Letters by company
Meta Platforms, Inc.
17 letters discussing META. Everything written about it on this site is on its ticker page.
- 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 certainty trap Oakmark argues that AI investing should avoid binary forecasts and favor bonds priced for a broad range of outcomes. It favors Meta, Oracle and select single-tenant data center bonds for their resilient credit profiles and contractual protections, while avoiding highly leveraged NeoCloud issuers whose economics depend on sustained compute demand. 2Q 2026 — META $1.4TORCL $413B
- 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
- 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
- Rowan Street Capital Rowan Street 2025 Year-End Letter Meta Platforms remains Rowan Street’s largest holding, with the firm retaining its stake to preserve long-term compounding despite elevated investment spending. Rowan Street maintained Shopify through valuation compression, reduced its practical exposure to The Trade Desk by not adding during its decline, and initiated Tesla as a new core holding amid pessimistic sentiment. 2025 +11.1% META $1.4TSHOP $192BTSLA $1.4TTTD $6.3B
- 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
- 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
- O'Keefe Stevens Advisory Quarterly Investor Letter Q3 2025 O'Keefe Stevens Advisory warns that AI-related capital spending and crypto speculation require valuation discipline, using Corning’s dot-com history to frame the risk. The portfolio exited Donnelley Financial, Lazard and Capstone Copper, initiated Topgolf Callaway Brands, and retained Compass Minerals after a Goderich mine visit. Q3 2025 — GLW $131BCMP $1BCSCCY $13BDFIN $1.2B
- Rowan Street Capital Rowan Street Q2 2025 Letter Rowan Street Capital argues that holding Meta Platforms and Spotify through severe drawdowns, rather than trading around sentiment, reflects its edge in backing durable businesses. The portfolio also includes Netflix, The Trade Desk, Topicus, Shopify, Adyen and Dino Polska, while the firm says AI will not replace investor temperament and patience. The first half of 2025 +20.1% META $1.4TSPOT $110BADYEY $39BDNOPF $9.2B
- 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 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
- Bireme Capital May 2023 Investor Letter Fundamental Value argues that a higher-rate, inflationary regime exposes fragile refinancing assumptions, especially in commercial real estate, and favors cash-generative companies with pricing power. It added Airtel Africa and community banks, retained Bollore and Meta Platforms, and shorted Sunrun over its cash burn and aggressive contract-value assumptions. first five months of 2023 +8.0% AAFRF $16BBOL $12BCGECF $392MMETA $1.4T
- O'Keefe Stevens Advisory Quarterly Investor Letter Q2 2026 O'Keefe Stevens Advisory initiated Sotera Health after Warburg Pincus exited, arguing that its sterilization duopoly, regulatory barriers and normalizing capital spending can outweigh litigation concerns. The portfolio trimmed and hedged Qualcomm and Corning, retained substantial cash, and sees potential bargains outside crowded AI infrastructure trades. Q2 2026 — SHC $5.6BCALY $2.8BGLW $131BHCC $5.6B
- O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2026 O'Keefe Stevens Advisory built cash after selling Alibaba, Fannie Mae common, Mercedes-Benz and Tri Pointe Homes, while initiating Baxter and adding to Perrigo and Weyerhaeuser. The firm argues that elevated AI-related spending and stretched valuations warrant selective underwriting, with Baxter’s deleveraging and Perrigo’s restructuring offering security-specific catalysts. Q1 2026 — BAX $14BPRGO $1.9BBABA $290BCALY $2.8B
- 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
