Read what investors, bankers and founders actually wrote.

Notice: Liu argues that hyperscalers now reinvest close to all their cash flow, so the question is the return on that capital, which spot compute prices may overstate.

Notice: The managers describe themselves as bullish on AI but not more bullish than the bulls, and say the market offers no easy answers in AI hardware.

Notice: Miller frames each large holding by where his view departs from sell-side consensus, and names the evidence he relies on, such as statutory insurance filings and court records.

Notice: Huang says inference has overtaken training as the dominant workload, and describes a flywheel: capable agents generate more tokens, more tokens need more compute, and more compute produces smarter AI and further demand.

Notice: Impactive's central figure is a 24-point gap between WEX's Mobility segment margin and Corpay's comparable segment, which it says persisted for five years.

Notice: Jassy uses AWS's uneven early history to argue that long-term bets rarely progress in a straight line.

Notice: Dimon expects leveraged lending losses to exceed expectations when a credit cycle arrives, because standards have quietly loosened.

Notice: Fink argues staying invested beats market timing, noting that missing the ten best days over two decades more than halved S&P 500 returns.

Notice: Moynihan reports 2025 revenue of $113.1 billion and net income of $30.5 billion.

Notice: On Stellantis, Elkann names internal causes: cost-cutting that hurt delivery and quality, and moving to electric vehicles faster than customers wanted.

Notice: Solomon reports net revenues of $58.3 billion and a 15% return on equity, measured against targets set at the 2020 Investor Day.

Notice: Scharf reports meeting the goal set after late 2020 of lifting return on tangible common equity from 8% to 15%, though 2025's figure was 14.6%, and says the bank can deliver stronger results.

Notice: The letter is addressed to Keith Barr before he formally starts as chief executive, and is pitched as an offer to collaborate from a holder with about $350 million invested.

Notice: Watsa reports a record year and book value per share compounding at 18.7% a year since 1985, crediting decentralisation and disciplined underwriting.

Notice: Rochon separates causes: two stock-specific mistakes, and a market that sold software companies on fear of AI while their earnings kept growing.

Notice: Abel describes the job as stewardship of shareholders' capital and says Berkshire's values are the reason for its success, not a product of it.

Notice: Gayner concedes the insurance operations became too centralised, with weaker accountability and decisions too far from the front line; the reorganisation gives each P&L one, and only one, accountable owner.

Notice: Despite pressure to offer prediction markets, Wurster says the demand is not there today, as more than 90% of their volume is in sports gambling, which he calls in direct opposition to Schwab's mission.

Notice: Businesses on Stripe processed $1.9 trillion in 2025, up 34% and roughly 1.6% of global GDP.

Notice: Nadella reports revenue of $281.7 billion, up 15%, with Azure revenue passing $75 billion for the first time.

Notice: The letter is written by Gregory Goff, a former Andeavor chief executive, and published by Elliott as additional proxy material supporting its own slate of director nominees.

Notice: Allaire lists four founding principles: walking in through the front door of regulators and policymakers, a platform-first approach to technology, meeting the market where it is, and using compliance as a competitive advantage.

Notice: Fairbank splits AI's effect into a horizontal revolution of off-the-shelf tools across all industries and a vertical one, which he expects to be driven not by big tech but by companies with deep proprietary data in their own industry.

Notice: Starboard prices the cut of about 1,350 roles at $150,000 to $200,000 each, giving roughly $200 million to $270 million of annual savings, or about 360bps of margin.

Notice: Pick restates four firmwide goals: $10 trillion in client assets, a 30% Wealth Management pre-tax margin, a 70% efficiency ratio and 20% returns on tangible common equity through business cycles.

Notice: Return on tangible common equity was 4.9% in 2023, yet Fraser reaffirms the 11 to 12% medium-term target, a gap worth testing against the plan the letter describes.

Notice: Trian's diagnosis has three parts: Disney fell from its number one position at the box office, was late to streaming and doubled down on linear TV at the wrong time, leaving earnings per share and free cash flow below their level five years earlier.

