Artisan Partners’ Anand Vasagiri and Beini Zhou in this quarterly commentary for their International Explorer strategy describe their conclusions after applying “80/20 Principle” thinking – that in most systems a minority of causes drive a majority of outcomes – to several of their portfolio companies. Read Now
In this second installment of a three-part series for the CFA Institute Research Foundation, Rob Arnott of Research Affiliates examines the impact on stock prices of index membership and explains why he believes that, “Amid the current AI boom, the big winners may not be the obvious mega-cap names but less-celebrated suppliers, infrastructure providers, and end users.” Read Now
Tony Coniaris of Oakmark Funds in this recent quarterly commentary describes how his fund was handling positions in AI-spending beneficiaries Samsung and ASML following dramatic increases in their share prices. Read Now
This quarterly investor update from Christoper Smith of Artisan Partners’ Antero Peak Group describes the positioning of his portfolio and the key themes – including around medical innovations, U.S. output and “evolving” financials – reflected in it. Read Now
This academic study examines the explosion of new ETF offerings, many of which are incredibly targeted and often levered, and the impact that is having on investor behavior and manager incentives. One unsurprising finding: “The popularity [of active exchange-traded funds] is due to their structure, not performance. Read Now
Value investors typically fear M&A may destroy shareholder value, but recent research from Wharton professors Emilie Feldman and Exequiel Hernandez described in this Knowledge at Wharton article examines ways in which deal-making can do more good than harm. Read Now
This Colossus article takes a very deep dive into the history and surprisingly positive present-day trajectory of the fabled Irish beer brand Guinness. Read Now
Third Avenue Management’s Matthew Fine [VII, March 31, 2023] in this second-quarter commentary describes his latest thinking on positive movers (such as easyJet, Capstone Copper and Harley-Davidson) and negative movers (such as Tidewater, Valaris and Harbour Energy) in his Value Fund portfolio. Read Now
In this recent quarterly letter for his Real Assets Strategy, Will Thomson of Massif Capital [VII, August 31, 2022] examines the high levels of volatility so far this year for his fund, the challenges of investing in an environment of “zero-sum geopolitics,” and how all that has or hasn’t impacted his investment cases for such holdings as Lundin Mining, Equinox Gold, Aker and Alphamin Resources. Read Now
Christoper Smith of Artisan Partners’ Antero Peak Group [VII, November 30, 2025] in this paper details what’s behind his central investing premise that “long-term alpha has historically been driven less by static measures of quality, valuation or growth than by changes in the underlying drivers of business value.” Read Now
This recent essay from Harris Associates, manager of the Oakmark Funds, examines the contention that “the principles underpinning value investing belong to a slower, simpler economy and that the world has moved on, leaving value behind” – finding it, not surprisingly, sorely lacking. Read Now
Quite far-reaching as usual, this quarterly commentary from Horizon Kinetics touches on such subjects as ETFs and indexation, IPOs, compounding, precious-metal royalty companies, share-price volatility and exchanges, and bitcoin. Read Now
This UCLA Anderson Review article describes research over the years by long-time Professor Marvin Lieberman into whether business “first movers” actually gain competitive advantage. Read Now
In a departure from his typical podcast interview, Nicolai Tangen of Norges Bank Investment Management joins Nobel laureate Venki Ramakrishnan, author of the book Why We Die, for a “clear-eyed conversation on life, death, and everything in between.” Listen Now
Daniel Loeb in his latest investor letter describes why he believes “discipline around sizing and risk remains as important as idea generation in this environment,” and summarizes the investment cases for European construction-materials company CRH, payments firm Block and manufacturing services provider Flex. Read Now
Hotchkis & Wiley’s David Green [VII, September 30, 2025] in his latest quarterly commentary describes how he’s navigating a market “fueled by boundless excitement about the prospects of AI” and provides brief descriptions of his rationales for owning portfolio companies including software firm Workday, chemicals producer Olin, and oil and gas company APA Corp. Read Now
At the low end of the cycle, earnings of timber companies may look weak even as their assets retain substantial value, writes Kopernik Global Investors’ Taylor McKenna in this study of the potential opportunities that dynamic may be creating in today’s market. Read Now
GMO’s Lucas White [VII, March 31, 2025] in this report describes the investment upside potential being created by what he calls the surging demand for electricity all over the world. Read Now
Leading with a quote from economist Paul Samuelson – ““Investing should be more like watching paint dry or grass grow. If you want excitement, take $800 and go to Las Vegas” – Oakmark Funds’ Bill Nygren [VII, May 31, 2025] in this commentary defends against the contention that he and his colleagues are “AI bears” and explains why it’s ever more important in a market like today’s to focus on “following the operating performance of the businesses we own rather than the share prices of the businesses we don’t.” Read Now
In this “View from the Top” interview at Stanford’s Graduate School of Business, Anthropic Co-Founder and President Daniela Amodei “offers a candid look at what AI safety actually means in practice, why commercial success and safety are more aligned than people assume, and how AI will reshape work, education and human connection.” View Now
Miljan Gutovic, CEO of European cement giant Holcim, describes in this interview with Norges Bank Investment Management’s Nicolai Tangen how he is positioning his company for the transformation he considers underway in the global building-materials industry. Read Now