Notes - A Short List of Low-Profile Value Investors

July 10, 2025

1. Chuck Akre, Akre Capital Management

Bio: Chuck Akre is a veteran value investor renowned for his "three-legged stool" investment philosophy. This framework prioritizes businesses with exceptional management, high returns on capital, and significant reinvestment opportunities. He founded Akre Capital Management in 1989 and is known for his long-term, concentrated investment approach, often holding companies for many years.

Investment Philosophy: Akre's strategy can be described as investing in "compounding machines." He focuses on identifying high-quality businesses with durable competitive advantages, often referred to as "economic moats." Unlike traditional value investors who may focus on statistically cheap stocks, Akre is willing to pay a fair price for an exceptional business with strong growth potential. His firm is known for its low turnover, reflecting a patient, long-term perspective.

Recent Trades (as of Q1 2025):

• Holdings Value: Akre Capital Management's 13F portfolio value was approximately $10.4 billion.
• New Positions: No new positions were initiated in the most recent quarter.
• Increased Stakes: The firm added to its positions in Brookfield Corp. (BN), Airbnb (ABNB), and CCC Intelligent Solutions (CCCS).
• Decreased Stakes: Akre trimmed positions in several long-term winners, including Mastercard (MA), O'Reilly Automotive (ORLY), Moody's (MCO), and Visa (V). This appears to be a case of harvesting gains in highly appreciated holdings.
• Significant Holdings: The top five holdings in the portfolio were Mastercard, O'Reilly Automotive, Moody's, Visa, and KKR, accounting for roughly 61% of the portfolio's value.

Recent Talks and Insights: In recent discussions, Akre has continued to emphasize the importance of focusing on business fundamentals rather than short-term market fluctuations. He advises investors to avoid getting caught up in market trends and instead concentrate on identifying exceptional companies trading at reasonable prices. His core message remains consistent: invest in high-quality businesses with enduring competitive advantages and let the power of compounding work over the long term.

2. Dennis Hong, ShawSpring Partners

Bio: Dennis Hong is the founder and portfolio manager of ShawSpring Partners. A Yale University graduate, he launched the firm in 2014 after working at other prominent investment firms. ShawSpring pursues a long-term, highly concentrated investment approach, typically holding a portfolio of 5-10 businesses.

Investment Philosophy: Hong's investment strategy focuses on high-growth businesses with durable competitive advantages and strong alignment between management and shareholders. He takes a long-term perspective and is willing to hold investments for many years to allow for compounding. His firm primarily invests in the technology, internet, and consumer sectors globally.

Recent Activity: Specific recent trades for ShawSpring Partners are not as readily available in public filings due to the nature of their reporting. However, Hong has been active in sharing his investment philosophy.

Recent Talks and Insights: In recent interviews, Hong has spoken about the importance of building a "world-class partnership" based on seeking exceptional returns and a commitment to long-term compounding. He emphasizes the significance of having a strong relationship with the management of the companies he invests in. For young investors, he recommends gaining exposure to as many companies as possible to build pattern recognition and to focus on understanding the underlying business dynamics.

3. Pat Dorsey, Dorsey Asset Management

Bio: Pat Dorsey is a renowned expert on "economic moats," a concept he helped popularize during his time as the Director of Equity Research at Morningstar. He is the founder of Dorsey Asset Management, where he employs a moat-focused, long-term investment strategy.

Investment Philosophy: Dorsey's investment approach is a blend of growth and value investing, with a strong emphasis on identifying companies with durable competitive advantages. He seeks to buy these "moated" businesses at fair prices and hold them for the long term. The four primary sources of economic moats he identifies are intangible assets, high switching costs, network effects, and cost advantages.

Recent Trades: Detailed quarterly trades for Dorsey Asset Management are not always publicly available. However, his largest reported holdings include Meta Platforms (META) and Alphabet (GOOG).

Recent Talks and Insights: In recent talks and writings, Dorsey continues to elaborate on the concept of economic moats. He cautions investors against mistaking strong brands or market share for a true moat. A key indicator of a moat, he suggests, is a company's ability to consistently raise prices without losing customers. He stresses that while capitalism is effective at eroding high returns on capital, companies with genuine moats can defy this trend for extended periods.

4. Josh Tarasoff, Greenlea Lane Capital

Bio: Josh Tarasoff is the founder and General Partner of Greenlea Lane Capital, a private investment partnership he established in 2006. He is known for his independent and highly concentrated investment approach, running a "self-driving" portfolio.

Investment Philosophy: Tarasoff's strategy is characterized by extreme selectivity and a long-term, permanent holding period. He focuses on businesses with strong fundamentals, sustainable advantages, and honest management. A key differentiator in his approach is his willingness to invest in companies driving predictable change, such as the shift to online retail or cloud computing, which he believes can be as certain as the consistency sought by traditional value investors. He is comfortable with companies that may not appear statistically cheap but have the potential for significant long-term value creation.

Recent Activity: Specific recent trades for Greenlea Lane Capital are not publicly disclosed.

Recent Talks and Insights: In recent interviews and essays, Tarasoff has discussed his concept of a "self-driving portfolio," which aims for an infinite time horizon. He believes that this long-term perspective improves decision-making. He also emphasizes the importance of a "mission-driven culture" as a key indicator of a quality company. Tarasoff's approach is a departure from the typical investment firm model; he operates with a lean team and without a formal office, allowing him to focus on his core investment activity.

5. Glenn Welling, Engaged Capital

Bio: Glenn Welling is the founder and CIO of Engaged Capital, an activist investment firm that primarily focuses on small and mid-cap companies. Welling has a background in private equity and has been involved in numerous activist campaigns aimed at unlocking shareholder value.

Investment Philosophy: Engaged Capital takes an activist approach, meaning they take significant stakes in companies and then work with management and the board to implement changes they believe will improve the company's performance and stock price. Their focus is on undervalued companies where they see a path to operational or strategic improvements.

Recent Activity: Due to the nature of activist investing, Engaged Capital's new positions and campaigns are often announced publicly. It is recommended to follow financial news outlets for the latest on their activities.

6. Li Lu, Himalaya Capital

Bio: Li Lu is a Chinese-American investor and the founder of Himalaya Capital Management. He is a well-known disciple of Charlie Munger and is highly regarded for his deep, fundamental research, particularly on Asian companies.

Investment Philosophy: Li Lu is a classic value investor who focuses on identifying great businesses with enduring competitive advantages that are trading at a significant discount to their intrinsic value. He believes in a concentrated portfolio and a long-term investment horizon.

Recent Trades: Himalaya Capital's portfolio is highly concentrated. While specific quarterly changes are not always widely publicized, his significant long-term holdings have included companies like Bank of America, Berkshire Hathaway, and Google.

Recent Talks and Insights: In recent discussions, Li Lu has expressed continued optimism about the opportunities for value investing in China, despite the market's immaturity and volatility. He believes that the combination of a growing economy and market inefficiencies creates a fertile ground for patient, long-term investors. He has also spoken about the global potential of value investing, particularly in modernizing economies.

7. Guy Spier, Aquamarine Capital

Bio: Guy Spier is a Zurich-based investor and the author of the popular book, "The Education of a Value Investor." He is known for his thoughtful and ethical approach to investing and for managing the Aquamarine Fund.

Investment Philosophy: Spier's investment philosophy is heavily influenced by Warren Buffett and Mohnish Pabrai. He believes in a very low-turnover, concentrated portfolio of high-quality businesses. He views himself as a co-owner of the businesses he invests in and takes a very long-term perspective.

Recent Trades (as of Q1 2025):

• New Position: Initiated a new stake in Core Natural Resources (CNR).
• Exited Position: Sold its holding in Arch Resources (ARCH-OLD).
• Significant Holdings: Long-term holdings include Berkshire Hathaway, Bank of America, and Ferrari.

Recent Talks and Insights: Spier often speaks about the importance of creating an optimal environment for decision-making and avoiding the "noise" of the market. His recent trades suggest a rotation within the natural resources sector. He continues to be a vocal proponent of long-term, patient investing.

8. Robert Vinall, RV Capital

Bio: Robert Vinall is the founder of RV Capital and manages the Business Owner Fund. Based in Switzerland, he has a strong track record of outperformance by investing with a long-term, business-owner mindset.

Investment Philosophy: Vinall's approach, as the name of his fund suggests, is to think and act like a business owner. He invests in a concentrated portfolio of companies that he believes have strong fundamentals and are run by capable and aligned management teams.

Recent Activity: In his 2024 letter to investors, Vinall discussed his investment in the oil sector, a new area for his fund, highlighting his willingness to invest in sectors he has not previously explored.

