The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The market gained approximately 14% in Q2 2026 despite persistent inflation, high energy prices, and geopolitical concerns. The quarter's biggest story was the SpaceX IPO, which debuted at $135 and closed at $161.11, pushing valuation above $2 trillion and making Elon Musk the first paper trillionaire. Shares later rose above $200 before retreating to $170 by quarter-end, with volatility driven by limited supply (only 5% of shares available publicly). Additional mega-IPOs from Anthropic and OpenAI may follow, with OpenAI targeting a $1 trillion opening despite aggressive spending and uncertain profitability. The manager uses this moment to distinguish between speculation—betting on binary outcomes determined by unknowable factors—and long-term investing focused on achieving life goals through diversified portfolios. The SpaceX valuation is characterized as highly speculative, based on technologies that don't yet exist. The manager emphasizes staying disciplined and avoiding dependence on correctly predicting which moonshot succeeds, maintaining focus on goal-based portfolio construction regardless of headline-grabbing opportunities.
The manager advocates for disciplined, diversified portfolio construction aligned with time horizon and risk tolerance over speculative participation in high-profile IPOs, arguing that most investors should focus on maximizing the odds of achieving life goals rather than striking it rich on binary bets.
The manager expects additional mega-IPOs from AI leaders Anthropic and OpenAI to potentially follow SpaceX, though recent weakness among tech stocks may delay these offerings. The tone is cautious and educational, emphasizing that there will always be another much-ballyhooed investment opportunity, but the focus should remain on disciplined portfolio construction for long-term goal achievement rather than chasing speculative opportunities.
As of Jul 11, 2026
Mark Silverman, CFP®, is the lead advisor and founder of Silverman + Associates Wealth Management, established in 2008 in Tucson, Arizona. As a Certified Financial Planner, Silverman has mastered nearly 100 integrated financial planning topics, passed rigorous examinations, accumulated personal financial planning experience, and committed to a strict code of ethics. He is actively involved in community education, hosting the '$aving With $ilverman Radio Show' every weekend on KNST AM 790 and KVOI AM 1030. Silverman specializes in holistic, client-centered financial planning that aligns with clients' life goals and values. The firm serves 188 clients with $101,380,000 in assets under management as of their most recent regulatory filing. with no customer complaints or disciplinary actions. He produces educational content through podcasts and radio shows, demonstrating commitment to financial literacy and client education beyond traditional advisory services.
Moderate Conviction Bullish
Market Conviction
The manager demonstrates high conviction in their investment philosophy—disciplined, diversified portfolio construction over speculation—but provides no specific portfolio positions, holdings, or sizing. The letter is entirely philosophical and educational, with no named positions beyond the SpaceX discussion (which is used as a cautionary example, not a holding). The conviction is strong regarding approach and principles, evidenced by declarative statements like 'we will remain focused' and the clear distinction between speculation and investing. However, the absence of any specific portfolio implementation details or named holdings caps the score below 0.75.
Growth Outlook
The document presents a cautious but not overly pessimistic market outlook. While acknowledging Q1 declines and ongoing volatility concerns, it provides historical context suggesting significant declines are rare and notes some positive economic indicators.
Risk Appetite
This is a market commentary document that does not discuss any specific portfolio positioning or risk appetite. No information is provided about how capital is currently allocated or positioned.
Capital Deployment
No cash level changes or specific deployment activity is mentioned. The manager's stance is to maintain existing disciplined portfolios and avoid participating in speculative IPO opportunities. The letter describes a 'stay the course' approach with no indication of adding or reducing exposure. The slight negative score reflects the explicit decision not to deploy capital into the high-profile opportunities discussed (SpaceX, future AI IPOs), suggesting a modest preference for maintaining current positioning over new deployment.
Forward Guidance
The forward guidance suggests preparing for continued volatility while monitoring developments. The tone is cautious but not defensive, with emphasis on watching rather than taking specific directional action.
Language Signal
The letter contains more cautionary and risk-focused language than bullish language. Terms like 'speculation,' 'binary outcomes,' 'big losses,' 'unknowable factors,' 'volatility,' 'may fall far short,' and 'concerns' dominate the discussion. While the market's 14% gain is noted, the bulk of the commentary focuses on the risks of chasing speculative opportunities. Positive terms like 'opportunity' appear but are contextualized within warnings. The net balance of directional language leans cautious and risk-aware.
Perceived Risk
Moderate risk acknowledgment with specific discussion of AI disruption concerns and geopolitical tensions. Risks are named and discussed but balanced with historical perspective that significant declines are relatively rare.
Opportunity Density
The manager explicitly characterizes the current environment as lacking compelling opportunities worth pursuing. The letter warns against 'scrambling for shares in the next big IPO' and emphasizes that speculative opportunities should not form the basis of investment strategy. While acknowledging that 'there will always be another much-ballyhooed investment,' the tone suggests these are not genuine opportunities but rather distractions from disciplined investing. The manager sees no attractive deployment opportunities in the high-profile areas discussed and advocates maintaining existing diversified portfolios, indicating a sparse opportunity set from their perspective.
Time Horizon
The manager explicitly emphasizes long-term investing focused on 'achieving life goals like funding retirement, supporting family members, or leaving a legacy.' The letter contrasts this multi-year to multi-decade horizon with short-term speculation. The phrase 'diversified portfolio built according to time horizon and risk tolerance' and the focus on goal-based planning indicate a multi-year investment framework. However, no specific timeframes are stated (e.g., '5-10 years' or 'permanent capital'), and the letter is more about philosophy than concrete timeline commitments. The emphasis on long-term goals over near-term speculation supports a score in the 0.65-0.84 range.
Top Conviction Themes
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Silverman + Associates Wealth Management or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.
