- Warden 2025 year end letter Warden Capital made Vail Resorts its largest position, arguing that irreplaceable ski assets and the Epic Pass outweigh snowfall variability. It also added Alexandria and uniQure, while maintaining a short in Palantir and warning that AI capital spending and OpenAI’s growth expectations are unsustainable. 2025 ARE $8.7BMTN $4.9BNVS $273B
One letter so far. We collect each new one as Warden Capital publishes it.
