Investor Letters
Letters through December 31, 2023
6 letters reporting on the period ending December 31, 2023, in each firm's own reckoning.
- Muhlenkamp & Company Quarterly Letter, January 2024 Muhlenkamp & Company attributes its technology-sector underweight and lack of the strongest artificial-intelligence beneficiaries to its decision to reduce technology exposure after 2021 valuations became excessive. It retains cash reserves, significant energy holdings, and positions in health care, communications services and industrials while preparing for persistent inflation, higher rates and a possible recession. 2023 —
- Lansing Street Advisors Q4 2023 Letter – America America argues that U.S. economic and capital-market dominance rests on free markets, innovation, entrepreneurial risk-taking and comparatively strong household balance sheets. It warns that crowded enthusiasm for large-cap technology and AI may reverse, then sets out contrarian scenarios spanning rates, recession, real estate, Bitcoin, oil and international equities. Q4 2023 TSLA $1.5T
- Troy Asset Management Investment Report No.79 January 2024 Troy Multi-Asset Strategy retained a cautious equity allocation, favouring short-duration inflation-linked government bonds and gold amid concern that equity markets price in an unusually benign US soft landing. The strategy initiated Heineken after its valuation fell to multi-year lows, citing its premium-beer position and management research. 2023 HEINY $43B
- Palm Harbour Capital Q4 2023 Letter Palm Harbour Capital increased its Japanese allocation on expectations that stock-exchange pressure will improve capital allocation and shareholder engagement. The fund exited C Uyemura, Bayer and several other positions, while retaining both Solvay and Syensqo after their separation and building exposure to OCI’s asset-sale-driven value realization. fourth quarter 2023 SHBBF $9BSVYSF $2.9B4966 $2.2B
- First Eagle Investments Global Value Team Annual Letter The Global Value team argues that complacency over a soft landing, fiscal deterioration and geopolitical fragmentation leave markets vulnerable, favoring durable cash-generative businesses bought with a margin of safety. It treats gold, and to a lesser extent oil, as ballast and identifies relative value in non-US and value equities. 2023 —
- Bireme Capital December 2023 Investor Letter Bireme Capital sold Netflix and substantially reduced Meta after their discounts to intrinsic value narrowed, while shorting Tesla, Apple, selected consumer-staples stocks, ARM Holdings and C3.ai on valuation concerns. It added British American Tobacco, citing its low valuation, established tobacco brands and expanding reduced-risk nicotine products. The firm argues that concentrated equity indices, persistent inflation and loose fiscal policy leave markets vulnerable. December 2023 BTI $120B0ADF AAPL $4.9T
