| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Resilient Asset Management's 2025 annual letter emphasizes the power of diversification over market prediction, noting that international equity markets significantly outperformed domestic markets for the first time since the firm's founding. Manager Christopher Flis addresses three key themes: the false perception that current uncertainty is unique when uncertainty has always existed throughout history, the evolutionary basis for human fear and apprehension that can hurt investment decisions, and media's tendency to amplify negative news. He discusses artificial intelligence's growing market influence while acknowledging the wide range of potential outcomes from job displacement to minimal disruption. The letter highlights Warren Buffett's retirement from Berkshire Hathaway as an end of an era, with Flis crediting Buffett's influence on his investment philosophy. Looking forward, the manager maintains an agnostic view on 2026 market direction, advocating for continued diversification, long-term focus, and attention to controllable factors like estate planning and risk management rather than attempting to time markets.
Diversification across global markets trumps market timing and prognostication, with emphasis on long-term investing despite ever-present uncertainty and media-driven pessimism.
Manager maintains agnostic stance on market direction for 2026, emphasizing that prudent approach is to remain diversified, play the long game, and let capital markets work over time.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 22 2026 | 2025 Q4 | BRK-A | AI, diversification, international, long-term, uncertainty | - | Manager discusses AI's permeating influence on stock market sectors and society, noting uncertainty about its ultimate impact ranging from white collar job obsolescence to being just another technology tool. Highlights unusual venture capital activity with AI startups raising massive funding without clear products. |
| Oct 9 2025 | 2025 Q3 | - | AI, diversification, regulation, Tax, technology | - | The letter explores the investment implications of artificial intelligence, warning of valuation excess and historical parallels to the dot-com era. It underscores diversified exposure through the S&P 500 and discusses regulatory and tax changes under the OBBA. RAM frames AI as an assistive, not autonomous, tool in financial planning. |
| Jul 6 2025 | 2025 Q2 | - | Compounding, Discipline, diversification, international, Valuations | - | The commentary stresses staying invested through geopolitical noise and resisting market timing. International diversification is positioned to benefit from valuation gaps versus U.S. equities. Long-term compounding, rather than short-term prediction, remains the primary driver of wealth creation. |
| May 18 2025 | 2025 Q1 | - | - | - | |
| Oct 3 2024 | 2024 Q3 | - | - | - | |
| Jul 3 2024 | 2024 Q2 | - | - | - | |
| Apr 16 2024 | 2024 Q1 | - | - | - | |
| Jan 9 2024 | 2023 Q4 | - | - | - | |
| Oct 22 2023 | 2023 Q3 | - | - | - | |
| Jul 10 2023 | 2023 Q2 | - | - | - | |
| May 17 2023 | 2023 Q1 | - | - | - | |
| Jan 5 2023 | 2022 Q4 | - | - | - | |
| Sep 26 2022 | 2022 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
DiversificationThe Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. |
Risk Management Portfolio Construction Concentration | |
Regulation |
||
| 2025 Q2 |
Compounding |
|
DiversificationThe Fund remains purposefully diversified despite market leadership being narrow and focused on AI. This discipline reflects commitment to effective risk management and appropriate diversification, which weighed on relative performance but positions the Fund well for various market scenarios. |
Risk Management Portfolio Construction Concentration |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| BRK-A | Miles mentioned that he had been a long-term shareholder of Berkshire Hathaway and had never sold his shares. Over roughly twenty-five years, his investment compounded at about 10.9% annually. The first dollar he invested became approximately thirteen dollars. Since around 1990, Berkshire has only marginally outperformed the S&P 500. By Buffett's own historical standards, this period could be described as mediocre. And yet, admiration for Buffett has not faded—if anything, it has intensified. |
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