Letters by company
Amazon Com INC
17 letters discussing AMZN. Everything written about it on this site is on its ticker page.
- RGA Investment Advisors Year Zero: How AI Is Reshaping Our Investment Process RGA Investment Advisors has rebuilt its research workflow around Claude Code, structured data tools and cross-model validation while retaining its low-turnover GARP discipline. It argues that Amazon Web Services is positioned to capture AI workflow demand through model-agnostic orchestration, and uses a SaaS risk tracker to identify resilient software businesses and avoid value traps. Q1 2026 — AMZN $2.8TGOOGL $4.2TNVDA $5.1T
- Oakmark Funds The discipline to stay boring Oakmark Fund retained its value discipline rather than buy AI hardware companies without a sufficient margin of safety, despite their dominance in major value indexes. The portfolio favors businesses such as Corebridge Financial while expecting holdings including Capital One, AIG, Alphabet and Amazon to benefit from AI adoption. 2Q 2026 +2.5% AMZN $2.8TCOF $133BCRBG $14BGOOGL $4.2T
- Wedgewood Partners Are Hyperscalers Still Magnificent? Wedgewood Partners increased Alphabet, Amazon, Meta Platforms and Microsoft, arguing that their AI infrastructure spending is supported by high-return core businesses and investments that hedge DRAM cost inflation. The firm initiated Hermès, citing its artisan-led supply constraints, durable brand equity and pricing power, while trimming several large technology positions to maintain concentration limits. Second Quarter 2026 +9.4% HRMS AMZN $2.8TGOOGL $4.2TMETA $1.4T
- Distillate Capital 2026 Q2 Letter to Investors: Momentum Distillate Capital argues that AI-linked valuations have outrun underlying free cash flow, with hyperscaler capital spending shifting profits toward semiconductor and equipment suppliers. The firm favors high-quality, low-valuation stocks, cites Accenture as a contrarian example, and warns that depreciation, stock compensation, off-balance-sheet financing, and circular AI funding can obscure earnings. 2026 Q2 — ACN $113BAMZN $2.8TAVGO $1.8TGOOGL $4.2T
- Weitz Investment Management Letter to Shareholders: Value Matters — Beyond the AI Boom Weitz Investment Management argues that narrow AI-led market leadership resembles the late-1990s technology bubble and may be starting to broaden. The firm holds Alphabet, Microsoft, Amazon and Meta for their established cash-generative businesses, while warning that AI infrastructure spending could take longer to earn adequate returns. second quarter — AMZN $2.8TGOOGL $4.2TMETA $1.4TMSFT $3.6T
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics defends long-horizon compounding through land, royalty and exchange businesses, while arguing that index construction creates mispricings in smaller and unconventional companies. It reduced precious-metals royalties on valuation grounds, backs exchanges against perpetual-futures disruption, and frames bitcoin’s supply schedule and network effects as the basis for its long-term thesis. 2nd Quarter 2026 — TPL $26BAMZN $2.8TCBOE $32BCME $99B
- Hayden Capital Quarterly Letter 2026 | Vol. 1 Hayden Capital argues that the AI infrastructure trade has created attractive valuations in internet and fintech platforms, where incumbents can use proprietary data to capture AI’s value. It adds to Sea Ltd and Unity, citing Shopee’s VIP and logistics flywheel and Unity’s Vector advertising platform under new leadership. Q1 2026 -28.3% SE $72BU $20BAMZN $2.8TAPP $102B
- RGA Investment Advisors Working with AI, Thinking with Discipline RGA Investment Advisors formalizes AI use in research, using proprietary-call notebooks and specialized agents to accelerate screening while stress-testing assumptions. The portfolio added Celsius Holdings and Lattice Semiconductor, while Amazon is framed as an AI application-layer beneficiary and position sizing has been reduced amid greater single-stock dispersion. Q4 2025 — LSCC $17BAMZN $2.8TGOOGL $4.2TAMDC
