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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Vltava Fund argues AI shifts investing advantage from information to judgment and originality. Manager sold semiconductor equipment stocks at extreme valuations and oil producer Cenovus after geopolitical spike, buying Visa and Kazakhstan digital ecosystem Kaspi.kz at attractive prices."
Daniel Gladiš argues that as artificial intelligence becomes abundant in investing, competitive advantage shifts from information access to sound judgment, original thinking, and temperament. AI commoditizes basic analytical work but cannot replace experience-based judgment, strategic skepticism, or the ability to distinguish signal from noise. The greatest danger is not that AI will surpass human thinking but that it will unify thinking, creating consensus and market instability. During Q2 2026, the fund sold semiconductor equipment stocks Lam Research, Applied Materials, and KLA Corporation at valuations of 20× sales and 50× earnings, eliminating margin of safety despite their quality. The fund also sold Cenovus Energy after shares rose 150% in one year driven by geopolitical events, believing intrinsic value did not justify the price. New purchases included Visa at an acceptable valuation and Kaspi.kz, an exceptional digital ecosystem in Kazakhstan trading at significant undervaluation. The manager remains cautious of speculative market segments driven by AI capital investment boom, focusing instead on high-quality companies with sustainable earnings, strong cash flow, and reasonable valuations.
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