Recent Talks and Insights: Vinall's recent letter to investors was noted for its candor in discussing the emotional challenges of managing through significant drawdowns. He emphasized the importance of resilience and sticking to one's investment philosophy. He also discussed his views on finding opportunities in Chinese tech.

9. Bruce Berkowitz, Fairholme Capital

Bio: Bruce Berkowitz is the founder and Chief Investment Officer of Fairholme Capital Management. He is a deep-value, contrarian investor known for his highly concentrated and often unconventional investment bets. He was named Morningstar's Domestic-Stock Fund Manager of the Decade for 2000-2009.

Investment Philosophy: Berkowitz's strategy revolves around buying unpopular assets at a deep discount to their intrinsic value. He is not afraid to take large, concentrated positions in out-of-favor sectors. His primary goal is long-term capital growth without taking on excessive risk, which he mitigates by paying a very low price for his investments.

Recent Trades (as of Q1 2025):

• Increased Stakes: Berkowitz significantly increased his positions in The St. Joe Co. (JOE) and Enterprise Products Partners (EPD).
• Decreased Stakes: He reduced his exposure to some financial stocks.
• Significant Holdings: His portfolio is heavily concentrated in The St. Joe Co. and Enterprise Products Partners.

Recent Talks and Insights: Berkowitz continues to advocate for a contrarian approach, focusing on the underlying facts of a business rather than market sentiment. He believes that concentration, when you have high conviction, is superior to diversification. His recent portfolio moves indicate a strong belief in the recovery potential of the real estate and energy infrastructure sectors.

10. Mohnish Pabrai, Pabrai Investment Funds

Bio: Mohnish Pabrai is an Indian-American investor, author, and philanthropist. He is a well-known proponent of "cloning," or replicating the investment ideas of successful investors like Warren Buffett. He is the author of "The Dhandho Investor."

Investment Philosophy: Pabrai's investment strategy is centered on the idea of "shameless cloning." He believes in borrowing the best ideas from proven investors and then conducting his own due diligence. He runs a concentrated portfolio and is known for his patient, long-term approach.

Recent Activity: Specific quarterly trades for Pabrai Investment Funds are publicly available through 13F filings.

Recent Talks and Insights: Pabrai continues to be a vocal advocate for his cloning strategy, arguing that it is a powerful and underutilized tool for individual investors. He emphasizes that cloning is not about blind copying but about understanding the rationale behind an investment and having the conviction to hold it for the long term. He has also shared his "10 Commandments of Investing," which distill his value-oriented approach.

11. Norbert Lou, Punch Card Management

Bio: Norbert Lou is the founder of Punch Card Management, an investment firm whose name is a direct nod to Warren Buffett's famous "20-slot punch card" analogy for selective, high-conviction investing. Lou maintains a low public profile, letting the firm's concentrated portfolio speak for itself.

Investment Philosophy: Punch Card Management embodies an ultra-concentrated, long-term investment strategy. The philosophy is to invest in a very small number of exceptional businesses that the firm understands deeply and believes can compound capital at high rates over many years. This approach requires immense patience and a high threshold for what qualifies as an investment-worthy company.

Recent Trades (as of Q1 2025):

• Holdings Value: The firm's 13F portfolio was valued at approximately $217 million.
• Portfolio Concentration: The portfolio is extremely concentrated, with only a few holdings. In the most recent filing, Berkshire Hathaway (BRK.A) and PDD Holdings (PDD) constituted the vast majority of the reported value.
• Recent Activity: Punch Card Management is known for its exceptionally low turnover. The most recent filings show no significant changes, underscoring their buy-and-hold-indefinitely approach. Their position in Smith & Wesson Brands (SWBI) is a much smaller, long-standing holding.

Recent Talks and Insights: Norbert Lou does not give public interviews or talks. His insights are communicated solely through his portfolio actions, which consistently demonstrate a belief in holding a few outstanding companies and doing very little trading.

12. David Abrams, Abrams Capital

Bio: David Abrams is a highly respected and reclusive investor who founded Abrams Capital Management in 1999. He is an alumnus of Seth Klarman's Baupost Group, where he honed his skills in deep-value and distressed investing. His success has led to him being dubbed the "$8 Billion Man" by Forbes.

Investment Philosophy: Abrams practices an eclectic, opportunistic, and value-oriented investment style. His firm is known for its flexible mandate, allowing it to invest across various asset classes, geographies, and parts of a company's capital structure. The core tenets are a focus on margin of safety, a long-term investment horizon, and a willingness to look where others are not.

Recent Trades (as of Q1 2025):

• Holdings Value: Abrams Capital's 13F portfolio was valued at approximately $5.64 billion.
• New Positions: The firm initiated a new position in Lithia Motors (LAD).
• Increased Stakes: Abrams added to its holdings in Asbury Automotive Group (ABG).
• Significant Holdings: The portfolio remains concentrated, with top holdings including TransDigm Group (TDG), Loar Holdings (LOAR), and Lithia Motors (LAD). The firm has a significant bet on the auto dealership industry.

Recent Talks and Insights: David Abrams rarely speaks publicly. However, his portfolio actions indicate a continued focus on special situations and industries undergoing change. His recent investments in the automotive retail space suggest he sees durable value and potential for consolidation in that sector.

13. Christopher Bloomstran, Semper Augustus

Bio: Christopher Bloomstran is the President and Chief Investment Officer of Semper Augustus Investments Group. He is a meticulous, research-driven value investor and has gained prominence for his deep-dive analyses of Berkshire Hathaway, which he shares annually.

Investment Philosophy: Semper Augustus practices a classic, long-only value investing strategy. The firm seeks to own high-quality businesses with strong balance sheets and shareholder-oriented management teams, purchased at what they believe are significant discounts to intrinsic value. Their research is exhaustive, and they take a long-term view, often holding positions for many years.

Recent Trades (as of Q1 2025):

• Holdings Value: The firm's 13F portfolio was valued at approximately $620 million.
• Portfolio Snapshot: Bloomstran maintains a concentrated portfolio. A substantial portion of the firm's assets is in Berkshire Hathaway (BRK.B). Other significant long-term holdings include Dollar General (DG) and various energy and commodity-related businesses.
• Recent Activity: Filings show very low turnover. Recent small adjustments have been made, but the core positions remain unchanged, reflecting a strong conviction in his current holdings.

Recent Talks and Insights: In his extensive annual letters and occasional podcast appearances, Bloomstran has recently discussed the importance of valuing businesses based on owner earnings and being wary of popular narratives. He has been critical of speculative excesses in the market and maintains a disciplined, if sometimes cautious, stance, emphasizing that the price you pay is a critical determinant of your return.

14. Bryan Lawrence, Oakcliff Capital

Bio: Bryan Lawrence is the founder and portfolio manager of Oakcliff Capital, a private investment partnership. Before founding Oakcliff in 2004, he was a partner at the well-regarded investment firm Ruane, Cunniff & Goldfarb, managers of the Sequoia Fund.

Investment Philosophy: Oakcliff employs a long-term, concentrated, value-oriented investment approach. The firm focuses on identifying high-quality businesses with sustainable competitive advantages, strong cash flow generation, and management teams that act like owners. They often look for companies with a "builder" mentality, focused on creating long-term value rather than meeting quarterly expectations.

Recent Trades (as of Q1 2025):

• Holdings Value: Oakcliff Capital's 13F portfolio was valued at approximately $190 million.
• Key Holdings: The portfolio is highly concentrated. Significant positions include Interactive Brokers (IBKR), TransDigm Group (TDG), and Gildan Activewear (GIL).
• Recent Activity: Lawrence is known for his low portfolio turnover. Recent filings indicate stability in his top positions, reflecting a continued belief in the long-term prospects of these companies.

Recent Talks and Insights: Bryan Lawrence is not a frequent public speaker. His investor letters, however, provide deep insights into his thinking. He often writes about the importance of management quality and capital allocation, viewing them as critical components of a successful long-term investment.

15. Greg Alexander, Conifer Management

Bio: Greg Alexander is the managing partner of Conifer Management, a value-oriented investment firm. He maintains a relatively low profile, focusing on deep fundamental research and portfolio management.

Investment Philosophy: Conifer Management runs a concentrated portfolio of what they believe to be undervalued securities. The firm's strategy is flexible, investing across market caps and industries, but with a clear focus on buying businesses at a discount to their intrinsic value. They have shown a particular interest in the auto dealership sector.

