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.
Morris sees 2026 markets in a bubble comparable to 1999, with semiconductor concentration and margin debt at dangerous extremes. His portfolios lag year-to-date by avoiding the chip rally, but he's doubling down on value and quality stocks ignored by the market. He's building a Quality portfolio of 24 large-cap compounders and maintaining diversification across gold and undervalued equities, positioned for outperformance when the bubble bursts.
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Morris sees 2026 markets in a bubble comparable to 1999, with semiconductor concentration and margin debt at dangerous extremes. His portfolios lag year-to-date by avoiding the chip rally, but he's doubling down on value and quality stocks ignored by the market. He's building a Quality portfolio of 24 large-cap compounders and maintaining diversification across gold and undervalued equities, positioned for outperformance when the bubble bursts.
