Investor Letters

Letters through September 30, 2026

3 letters reporting on the period ending September 30, 2026, in each firm's own reckoning.

Fred Alger Management, LLC Booked, But Not Built Yet AI infrastructure demand is examined through the cloud-service backlog of Amazon, Alphabet and Microsoft, which has expanded faster than their capital spending. Alger argues that contracted demand supports a durable, demand-driven investment cycle for semiconductors, networking, power, cooling and cloud-infrastructure software. Q3 2026 AMZN $2.8TGOOGL $4.2TMSFT $3.8T
Fred Alger Management, LLC Alger On The Money: Power Hungry AI data-center power delivery is emerging as a constraint as increasingly dense GPU racks require far more electricity than traditional server infrastructure. Nvidia’s planned shift to 800-volt rack designs could increase demand for semiconductor and electrical-equipment suppliers that convert, distribute, store and manage power. Q3 2026 NVD $6.4T
Akre Capital Management, LLC Q3 2026 Letter Chuck Akre argues that investment success should be measured by growth in real economic value per unit of ownership rather than dividends or share-price movement. He describes valuing businesses through prospective per-share book-value growth, adjusted for buybacks, accounting distortions, management quality and reinvestment opportunities. Q3 2026 —