Recent Trades (as of Q1 2025):

• Holdings Value: Conifer Management's 13F portfolio was valued at approximately $660 million.
• Portfolio Focus: The firm has a notable concentration in the automotive retail space, with large positions in Group 1 Automotive (GPI) and Lithia Motors (LAD). Another significant holding is Equitable Holdings (EQH).
• Recent Activity: Recent filings show that Conifer has been actively managing its positions within the auto retail sector, suggesting a deep-seated thesis in that area.

Recent Talks and Insights: Greg Alexander does not frequently engage in public discussions. The firm's portfolio composition is the primary indicator of their views, pointing to a strong conviction that the market is undervaluing the cash flow generation and consolidation opportunities within the auto dealership industry.

16. Clifford Sosin, CAS Investment Partners

Bio: Clifford Sosin founded CAS Investment Partners in 2012 after working as a sell-side analyst. He runs a highly concentrated, value-oriented portfolio and has generated exceptional returns since the fund's inception.

Investment Philosophy: Sosin's approach is defined by extreme concentration. He often invests a massive portion of the fund's assets in just one or two ideas. This strategy is predicated on exhaustive, deep-dive research to gain a significant informational edge. He looks for situations where he believes the market is fundamentally mispricing a business's long-term prospects.

Recent Trades (as of Q1 2025):

• Holdings Value: CAS Investment Partners' 13F portfolio was valued at approximately $1.54 billion.
• Extreme Concentration: The portfolio is dominated by a massive, high-conviction bet on Carvana (CVNA). Other significant holdings include Hilton Grand Vacations (HGV) and Capital One Financial (COF).
• Recent Activity: Sosin has maintained his large position in Carvana through extreme volatility, demonstrating his long-term conviction in the company's disruptive business model.

Recent Talks and Insights: Clifford Sosin avoids the public spotlight. His actions, particularly his unwavering commitment to his Carvana investment, signal a belief that the market is overly focused on short-term challenges while ignoring the company's potential to revolutionize the used car market.

17. Francois Rochon, Giverny Capital

Bio: Francois Rochon is a Canadian investor and the founder of Giverny Capital. A former painter, Rochon brings a unique, artistic long-term perspective to his investment practice, which he founded in 1998. He is a well-regarded figure in the Canadian value investing community.

Investment Philosophy: Rochon focuses on "wonderful companies" with durable competitive advantages, strong growth prospects, and excellent management. He is a student of Buffett and Munger and is willing to pay a fair price for quality. His "three pillars" are: 1) a high-quality, understandable business, 2) trustworthy and competent management, and 3) a reasonable purchase price. He aims to hold these businesses for the very long term.

Recent Trades (as of Q1 2025):

• Holdings Value: Giverny Capital's 13F portfolio was valued at approximately $2.71 billion.
• Key Holdings: The portfolio consists of high-quality compounders, with major positions in Berkshire Hathaway (BRK.B), Meta Platforms (META), and Ametek (AME).
• Recent Activity: The firm has very low turnover. Recent filings show minor adjustments, but the core portfolio of high-quality compounders remains intact, consistent with his long-term philosophy.

Recent Talks and Insights: In his annual letters and interviews, Rochon consistently emphasizes the importance of patience and focusing on the long-term value of a business. He recently discussed how market volatility can be an opportunity for the long-term investor to acquire shares in great companies at better prices. He often draws parallels between the discipline of art and the discipline required for successful investing.

18. Christopher Davis, Davis Advisors

Bio: Christopher Davis is the Chairman of Davis Advisors, a third-generation investment management firm founded by his grandfather. He has managed the firm’s flagship Davis New York Venture Fund for decades, carrying on a long family tradition of value investing.

Investment Philosophy: Davis Advisors employs a research-driven, long-term value strategy. The firm focuses on durable, well-managed businesses that are trading at a discount to their intrinsic value. A key tenet of their philosophy is the concept of "owner-managers," investing in companies where management has significant skin in the game. They have a particular expertise in financial stocks.

Recent Trades (as of Q1 2025):

• Holdings Value: Davis Advisors' 13F portfolio was valued at approximately $17.4 billion.
• Financials Focus: The portfolio has a significant weighting in the financial sector, with Capital One Financial (COF) and Berkshire Hathaway (BRK.A) among its largest positions. Meta Platforms (META) is also a top holding.
• Recent Activity: The firm has been adding to select technology and financial names while trimming some industrial positions. Their activity reflects a belief that the market is underappreciating the earnings power of well-capitalized financial institutions.

Recent Talks and Insights: In recent market commentary, Christopher Davis has spoken about the opportunities in the financial sector, arguing that many banks and insurance companies are misunderstood and undervalued. He has also highlighted the attractive valuations of certain large-cap technology companies that have become dominant, cash-gushing enterprises.

19. Tom Bancroft, Makaira Partners

Bio: Tom Bancroft is the founder of Makaira Partners, a concentrated, long-term value investment firm. Bancroft is an alumnus of Seth Klarman's Baupost Group, where he was a partner for many years, giving him a deep background in value and special situations investing.

Investment Philosophy: Makaira Partners runs a concentrated portfolio of publicly traded mid-cap companies. The strategy is built on deep fundamental research and a long-term, private-equity-like approach to public markets. They seek to invest in good businesses with strong management teams when they are available at attractive prices.

Recent Trades (as of Q1 2025):

• Holdings Value: Makaira Partners' 13F portfolio was valued at approximately $298 million.
• Key Holdings: The firm's top positions include Charter Communications (CHTR), Bath & Body Works (BBWI), and Domino's Pizza (DPZ).
• Recent Activity: The firm's portfolio shows a focus on consumer and communications businesses that they believe are undervalued relative to their long-term cash flow potential. Turnover is generally low.

Recent Talks and Insights: Tom Bancroft is not a public figure. The firm's investment choices suggest a focus on businesses with strong consumer franchises and recurring revenue streams that may be temporarily out of favor with the market.

20. Mason Hawkins, Longleaf Partners

Bio: Mason Hawkins is a legendary deep-value investor and the co-founder and Chairman of Southeastern Asset Management, the investment advisor to the Longleaf Partners Funds. Based in Memphis, he has been practicing value investing for over five decades.

Investment Philosophy: Longleaf follows a classic, Graham-and-Dodd-style deep-value approach. The core principles are: 1) only buying businesses at a significant discount (typically 60% or less) to a conservative estimate of intrinsic value, 2) focusing on good businesses with strong balance sheets and able management, and 3) investing with a long-term, concentrated perspective.

Recent Trades (as of Q1 2025):

• Holdings Value: Longleaf Partners' 13F portfolio was valued at approximately $927 million.
• New Positions: The firm has recently been active, initiating new positions in companies they see as deeply undervalued.
• Key Holdings: Significant holdings include Lumen Technologies (LUMN), a contrarian bet on the telecom space, as well as ACI Worldwide (ACI) and CNX Resources (CNX).
• Recent Activity: In their recent shareholder letters, Longleaf has discussed finding opportunities in the communication services and energy sectors, where they believe market pessimism has created significant discounts to business value.

Recent Talks and Insights: In their quarterly letters, Mason Hawkins and the Longleaf team have emphasized their strict adherence to their price-to-value methodology. They have noted that periods of market volatility often provide the best opportunities to deploy capital into deeply discounted securities. They remain focused on business value, not market price.

21. Glenn Greenberg, Brave Warrior Advisors

Bio: Glenn Greenberg is a highly respected, low-turnover value investor and the founder of Brave Warrior Advisors. Before starting Brave Warrior in 2009, he was a co-founder of the legendary investment firm Chieftain Capital Management. He is an alumnus of the same era of value investors as Bryan Lawrence, having also worked at Ruane, Cunniff & Goldfarb.

Investment Philosophy: Greenberg practices a highly concentrated, long-term investment strategy focused on what he calls "Intellectual Alpha." He seeks to invest in a small number of businesses that he can understand intimately and that possess durable competitive advantages. He is less concerned with statistical cheapness and more focused on the quality and long-term earnings power of a business. His approach requires immense patience and a willingness to diverge significantly from market indices.

Recent Trades (as of Q1 2025):

• Holdings Value: Brave Warrior's 13F portfolio was valued at approximately $4.37 billion.
• Extreme Concentration: The portfolio is famously concentrated. The top three holdings—Elevance Health (ELV), Synchrony Financial (SYF), and Raymond James Financial (RJF)—make up a significant majority of the entire portfolio.
• Recent Activity: Greenberg is known for his exceptionally low turnover. Recent filings show that he has maintained his large, core positions with only minor adjustments, signaling unshakable long-term conviction.

