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.
Despite persistent macro hurdles like a government shutdown, rising unemployment, and declining consumer sentiment, the market delivered strong returns in 2025. Entering 2026, Patient Capital Management remains constructive, viewing elevated market skepticism and AI-bubble anxieties as contrarian positive indicators that, combined with resilient consumer spending, support a favorable environment for further equity gains.
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Despite persistent macro hurdles like a government shutdown, rising unemployment, and declining consumer sentiment, the market delivered strong returns in 2025. Entering 2026, Patient Capital Management remains constructive, viewing elevated market skepticism and AI-bubble anxieties as contrarian positive indicators that, combined with resilient consumer spending, support a favorable environment for further equity gains.
