Letters · Memos · Substack
Letters, memos, interviews, and curated posts from Wall Street gurus and crypto whales. Updated daily.
Why the case for value investing remains strong
For fifteen years, growth has dominated and value has faced real headwinds — leading many to conclude the discipline itself is outdated. We disagree. In this piece, we make the case that value investing hasn’t failed; it’s evolved. Read the full paper . This material …
Oakmark Capital Gain Tax Estimates
Capital gain distributions will be paid to shareholders of record as of Wednesday, December 09, 2026. Important dates to note are as follows: Record date: December 09, 2026 Ex-dividend date: December 10, 2026 Pay date: December 11, 2026 Please note that the 2026 capital gain dist…
The discipline to stay boring | U.S. equity market commentary 2Q 2026
“Investing should be more like watching paint dry or grass grow. If you want excitement, take $800 and go to Las Vegas.” — Paul Samuelson, Nobel Prize winning economist Before writing these quarterly commentaries, I always reread my most recent editions. Unfortunately, much of wh…
Wrong in the right direction | International equity market commentary 2Q 2026
The second quarter reflected a continuation of what we saw in the first quarter in most respects. The one notable exception is oil. As the U.S. neared a compromise with Iran, oil prices have returned to within a few dollars per barrel of where they were before the war broke out. …
The certainty trap | Fixed income market commentary 2Q 2026
Lately I’ve found myself reading more history than fiction. What keeps pulling me back isn’t the history itself. It’s the timeless lessons about how thoughtful leaders make decisions when the stakes are highest and every option appears unattractive. I recently finished One Minute…
Oakmark Fund: Second Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the S&P 500 Index, for the quarter, but outperformed since inception. At the sector level, the largest contributors to performance were industrials and financials, while information technology and energy were the largest det…
Oakmark Select Fund: Second Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the S&P 500 Index, for the quarter, but outperformed since inception. At the sector level, the health care and consumer staples were the largest contributors to performance, while information technology and energy were the l…
Oakmark Global Fund: Second Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World Index, for the quarter, but outperformed since inception. At the sector level, the largest contributors to performance were health care and information technology, while communication services and energy were …
Oakmark Global Select Fund: Second Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World Index, for the quarter and since inception. At the sector level, the largest contributors to performance were health care and consumer staples, while consumer discretionary and information technology were the …
Oakmark International Fund: Second Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World ex USA Index, for the quarter, but outperformed since inception. At the sector level, industrials and financials were the largest contributors to performance. No sectors detracted from performance. Geographica…
Oakmark International Small Cap Fund: Second Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World ex USA Small Cap Index (net), for the quarter. At the sector level, information technology and industrials were the largest contributors to performance, while consumer staples and materials were the largest de…
Oakmark Equity and Income Fund: Second Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the 60% S&P 500 / 40% Bloomberg U.S. Aggregate Bond Index, for the quarter, but outperformed since inception. At the sector level for the equity portfolio, the largest contributors to performance were health care and consume…
A disciplined approach to value in fixed income
Highlights Harris | Oakmark’s value-driven fixed income approach seeks to deliver durable, risk aware outcomes for clients by focusing on what ultimately matters: underlying credit strength. Rather than chasing yield or timing macro shifts, the team applies deep, bottom-up resear…
U.S. equities: Volatility creates opportunity
In this recent video, Portfolio Manager Michael Nicolas discusses how AI fears have driven sharp selloffs across software—but history suggests broad narratives often miss the nuance. With stock dispersion reaching extremes last seen during COVID, we see a familiar setup: indiscri…
International equities: Surprising market shifts
Tony Coniaris, Co-CIO International Equities, shares insights on the surprising shifts in the market, the dramatic impact of AI innovation, and how global events shaped portfolio performance during the first quarter of 2026. This material is not intended to be a recommendation or…
Harris | Oakmark Announces Investment Team and Leadership Updates
Harris | Oakmark announces investment and leadership team updates reflective of the firm’s ongoing commitment to a disciplined, team-based value investing approach and long-term planning. “Thoughtful leadership development and long-term planning are hallmarks of a well-governed f…
Why didn’t we do better when value outperformed? | U.S. equity market commentary 1Q 2026
For several quarters, we’ve highlighted that market gains have been dominated by momentum and growth. Stocks that were rising kept rising, while laggards fell further behind. This created a historically wide gap in P/E multiples between our portfolio and the S&P 500—and, more imp…
Beware of noise, hurry and crowds | International equity market commentary 1Q 2026
In his book Celebration of Discipline , American theologian Richard Foster warned that noise, hurry and crowds were the most significant obstacles to a vibrant spiritual life. The same could be said of successful value investing. When it comes to investing, ignoring the noise, ex…
Painting with a finer brush | Fixed income market commentary 1Q 2026
Since COVID, market narratives seem to form more quickly and be applied more broadly. I suspect passive flows, real-time information, and momentum-driven strategies all contribute to this phenomenon, but the result is really what matters: once a narrative takes hold, it becomes t…
Oakmark Fund: First Quarter 2026
The Fund (Investor Class) outperformed the benchmark, the S&P 500 Index, for the quarter and since inception. At the sector level, the largest contributors to performance were energy and materials, while financials and information technology were the largest detractors. Amid heig…
Oakmark Select Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the S&P 500 Index, for the quarter, but outperformed since inception. At the sector level, the only contributor to performance was energy, while health care and financials were the largest detractors from performance. Amid h…
Oakmark Global Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World Index, for the quarter, but outperformed since inception. At the sector level, the largest contributors to performance were energy and industrials, while information technology and consumer discretionary were …
Oakmark Global Select Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World Index, for the quarter and since inception. At the sector level, the largest contributors to performance were energy and industrials, while health care and consumer discretionary were the largest detractors. G…
Oakmark International Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World ex USA Index, for the quarter, but outperformed since inception. At the sector level, industrials and materials were the largest contributors to performance, while consumer discretionary and information techno…
Oakmark International Small Cap Fund: First Quarter 2026
The Fund (Investor Class) underperformed the benchmark, the MSCI World ex USA Small Cap Index (net), for the quarter. At the sector level, consumer staples was the only contributor to performance, while industrials and consumer discretionary were the largest detractors from perfo…