Recent Talks and Insights: Glenn Greenberg is famously reclusive and does not give interviews or public talks. His investment philosophy is best understood by studying his portfolio and reading his past letters from his time at Chieftain Capital. His actions communicate a clear belief: true investment insight comes from deep knowledge of a few great companies, not from broad diversification or market timing.

22. Bill Nygren, Oakmark Funds

Bio: Bill Nygren is a veteran value investor and the portfolio manager of the Oakmark Fund and Oakmark Select Fund. He has been with Harris Associates, the adviser to the Oakmark Funds, since 1983. Nygren is a highly regarded figure in the value investing community, known for his thoughtful and consistent approach.

Investment Philosophy: Nygren's definition of value investing is broad and pragmatic. He seeks to buy businesses at a significant discount to their intrinsic value, which he defines as what a rational businessperson would pay to own the entire company. His team looks for three key things: a significant price-to-value gap, growing per-share business value, and shareholder-oriented management teams that think and act like owners. He is comfortable investing in areas often overlooked by traditional value investors, such as growth-oriented technology companies.

Recent Trades (as of Q1 2025):

• Holdings Value: The Oakmark Fund's portfolio, managed by Nygren, was valued at approximately $6.61 billion.
• Key Holdings: The portfolio is a mix of financials, technology, and consumer names. Top holdings include Alphabet (GOOGL), Capital One Financial (COF), and First Citizens BancShares (FCNCA).
• Recent Activity: Nygren's recent trades show a continued focus on large-cap financials and what he considers undervalued technology giants. He has been adding to positions in the banking sector, believing the market is overly pessimistic about their long-term earnings power.

Recent Talks and Insights: In his quarterly commentaries and interviews, Nygren has recently discussed the attractive valuations he sees in the financial sector, particularly well-capitalized banks. He has also argued that companies like Alphabet and Meta are "value stocks" based on their prodigious free cash flow and dominant market positions, even if they don't screen as cheap on traditional metrics like price-to-book. He emphasizes that the definition of a "value" investment should evolve with the economy.

23. Bill Miller, Miller Value Partners

Bio: Bill Miller is a legendary and often contrarian value investor. He is the founder and Chief Investment Officer of Miller Value Partners. He is most famous for his record-setting streak of beating the S&P 500 for 15 consecutive years (1991-2005) while managing the Legg Mason Value Trust.

Investment Philosophy: Miller's approach to value investing is unconventional. He defines a value investment as any stock trading at a discount to its intrinsic value, regardless of its industry or growth characteristics. This has led him to invest in technology companies like Amazon and Dell early on, long before they were considered "value" plays by the broader market. He is known for making high-conviction, concentrated bets and holding them through volatility.

Recent Trades (as of Q1 2025):

• Holdings Value: Miller Value Partners' 13F portfolio was valued at approximately $219 million.
• Contrarian Bets: The portfolio is filled with deep value and often contrarian names across various sectors. Significant positions include Nabors Industries (NBR), B. Riley Financial (RILY), and a variety of housing and financial services-related stocks.
• Recent Activity: Miller has been active in the energy and financial services sectors, areas of the market that have experienced significant pessimism. His portfolio reflects a belief in a cyclical recovery for these out-of-favor industries.

Recent Talks and Insights: In his market letters, Bill Miller has maintained a bullish long-term outlook, arguing that innovation and economic growth will ultimately prevail. He has recently discussed the opportunities in housing-related stocks and energy, believing the market is underestimating demand and future earnings. He remains a vocal advocate for active management and a flexible definition of value.

24. Francis Chou, Chou Associates

Bio: Francis Chou is a Toronto-based, deep-value investor and the founder of Chou Associates Management. Originally from India, he began his career as a telephone technician for Bell Canada and taught himself investing by studying the works of Benjamin Graham. He is highly respected for his long-term track record and unwavering discipline.

Investment Philosophy: Chou is a quintessential Graham-and-Dodd value investor. He seeks to buy securities at a fraction of their tangible asset value or conservatively calculated intrinsic value, demanding a deep margin of safety. He is a patient, long-term investor who is willing to invest in complex situations, distressed debt, and out-of-favor industries to find bargains.

Recent Trades (as of Q1 2025):

• Holdings Value: Chou Associates' 13F portfolio was valued at approximately $182 million.
• Deep Value Focus: The portfolio is concentrated in deep-value and special situation investments. Key holdings include Berkshire Hathaway (BRK.A), Sirius XM (SIRI), and Stellantis (STLA).
• Recent Activity: Chou is known for his low turnover. His recent portfolio composition shows a continued focus on companies trading at very low multiples of earnings or book value, reflecting his classic value discipline.

Recent Talks and Insights: Francis Chou rarely gives interviews, preferring to communicate through his annual reports. In these letters, he consistently emphasizes the principles of Benjamin Graham: margin of safety, treating a stock as a piece of a business, and mastering one's emotions. He often writes about the importance of ignoring market noise and focusing solely on the relationship between price and value.

25. David Rolfe, Wedgewood Partners

Bio: David Rolfe is the Chief Investment Officer of Wedgewood Partners, a firm he joined in 1992. He is the manager of the firm's concentrated, large-cap growth strategy and is known for his disciplined, GARP (Growth at a Reasonable Price) approach.

Investment Philosophy: Wedgewood Partners practices a highly concentrated, low-turnover strategy focused on dominant, high-growth companies. They seek businesses with strong secular growth drivers, high returns on equity, and pristine balance sheets. While they focus on growth, the "reasonable price" discipline is critical; they aim to buy these superior businesses when they are trading at a discount to their intrinsic value, often during periods of temporary market concern.

Recent Trades (as of Q1 2025):

• Holdings Value: Wedgewood Partners' 13F portfolio was valued at approximately $496 million.
• Concentrated Growth: The portfolio is a "best ideas" list of large-cap growth companies. Top holdings include Taiwan Semiconductor Manufacturing (TSM), Meta Platforms (META), and Alphabet (GOOGL).
• Recent Activity: Rolfe has been trimming some of his biggest winners in the technology space while maintaining core positions. This reflects a discipline of rebalancing after periods of strong performance rather than a fundamental change in his outlook.

Recent Talks and Insights: In his quarterly client letters, David Rolfe provides detailed commentary on his holdings and market outlook. He has recently written about the durable competitive advantages of large-cap tech platforms, arguing that their earnings power is still underestimated. He emphasizes that true growth investing is about identifying multi-year secular trends, not chasing short-term momentum.

26. David Einhorn, Greenlight Capital

Bio: David Einhorn is the founder and president of Greenlight Capital, a prominent long-short value-oriented hedge fund. He is famous for his detailed, forensic research and high-profile activist campaigns and short calls, including his early warnings about Allied Capital and Lehman Brothers.

Investment Philosophy: Greenlight Capital employs a classic value investing framework, looking to buy securities at a significant discount to a conservative estimate of intrinsic value. On the short side, the firm seeks to identify companies with flawed business models, accounting irregularities, or those that are significantly overvalued. Einhorn is known for his deep-dive presentations at investment conferences.

Recent Trades (as of Q1 2025):

• Holdings Value: Greenlight Capital's 13F portfolio was valued at approximately $1.97 billion.
• Key Holdings: The long portfolio is concentrated in what Einhorn believes are deeply undervalued companies. Top holdings include Green Brick Partners (GRBK), Consol Energy (CEIX), and Brighthouse Financial (BHF).
• Recent Activity: Einhorn has been vocal about his bullish stance on certain housing and energy stocks, believing the market is mispricing their assets and earnings potential. He has also maintained a basket of short positions on what he calls "bubble" stocks.

Recent Talks and Insights: In his recent quarterly letters and conference appearances, Einhorn has discussed his thesis for Green Brick Partners, arguing it is a well-managed homebuilder trading at a steep discount. He has also expressed concerns about monetary policy and speculative excess in certain parts of the market. His presentations often provide a masterclass in deep, fundamental analysis.

27. Richard Pzena, Pzena Investment Management

Bio: Richard Pzena is the founder and Chief Investment Officer of Pzena Investment Management, a global investment firm that specializes in a classic, deep-value approach. He is also an adjunct professor at Columbia Business School, where he teaches value investing.

Investment Philosophy: The firm adheres to a strict, disciplined, deep-value methodology. They look for good businesses that are facing temporary, but solvable, problems, which has caused their stock price to fall to a significant discount (often 50% or more) to their normal, long-term earnings power. The process is research-intensive, systematic, and patient, as it often takes years for their theses to play out.