Notice: A change to a core API service, deployed about 400 times on a typical day, passes a battery of around 1.4 million tests and then rolls out gradually, from a single machine to 0.5%, 1%, 5% and 20% of traffic.

Notice: The Orange and Blue method: Orange is investments and cash less debt, per share; Blue is normalised operating earnings after interest and tax, times a conservative and consistent multiple, per share. Added together they give Markel's sense of intrinsic value.

Notice: Huffman wants users to become owners in the literal sense: Reddit invited users and moderators who had contributed to the site to buy shares in the IPO alongside its investors.

Notice: Nadella names the two breakthroughs he says define this era of AI: natural language as the most universal interface, and the emergence of a powerful new reasoning engine over data.

Notice: The product emerged from talking to prospects: the founders realised their data store would be most powerful if linked to a way to take action and drive measurable outcomes, so they layered analytics and email on top.

Notice: Dimon argues most of SVB's risks were hiding in plain sight; the unknown was that a small number of venture capital firms controlled its corporate clients, who moved their deposits in lockstep.

Notice: Solomon writes that in 2022 the firm decided to significantly narrow its ambitions for its consumer strategy, and that it was considering strategic alternatives for its consumer platforms.

Notice: Fink frames the stress as falling dominoes: years of easy money ending in rapid rate rises, then asset-liability mismatches like SVB's, and possibly a third, liquidity mismatches among asset owners who traded liquidity for returns.

Notice: The valuation gap frames everything: on consensus 2024 estimates US Foods traded at about 11 times earnings and Sysco at about 17 times, a premium of roughly 50% for a peer with highly similar business models and leverage.

Notice: Zuckerberg presents the metaverse as the platform after mobile, defined by a sense of being present with others.

Notice: Scaringe is candid about a false start: the original plan for an efficient sports car would not deliver the impact he started the company for, so by early 2012 Rivian moved away from it entirely.

Notice: Bezos sizes 2020 value creation by group: $21.3 billion of net income for shareholders, $91 billion for employees, at least $25 billion for third-party sellers and $164 billion for customers.

Notice: Armstrong frames the mission as economic freedom and traces it to reading the Bitcoin whitepaper in 2010.

Notice: Baszucki commits Roblox to stay a single platform, single name, single focus company, whose ultimate product specification was always to model reality as accurately as it could.

Notice: The founders say the pandemic cut the business by nearly 80% and forced them to put the IPO on hold.

Notice: Xu argues that averages are meaningless in delivery: a customer who receives food in 53 minutes does not care that the average is 35, so DoorDash manages the whole distribution.

Notice: Karp contrasts Palantir with consumer internet companies: it has repeatedly turned down opportunities to sell, collect or mine data, while for many consumer firms people's behaviours and browsing habits are the product for sale.

Notice: Flatt opens with figures: about $12 billion of largely undrawn credit lines, about $5 billion of liquid assets, and corporate debt with no near-term maturities.

Notice: Because Cloudflare competed with hardware manufacturers, the founders say usage-based billing never made sense: customers did not pay a firewall vendor more when attacked more, so they chose predictable subscription pricing instead.

Notice: Yuan founded Zoom after hearing, as an engineering leader elsewhere, how unhappy customers were with existing videoconferencing.

Notice: The economic case rests on an idle asset: Americans spend over $1 trillion a year owning and operating cars, their second highest household expense, yet each car is used only five percent of the time.

Notice: The patent cliff is the centrepiece: Revlimid, a small molecule drug with about $9.7 billion of 2018 sales and over 60% of Celgene's revenue, faced generic competition from 2022, and Starboard shows small molecule sales falling far faster than biologics after exclusivity ends.

Notice: Elliott lists execution failures: five CFOs in four years, a long-held 30% operating margin target against 14% achieved in 2017, and 2017 bookings guidance cut twice and still missed.

Notice: Ek describes a deliberate order for recommendation: start with human creativity, add expertise and understanding, then apply algorithms, in contrast to companies that rely entirely on data.

Notice: The core arithmetic: JANA puts the synergies reaching EQT shareholders at only about $600 million, against an acquisition premium of $1.8 billion, roughly three times what it believes the deal would actually create.

