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Equity Research Database
Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
In the second quarter of 2025, the Oakmark Fund (Investor Class) achieved a 4.36% return, underperforming the S&P 500's 10.94% but outperforming it since inception. The manager took...
— William C. Nygren, Michael A. Nicolas, Robert F. Bierig
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Other investors who've written on Amazon.com, Inc.
The manager justifies selling Amazon in 2016, arguing that the company's customer-obsessed culture has degraded into a cluttered, ad-driven platform that exploits consumer inertia. Additionally, structural shifts...
The fund established a new position in Amazon, viewing it as an undervalued quality giant rather than a turnaround story. Key drivers include...
The manager uses Amazon to critique the fragile rally in mega-cap technology stocks, arguing that its surge is based on minor upward sales revisions rather than sustainable growth. Trading at 39x...