Recent Trades (as of Q1 2025):

• Holdings Value: Pzena's 13F portfolio was valued at approximately $687 million.
• Deep Value Sectors: The portfolio is heavily weighted towards cyclical and out-of-favor sectors like financials, energy, and industrials. Key holdings include Baxter International (BAX), CVS Health (CVS), and Humana (HUM).
• Recent Activity: The firm has been adding to positions in the healthcare and financial sectors, where they see significant valuation discounts due to near-term uncertainty. Their portfolio is a clear representation of a contrarian stance against prevailing market trends.

Recent Talks and Insights: In his commentaries and interviews, Richard Pzena has consistently argued that the valuation gap between the cheapest stocks and the most expensive stocks is historically wide, presenting a significant opportunity for deep-value investors. He emphasizes that the greatest returns are often made by investing in companies when they are surrounded by bad news and pessimism.

28. Samantha McLemore, Patient Capital

Bio: Samantha McLemore is the founder and portfolio manager of Patient Capital Management. She is a protégé of legendary investor Bill Miller, having worked alongside him for two decades at Legg Mason and Miller Value Partners before launching her own firm in 2020.

Investment Philosophy: McLemore follows a similar flexible and opportunistic value philosophy as her mentor, Bill Miller. She focuses on long-term, high-conviction investments in what she believes are misunderstood and undervalued companies. Her approach is characterized by deep fundamental analysis and a willingness to invest in companies across the value-growth spectrum, as long as they trade at a significant discount to intrinsic value.

Recent Trades (as of Q1 2025):

• Holdings Value: Patient Capital's 13F portfolio was valued at approximately $1.95 billion.
• Key Holdings: The portfolio is a concentrated mix of technology, consumer, and financial names. Top holdings include Amazon (AMZN), Citigroup (C), and a number of housing and specialty finance companies.
• Recent Activity: McLemore has been finding opportunities in out-of-favor large-cap tech and financials, believing the market is overly focused on near-term headwinds. The portfolio reflects a patient, long-term view on these businesses' recovery and growth potential.

Recent Talks and Insights: In her investor letters and interviews, Samantha McLemore has discussed the importance of psychological fortitude and a long time horizon in investing. She has explained her theses for companies like Amazon, arguing that the market is undervaluing its core business segments. She stresses that true patience is what allows an investor to capitalize on the market's emotional swings.

29. Sarah Ketterer, Causeway Capital

Bio: Sarah Ketterer is the CEO and co-founder of Causeway Capital Management, a global value investment firm. Before co-founding Causeway in 2001, she worked at Hotchkis & Wiley. She is a highly respected figure in the global and international value investing space.

Investment Philosophy: Causeway employs a disciplined, fundamental value strategy, blending quantitative screening with deep, bottom-up research. The firm seeks to identify undervalued companies across the globe. Their process starts with a quantitative screen to find statistically cheap stocks, which are then subjected to rigorous fundamental analysis to assess their business quality, financial strength, and management.

Recent Trades (as of Q1 2025):

• Holdings Value: Causeway's 13F portfolio was valued at approximately $4.77 billion.
• Global Value Focus: The portfolio is diversified across international markets and sectors, with a focus on out-of-favor industries. Key holdings include Canadian Pacific Kansas City (CP), Carnival Corp (CCL), and mining company Gold Fields (GFI, though often held as an ADR).
• Recent Activity: The firm has been finding value in the energy, materials, and travel-related sectors, areas that are sensitive to economic cycles but which they believe are trading at compelling valuations.

Recent Talks and Insights: In her market commentaries, Sarah Ketterer has highlighted the opportunities available in international and emerging markets, which have traded at a significant discount to U.S. equities. She emphasizes the importance of a disciplined, valuation-sensitive approach, especially in a market that has been dominated by a narrow group of growth stocks.

30. Tom Russo, Gardner Russo & Quinn

Bio: Tom Russo is a partner at Gardner Russo & Quinn, a value-oriented investment firm he joined in 1989. He is renowned for his long-term investment philosophy focused on global consumer brands and his concept of a company's "capacity to suffer."

Investment Philosophy: Russo's strategy is to invest in a concentrated portfolio of companies with strong, global consumer brands that have the potential to grow for decades. A cornerstone of his philosophy is identifying management teams with the "capacity to suffer"—the willingness to make short-term investments (in areas like marketing, product development, and geographic expansion) that may penalize near-term earnings but build enormous long-term value.

Recent Trades (as of Q1 2025):

• Holdings Value: The firm's 13F portfolio was valued at approximately $8.92 billion.
• Global Brands: The portfolio is dominated by global consumer staples and beverage companies. The top three holdings—Berkshire Hathaway (BRK.A), Mastercard (MA), and Philip Morris International (PM)—have been in the portfolio for many years and represent a huge portion of the assets.
• Recent Activity: Russo's portfolio has extremely low turnover. Recent filings show he has done very little other than minor rebalancing. His core holdings remain unchanged, reflecting his multi-decade investment horizon.

Recent Talks and Insights: In his rare interviews and talks, Tom Russo consistently preaches the virtues of long-term investing and focusing on businesses with global potential. He has recently discussed how emerging markets provide a long runway for growth for the powerful brands he owns. He argues that the market systematically undervalues a company's ability and willingness to invest for the distant future.

31. Thomas Gayner, Markel Group

Bio: Thomas Gayner is the Chief Executive Officer of Markel Group, a diversified financial holding company often called a "mini-Berkshire Hathaway." He has been the primary architect of Markel's highly successful investment operation for over three decades, building a large and diverse equity portfolio with the long-term capital provided by Markel's insurance businesses.

Investment Philosophy: Gayner's investment philosophy, which he has applied consistently for decades, is built on four key principles: 1) investing in profitable businesses with good returns on capital that don't require much leverage, 2) management teams with equal talent and integrity, 3) businesses with reinvestment opportunities and/or the ability to generate significant free cash flow, and 4) a fair purchase price. He is a quintessential long-term, business-focused investor.

Recent Trades (as of Q1 2025):

• Holdings Value: Markel's 13F equity portfolio was valued at approximately $11.3 billion.
• Key Holdings: The portfolio is a diverse collection of high-quality businesses. Top holdings include Berkshire Hathaway (BRK.A), Brookfield Corp. (BN), and Alphabet (GOOGL). The portfolio is well-diversified across financials, industrials, and technology.
• Recent Activity: Gayner is known for very low turnover. Recent filings show a continuation of this strategy, with only minor adjustments to the portfolio. He has been a long-term holder of his top positions, reflecting his buy-and-hold forever mentality.

Recent Talks and Insights: In his annual shareholder letters and interviews, Gayner consistently preaches the virtues of patience, compounding, and associating with high-quality people. He recently discussed the importance of maintaining a culture of trust and discipline within Markel. He often emphasizes that he is not trying to beat the market on a quarterly or annual basis, but rather to compound capital at a satisfactory rate over decades by owning great businesses.

32. Steven Romick, FPA Crescent

Bio: Steven Romick is a portfolio manager at First Pacific Advisors (FPA) and the lead manager of the FPA Crescent Fund, which he has managed since 1993. He is a highly respected value investor known for his flexible, go-anywhere approach and his unwavering focus on risk management.

Investment Philosophy: Romick's strategy is best described as "value investing without borders." The Crescent Fund has a flexible mandate to invest across the capital structure (stocks, bonds, distressed debt) and geographies. His primary goal is to achieve equity-like returns over the long term while minimizing the risk of permanent capital loss. He seeks to buy good businesses at what he considers great prices or great businesses at good prices, always with a strong margin of safety. He is famously willing to hold large cash positions when he cannot find compelling opportunities.

Recent Trades (as of Q1 2025):

• Holdings Value: The FPA Crescent Fund's 13F portfolio was valued at approximately $5.72 billion.
• Key Holdings: The portfolio is an eclectic mix of technology, communication services, and financials. Top holdings include Meta Platforms (META), Analog Devices (ADI), and Alphabet (GOOGL).
• Recent Activity: Romick has been selectively adding to what he views as high-quality technology companies that have seen their valuations become more reasonable. The fund's cash level remains a key indicator of his view on overall market attractiveness.

Recent Talks and Insights: In his quarterly commentaries, Romick provides detailed insights into his thinking. He has recently discussed the challenges of finding value in a market he views as generally expensive. He has emphasized that while certain large-cap technology companies have performed well, he is still finding pockets of opportunity in specific businesses that meet his strict valuation criteria. His overarching message is one of caution and selectivity.