Notice: Gillette carries the argument: P&G paid $57 billion for it in 2005, yet its share of the US men's shaving market fell from 62% to 49% over five years, and P&G had not launched a major shaving system in the twelve years since.

Notice: Bezos defines Day 2 as stasis leading to decline and asks how a large organisation keeps a start-up's vitality.

Notice: After the election Watsa removed all index hedges, some short positions, and cut bond duration to about one year, expecting lower taxes, lighter regulation and infrastructure spending to lift growth and long rates; the move produced a $1.2 billion net investment loss.

Notice: Twilio inverts the traditional enterprise sales model: it publishes its pricing, supports customers even on free trials, and puts a commercial transaction after the customer is already succeeding with the product.

Notice: The benchmark is a direct rival: Elliott estimates that Reynolds & Reynolds runs its North America DMS business at about 55% EBITDA margins against 30% at CDK's comparable segment, with 8 facilities globally against CDK's 80.

Notice: The go-to-market thesis is that software is bought, not sold: no quota-carrying sales reps, far more investment in R&D than peers, and products distributed online and at scale.

Notice: Dorsey says he has given over 15 million shares, 20% of his own equity, to Square and the Start Small Foundation, and committed 40 million more, adding that he would rather own a smaller part of something big.

Notice: Page restates the 2004 founders' promise that Google would stay unconventional and keep making speculative smaller bets.

Notice: Shopify began as the founders' own online snowboard shop, after existing store software proved costly and inflexible.

Notice: Starboard argues the board should have known the Red Lobster Sale would destroy at least $800 million of shareholder value, and likely well over $1 billion against Red Lobster's true value inside Darden.

Notice: Southeastern counts net cash of $3.64, Dell Financial Services at $1.72 and acquisitions at cost of $7.58 per share, totalling $12.94, so the bid valued everything else at less than $1.00.

Notice: Buffett defines risk as the reasoned probability of losing purchasing power over the holding period, not beta, and on that basis calls bonds and other currency-based investments, usually thought safe, among the most dangerous of assets.

Notice: He says Facebook was built for a social mission rather than set up as a company.

Notice: The letter locates the mistake precisely: not the new prices, which it still defends, but how quickly Netflix moved to them, made worse by not explaining rising streaming content costs, so many members perceived greed.

Notice: The report alleged that sales routed through unnamed "authorized intermediaries" were a structure for fabricating revenue without the tax invoices auditors rely on.

Notice: Dimon recounts buying Bear Stearns at the US government's request over a single weekend and paying $1.5 billion for it.

Notice: Watsa says Fairfax met the fall 2008 storm with about 75% of its investment portfolio in cash and government bonds, its stock positions fully hedged and large holdings of credit default swaps.

Notice: Buffett admits a major mistake of commission: buying a large amount of ConocoPhillips stock near the peak in oil and gas prices, which he says cost Berkshire several billion dollars.

Notice: Flatt explains Brookfield's financing: asset-specific mortgages averaging about 50% loan to value, with recourse only to the asset, and argues that a loan's duration and covenants matter as much as the amount of leverage.

Notice: Hussman argues that buying troubled assets improves a bank's capital only if the Treasury overpays, and proposes preferred stock or a senior "super-bond" instead.

Notice: The Gotrocks parable: a family that owns all of corporate America grows poorer as it hires broker, manager, consultant and finally hedge fund and private equity Helpers, and Buffett estimates such frictional costs may amount to 20% of American business earnings.

Notice: Third Point says management refused its calls for months, and that the 13D was the only channel left to address the chief executive.

Notice: The founders refuse traditional earnings guidance, comparing short-term targets to a dieter weighing himself every half hour.

Notice: The letter argues that security analysis had become an exercise in separating truth from half-truths, and that the incentives of executives, directors and auditors would now push towards more honest reporting.

Notice: Bezos reports 1.5 million customers and 838% revenue growth, yet calls it the first day for the internet and for Amazon.

Notice: Watsa says the main reason for investing was the Markel family itself, crediting Steven and Tony Markel with keeping a struggling company alive through the previous two years.