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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Peak Asset Management maintains disciplined value investing amid Q2 2026 turbulence, stockpiling cash and building Treasury positions while portfolio holdings face pullbacks from AI spending and high valuations. Macro risks include geopolitical tensions and 4.2% inflation, but economic expansion continues."
Peak Asset Management's Q2 2026 letter emphasizes disciplined value investing amid market turbulence. The manager discusses the AI revolution's transformative potential while acknowledging the difficulty in identifying winners, drawing parallels to historical booms that cost investors. Portfolio holdings scored highly on AI readiness but experienced pullbacks due to high valuations and heavy AI spending, adversely affecting performance. Macro headaches include the Strait of Hormuz blockade, Ukraine war, NATO tensions, and inflation rising from 2.4% to 4.2%. Despite these challenges, the ISM Manufacturing Index shows economic expansion. The firm is stockpiling cash and building Treasury ladders, viewing cash as a wonderful asset in turbulent times. Warren Buffett's $397 billion Berkshire Hathaway cash hoard exemplifies this approach, creating both defensive positioning and offensive capability for the inevitable downturn. Peak rejects top-down speculation, citing SpaceX's $2 trillion valuation despite no revenue as an example of investment games whose rules they don't understand. The strategy emphasizes patience, bottom-up analysis, and paying rational prices for long-term holdings.
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