33. Terry Smith, Fundsmith

Bio: Terry Smith is one of the most prominent and successful fund managers in the United Kingdom. He is the founder and Chief Executive of Fundsmith, which he established in 2010. His Fundsmith Equity Fund has delivered outstanding returns since its inception, attracting a massive following. He is known for his sharp wit and clear, no-nonsense investment philosophy.

Investment Philosophy: Smith's philosophy is deceptively simple and summarized by his three-step mantra: "Buy good companies. Don't overpay. Do nothing." He defines "good companies" as those that can sustainably generate high returns on operating capital in cash. He focuses on businesses with repeatable, high-margin revenues, often from a multitude of small, everyday transactions (e.g., consumer staples, medical devices, software). Once he buys these high-quality businesses, his intention is to hold them indefinitely.

Recent Trades (as of Q1 2025):

• Holdings Value: Fundsmith's 13F equity portfolio was valued at approximately $22 billion.
• High-Quality Compounders: The portfolio is a concentrated collection of global, high-quality businesses. Top holdings include Meta Platforms (META), Microsoft (MSFT), and Stryker (SYK).
• Recent Activity: Smith is known for extremely low turnover. His recent activity has been minimal, reflecting his "do nothing" principle. He has been a long-term holder of his core positions, allowing the power of compounding to work.

Recent Talks and Insights: In his annual shareholder letters and meetings, Terry Smith has consistently reinforced his core philosophy. He has recently cautioned investors against chasing speculative fads and emphasized the importance of valuation, even for the best companies. He argues that the one of the biggest determinants of long-term returns is the return on capital a business can generate, a factor he believes many investors overlook.

34. Wallace Weitz, Weitz Funds

Bio: Wallace Weitz is a veteran value investor based in Omaha, Nebraska, and the founder of Weitz Investment Management. He has been practicing value investing for over four decades, drawing inspiration from his "hometown hero," Warren Buffett. He is now the Chief Investment Officer and Co-Portfolio Manager for several of the firm's funds.

Investment Philosophy: The Weitz Funds' approach is rooted in the principles of Benjamin Graham and Warren Buffett. The firm seeks to buy durable businesses at a significant discount to their private market value (what a rational businessperson would pay for the entire company). Their research process is bottom-up and fundamentals-driven. A key element of their approach is a "margin of safety" based on valuation, but also on business quality and financial strength.

Recent Trades (as of Q1 2025):

• Holdings Value: The Weitz Funds' combined 13F portfolios were valued at approximately $844 million.
• Key Holdings: The portfolios are diversified across various sectors, with notable positions in financials, technology, and industrials. Top holdings include Danaher (DHR), Visa (V), and Mastercard (MA).
• Recent Activity: The firm has been selectively adding to high-quality compounders in the payments and life sciences sectors. Their turnover remains relatively low, consistent with their long-term, business-owner mindset.

Recent Talks and Insights: In his shareholder letters and commentaries, Wally Weitz and his team often discuss the importance of patience and temperament. They have recently highlighted the resilience of high-quality businesses in the face of economic uncertainty. They continue to emphasize their focus on identifying companies with predictable earnings power and strong competitive positions that can be purchased at reasonable prices.

35. Harry Burn, Sound Shore Management

Bio: Harry Burn is a co-founder and portfolio manager at Sound Shore Management, an employee-owned investment firm founded in 1978. He is a seasoned value investor who has been managing the firm's flagship Sound Shore Fund for decades.

Investment Philosophy: Sound Shore employs a disciplined, classic value investing strategy. They focus on large and mid-cap companies that they believe are trading at a significant discount to their intrinsic value. Their process involves screening for stocks with low price-to-earnings or price-to-cash flow ratios, followed by deep fundamental research to identify a catalyst that could unlock the company's underlying value. They seek businesses with strong balance sheets and above-average earnings power.

Recent Trades (as of Q1 2025):

• Holdings Value: Sound Shore's 13F portfolio was valued at approximately $2.86 billion.
• Contrarian Value: The portfolio is heavily weighted towards out-of-favor sectors like energy and financials. Top holdings include Coterra Energy (CTRA), Capital One Financial (COF), and Fidelity National Information Services (FIS).
• Recent Activity: The firm's recent activity shows a continued contrarian stance, adding to positions in the energy and financial sectors where they see compelling value based on cash flow and asset values, despite market skepticism.

Recent Talks and Insights: Harry Burn and the Sound Shore team communicate primarily through their fund commentaries. They have recently discussed the attractive opportunities in the energy sector, arguing that many companies are generating substantial free cash flow and returning it to shareholders, a fact they believe the market is ignoring. They remain steadfast in their belief that a disciplined, valuation-sensitive approach will be rewarded over the long term.

36. Bill Ackman, Pershing Square

Bio: Bill Ackman is one of the world's most well-known activist investors and the founder and CEO of Pershing Square Capital Management. He is known for his large, concentrated, and often public activist campaigns aimed at unlocking value in a small number of companies.

Investment Philosophy: Pershing Square's strategy is to make large, concentrated investments in a handful of high-quality, durable growth companies that they believe are undervalued. Ackman seeks simple, predictable, free-cash-flow-generative businesses that are protected by large competitive moats. Once a position is taken, he often engages with management and the board to advocate for changes that he believes will create long-term shareholder value.

Recent Trades (as of Q1 2025):

• Holdings Value: Pershing Square's 13F portfolio was valued at approximately $11.9 billion.
• Highly Concentrated: The portfolio is extremely concentrated in just a few names. The largest holdings are Universal Music Group (held indirectly), Restaurant Brands International (QSR), Chipotle Mexican Grill (CMG), and Alphabet (GOOGL).
• Recent Activity: Ackman has recently exited his long-held position in Lowe's and has been building a new, undisclosed position. His portfolio's composition reflects high conviction in a small number of what he considers to be world-class businesses.

Recent Talks and Insights: Ackman is very public with his views, often sharing them on social media and in detailed presentations. He has recently been vocal about his bullish outlook for his portfolio companies, particularly Alphabet, which he believes is significantly undervalued. He has also discussed his macro views, including concerns about inflation and interest rates. His presentations on his portfolio companies provide a deep dive into his investment thesis.

37. Daniel Loeb, Third Point

Bio: Daniel Loeb is the founder and CEO of Third Point LLC, a prominent event-driven, value-oriented hedge fund. He is famous for his activist campaigns and his sharply written, often incisive letters to the management of his target companies.

Investment Philosophy: Third Point employs an event-driven, opportunistic investment strategy. The firm seeks to identify situations where a specific corporate event—such as a merger, spin-off, bankruptcy, or management change—can unlock value. Loeb combines this with a classic value investing approach, looking to buy stakes in good companies at attractive prices. He is also known for taking positions across the capital structure, including in credit and distressed debt.

Recent Trades (as of Q1 2025):

• Holdings Value: Third Point's 13F portfolio was valued at approximately $6.28 billion.
• Event-Driven & Value: The portfolio is a mix of value stocks and special situations. Key holdings include Pacific Gas & Electric (PCG), Amazon (AMZN), and Taiwan Semiconductor Manufacturing (TSM).
• Recent Activity: Loeb has recently been active in the technology and utility sectors. His position in PCG is a classic event-driven play on the company's emergence from bankruptcy and recovery from the California wildfires.

Recent Talks and Insights: In his quarterly investor letters, Loeb provides detailed commentary on his market views and key positions. He has recently discussed the opportunities he sees in artificial intelligence and the semiconductor industry. He has also been vocal about the need for corporate governance reforms at some of his target companies. His letters are widely read for their sharp analysis and activist insights.

38. Lee Ainslie, Maverick Capital

Bio: Lee Ainslie is a "Tiger Cub," having honed his investment skills at Julian Robertson's legendary Tiger Management before founding his own firm, Maverick Capital, in 1993. He is a respected figure in the hedge fund community, known for his long/short equity strategy.

Investment Philosophy: Maverick employs a fundamental, bottom-up long/short equity strategy. The investment process is driven by deep, proprietary research aimed at identifying high-quality companies to go long and structurally flawed or overvalued companies to short. While the firm has a reputation for being tech-savvy, its investments span a wide range of industries. The goal is to generate strong absolute returns while managing risk through short selling and portfolio construction.

Recent Trades (as of Q1 2025):

• Holdings Value: Maverick Capital's 13F long portfolio was valued at approximately $5.55 billion.
• Key Holdings: The long portfolio is heavily invested in technology and consumer names. Top holdings include Amazon (AMZN), Nvidia (NVDA), and Philip Morris International (PM).
• Recent Activity: Ainslie has been actively managing his positions in the technology sector, reflecting both the opportunities and volatility in that space. The firm's significant holding in Nvidia indicates a strong bullish view on the AI theme.

