Oakmark Funds, advised by Harris Associates, released its “Oakmark Global Select Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund returned 2.95% in the quarter compared to an 8.88% Return for the MSCI World Index (net). The fund generated an average of 7.60% per year since its inception in October 2006, outperforming the index’s 7.42% return over the same period. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Oakmark Global Select Fund featured stocks Charter Communications, Inc. (NASDAQ:CHTR) in the first quarter 2024 investor letter. Headquartered in Stamford, Connecticut, Charter Communications, Inc. (NASDAQ:CHTR) is a broadband connectivity and cable operator company. On April 5, 2024, Charter Communications, Inc. (NASDAQ:CHTR) stock closed at $267.49 per share. One-month return of Charter Communications, Inc. (NASDAQ:CHTR) was 10.31%, and its shares lost 24.41% of their value over the last 52 weeks. Charter Communications, Inc. (NASDAQ:CHTR) has a market capitalization of $38.687 billion.
Oakmark Global Select Fund stated the following regarding Charter Communications, Inc. (NASDAQ:CHTR) in its first quarter 2024 investor letter:
“Charter Communications, Inc. (NASDAQ:CHTR) was a top detractor during the quarter. In February, the stock price fell when the company reported that broadband subscribers declined 0.2% sequentially. We anticipate that broadband subscriber growth will remain challenging in the near term due to a heightened competitive environment and the likely wind-down of a government subsidy program. However, we expect these competitive forces will abate over the medium term and that Charter’s broadband subscriber base will return to normal growth. In the meantime, the company continues to grow earnings, invest in high-return capital projects and repurchase stock. We maintain our belief in the long-term prospects of Charter Communications.”
A line of cable boxes and modern televisions, representing the company’s video services.
Charter Communications, Inc. (NASDAQ:CHTR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Charter Communications, Inc. (NASDAQ:CHTR) was held by 69 hedge fund portfolios, compared to 73 in the previous quarter, according to our database.
We discussed Charter Communications, Inc. (NASDAQ:CHTR) in another article and shared the list of stocks Jim Cramer is bearish on in April. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.
Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.
At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.
Do the math. According to Musk, this technology could be worth $250 trillion by 2040.
Put another way, that’s roughly equal to:
175 Teslas
107 Amazons
140 Metas
84 Googles
65 Microsofts
And 55 Nvidias
And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.
It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.
Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.
How could anything be worth that much?
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In fact, Verge argues this company’s supercheap AI technology should concern rivals.
Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.
Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.
When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.
Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…
But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.
And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…
This prediction might not be bold at all:
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