Core Insights - Giverny Capital Asset Management's portfolio returned 0.01% in Q4 2025, underperforming the S&P 500's 2.66% return, and year-to-date returns were 12.58% compared to the index's 17.88% [1] - The firm faced challenges due to the outperformance of large technology companies, which negatively impacted the portfolio's performance due to its underweight in large tech and overweight in smaller niche leaders [1] - Despite strong earnings growth and capital returns from portfolio companies, the market's focus on AI investments has created uncertainty regarding actual benefits [1] Company Highlights - Hawkins, Inc. (NASDAQ:HWKN) was highlighted as a new holding in Giverny Capital Asset Management's Q4 2025 investor letter [2] - Hawkins, Inc. specializes in manufacturing ingredients for water treatment, food and health applications, and industrial use, with a market capitalization of approximately $2.722 billion [2] - The stock closed at $130.25 per share on January 30, 2026, with a one-month return of 13.20% and a twelve-month gain of 15.77% [2] - The company was closely monitored by Giverny Capital, with management visits conducted in the summer of 2024, and a price correction in fall 2025 provided an opportunity for investment [3]

Giverny Capital Asset Management, LLC, an investment management company, recently published its fourth-quarter 2025 investor letter. A copy of the same can be downloaded here. The Portfolio returned 0.01% compared to 2.66% for the S&P 500. YTD, the fund returned 12.58% compared to 17.88% for the Index. The firm faced a challenging fourth quarter and calendar year, despite solid appreciation. The outperformance of a few large technology companies has negatively impacted performance, given the portfolio's und ...

Core Insights - Giverny Capital Asset Management's portfolio returned 0.01% in Q4 2025, underperforming the S&P 500's 2.66% return, and YTD returns were 12.58% compared to the Index's 17.88% [1] - The firm faced challenges due to underweighting in large technology companies and overweighting in smaller niche leaders, despite strong earnings growth and capital returns from portfolio companies [1] - The market's focus on AI investments has overshadowed the actual benefits of portfolio companies, impacting overall performance [1] Company Insights - Align Technology, Inc. (NASDAQ:ALGN) was highlighted in Giverny Capital Asset Management's Q4 2025 investor letter, noting a one-month return of 5.18% but a 52-week loss of 25.10% [2] - As of January 29, 2026, Align Technology's stock closed at $164.12 per share, with a market capitalization of $11.896 billion [2] - The company is recognized for its innovative product, Invisalign clear aligners, which are expected to gradually replace traditional braces, potentially impacting the orthodontist profession [3]

It’s that time of year that reminds everyone how much better it is to give than receive. JPMorgan is in the holiday spirit (or as much as it can get, anyway), considering how much it expects to pay advisors next year. And of course, that’s far from being a charitable gesture. During this week’s Goldman Sachs conference, JPMorgan Consumer & Community Banking CEO Marianne Lake told the audience that the company is planning for considerably higher expenses next year, in part because of incentive compensation ...

Market Trends - AI investment is experiencing explosive growth, driving a significant Wall Street rally [1] Investment Analysis - The report explores the potential risks of an "AI wipeout" versus the benefits of riding a rising wave in AI investments [1]

Derivatives allowing investors to bet against Meta’s bonds began actively trading for the first time this week, as money managers and banks look to hedge their exposure to an industry that has been piling on debt to pay for AI investments https://t.co/sEDPoD7IOM ...

Market Trends & Investment - CBRE data indicates VC investing is on track to surpass its 2021 high of $276 billion this year [2] - 80% of AI venture funding this year, totaling $115 billion, has gone to San Francisco and Silicon Valley [2] - Tech companies are increasing their share of leasing activity by square footage to 53% in 2025, the highest rate since 2019 [3] Real Estate & Rental Market - Apartment rental prices in San Francisco are surging, up 6% [3] - San Francisco apartments have essentially reached pre-pandemic highs [8] San Francisco Improvement - Crime is down 30% since last year [3] - Homicides are at 70-year lows, and car break-ins are at 22-year lows [3] - There has been meaningful improvement in downtown San Francisco [8]

Many investors and creditors could become less willing to countenance huge AI investments as they lower their expectations for revenues. The flow of capital could slow. What would such a chill look like? https://t.co/INh4pvK7yi ...

Can Meta stock reach $800 by 2025? See analyst predictions, AI investments, and key growth drivers to see if this ambitious target is possible. https://t.co/JBvuctH9eW https://t.co/UTp6Ky00SF ...

Can Meta stock reach $800 by 2025? See analyst predictions, AI investments, and key growth drivers to see if this ambitious target is possible. https://t.co/j5IkaHBTTg https://t.co/ba13AeV54r ...