Recent Talks and Insights: Lee Ainslie rarely speaks in public, but his portfolio and investor letters are closely watched. His firm's positioning indicates a strong belief in the long-term secular growth trends of cloud computing, artificial intelligence, and e-commerce. Maverick's approach is a prime example of how classic fundamental analysis can be applied to modern, high-growth industries.

39. Howard Marks, Oaktree Capital

Bio: Howard Marks is the co-founder and co-chairman of Oaktree Capital Management, a leading global investment manager specializing in alternative and, most famously, distressed-debt investing. He is renowned for his insightful and widely read investment memos, which detail his sophisticated investment philosophy.

Investment Philosophy: Oaktree's philosophy is grounded in risk control, consistency, and a deep understanding of market cycles. Marks's core tenet is that superior investment results are achieved not by forecasting the future, but by controlling risk and buying assets for less than their intrinsic value. He is a master of "second-level thinking," which involves looking beyond the superficial to understand the deeper, less obvious implications of an investment. Oaktree is famous for patiently waiting with cash until market dislocations create compelling opportunities in distressed debt and other credit instruments.

Recent Trades (as of Q1 2025):

• Holdings Value: Oaktree's 13F portfolio, which represents only a fraction of its total assets under management (much of which is in non-public credit), was valued at approximately $4.05 billion.
• Special Situations & Credit: The public equity portfolio is often comprised of companies emerging from restructuring or special situations. Key holdings include TORM plc (TRMD), Garrett Motion (GTX), and Sitio Royalties (STR).
• Recent Activity: The portfolio's composition reflects Oaktree's focus on distressed and event-driven situations. Many of their public equity holdings were acquired through debt-for-equity swaps during bankruptcies.

Recent Talks and Insights: Howard Marks's memos are his primary form of public communication. He has recently written extensively about market cycles and the importance of understanding where we are in the cycle to properly position a portfolio. He has cautioned that the "easy money" era is over and that investors should expect lower returns and higher volatility ahead. He consistently preaches the importance of humility, risk management, and avoiding the "big mistake."

40. Prem Watsa, Fairfax Financial

Bio: Prem Watsa is the founder, Chairman, and CEO of Fairfax Financial Holdings, a Canadian financial services holding company often called the "Berkshire Hathaway of the North." Watsa, who was born in India, has built Fairfax over several decades through savvy insurance operations and a contrarian, value-oriented investment strategy.

Investment Philosophy: Watsa is a deep-value, often contrarian investor. He strictly adheres to a value investing philosophy, seeking to buy businesses at a significant discount to their intrinsic value. A key part of his strategy involves using the "float" generated by Fairfax's insurance companies to make long-term investments. He is also known for making large, bold macro bets, often using derivatives to hedge the portfolio against what he perceives as major market risks.

Recent Trades (as of Q1 2025):

• Holdings Value: Fairfax Financial's 13F equity portfolio was valued at approximately $1.85 billion.
• Contrarian Bets: The portfolio is filled with out-of-favor and special situation investments. Key holdings include Orla Mining (ORLA), Occidental Petroleum (OXY), and CVS Health (CVS).
• Recent Activity: Watsa's recent portfolio moves show a continued focus on commodities and undervalued healthcare companies. His investment in Occidental Petroleum aligns with Warren Buffett's, while the holding in Orla Mining indicates a bullish view on precious metals.

Recent Talks and Insights: Prem Watsa communicates his views in his detailed annual letter to shareholders. He has recently expressed caution about the global economic outlook and the potential for inflation. He often discusses his belief in the long-term value of his holdings, even when they are out of favor with the broader market. His letters provide a masterclass in contrarian thinking and long-term capital allocation.

41. Yacktman Asset Management, Yacktman Funds

Bio: Yacktman Asset Management is a value-oriented investment advisory firm founded in 1992 by Donald Yacktman. The firm is now led by his son, Stephen Yacktman, as Chief Investment Officer. The firm is known for its consistent, disciplined, and successful application of its distinct value investing philosophy over multiple decades.

Investment Philosophy: The Yacktman philosophy is a unique blend of value and quality, which they describe as "buying great businesses at low prices." They focus on what they call "forward rate of return," which is a combination of a company's initial cash flow yield and its long-term growth prospects. They favor high-quality businesses that generate significant free cash flow and have shareholder-friendly management teams. They are patient investors, willing to hold cash and wait for opportunities that meet their strict criteria.

Recent Trades (as of Q1 2025):

• Holdings Value: The Yacktman Funds' combined 13F portfolios were valued at approximately $7.61 billion.
• Quality & Value Mix: The portfolio contains a mix of high-quality technology and consumer companies alongside more traditional value stocks. Top holdings include Canadian Natural Resources (CNQ), Microsoft (MSFT), and Charles Schwab (SCHW).
• Recent Activity: The firm has been adding to select financials and technology companies that they believe have become attractively priced. They maintain a disciplined approach, trimming positions that have appreciated significantly and reallocating capital to newer ideas.

Recent Talks and Insights: Stephen Yacktman and the team provide their insights through their fund commentaries and shareholder letters. They have recently discussed their belief that the market has become bifurcated, with some areas being highly overvalued while others offer compelling long-term returns. They emphasize that their goal is not to time the market but to consistently own a portfolio of good businesses purchased at prices that offer attractive forward returns.

42. David Tepper, Appaloosa Management

Bio: David Tepper is a billionaire hedge fund manager and the founder of Appaloosa Management. He is one of the most successful and closely watched investors of his generation, famous for his expertise in distressed-debt investing and for making bold, high-conviction macro and equity bets, particularly during times of market turmoil.

Investment Philosophy: Tepper is an opportunistic and flexible investor, not easily categorized into a single style. While rooted in value principles, his strategy is heavily influenced by his macro outlook. He is best known for his mastery of distressed investing, buying the debt of bankrupt or troubled companies. In public equities, he often buys into cyclical or out-of-favor companies when he believes a positive inflection point is near. He is known for his mantra, "It's time to get on the balls of your feet."

Recent Trades (as of Q1 2025):

• Holdings Value: Appaloosa's 13F portfolio was valued at approximately $5.57 billion.
• Macro-Tilted Value: The portfolio reflects Tepper's current macro views, with significant positions in large-cap technology and Chinese internet stocks. Top holdings include Alibaba (BABA), PDD Holdings (PDD), and Amazon (AMZN).
• Recent Activity: Tepper has been actively building positions in Chinese technology companies, making a bold contrarian bet that the worst is over for the sector and that valuations are compelling. He has also maintained large positions in U.S. technology giants.

Recent Talks and Insights: David Tepper often shares his high-level market views in television interviews. He has recently expressed a more constructive view on the market, citing potential moderation in inflation. His significant investments in Chinese tech stocks are a major talking point, indicating a belief that regulatory pressures are easing and economic stimulus will be effective.

43. Chris Hohn, TCI Fund Management

Bio: Sir Christopher Hohn is a British billionaire, activist investor, and philanthropist. He is the founder of TCI Fund Management (The Children's Investment Fund), which he started in 2003. He is known for his aggressive, long-term activist campaigns and, more recently, for his intense focus on climate change and ESG (Environmental, Social, and Governance) issues.

Investment Philosophy: TCI employs a private equity-style approach to public markets. The firm takes large, concentrated, long-term stakes in what it identifies as high-quality, oligopolistic businesses with strong pricing power and high barriers to entry. Hohn then engages in intense, behind-the-scenes (and sometimes public) activism to ensure management is allocating capital effectively and maximizing long-term value. A defining feature of TCI's recent activism is its focus on forcing companies to adopt credible climate transition plans.

Recent Trades (as of Q1 2025):

• Holdings Value: TCI's 13F portfolio was valued at an immense $43.4 billion.
• Concentrated Activism: The portfolio is extremely concentrated in a few high-conviction bets. The top holdings are General Electric (GE), Microsoft (MSFT), and Moody's (MCO), representing a huge portion of the portfolio's value.
• Recent Activity: Hohn is known for his long holding periods. The core of his portfolio has remained stable, though he has been actively engaged with the management of his portfolio companies, particularly on issues related to corporate strategy and climate disclosure.

Recent Talks and Insights: Chris Hohn communicates his views through public letters to the management of his portfolio companies and at conferences. He has been a leading voice in demanding that corporations take responsibility for their carbon emissions, launching initiatives like "Say on Climate." He argues that climate risk is a significant investment risk and that companies that fail to adapt will be poor long-term investments.

