Investor Letters
Letters through December 31, 2025
15 letters reporting on the period ending December 31, 2025, in each firm's own reckoning.
- 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
- Greenhaven Road Capital Partners Fund Q1 Greenhaven Road’s Partners Fund argues that Maran Capital’s Horizon Kinetics Holding Company stake offers overlooked exposure to royalties, mineral and water rights, exchanges and future incentive fees. The manager values HKHC’s balance-sheet investments, asset-management earnings and potential carry, while favoring concentrated managers focused outside major indices. fourth quarter +2.0% HKHC $498MMIAX $4.2B
- Greenhaven Road Capital Q4 2025 Greenhaven Road Capital groups Lifecore and Vistry as “Bamboo Trees,” where operational transformations and capacity or partnership-model progress have yet to be reflected in valuations. It argues that fears around AI disruption, litigation, fundraising and credit are mispriced at PAR, Cellebrite, Burford and KKR, while Hagerty benefits from State Farm onboarding and marketplace growth. Q4 2025 -2.0% BUR $946MCLBT $2.9BHGTY $4.6BKKR-P-D
- Horizon Kinetics 4th Quarter Commentary Texas Pacific Land, LandBridge and WaterBridge stand to benefit from data-center development in the Delaware Basin, where land, gas and water scarcity create strategic value. The commentary argues that rapid NVIDIA chip cycles may strand early data-center capital, while water treatment, disposal routes and royalty-like business models reward patient resource owners and exchange operators. 4th Quarter 2025 — TPL $26BAB $3.4BAMG $9.4BATUSF $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
- 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
- Biglari Holdings 2025* Biglari Holdings used Steak n Shake borrowing to build dry powder while preserving parent-level liquidity for acquisitions. It made Ferrari its largest equity holding, expanded Steak n Shake’s owner-operator model and premium-food strategy, and positioned its insurance group and reinsurance arm to pursue further acquisitions. 2025 — RACE $75BTSLA $1.4T
- 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
- O'Keefe Stevens Advisory Quarterly Investor Letter Q4 2025 O'Keefe Stevens sold Fannie Mae common shares after conservatorship-exit expectations changed the risk-reward profile, while retaining preferred securities tied to eventual privatization. The firm added to Callaway after its Topgolf stake sale, trimmed Sphere despite its expanding venue and content opportunity, and sees a lumber-market recovery supporting GreenFirst. Q4 2025 — FNMA $7.3BICLTF $35MMODG delistedSPHR $5.6B
- Grey Owl Capital Management Q4 2025 Grey Owl All-Season Strategy increased exposure to U.S. small-cap equities, emerging-market and global equities, precious metals, and commodities while cutting fixed income and cash. It argues that accelerating growth, disinflation, improving market breadth, and easier comparisons for cyclical businesses favor broader equity leadership beyond mega-cap technology. fourth quarter of 2025 +2.4% —
- Weitz Investment Management 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
- 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
- Massif Capital Fourth Quarter 2025 Letter to Investors Massif Capital retained Equinox Gold after selling G Mining Ventures, arguing that Equinox offers operational momentum, deleveraging and prospective capital returns. The strategy favors cash-generative European producers amid oil volatility and maintains a large copper allocation on constrained mine supply, thin inventories and policy-driven stockpiling. Fourth Quarter 2025 +9.6% EQNR $103BEQX $16BGMIN $10BLAR $1.1B
- Patient Capital Management 4Q25 Quarterly Market Review Markets extended their advance through an uneven fourth quarter as the Federal Reserve cut rates twice amid labor-market weakness and disrupted inflation data. Patient Capital Management expects resilient consumption and economic growth to support equities in 2026 despite elevated valuations and concerns about an AI-driven bubble. 4Q25 — —
- Palm Valley Capital Fourth Quarter 2025 Commentary Palm Valley Capital Fund gained 0.66% in the fourth quarter, trailing the S&P SmallCap 600's 1.70% return while holding 76.3% in Treasury bills. The fund added Domino's Pizza Group, Utz Brands and Ingredion, sold its silver trust, and argues that disfavored small caps offer selective value despite elevated market valuations. Fourth Quarter 2025 +0.7% DMPZF $1BFLO $1.6BFORR $224MHTLD $959M
