Letters by company
Microsoft CORP
12 letters discussing MSFT. 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
- 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
- Broyhill Asset Management The Broyhill Letter 2026.Q1 Broyhill added IQVIA and Sotera Health to top holdings, arguing that regulated clinical research and sterilization infrastructure will benefit rather than be displaced by AI. The portfolio sold Ball, Kenedy Wilson, Fresenius Medical Care, Evolution and Avantor, then initiated Microsoft, Smurfit WestRock, Masco and Floor & Decor amid sharp market dispersion. first quarter -6.0% IQV $41BSHC $5.6BAVTR $9.4BBALL $17B
- 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
- 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
- Dodge & Cox Stock Fund Stock Fund Investment Commentary Dodge & Cox Stock Fund initiated positions in Visa, Thermo Fisher Scientific, and KKR after AI-disruption concerns and macro fears pushed their valuations lower. The fund retained conviction in Fidelity National Information Services, Fiserv, and Charter Communications, arguing that their valuation declines overstate risks, while its technology underweight hurt relative results. Second Quarter +5.6% KKR-P-D TMO $231BV $693BCHTR $18B
- Southeastern Asset Management 2Q26 Commentary Longleaf Partners Fund argues that speculative AI-linked market leaders have become detached from cash-flow fundamentals while its lower-multiple holdings offer greater upside with less risk. The fund engaged with Mattel and supported changes at Fortune Brands, while adding a new healthcare position, exiting Bio-Rad, and selling spun-off FedEx Freight above appraisal. 2Q26 +3.9% ACI $6.1BAVTR $9.4BCNX $5.4BFBIN $5.4B
- Palm Valley Capital First Quarter 2026 Commentary Palm Valley Capital Fund gained 0.74% in the first quarter, trailing the S&P SmallCap 600 Index’s 3.51% return while holding 77% of assets in Treasury bills and cash equivalents. The fund argues that AI fears have mispriced Amdocs, Resources Connection and other holdings, while trimming Chord Energy, Heartland Express and Farmland Partners near estimated value. First Quarter 2026 +0.7% CHRD $8.1BDOX $6.5BFLO $1.6BFPI $437M
- 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
- 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
