During my eighty-seven years, I have witnessed a whole succession of technological revolutions. But none of them has done away with the need for character in the individual or the ability to think.”
April 15, 2026
Change is underway in the equity markets so far in 2026. In our year-end 2025 letter we alluded to the potential for a significant leadership change. We noted the high valuations and speculative excesses notably within the artificial intelligence space. It was those areas that have narrowly led the market for several years. ...