Hinde Group, an investment management company, has released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Financial markets had a relatively quiet fourth quarter, with the S&P 500 staying close to its starting point. The portfolio underperformed the S&P 500 on a mark-to-market basis in the fourth quarter, returning -3.66% (gross) and -4.02% (net) vs. 2.66% for the Index. The AI investment boom remains a key theme of the U.S. economy. Recently, Big Tech companies anno ...