate argues that S&P 500 concentration and rich free-cash-flow valuations make benchmark exposure risky, while Russell 1000 Value’s book-value methodology creates unintended sector biases. The firm favors systematic rebalancing into stable, low-debt companies, citing cheaper technology names including Salesforce, Adobe, Accenture and Gartner versus expensive market leaders. 2025 Q3 —
- Distillate Capital 2025 Q2 Letter to Investors: Return Pillars & Valuation Risk Distillate Capital argues that S&P 500 gains have been driven disproportionately by valuation expansion rather than free cash flow growth, leaving the market exposed to a reversal. Its systematic rebalancing process favors cheaper, higher-quality stocks and supports its case for selective value exposure in U.S. large caps, small and mid caps, and international equities. 2025 Q2 —
- Andrew Hill Investment Advisors 2nd Quarter Recap - Ending Up, After A Wild Ride Andrew Hill Investment Advisors emphasizes AI infrastructure holdings, a laddered high-quality bond strategy and a gold allocation as hedges against tariff, inflation and geopolitical risks. The firm removed Visa in favor of Circle and Fiserv, while adding Yeti, Thermo Scientific and HA Sustainable Infrastructure amid political and tariff-related selling pressure. second quarter of 2025 YETI $3.2B
- 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 $23BLB $6.1BMETA $1.8T
- O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2024 Graftech remains a core activist situation, with O'Keefe Stevens backing Nilesh Undavia for the board and arguing that shareholder accountability can improve a business facing operational setbacks. The portfolio initiated AerCap, retained BGC Group ahead of the FMX launch, and identified research opportunities in eXp Realty, Roku and Blackbaud. Q1 2024 EAF $222MBGC $5.4BBLKB $2.5B
