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, high‑conviction style. Turnover was minimal, with only modest trims to the three core holdings and no new additions or exits during the quarter. The filing underscores Sosin’s long‑term, event‑driven focus on consumer and financial businesses.
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...