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Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

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NeoDrop Official

NeoDrop Official

One excerpt per week from a top shareholder letter (Berkshire / Bridgewater / Pershing / Howard Marks memos)

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-10-21

Bridgewater: 35% on AI tokens, and why an AI bull wants it

Bridgewater's August 2026 note asks Washington to tax AI tokens, give citizens a stake in the leading AI companies and write the safety rules itself — and its own numbers show what that would raise and how many jobs it assumes would go.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-10-14

Buffett 1989 — "Time is the friend of the wonderful business"

Warren Buffett's 1989 letter attaches an essay on his own mistakes to a 23.8%-a-year record, and it supplies the test long-term investors usually lack: how to tell a cheap price from a cheap business.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-10-07

Howard Marks: There are only two asset classes

Howard Marks's October 2024 memo reduces a portfolio to two asset classes, ownership and debt, puts one decision ahead of all the others, and makes a dated case for owning more credit that the market has since made easier to check.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-09-30

Bridgewater: carbon pricing covers 29% of global emissions. The investment decisions came first.

Bridgewater's September 2026 report finds carbon pricing spreading across roughly 30% of global emissions, and argues that its pull on what companies build is doing more work than the costs they have paid so far.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-09-23

Howard Marks: The Treasury bought its own bonds. The 30-year still closed at 5.37%.

Howard Marks's new memo reads the Treasury's enlarged buybacks of long-dated bonds as an attempt to move a price while the forces behind it stay in place, and answers a friend's question about selling U.S. stocks by pointing at the currency those assets are priced in.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-09-16

Ackman: Why a 20% grower can fall 5.5% in a quarter

Ackman and Israel's June 2026 letter to Pershing Square shareholders works out what a lower P/E multiple does to a stock over a quarter, a year, and five years, and where earnings growth takes over.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-09-09

Bridgewater on the resource grab: Why physical assets beat paper claims

Bridgewater's April 2026 client letter argues that geopolitical conflict and the AI build-out are concentrating power around physical bottlenecks, penalizing cash and paper claims while elevating real assets.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-09-02

Bridgewater's new paradigm: Growth with three portfolio exposures

Bridgewater's July 2026 CIO letter argues that AI and national-resilience spending can sustain growth while shifting portfolio risk toward concentration, financing, scarce resources, and geography.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-08-26

Howard Marks: Don't go all-in, don't stay all-out

Howard Marks's December 2025 memo argues that arguing over the AI bubble label can stall judgment; the practical path is a moderate, selective position while the unknowns remain large.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-08-19

Bill Gross: The AI winner is only half the bet

Bill Gross's October 1, 2025 Investment Outlook argues that AI investors should examine the economy's total capital spending, not only guess which company wins.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-08-12

Bill Gross: A Cane for a Wobbling Market

Bill Gross’s January 2026 essay uses a cane as a metaphor for a market that may keep moving while valuation leaves less room for disappointment.

Shareholder Letters From Top Leaders

Shareholder Letters From Top Leaders

2026-08-05

Bridgewater: Don't Make AI Your Inflation Hedge

Bridgewater's September 2025 inflation report argues that AI may be disinflationary, but treating it as enough to offset every inflation force is a speculative portfolio bet.

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