Guy Spier announced he is returning outside capital, citing health concerns rather than performance or market timing. He frames the decision as a fiduciary duty to treat investors’ money with utmost seriousness. The letter underscores liquidity discipline, a preference for concentrated, conviction‑driven portfolios, and a rejection of asset gathering as an end in itself. Spier reiterates his long‑term, patient value‑investing philosophy, reminding investors that ending a career on a high note preserves credibility.
Maverick Capital reported a $9.3 billion equity portfolio, with the top ten holdings accounting for roughly 44% of assets. The fund’s biggest positions are concentrated in AI infrastructure and semiconductor leaders such as Nvidia, Microsoft, Amazon, TSMC and Applied Materials. At...
The Acquirer’s Multiple® Large‑Cap screen highlights a persistent valuation gap where capital‑intensive cyclicals, commodity‑linked firms, and financials trade at deep discounts despite solid operating income and free‑cash‑flow generation. Energy giants like Equinor and Petrobras, steel producer ArcelorMittal, and banks such...

Mario Gabelli highlighted at the Barron’s Roundtable 2026 that value investors should target mispriced experiential assets such as media, sports franchises, and entertainment companies. He cited Madison Square Garden Sports as trading at roughly half its calculated intrinsic value and...

Recent 13F filings show several top hedge funds and institutional managers expanding their stakes in Linde plc, underscoring confidence in the industrial gases leader. AQR Capital more than doubled its holding to roughly 430,000 shares, while Point72 and Gotham also...