Jeremy Grantham on Why Bubbles Break and Value Wins
Jeremy Grantham argues that investing success rests on temperament and a disciplined focus on value, not on predicting market turns. He warns that bubbles inevitably burst, turning overvalued assets into poor performers, while undervalued assets can stay cheap for long periods. Grantham urges investors and allocators to prioritize process over short‑term optics and to be prepared to re‑risk after steep declines. His message stresses judging managers on methodology rather than quarterly results.
Smart Money Is Buying Quest Diagnostics Inc. (DGX)
Institutional investors are increasing stakes in Quest Diagnostics (DGX), led by Davis Selected Advisers' addition of 228,271 shares worth roughly $280 million. Value‑focused managers such as Grantham’s GMO, Gotham, and AQR also expanded holdings, while Point72 and Fisher opened new positions,...
Pat Dorsey Explains How to Find Companies With Real Moats
Pat Dorsey told The Long View Podcast that a moat is simply a structural competitive advantage that gives a business pricing power. He warned investors not to mistake popular products or services for durable moats, citing PayPal’s slipping relevance as...
Tom Russo’s Investing Style: Global Brands, Quality Compounders, Long-Term Value
Tom Russo’s Gardner Russo & Quinn LLC manages roughly $9.26 billion, with a highly concentrated portfolio where the top ten holdings account for about 81% of assets. The fund leans heavily toward global consumer staples, luxury brands, payments and select media...
Howard Marks on Avoiding Losers and Building Wealth Consistently
In a recent Wharton School interview, Howard Marks warned that market optimism often lifts prices while bad news is ignored, leaving valuations elevated longer than many expect. He emphasized that the S&P 500 is not cheap by history but is...
This Week’s Deep-Value Landscape: Acquirer’s Multiple Large-Cap Screen
The Acquirer’s Multiple® large‑cap screen shows that cash‑rich companies across energy, financials, housing and mature franchises are trading at compressed multiples despite strong free‑cash‑flow yields and active shareholder returns. Market sentiment remains skewed toward AI‑driven growth narratives, leaving value‑oriented businesses...
How Mohnish Pabrai’s Mental Models Can Improve Investment Returns
Mohnish Pabrai urges investors to replace complexity with simple, disciplined mental models. He stresses treating investing as a duty, focusing on businesses that solve real problems rather than chasing profit headlines. Patience, temperament alignment, and avoiding self‑pity are presented as...
Inside Ed Wachenheim’s Portfolio: Why Greenhaven Is Doubling Down on Homebuilders
Greenhaven Associates, led by Ed Wachenheim, disclosed a $6.07 billion equity portfolio that remains heavily weighted toward homebuilders and automotive cyclicals. The top ten holdings make up 84.25% of assets, with Lennar, Toll Brothers, PulteGroup and D.R. Horton together representing roughly...
McDonald’s Corporation (MCD): Our Calculation of Intrinsic Value
McDonald’s Corp., the world’s largest fast‑food franchise, generated a discounted‑cash‑flow (DCF) intrinsic value of $180‑$190 per share based on an 8% discount rate and 3% terminal growth. The model attributes $34.1 billion of present‑value cash flows and a $136 billion terminal value...
Westlake Chemical Partners LP (WLKP): Deep Value Chemical-Related Business
Westlake Chemical Partners LP (WLKP) operates fee‑based ethylene production facilities and sells almost all output to its parent, Westlake Corp, under long‑term contracts. The partnership generates $1.17 billion in revenue with strong margins—about 30% gross and 27% operating—and delivers over $200 million...
What Daniel Loeb’s Latest Letter Reveals About Market Risk and AI
Daniel Loeb’s Q1 2026 investor letter outlines a risk‑first framework that helped Third Point post a modest decline while still beating the market. The firm began trimming positions in February, ahead of a private‑credit unwind and an Iran‑driven oil price...
Bruce Berkowitz Portfolio Analysis: Top 10 Positions and High Conviction Bet
Bruce Berkowitz’s Fairholme Capital Management disclosed a $1.43 billion equity portfolio that remains extraordinarily concentrated, with St. Joe Company comprising roughly 80% of assets. The top ten holdings account for 99.8% of the portfolio, underscoring a high‑conviction, asset‑driven value approach. Recent filings...
Cliff Asness on Diversification: The Real Risk Investors Miss
Cliff Asness and AQR argue that a recent positive stock‑bond correlation is not a cure for diversification problems. The report warns investors against swapping bonds for assets that merely track equities, such as private credit, leveraged equity products, or Bitcoin....
Top Superinvestors Are Buying Broadcom Inc. (AVGO)
Recent 13F filings reveal a wave of institutional buying in Broadcom Inc. (AVGO), with major investors such as Point72, Fisher Asset Management, and Bridgewater increasing stakes by billions of dollars. The purchases reflect confidence in Broadcom’s AI‑driven semiconductor demand, pricing...
