Investor Letters
Letters through December 31, 2024
19 letters reporting on the period ending December 31, 2024, in each firm's own reckoning.
- Horizon Kinetics 2025 New Year Letter from Our Founders Bitcoin's institutional acceptance and the emergence of cryptocurrency lending markets frame Horizon Kinetics' case for digital assets as a new asset class. Horizon Kinetics retains concentrated energy and water-resource exposures, arguing that artificial intelligence and data-center growth will make water, dispatchable power and other physical resources scarcer. 2024 —
- 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 $24BLB $6.6BMETA $1.8T
- EdgePoint Wealth Management Where art thou, volatility? EdgePoint argues that private credit’s rapid expansion has diverted the riskiest borrowers from public markets while masking losses through illiquid marks and lender-friendly accounting. The firm added materially to Forward Air bonds during a freight downturn, citing the company’s network, management change and long-term industry tailwinds. 4th quarter, 2024 FWRD $521M
- Lansing Street Advisors Q4 2024 Letter – Does Anybody Really Know What Time It Is? Lansing Street Advisors questions whether private equity’s retention of unicorns has permanently impaired small-cap stocks and IPO supply, while weighing a reversal between U.S. and European equities. It argues that dollar-collapse claims ignore foreign capital inflows and asks whether bonds can recover as mortgage rates constrain housing. Q4 2024 —
- EdgePoint Wealth Management Dropping the (crystal) ball EdgePoint Wealth Management argues that forecasting markets on annual earnings estimates is unreliable and instead bases investment decisions on proprietary insights into businesses. It cites Fairfax Financial’s shift toward more predictable cash flows and SAP’s cloud transition, while describing new research into Applied Materials, Roche, Revvity and MinebeaMitsumi. 4th quarter, 2024 SAP $245B
- Palm Valley Capital Great Expectations Palm Valley Capital Fund added Kelly Services, Seaboard and Heartland Express as wider discounts to estimated value justified raising equity exposure from a cash-heavy posture. The fund sold Crawford & Co. and Helen of Troy, while arguing that speculative asset prices and elevated small-cap valuations warrant discipline despite improving prospects for selected cyclical businesses. Fourth Quarter 2024 CRI $1.2BFPI $452MHTLD $868M
- Vision Capital Fund Vision Capital Fund - 2024 Annual Investor Letter Vision Capital Fund invested 97.6% of capital across 26 holdings, favouring global compounders with durable growth, strong cash generation and secular tailwinds. It retained confidence in Meituan, Tencent, JD.com, Nu Holdings and Mercado Libre despite macro-led declines, and plans to let winners compound rather than trade around volatility. From 1 October to 31 December 2024 JD $36BMELI $94BMPNGF $55B
- Andrew Hill Investment Advisors 2024.Q4 Client Letter Andrew Hill Investment Advisors reduced equity exposure after appreciation pushed allocations above client policy targets, directing proceeds into high-quality bond ladders. The firm trimmed core technology and utility holdings, increased financial exposure through Goldman Sachs, and added Johnson & Johnson and United Therapeutics while monitoring tariff, immigration and inflation risks. 2024.Q4 AAPL $4.9TAMZN $2.7TANET $272B
- GreenWood Investors Year End 2024 Letter GreenWood sold down Texas Pacific Land after index-inclusion optimism pulled forward expectations, while concentrating its active ownership efforts on Leonardo and CTT. It backs Leonardo’s rapid defense ventures and aerostructures review, CTT’s DHL partnership and Iberian logistics expansion, and PDD Holdings’ reinvestment-led growth strategy. 2024 CTTOF $840MFINMF $30BPDD $112B
- Troy Asset Management Investment Report No.83 Troy Multi-Asset Strategy retained modest equity exposure and avoided semiconductor stocks despite the AI-led market rally, favouring Microsoft and Alphabet for their cloud infrastructure and distribution. It kept significant inflation-linked bond and gold exposure while warning that concentrated US equity leadership, elevated valuations and higher bond yields leave little room for disappointment. 2024 GOOGL $4.2TMSFT $3.9T
- Broyhill Asset Management The Broyhill Letter 2024.Q4 Broyhill attributes its lagging value strategy to market concentration in US growth stocks and reinforces allocations to cheaper European, smaller-cap and defensive businesses. It argues for NICE, Evolution, Six Flags, Baxter and Avantor, while adding Charles River Labs and citing valuation dislocations, operational recoveries and durable earnings potential. 2024 AVTR $10BBAX $12BEVGGF $15B
- Alluvial Capital Management Q4 2024 Letter to Limited Partners Alluvial Fund centers its case on Net Lease Office Properties’ liquidation, expecting debt repayment and property-sale distributions to narrow a large discount to asset value. New holdings Titan Cement and CBL & Associates pair discounted tangible assets with catalysts including a US listing, debt reduction, asset sales and reinvestment in stronger properties. Fourth Quarter 2024 NLOP $144MCBL $1.5BGTX $4.9B
- O'Keefe Stevens Advisory Quarterly Investor Letter Q4 2024 Beyond Inc. and Donnelley Financial Solutions are the 2025 top picks, based on expected easing of non-fundamental selling pressure, operational recovery and undervalued recurring-revenue opportunities. The portfolio retained Nvidia, sees small-cap inefficiency and shareholder sell-downs as fertile research areas, and made no new positions during the quarter. Q4 2024 DFIN $1.2BAER $22BFPH $665M
- Patient Capital Management Quarterly Market Review 2024 U.S. equities were led by the Magnificent Seven as earnings growth and multiple expansion drove repeated record highs. Patient Capital Management describes easing inflation, resilient consumer spending and Federal Reserve rate cuts, while noting that long-term yields rose and investor sentiment ended the year near neutral. Q4 2024 —
- Patient Capital Management 4Q24 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added Precigen preferreds and warrants and a Bitcoin fund, while exiting Fiserv, PureTech Health, Travel & Leisure and Western Alliance. The strategy added to healthcare and energy laggards, arguing that Coinbase, SoFi and travel holdings retain structural growth drivers. 4Q24 COIN $47BCROX $5.5BCVS $112B
- Palm Harbour Capital Q4 2024 Letter Palm Harbour Capital bought Compagnie de l’Odet, arguing that its cross-holding structure obscures asset value and that Bolloré family simplification could unlock it. The fund sold H&T, OVS and DNO, while warning that political disruption, tariffs and speculative US valuations may raise the cost of risk. Q4 2024 FCODF $4.7B0NFS BOIVF $12B
- First Eagle Investments Global Value Team Annual Letter The Global Value team argues that China’s property slump and manufacturing overcapacity have supported global disinflation, while renewed Chinese stimulus and loose US financial conditions could revive inflation risks. It maintains a diversified, bottom-up portfolio and strategic gold exposure rather than concentrated bets on technology-led market narratives. 2024 —
- Berkshire Hathaway 2024 Letter to Shareholders Berkshire Hathaway credits GEICO’s overhaul, stronger insurance pricing and Treasury Bill income for improved operating earnings, while acknowledging that many operating businesses saw earnings decline. Buffett argues for patient equity ownership, disciplined insurance underwriting and long-term holdings in Japan’s five trading companies, while recounting Forest River founder Pete Liegl’s exceptional stewardship. 2024 ITOCY $94BMARUY $48BMITSF $85B
- Markel Group 2024 Shareholder Letter Markel Group frames its long-term model around decentralized specialist businesses, conservative reserving, low debt and capital allocation across insurance, investments and Ventures. It exited several underperforming US specialty lines, plans a board-led insurance review and technology upgrade, while backing Markel International, State National and selective Ventures acquisitions. 2024 —
