Investor Letters
Letters through June 30, 2024
2 letters reporting on the period ending June 30, 2024, in each firm's own reckoning.
- Palm Harbour Capital Letter 2024 Q2 | 542 KB Palm Harbour Capital maintained a contrarian value stance against megacap AI enthusiasm and pressed SK Kaken to improve capital allocation and investor relations. The fund introduced Piraeus Port Authority as a competitively advantaged, cash-rich port operator nearing the end of its investment programme, with scope for larger dividends. second quarter 0FHO delisted0OIY $1.7BDLTTF delistedGBSMF delisted
- 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
