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.
The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings.
Full Quick Take
The manager applies a normalized earnings framework to avoid buying businesses at peak-cycle valuations, particularly commodity businesses whose current margins are historically unprecedented. They trim positions as they move beyond normal earnings power and redeploy capital into quality businesses trading at compelling valuations relative to sustainable earnings.
Banking crisis creates opportunity for money center banks as regional competitors fail from duration risk. JPMorgan, Bank of America, and Goldman Sachs have superior capital ratios and diversified deposits protecting them from Silicon Valley Bank-style failures. Fed support through new lending facilities removes forced asset sales. Banks benefit from deposit migration and consolidation while trading at attractive 9x normalized earnings.
Full Quick Take
Banking crisis creates opportunity for money center banks as regional competitors fail from duration risk. JPMorgan, Bank of America, and Goldman Sachs have superior capital ratios and diversified deposits protecting them from Silicon Valley Bank-style failures. Fed support through new lending facilities removes forced asset sales. Banks benefit from deposit migration and consolidation while trading at attractive 9x normalized earnings.
