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.
Horos delivered solid Q2 returns while maintaining deep skepticism about the AI investment boom's sustainability. The manager sees the $700 billion hyperscaler spending spree creating semiconductor bottlenecks and valuations reminiscent of historical bubbles. SpaceX's $2 trillion IPO despite massive cash burn epitomizes the euphoria. The portfolio was repositioned away from recent winners toward undervalued holdings like Suzano and French holding companies, maintaining strict focus on margin of safety.
Full Quick Take
Horos delivered solid Q2 returns while maintaining deep skepticism about the AI investment boom's sustainability. The manager sees the $700 billion hyperscaler spending spree creating semiconductor bottlenecks and valuations reminiscent of historical bubbles. SpaceX's $2 trillion IPO despite massive cash burn epitomizes the euphoria. The portfolio was repositioned away from recent winners toward undervalued holdings like Suzano and French holding companies, maintaining strict focus on margin of safety.
