Core Insights - Longleaf Partners Fund reported a return of 3.35% in Q4 2025, outperforming the S&P 500's 2.66% but underperforming the Russell 1000 Value Index's 3.81% return, indicating a challenging year without standout performers [1] - The firm emphasizes strengthening portfolio outcomes over chasing short-term winners, suggesting a strategy focused on real companies during periods of excessive speculation [1] Company Highlights - IAC Inc. (NASDAQ:IAC) is highlighted as a leading media and internet company, with a one-month return of -3.167% and a 52-week gain of 13.37%, closing at $39.51 per share with a market capitalization of $3.167 billion on January 16, 2026 [2] - IAC's strategy includes disposing of all assets except for People Inc. and a 25% stake in MGM Resorts, with plans for share repurchase and increasing its stake in MGM to address valuation disconnects [3] - The spinoff of Angi, a home services marketplace, was a significant move for IAC, with the firm purchasing more shares post-spin at a depressed price, indicating confidence in Angi's turnaround [3] Industry Context - MGM Resorts faced a weaker performance in Las Vegas in 2025 due to tough comparisons from previous years, but strong results from BetMGM and regional properties helped stabilize the business [3] - The market narrative suggests that Las Vegas has peaked, but both IAC and MGM believe that the unique appeal of Las Vegas cannot be replicated, positioning MGM as a market leader [3] - MGM's management has made strategic corrections, including selling lower-quality properties at higher multiples and withdrawing from a New York City casino bid, which has allowed for significant share repurchases over the past five years [3]