Today is Friday, July 31st 2026

Investors and the media love the idea of the visionary fund manager, proliferating the story throughout social media and helping these star managers raise even more capital.

What Worked in Value

Reversals are many, and Thursday and Friday took some of the shine off staples prices, but to me, the fundamentals still look way more solid than momentum.

What didn't work?

I continue to believe we will see many attempts to rally momentum, but I think for many of the AI infrastructure companies, the top for this cycle has already been achieved.

On the Hunting Trail for Value

Outsized volatility creates opportunities in fundamentally sound companies, and although it can be difficult to act on days when your target stock is plummeting, the long-term value for ...