3Q25 U.S. Value Strategy Newsletter: Tortoise and the Hare Circa 2025
We’ve been doing a great deal of reading about prior exciting and maniacal periods in the U.S. stock market. This is as much to remind us of why the tortoise won the race in Aesop’s fable. Once in Golconda and The Go-Go Years by John Brooks covered the 1920s and 1930s (Golconda), as well as the late 1960s (Go-Go). Eboys, the story of Benchmark Capital and eBay, covered 1998-2000. Most recently, we read a terrific article in The Wall Street Journal titled “Spending on AI Is at Epic Levels. Will It Ever Pay Off,” written by Eliot Brown and Robbie Whelan. […]
October 15, 2025
