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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Graham and Doddsville 2025 Q3 Investor Letter | Buyside Digest

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Primary Source Intelligence • Q3 2025 Letter Analysis

Graham and Doddsville Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Graham and Doddsville. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

Digest Analysis

Quick Take

"Graham & Doddsville Fall 2025 reinforces value investing fundamentals through practitioner interviews and student pitches."

Executive Summary

This Fall 2025 edition of Graham & Doddsville showcases the enduring relevance of value investing principles through interviews with seasoned practitioners and student investment pitches. Brandes Investment Partners demonstrates unwavering commitment to pure value philosophy, having maintained discipline through 165 months of underperformance while building positions in luxury goods, banking, and specialty retail. Giverny Capital's David Poppe emphasizes quality-first investing, positioning for AI through infrastructure plays like Taiwan Semiconductor and AAON while maintaining long-term holdings in Arista Networks and Progressive. The publication highlights emerging market opportunities, particularly in fintech infrastructure with companies like dLocal and MercadoLibre capitalizing on digital adoption in Latin America. Student pitches demonstrate sophisticated analysis across sectors from automotive aftermarket to water heaters, reflecting strong fundamental research capabilities. Despite market concentration in mega-cap technology stocks, the featured investors maintain conviction that patient capital deployed in high-quality businesses with durable competitive advantages will generate superior long-term returns. The emphasis on management quality, capital allocation discipline, and contrarian positioning reflects classic value investing tenets adapted for modern markets.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

75%

CautiousHigh

High Conviction (75%)

High conviction evident through concentrated portfolios, long holding periods, and detailed fundamental analysis. Managers demonstrate strong belief in their investment processes despite recent underperformance.

Growth Outlook

15%

BearishBullish

Bearish (15%)

The publication reflects cautiously optimistic sentiment with managers expressing confidence in long-term value opportunities despite acknowledging recent challenges from growth stock outperformance and market concentration.

Risk Appetite

25%

DefensiveAggressive

Defensive (25%)

Managers demonstrate selective risk-taking with concentrated positions in high-conviction ideas, particularly in AI infrastructure and emerging markets, while maintaining disciplined approach to valuation and quality.

Capital Deployment

30%

De-riskingDeploying

De-risking (30%)

Moderate deployment activity with selective additions to high-conviction positions, particularly in AI infrastructure and emerging market opportunities, while maintaining disciplined approach to valuation.

Forward Guidance

20%

CautiousExpansionary

Cautious (20%)

Forward-looking statements emphasize patience and conviction in value strategies, with specific positioning for AI adoption, emerging market growth, and quality business compounding over time.

Language Signal

10%

BearishBullish

Bearish (10%)

Language is measured and professional with focus on fundamental analysis and long-term value creation, avoiding excessive optimism while expressing confidence in investment approach.

Perceived Risk

45%

Low RiskElevated

Moderate Risk (45%)

Moderate risk perception with acknowledgment of market concentration, geopolitical tensions, and regulatory uncertainties, balanced by confidence in long-term fundamental analysis.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Good opportunity set identified in emerging markets, AI infrastructure, and quality businesses trading at reasonable valuations, despite challenging environment for value strategies.

Time Horizon

85%

Short-TermLong-Term

Decade+ (85%)

Strong emphasis on long-term investing with average holding periods of 7-8 years mentioned, focus on business quality and compounding returns over multiple years.