Join for free and get access to the buyside
Get insights from the world's most influential hedge fund investors direct to your inbox
- © 2025 Buyside Digest
- Privacy Policy
- Disclaimer
- Sitemap
- Terms of Service
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Mar 6, 2026 | Bireme Capital | - | 33.0% | AAPL, BLNK, COST, GOOGL, INTC, META, MSFT, NKLA, NVDA, RIVN, SPCE, TSLA | AI, Bubble, Corruption, Institutional, international, Speculation, Valuations | US equity valuations are at perilous highs with S&P 500 forward P/E at 23x and CAPE near 40x, while international markets offer significant discounts. European and Japanese equities trade around 15x forward earnings, roughly 30% discount to US multiples. Latin America trades at mere 10x forward earnings with 5%+ dividend yield. Artificial intelligence investments show artificial profit today due to massive capex creating revenue for picks-and-shovels companies while depreciation lags cash expenses. The AI complex is moving toward commoditization with intense competition evident across cloud providers, compute, and models themselves. Circular investments within the AI ecosystem are reminiscent of dotcom-era vendor financing. American institutional excellence is under unprecedented attack including rule of law, independent judiciary, competent bureaucracy, and fiscal prudence. The current administration has conducted mass purges of government watchdogs, attacked Federal Reserve independence, and systematically undermined the norms that define proper federal government role. Markets are experiencing extreme speculation with vibe investing replacing fundamental analysis. Assets are priced on fantastical stories rather than cash flows, with leveraged ETFs, retail options trading, and story stocks reaching bubble-like levels. This madness can only end in disaster. High-quality international businesses trade at fractions of US multiples, with the manager positioning clients to take advantage of this divergence. Despite US equity market dominating investor mindshare, the rest of the world returned 32.6% in dollar terms in 2025 versus SPY's 17.7%. | View | |
| 2024 Q3 | Sep 30, 2024 | Baron Opportunity Fund | 4.0% | 25.1% | AAPL, ACLX, AMD, AMZN, ARGX, AVGO, CRWD, DUOL, GDS, GWRE, INDIE, IT, MBLY, META, MSFT, NVDA, PAR, SPCE, TEAM, TSLA | AI, Data centers, growth, semiconductors, software, technology, Tesla | The fund views AI as an arms race to develop foundational models and achieve artificial general intelligence. Scaling laws drive massive infrastructure investments, with hyperscalers building data centers at unprecedented scale. New inference architectures like OpenAI's chain of thought models require exponentially more compute power. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| Steven A. Cohen | Point72 Asset Management | $86.8B | $2.0M | 0.00% | 609,312 | +589,312 | +2946.56% | 1.0720% |
| Dmitry Balyasny | Balyasny Asset Management | $76.6B | $63,558 | 0.00% | 19,800 | -1,726,300 | -98.87% | 0.0348% |
| Israel Englander | Millennium Management LLC | $233.2B | $1.5M | 0.00% | 479,789 | +260,594 | +118.89% | 0.8441% |