October was a better month for the Core Equity Strategy, and it came during a broad sell-off in technology stocks. The Strategy isn't built to be "anti-AI," but recently it has tended to do well when AI stocks struggle, and vice versa. One good month doesn't change the longer-term picture I wrote about in September, and it’s important to remember investing is a marathon.
The letter also covers why Spotify's co-CEO thinks AI agents like Meta's Muse will help his business, not hurt it, and why companies that exploit customers carry hidden liabilities while those that treat customers well hold an asset the market often undervalues. It also explains why I believe our most "AI-exposed" holdings have more time to adapt than the average company, and why I'm comfortable holding more cash than I'd like while I wait for compelling opportunities.
You can read the full letter below or by clicking here.
Please see important disclaimers.