KB Weekend Reading
A weekly collection of good articles, charts, podcasts and memes
Mag7 premium comes off, market concentration eases. More stocks outperform, more active managers outperform.
The big question is now: how much Mag7 / Big Tech outflow can the "Halo" stocks (“heavy assets, low obsolescence risk”; such as Deere or McDonalds) take, before they get mispriced to the upside?
In the Newsletter (click here for full & free access)
Heavy Moat Investments: The risk of being contrarian in light of AI
The Pershing Square Foundation: Annual Letter (incl. Meta bull case)
Anomaly Investment Partners: When superior ROIC is not enough
Jeremy Stern: Portrait of Palantir COO Shyam Sankar
Miller Value Partners: Historic valuation gaps pointing to a market shift
James Emanuel: The SBC delusion by Big Tech is a market risk
Hockey Sticks (click for video)
Enjoy the Weekend !