Howard Marks Warns Private Credit Faces a Crucial Test for Investors
Howard Marks warns that private credit is entering a critical scrutiny phase as rapid asset growth has compressed yields, narrowed spreads, and attracted a flood of new managers. He cautions investors in listed asset managers and lenders to assess whether...
Prem Watsa Portfolio Analysis: Top 10 Positions and Key Changes
Fairfax Financial Holdings disclosed an equity portfolio of roughly $2 billion, with the top ten positions accounting for about 86% of assets. The fund remains heavily weighted toward commodity‑linked and industrial cyclicals such as Orla Mining, Occidental Petroleum and Cleveland‑Cliffs. Recent...
Visa Inc. (V): Our Calculation of Intrinsic Value
A weekly DCF model values Visa Inc. at an enterprise value of $546.6 billion, translating to an equity value of $540.4 billion or $275‑$285 per share. The current market price sits near $302, suggesting the stock is about 7% overvalued. Visa’s asset‑light,...
Pilgrim’s Pride Corporation (PPC): Deep Value Poultry Producer
Pilgrim’s Pride Corp (PPC) is highlighted as a deep‑value poultry producer with an Intrinsic Value‑to‑Price ratio of 1.40, suggesting a 40% discount to conservative valuation. The company reports $18.5 billion in revenue, $1.08 billion net income, and free cash flow above $650 million,...
Pzena: Value Vs. Value-Light – Why Investors Are Leaving Returns on the Table
Pzena Asset Management warns that many investors claim to follow value investing but actually employ “value‑light” strategies that skip the cheapest stocks. The firm shows that this dilution drags long‑term returns and misrepresents risk, as passive value indices often contain...
Cliff Sosin’s Portfolio Revealed & His High-Conviction Bet
Cliff Sosin’s CAS Investment Partners disclosed a $2.34 billion equity portfolio that is overwhelmingly weighted toward Carvana, which alone represents roughly 83% of assets. The remaining 17% is split between Hilton Grand Vacations, Capital One and two micro‑positions, reflecting an ultra‑concentrated,...
Top Superinvestors Are Buying Progressive Corp (PGR)
Institutional investors have markedly increased their holdings in Progressive Corp (PGR) during the latest quarter, as revealed by 13F filings. Quantitative manager AQR led the charge, adding 683,160 shares worth roughly $430 million, while Viking Global opened a fresh $300 million position....
Bill Nygren Explains His 7-Year Valuation Framework
Bill Nygren of Oakmark Funds outlines a seven‑year forward‑looking valuation framework that discounts projected business value to today’s price. He applies a 40% margin of safety, treating it as a resilience buffer rather than a precise target. The approach prioritizes...
Seth Klarman Portfolio Analysis: Baupost Group’s Top Holdings & Latest Moves
Seth Klarman’s Baupost Group disclosed an equity portfolio worth roughly $5.28 billion, with the top ten holdings accounting for about 72% of assets. The fund added a sizable Amazon position and boosted stakes in fintech and industrial names while trimming Alphabet,...
Nelson Peltz Portfolio Analysis: Key Positions, Concentration & Trian Strategy
Nelson Peltz’s Trian Fund Management disclosed a roughly $4.0 billion equity portfolio that remains extremely concentrated, with the top ten holdings accounting for essentially 100% of assets. Janus Henderson and General Electric together represent about 70% of the fund’s value, while...
Warren Buffett on Markets, Apple, and Why He’s Holding Cash
Warren Buffett told Squawk Pod that he still can’t predict market direction and relies on business fundamentals instead. He emphasized that Berkshire’s massive cash reserves won’t be rushed into equities after the recent modest correction, as no compelling valuations have...
This Week’s Deep-Value Landscape: Acquirer’s Multiple Large-Cap Screen
The Acquirer’s Multiple® large‑cap screen highlights a stark valuation gap, with cash‑rich companies in energy, financials, housing and mature franchises trading at compressed multiples. While AI‑driven growth stocks dominate market sentiment, these deep‑value names deliver strong operating earnings, free cash...
Mohnish Pabrai on Finding Value, Asymmetry, and Ignoring Market Labels
Mohnish Pabrai’s recent shareholder call challenged the industry’s reliance on rigid labels such as “growth,” “value,” or “cyclical,” urging investors to evaluate businesses on cash generation, durability, and price instead. He highlighted that low‑cost commodity producers and emerging‑market fintech can...
Jeremy Grantham on Market Psychology, AI, and Overinvestment Risk
Jeremy Grantham warns that AI hype mirrors past bubbles, emphasizing that transformative ideas can become overinvested. He notes that railroads, the internet, and AI share a pattern: obvious, serious ideas attract massive capital, leading to valuation excess. Grantham stresses separating...
Top Superinvestors Are Buying Molson Coors Beverage Company (TAP)
Recent 13F filings reveal that top institutional investors added to Molson Coors Beverage Company (TAP). AQR Capital led the charge with a 495,080‑share increase, while Gotham, Fairfax, and Point72 also expanded or initiated positions. The buying spans quantitative, deep‑value, and...