44. John Armitage, Egerton Capital

Bio: John Armitage is a highly successful British hedge fund manager and the co-founder of Egerton Capital, which he established in 1995. He is a "Tiger Grandcub," having previously worked at Morgan Grenfell alongside Nicola Horlick, who in turn trained under Julian Robertson of Tiger Management. He is known for his research-intensive, fundamental approach.

Investment Philosophy: Egerton runs a long/short equity strategy with a distinct tilt towards quality and growth. The firm's investment process is built on deep, proprietary, fundamental research. They seek to identify high-quality companies with strong management teams, durable competitive advantages, and secular growth prospects for their long positions. The firm is known for its detailed financial modeling and analysis.

Recent Trades (as of Q1 2025):

• Holdings Value: Egerton's 13F long portfolio was valued at approximately $8.67 billion.
• Quality Growth Focus: The portfolio is concentrated in high-quality technology, financial, and industrial companies. Top holdings include Amazon (AMZN), Progressive Corp (PGR), and Prysmian Group (held internationally, ticker FI on the Milan exchange).
• Recent Activity: The firm has been actively managing its technology and financial holdings, reflecting a focus on identifying the highest-quality businesses within those sectors. The portfolio indicates a belief in the continued growth of e-commerce and well-managed, data-driven insurers.

Recent Talks and Insights: John Armitage is a relatively private figure, but in occasional interviews and letters, he has emphasized the importance of proprietary research in a market saturated with information. He believes that deep fundamental analysis is the only way to gain a true edge.

45. Lindsell Train Ltd

Bio: Lindsell Train Ltd is a London-based investment management boutique founded in 2000 by Nick Train and Michael Lindsell. The firm is renowned for its distinctive, highly concentrated, long-term investment strategy and has a devoted following, particularly in the UK. Nick Train, as the public face of the firm, is one of the UK's most famous fund managers.

Investment Philosophy: The Lindsell Train philosophy is to invest with a "multi-decade" time horizon in a very concentrated portfolio of what they believe are exceptionally durable, cash-generative businesses, often with unique brands or franchises. They believe that the long-term returns of the stock market are driven by a very small number of "winner" stocks, and their goal is to identify and hold these companies indefinitely. Their key criteria include durability, pricing power, and a history of high returns on capital.

Recent Trades (as of Q1 2025):

• Holdings Value: Lindsell Train's 13F portfolio was valued at approximately $3.61 billion.
• Durable Brands: The portfolio is filled with companies possessing strong consumer brands or unique market positions. Key holdings include World Wrestling Entertainment (now part of TKO Group Holdings), Intuit (INTU), and FICO.
• Recent Activity: The firm is famous for its almost non-existent turnover. Their mantra is that their "favorite holding period is forever." Recent filings show virtually no changes, which is entirely consistent with their stated philosophy.

Recent Talks and Insights: Nick Train provides extensive commentary through his monthly fund factsheets and interviews. He consistently discusses the power of enduring brands and the importance of taking a truly long-term view. He has recently written about the potential for companies that own unique intellectual property (like sports leagues or data providers) to continue compounding value for decades to come, regardless of short-term economic cycles.

46. Valley Forge Capital Management

Bio: Valley Forge Capital Management is a Philadelphia-based investment manager that has grown significantly in recent years. The firm maintains a low public profile, focusing on a concentrated, long-term investment strategy.

Investment Philosophy: Valley Forge practices a concentrated, quality-growth investment philosophy. They seek to invest in what they deem to be high-quality, durable businesses with strong pricing power and long runways for growth. Their portfolio construction indicates a high degree of conviction in a small number of ideas, similar to other high-conviction growth and value managers.

Recent Trades (as of Q1 2025):

• Holdings Value: Valley Forge's 13F portfolio was valued at approximately $4.39 billion.
• Concentrated Quality: The portfolio is extremely concentrated, with a clear focus on businesses with strong competitive moats in the financial data and payments space. Top holdings are FICO, S&P Global (SPGI), and Mastercard (MA), which together represent a massive portion of the portfolio.
• Recent Activity: The firm exhibits very low turnover, reflecting its long-term, buy-and-hold approach. The stability of their top positions signals a deep and unwavering conviction in the long-term prospects of the credit rating, financial data, and payment network industries.

Recent Talks and Insights: The firm and its managers do not have a public presence. Their investment thesis is communicated entirely through their highly concentrated portfolio, which clearly indicates a belief in the enduring, oligopolistic nature of their core holdings.

47. Triple Frond Partners

Bio: Triple Frond Partners is a private investment partnership based in New York. The firm keeps an extremely low profile and is not widely known outside of institutional investment circles.

Investment Philosophy: Based on its public filings, Triple Frond Partners appears to run a concentrated, long-term portfolio focused on high-quality compounders, particularly in the technology and industrial sectors. The name itself suggests a focus on growth and compounding. The portfolio construction mirrors that of other firms that focus on owning best-in-class businesses for the long run.

Recent Trades (as of Q1 2025):

• Holdings Value: Triple Frond's 13F portfolio was valued at approximately $740 million.
• Quality Compounders: The portfolio is concentrated in a handful of high-quality technology and industrial companies. Top holdings include Microsoft (MSFT), TransDigm Group (TDG), and Alphabet (GOOG).
• Recent Activity: The firm has very low turnover, indicating a long-term investment horizon. The core holdings are dominant franchises in their respective industries, consistent with a "buy and hold quality" strategy.

Recent Talks and Insights: There is no public information available on the managers or their specific insights. The firm's strategy must be inferred from its public filings, which point to a disciplined, long-term approach to investing in market-leading companies.

48. Tweedy, Browne Company

Bio: Tweedy, Browne Company is a historic investment firm with deep roots in the origins of value investing. The firm started as a brokerage house that Benjamin Graham, the father of value investing, used to execute his trades. The firm later transitioned to money management, and its partners, including the late Christopher H. Browne, literally wrote the book on what works in investing, "What Has Worked in Investing."

Investment Philosophy: Tweedy, Browne is a bastion of classic, deep-value investing. The firm invests globally, seeking to buy stocks at a significant discount to their conservatively appraised intrinsic value. They focus on statistically cheap metrics like low price-to-earnings, low price-to-book value, and high dividend yields. They are disciplined, patient, and unemotional in their application of the Graham-and-Dodd methodology.

Recent Trades (as of Q1 2025):

• Holdings Value: The Tweedy, Browne Value Fund's 13F portfolio was valued at approximately $394 million.
• Global Deep Value: The portfolio is a collection of statistically cheap stocks from around the world. Top holdings include Berkshire Hathaway (BRK.A), Wells Fargo (WFC), and French energy giant TotalEnergies (TTE).
• Recent Activity: The firm has been finding opportunities in out-of-favor global banks and energy companies. Their portfolio is a clear reflection of their deep-value principles, buying into sectors and companies that are unloved by the broader market.

Recent Talks and Insights: The firm provides extensive analysis and commentary through its semi-annual reports and white papers. They consistently advocate for the enduring power of a disciplined value approach. They have recently highlighted the significant valuation discount of international and emerging market stocks compared to the U.S. market, which is where they are finding many of their current opportunities.

49. Meridian Contrarian Fund

Bio: The Meridian Contrarian Fund is a mutual fund managed by an investment team at ArrowMark Partners. The fund, as its name implies, employs a contrarian investment strategy, seeking to invest in out-of-favor companies.

Investment Philosophy: The fund's strategy is to invest in companies that are currently unpopular or misunderstood by the market. The managers look for businesses that are facing temporary headwinds but possess a durable underlying franchise and a catalyst for recovery. They seek to buy these companies at a significant discount to what they believe the companies will be worth once their prospects improve. It is a classic turnaround and special situations strategy.

Recent Trades (as of Q1 2025):

• Holdings Value: The Meridian Contrarian Fund's portfolio was valued at approximately $459 million.
• Eclectic & Contrarian: The portfolio is an eclectic mix of small and mid-cap companies across various sectors that are in the midst of a turnaround or are deeply out of favor. Top holdings include AXIS Capital Holdings (AXS), First Citizens BancShares (FCNCA), and Perrigo Company (PRGO).
• Recent Activity: The fund managers are actively seeking out companies that have been punished by the market but where they see a path to recovery. Their holdings in regional banks and specialty pharmaceuticals reflect this contrarian approach.

Recent Talks and Insights: The fund's managers provide their outlook through their quarterly fund commentaries. They often discuss the specific reasons why they believe their portfolio companies are misunderstood by the market. They have recently noted that periods of high market volatility and fear can be the most fertile ground for finding compelling contrarian investment ideas.