Letters by company
Alphabet Inc.
18 letters discussing GOOGL. Everything written about it on this site is on its ticker page.
- RGA Investment Advisors The Great Divide: Why the Stock Market is So Concentrated and Where We Are Finding Opportunities RGA Investment Advisors argues that index concentration, retail speculation and AI enthusiasm have widened valuation opportunities, particularly in healthcare and selected mega-cap technology. The firm defends Alphabet’s vertically integrated AI position and adds Capital One after its Discover acquisition, citing network ownership, integration capabilities and a stronger payments franchise. Q3 2025 — COF $133BGOOGL $4.2TDFS delistedMA $503B
- Intrepid Capital Mutual Fund Commentary Intrepid Capital Fund 2Q 2026 Intrepid Capital Fund favors family-controlled, cash-generative holdings as investors reassess the capital demands of artificial-intelligence infrastructure. Mark Travis questions Alphabet’s equity and debt financing and argues that SpaceX’s public offering reflects speculative demand rather than conservative portfolio criteria. 2Q 2026 +6.6% GOOGL $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
- GreensKeeper Asset Management Scorecard #54 – Value in Action The Value Fund materially increased ICON plc after concluding its accounting restatement would not impair cash generation or customer relationships. It retained positions in Richemont, Alphabet and Elevance Health, while arguing that concerns over Intercontinental Exchange’s perpetual-futures competition and Lockheed Martin’s execution issues are temporary. Q2 +10.9% ICLR $14BCFRHF $136BELV $86BGOOGL $4.2T
- Weitz Investment Management Letter to Shareholders: Value Matters — Beyond the AI Boom Weitz Investment Management argues that narrow AI-led market leadership resembles the late-1990s technology bubble and may be starting to broaden. The firm holds Alphabet, Microsoft, Amazon and Meta for their established cash-generative businesses, while warning that AI infrastructure spending could take longer to earn adequate returns. second quarter — AMZN $2.8TGOOGL $4.2TMETA $1.4TMSFT $3.6T
- 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
- RGA Investment Advisors Year Zero: How AI Is Reshaping Our Investment Process RGA Investment Advisors has rebuilt its research workflow around Claude Code, structured data tools and cross-model validation while retaining its low-turnover GARP discipline. It argues that Amazon Web Services is positioned to capture AI workflow demand through model-agnostic orchestration, and uses a SaaS risk tracker to identify resilient software businesses and avoid value traps. Q1 2026 — AMZN $2.8TGOOGL $4.2TNVDA $5.1T
- RGA Investment Advisors Working with AI, Thinking with Discipline RGA Investment Advisors formalizes AI use in research, using proprietary-call notebooks and specialized agents to accelerate screening while stress-testing assumptions. The portfolio added Celsius Holdings and Lattice Semiconductor, while Amazon is framed as an AI application-layer beneficiary and position sizing has been reduced amid greater single-stock dispersion. Q4 2025 — LSCC $17BAMZN $2.8TGOOGL $4.2TAMDC
- Pershing Square Holdings Letter to Shareholders Pershing Square Holdings returned 20.9% on NAV in 2025, ahead of the S&P 500’s 17.9%, while its share price gained 33.9% as the NAV discount narrowed to 24.1%. The portfolio added Meta, Amazon and Alphabet, backed Howard Hughes Holdings’ Vantage acquisition, and exited Hilton, Chipotle, Canadian Pacific and Nike. 2025 +20.9% AMZN $2.8TBN $94BFMCC $3.6BFNMA $7.3B
- Patient Capital Management 4Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added long-dated Biogen calls, Chime and Fiserv while exiting Angi, citing Biogen’s Alzheimer’s pipeline, Chime’s underserved-consumer banking platform and Fiserv’s reset under new leadership. The strategy argues that health-care holdings remain undervalued and that idiosyncratic stock selection, rather than AI exposure, drives its edge. fourth quarter of 2025 +6.0% BIIB $33BCHYM $12BCOIN $45BFBTC
- Pershing Square Holdings Letter to Shareholders Pershing Square added Amazon and increased Brookfield and Hertz while trimming UMG, Hilton and Chipotle and exiting Canadian Pacific amid tariff-driven volatility. It is transforming Howard Hughes Holdings into a diversified holding company, beginning with a planned property-casualty insurance platform whose assets it would manage without charge. Six-month period ended June 30, 2025 +15.5% HHH $4.1BAMZN $2.8TBN $94BCMG $47B
- 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
- Baron Funds Letter from Ron Ron Baron argues that long-term value creation requires backing executives willing to make consequential investments despite immediate costs and visible risks. He presents MSCI’s private-assets data strategy, Tesla’s autonomy and manufacturing ambitions, and SpaceX’s launch, connectivity, and AI infrastructure as examples of that approach. JUNE 30, 2026 — MSCI $41BTSLA $1.4T0R24 $650BGOOGL $4.2T
- Polen Capital 5Perspectives Growth Opportunities Polen 5Perspectives Growth Opportunities 2Q 2026 Portfolio Manager Commentary Polen 5Perspectives Growth Opportunities increased Technology exposure, adding semiconductor and neocloud positions funded by reductions in Industrials, Financials, and Consumer Discretionary. Bloom Energy, Advanced Micro Devices, and Nebius Group benefited from AI infrastructure demand, while Fastly, BWX Technologies, and Palantir Technologies lagged amid selective positioning. 2Q 2026 +25.2% AMD $773BBE $60BBWXT $14BFSLY $3.6B
- Giverny Capital Annual Letter to our Partners 2025 Giverny Capital sold Carmax after deteriorating sales and profits, and exited Fiserv after its CEO departure, weaker guidance and balance-sheet concerns. It retained Constellation Software, arguing that its deeply embedded vertical-market software and decentralized operating model can adapt to AI disruption. The firm cautioned that AI infrastructure spending may produce poor early-investor economics despite its technological value. 2025 +2.7% CNSWF $47BCNI $77BFISV $28BFIVE $13B
- Weitz Investment Management Letter to Shareholders: Value Matters Weitz Investments has concentrated portfolios in steady earners rather than the narrow group of AI-led index winners, leaving Nvidia unowned while retaining exposure through Alphabet, Microsoft, Amazon, Meta and Oracle. The firm argues that Salesforce, Constellation Software and Accenture can benefit from enterprise AI adoption, while Danaher and Thermo Fisher retain long-term life-sciences potential despite policy disruptions. 3Q25 — DHR $149BTMO $231BACN $113BAMZN $2.8T
- 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