- Pershing Square Holdings Letter to Shareholders Pershing Square Holdings returned 20.9% on NAV in 2025, ahead of the S&P 500’s 17.9%, while its share price gained 33.9% as the NAV discount narrowed to 24.1%. The portfolio added Meta, Amazon and Alphabet, backed Howard Hughes Holdings’ Vantage acquisition, and exited Hilton, Chipotle, Canadian Pacific and Nike. 2025 +20.9% AMZN $2.8TBN $94BFMCC $3.6BFNMA $7.3B
- Pershing Square Holdings Letter to Shareholders Pershing Square added Amazon and increased Brookfield and Hertz while trimming UMG, Hilton and Chipotle and exiting Canadian Pacific amid tariff-driven volatility. It is transforming Howard Hughes Holdings into a diversified holding company, beginning with a planned property-casualty insurance platform whose assets it would manage without charge. Six-month period ended June 30, 2025 +15.5% HHH $4.1BAMZN $2.8TBN $94BCMG $47B
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that passive indexation has concentrated equity risk in large U.S. technology companies as disinflationary forces, cheap capital and global labor arbitrage reverse. It identifies electricity and natural gas as AI bottlenecks, favoring Permian landowner LandBridge and Texas Pacific Land for data-center, water and royalty exposure. 2nd Quarter 2024 — LB $6.7BAMZN $2.8TGOOGL $4.2TMETA $1.4T
- Polen Capital 5Perspectives Growth Opportunities Polen 5Perspectives Growth Opportunities 2Q 2026 Portfolio Manager Commentary Polen 5Perspectives Growth Opportunities increased Technology exposure, adding semiconductor and neocloud positions funded by reductions in Industrials, Financials, and Consumer Discretionary. Bloom Energy, Advanced Micro Devices, and Nebius Group benefited from AI infrastructure demand, while Fastly, BWX Technologies, and Palantir Technologies lagged amid selective positioning. 2Q 2026 +25.2% AMD $773BBE $60BBWXT $14BFSLY $3.6B
- O'Keefe Stevens Advisory Quarterly Investor Letter Q2 2026 O'Keefe Stevens Advisory initiated Sotera Health after Warburg Pincus exited, arguing that its sterilization duopoly, regulatory barriers and normalizing capital spending can outweigh litigation concerns. The portfolio trimmed and hedged Qualcomm and Corning, retained substantial cash, and sees potential bargains outside crowded AI infrastructure trades. Q2 2026 — SHC $5.6BCALY $2.8BGLW $131BHCC $5.6B
- O'Keefe Stevens Advisory Quarterly Investor Letter Q1 2026 O'Keefe Stevens Advisory built cash after selling Alibaba, Fannie Mae common, Mercedes-Benz and Tri Pointe Homes, while initiating Baxter and adding to Perrigo and Weyerhaeuser. The firm argues that elevated AI-related spending and stretched valuations warrant selective underwriting, with Baxter’s deleveraging and Perrigo’s restructuring offering security-specific catalysts. Q1 2026 — BAX $14BPRGO $1.9BBABA $290BCALY $2.8B
- Weitz Investment Management Letter to Shareholders: Value Matters Weitz Investments has concentrated portfolios in steady earners rather than the narrow group of AI-led index winners, leaving Nvidia unowned while retaining exposure through Alphabet, Microsoft, Amazon, Meta and Oracle. The firm argues that Salesforce, Constellation Software and Accenture can benefit from enterprise AI adoption, while Danaher and Thermo Fisher retain long-term life-sciences potential despite policy disruptions. 3Q25 — DHR $149BTMO $231BACN $113BAMZN $2.8T
- Berkshire Hathaway 2024 Berkshire Hathaway reported $47.4 billion of 2024 operating earnings, led by insurance underwriting income of $9.0 billion and investment income of $13.7 billion. GEICO’s turnaround, a $171 billion insurance float, and long-term Japanese stakes in five trading companies anchored the discussion, while Berkshire’s per-share market value rose 25.5% versus 25.0% for the S&P 500. 2024 +25.5% ITOCY $91BMARUY $50BMITSF $87BMSBHF $111B
- First Eagle Investments Global Value Team Annual Letter Global Value Team argues that market optimism underprices the risks of a failed soft landing, persistent fiscal deficits and widening geopolitical conflict. The team favors quality, durable businesses bought below estimated value, alongside gold and potentially oil as ballast, and promoted Max Belmont to portfolio manager of its Gold strategies. 2023 — AAPL $4.5TAMZN $2.8TBRK.A $1.1TGOOGL $4.2T
