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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 their Q4 2025 client letter, Wedgewood Partners terms 2025 an 'Annus Horribilis' due to severe relative underperformance caused by extreme market concentration in speculative, high-multiple AI tech stocks. To address this,...
— David A. Rolfe, Michael X. Quigley, Christopher T. Jersan
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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...