Core Insights - People Inc. has announced a strategic content partnership with Meta, becoming the first lifestyle publisher to provide real-time content to Meta AI users across various categories [1][5] - The partnership includes well-known People Inc. brands such as PEOPLE, Better Homes & Gardens, Allrecipes, Food & Wine, Southern Living, Verywell Health, and InStyle [1][5] - The deal aims to enhance user experience by delivering tailored lifestyle content to Meta AI users, ensuring proper attribution and links back to People Inc. websites [2] Company Overview - People Inc. is recognized as the largest digital and print publisher in America, with over 175 million monthly users relying on its content for inspiration and decision-making [4] - The company operates more than 40 iconic brands, including PEOPLE, Food & Wine, Better Homes & Gardens, and Investopedia [4] - People Inc. is based in New York City and operates as a business unit of IAC (NASDAQ: IAC) [4] Strategic Direction - The CEO of People Inc., Neil Vogel, emphasized the importance of trusted content for future AI innovations and expressed pride in being Meta's first lifestyle content partner [3] - The partnership is part of a broader strategy to accelerate collaborations with AI leaders, following previous agreements with OpenAI and Microsoft [3]

Core Insights - The FPA Queens Road Small Cap Value Fund reported a return of 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the fund achieved a return of 13.77%, outperforming the index's 9.04% [1] - The fund's investment strategy focuses on a disciplined and patient approach, expecting to perform better in down markets and lag in speculative markets [1] Company Analysis: IAC Inc. - IAC Inc. is a consumer technology conglomerate known for incubating and spinning off brands, with past spin-offs including Expedia and Match Group [3] - The company currently owns DotDash Meredith and has significant stakes in MGM Resorts International and Turo, among others [3] - IAC's stock has seen a one-month return of -2.82% and a 52-week decline of 18.26%, closing at $32.70 with a market cap of $2.621 billion on November 21, 2025 [2][3] - The market is hesitant to assign full valuation to IAC due to its current cash flow suppression for investments, with no immediate plans for asset realization [3] - Despite the market's reluctance, the asset value of IAC is believed to exceed its share price, and the company has a history of long-term value realization [3] Hedge Fund Interest - IAC Inc. was held by 46 hedge fund portfolios at the end of Q2 2025, an increase from 43 in the previous quarter [4] - While IAC is recognized for its investment potential, certain AI stocks are considered to offer greater upside potential with less downside risk [4]