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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.
The hyperscale data center builders like Google, Meta, Microsoft and Amazon have huge cash flows and enthusiastic markets for their stock or debt. Yes, their capital...
— David M. Poppe
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Other investors who've written on Alphabet Inc.
The manager notes that Alphabet's reported net earnings were artificially boosted by $98 billion of non-cash unrealized gains on startup investments amid negative free cash flow.
Alphabet Inc. ($GOOGL) operates the world's leading search engine alongside YouTube, Google Cloud, and emerging technology ventures like Waymo. The manager maintains...
We believe our portfolios are prudently exposed to the explosion in the use of AI. We own significant...
More institutional theses from Giverny Capital Asset Management
Other holdings such as American Express, Constellation Software, Heico, Kinsale and Mastercard continue to generate strong results yet have negative stock returns for the year-to-date through September. We made a...
To cite one extreme example of a stock that has become decoupled from business results, Charles Schwab stock is flat for the year even as its earnings are expected to grow 30% this year and another 25% or so next year. The stock trades...
We put our proceeds from Builders plus a little cash into a new investment in Amazon. Since I promised...