Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
FMI warns of a speculative, capital-intensive AI bubble and a high-risk 'junk' rally, opting to maintain strict valuation discipline and focus on defensive, cash-generative value opportunities.
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FMI warns of a speculative, capital-intensive AI bubble and a high-risk 'junk' rally, opting to maintain strict valuation discipline and focus on defensive, cash-generative value opportunities.
FMI is sounding the alarm on historically extreme market valuations and speculative AI spend. They remain defensively positioned in undervalued quality, small cap, and international equities, waiting for volatility to present opportunistic entries.
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FMI is sounding the alarm on historically extreme market valuations and speculative AI spend. They remain defensively positioned in undervalued quality, small cap, and international equities, waiting for volatility to present opportunistic entries.
The Smead Value Fund outpaced benchmarks in Q3 with a 10.72% return, using the letter to caution against speculative AI spending and advocate for a disciplined, value-oriented 'tortoise' investing strategy.
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The Smead Value Fund outpaced benchmarks in Q3 with a 10.72% return, using the letter to caution against speculative AI spending and advocate for a disciplined, value-oriented 'tortoise' investing strategy.
City Different generated exceptional outperformance in Q3 2025 led by Tidewater and nuclear energy holdings, while warning that current AI valuations have reached highly speculative, frothy territory.
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City Different generated exceptional outperformance in Q3 2025 led by Tidewater and nuclear energy holdings, while warning that current AI valuations have reached highly speculative, frothy territory.