Letters by company
Apple Inc.
10 letters discussing AAPL. Everything written about it on this site is on its ticker page.
- Palm Valley Capital Third Quarter 2025 Commentary Palm Valley Capital Fund gained 2.35% in the third quarter, trailing the S&P SmallCap 600’s 9.11% return while maintaining 74.1% cash equivalents. The fund added Teleflex, Robert Half, LKQ and Avista, sold Seaboard after its rally, and argues that richly valued AI leaders and small caps leave limited margin for error. Third Quarter 2025 +2.4% AAPL $4.5TAVA $3.2BDOX $6.5BFLO $1.6B
- Bireme Capital December 2023 Investor Letter Fundamental Value sold Netflix, cut Meta Platforms and added Apple, Clorox, Tootsie Roll, ARM Holdings and C3.ai shorts as mega-cap and staples valuations rose. It remained long Old Republic and RCI Hospitality, arguing their earnings power is underappreciated, and initiated British American Tobacco for its low valuation and reduced-risk nicotine franchise. The portfolio expects persistent inflation and fiscal deficits to constrain the soft-landing narrative. December 2023 +21.3% BTI $123BAAPL $4.5TAI $1.6BARM $268B
- Oakmark Funds The discipline to stay boring Oakmark Fund retained its value discipline rather than buy AI hardware companies without a sufficient margin of safety, despite their dominance in major value indexes. The portfolio favors businesses such as Corebridge Financial while expecting holdings including Capital One, AIG, Alphabet and Amazon to benefit from AI adoption. 2Q 2026 +2.5% AMZN $2.8TCOF $133BCRBG $14BGOOGL $4.2T
- Wedgewood Partners Are Hyperscalers Still Magnificent? Wedgewood Partners increased Alphabet, Amazon, Meta Platforms and Microsoft, arguing that their AI infrastructure spending is supported by high-return core businesses and investments that hedge DRAM cost inflation. The firm initiated Hermès, citing its artisan-led supply constraints, durable brand equity and pricing power, while trimming several large technology positions to maintain concentration limits. Second Quarter 2026 +9.4% HRMS AMZN $2.8TGOOGL $4.2TMETA $1.4T
- Distillate Capital 2026 Q2 Letter to Investors: Momentum Distillate Capital argues that AI-linked valuations have outrun underlying free cash flow, with hyperscaler capital spending shifting profits toward semiconductor and equipment suppliers. The firm favors high-quality, low-valuation stocks, cites Accenture as a contrarian example, and warns that depreciation, stock compensation, off-balance-sheet financing, and circular AI funding can obscure earnings. 2026 Q2 — ACN $113BAMZN $2.8TAVGO $1.8TGOOGL $4.2T
- Horizon Kinetics 4th Quarter Commentary Texas Pacific Land, LandBridge and WaterBridge stand to benefit from data-center development in the Delaware Basin, where land, gas and water scarcity create strategic value. The commentary argues that rapid NVIDIA chip cycles may strand early data-center capital, while water treatment, disposal routes and royalty-like business models reward patient resource owners and exchange operators. 4th Quarter 2025 — TPL $26BAB $3.4BAMG $9.4BATUSF $2.8B
- Berkshire Hathaway 2024 Berkshire Hathaway reported $47.4 billion of 2024 operating earnings, led by insurance underwriting income of $9.0 billion and investment income of $13.7 billion. GEICO’s turnaround, a $171 billion insurance float, and long-term Japanese stakes in five trading companies anchored the discussion, while Berkshire’s per-share market value rose 25.5% versus 25.0% for the S&P 500. 2024 +25.5% ITOCY $91BMARUY $50BMITSF $87BMSBHF $111B
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that passive indexation has concentrated equity risk in large U.S. technology companies as disinflationary forces, cheap capital and global labor arbitrage reverse. It identifies electricity and natural gas as AI bottlenecks, favoring Permian landowner LandBridge and Texas Pacific Land for data-center, water and royalty exposure. 2nd Quarter 2024 — LB $6.7BAMZN $2.8TGOOGL $4.2TMETA $1.4T
- Bireme Capital May 2024 Investor Letter Fundamental Value increased its international longs, built a more conservative US short book, and made Disney one of its largest positions on the view that its parks business and improving streaming economics are undervalued. The strategy exited painful meme-stock shorts in DJT and GameStop, shifting toward valuation shorts including Apple, Costco and Cintas. first five months of 2024 -10.9% DIS $186BARKK DJT $2.4BGME $8.1B
- First Eagle Investments Global Value Team Annual Letter Global Value Team argues that market optimism underprices the risks of a failed soft landing, persistent fiscal deficits and widening geopolitical conflict. The team favors quality, durable businesses bought below estimated value, alongside gold and potentially oil as ballast, and promoted Max Belmont to portfolio manager of its Gold strategies. 2023 — AAPL $4.5TAMZN $2.8TBRK.A $1.1TGOOGL $4.2T