Mohnish Pabrai: Why Simple Ideas and Asymmetry Drive Outsized Returns
Mohnish Pabrai’s SXSW presentation highlighted that simple, fully‑committed ideas outperform complex strategies. He linked disciplined valuation, incentives and behavioral edges into a cascading "Lollapalooza" effect. Trust, exemplified by Costco’s pricing discipline, becomes a durable moat that compounds over time. The...
Chris Hohn Portfolio Analysis: Core Holdings, Concentration & Strategy
TCI Fund Management, led by activist investor Chris Hohn, reported a $53.6 billion equity portfolio that is almost entirely concentrated in its top ten holdings. The fund’s core positions include General Electric, Visa, Microsoft, Moody’s and S&P Global, reflecting a bias...
The Coca-Cola Company (KO): Our Calculation of Intrinsic Value
Analysts applied a discounted cash flow model to The Coca‑Cola Company, estimating an intrinsic share value of roughly $18‑19. The model uses an 8% discount rate, 2.5% terminal growth, and projects free cash flow reaching $6.7 billion by 2029, yielding a...
Fundsmith’s Terry Smith Explains Underperformance and Sticks to Strategy
At Fundsmith’s annual meeting, CEO Terry Smith admitted the fund’s performance over the past year was “poor.” He rejected excuses, emphasizing that the short‑term underperformance stems from broader market structural shifts rather than a flaw in the firm’s process. Smith...
This Week’s Deep-Value Landscape: Acquirer’s Multiple Large-Cap Screen
The Acquirer’s Multiple® Large‑Cap screen shows that capital‑intensive cyclicals, energy producers, financial institutions and mature franchises are generating strong operating income, free cash flow and shareholder returns, yet they trade at compressed acquisition multiples. Market pricing remains skewed toward long‑duration...
Bill Ackman Explains Why AI Competition Is Reshaping Corporate Investment
Bill Ackman told the FII Institute that artificial intelligence is sparking a competitive arms race that will reshape corporate earnings. He argued that growth will stem from infrastructure spending, tax incentives, and massive private capital directed at data centers and...
Top Superinvestors Are Buying Rocket Companies, Inc. (RKT)
Rocket Companies (RKT) attracted substantial institutional buying in the latest 13F filings, with hedge funds and asset managers adding over $1 billion in new stakes. Dan Loeb's Third Point, Point72, and Leon Cooperman led the surge, signaling confidence in a mortgage‑volume...
Bill Nygren Explains How Value Investors Navigate Geopolitical Market Shocks
Bill Nygren, Oakmark CIO, explained that value investors look five to seven years ahead, estimating a company’s future worth and buying at a discount regardless of geopolitical or energy‑related market shocks. He emphasized that short‑term macro events rarely alter a...
Caterpillar Inc. (CAT): Our Calculation of Intrinsic Value
Caterpillar’s discounted cash flow model estimates an intrinsic share price of about $182, far below the current market level near $707, indicating a roughly 74% negative margin of safety. The analysis applies a 10% discount rate, 3% terminal growth, and...
Crocs, Inc. (CROX): Deep Value Global Footwear Consumer Brand
Crocs, Inc. trades at an Acquirer’s Multiple of 6.70 and an IV/P of 1.4, indicating roughly 40% upside under conservative valuation. The company generates $659 million of free cash flow, delivering an 11‑12% FCF yield on enterprise value, and maintains a...
John Rogers: Where Investors Should Look Beyond The Mega-Cap Trade
John Rogers, co‑CEO of Ariel Investments, warned that the current market turbulence is driven more by policy decisions and geopolitical tension than by traditional credit cycles. He highlighted a widening gap in consumer spending, with affluent consumers still splurging while...
Top Superinvestors Are Buying ServiceNow, Inc. (NOW)
Top institutional investors dramatically increased their stakes in ServiceNow (NOW) during the latest 13F filing period, adding roughly $2.5 billion in new equity. The purchases were led by Ken Fisher’s Fisher Asset Management, which added over 6.6 million shares, followed by sizable...
Stanley Druckenmiller: Massive Disruption Ahead
In a recent Morgan Stanley interview, legendary macro investor Stanley Druckenmiller explained that contrarianism is often overrated and that true returns come from anticipating shifts in perception. He highlighted his successful bets on Teva Pharmaceuticals, which doubled after the market...
Top Superinvestors Are Buying Brookfield Corp. (BN)
Top institutional investors have markedly increased their holdings in Brookfield Corp. (BN) during the latest quarter, with Pershing Square, Akre Capital, Lone Pine and others adding billions of dollars in equity. The purchases reflect confidence in Brookfield’s diversified alternative‑asset platform,...
Why Guy Spier Is Returning Capital—And What It Means for Investors
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...
Lee Ainslie: Concentrating Capital in AI Leaders While Pruning Legacy Positions
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...
This Week’s Deep-Value Landscape: Acquirer’s Multiple Large-Cap Screen
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: Value Investing Ideas for 2026
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...
Top Superinvestors Are Buying Linde Plc (LIN)
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...