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
Letter to Shareholders: Value Matters — Patience, Perspective, and the Wall of Worry ↗Weitz Investment Management argues that a prolonged bull market, concentrated in a handful of large stocks, may give way to a choppy period favoring business analysis and value investing. The firm remains cautious on the AI trade, holds Berkshire Hathaway, and expects life-science, software, and business-services holdings to benefit despite tariff, spending-cut, and AI-related sentiment headwinds.4Q25 BRK.A$1.1T
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
