On My Mind
The Transcript highlighted an interesting quote by Dan Loeb, founder and CEO of Third point:
“A simple query into Claude’s chatbot — ‘Which companies is Anthropic capable of dislocating or disrupting?’ — yields some fascinating results and was, in our view, a fruitful source of hedges for our firm.”
This touches on something I’ve been thinking about quite a bit: what happens to price discovery in the markets, research and the edge of active strategies in a world where high quality tools are available for everyone. You just have to ask the right questions.
Never before was it so easy for every investor to read a headline and get the same insights seconds later with the same conclusions. Narratives may translate even quicker into markets and at larger scale than before. I think it makes it even more important to find good companies and just continue to hold on to them. This will still be the greatest “edge” you can have as an investor.
One Asset
This week I spent more time digging into Visa, particularly financial statements, podcasts, and other material to better understand how developments such as stablecoins, central bank digital currencies, and the potential success of a domestic European payment system could affect the business.
The stock initially caught my attention after falling toward the lower end of its historical valuation range. Will get back on this in the future.
Worth Noting
Seafarer Overseas Value Fund Letter
My recommended reading this week is the latest letter from Seafarer Overseas Value Fund. I regularly enjoy their commentary. The fund focuses on emerging markets, especially Asia, and the letters often provide clear insights into portfolio companies, positioning, and long-term thinking.
Thank you for reading and enjoy the next week!