Weitz Investment Management, an investment management firm, released its “Value Fund” third-quarter 2022 investor letter. A copy of the same can be downloaded here. The fund (Institutional Class) returned -7.10% compared to a -4.61% return for the Russell 1000 in the third quarter. Year to date, the fund (Institutional Class) returned -28.20% compared to -24.59% return for the Russell 1000 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Weitz Investment discussed stocks like Adobe Inc. (NASDAQ:ADBE) in the Q3 2022 investor letter. Headquartered in San Jose, California, Adobe Inc. (NASDAQ:ADBE) is a global software company. On October 31, 2022, Adobe Inc. (NASDAQ:ADBE) stock closed at $318.50 per share. One-month return of Adobe Inc. (NASDAQ:ADBE) was 11.66% and its shares lost 50.25% of their value over the last 52 weeks. Adobe Inc. (NASDAQ:ADBE) has a market capitalization of $148.071 billion.
Here is what Weitz Investment specifically said about Adobe Inc. (NASDAQ:ADBE) in its Q3 2022 investor letter:
“Software stocks continued to slide, but Adobe Inc. (NASDAQ:ADBE) created its own drama when the company agreed to acquire privately held Figma for an eye-popping $20 billion. Figma’s strategic fit with Adobe’s creative business is quite sound, perhaps exceptional, but the price tag was undeniably high. The deal raised questions about our quality score assessment, particularly around capital allocation, management, and competitive position. We reset growth expectations and lowered our business value estimate, but not nearly as much as the stock price declined. While our diligence is ongoing, we answered enough to add modestly to the position. Our equity research analyst will have an opportunity to keep drilling deeper at the upcoming Adobe MAX user conference and financial investor meeting. If our views change as we learn more, so will our positioning.”
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Adobe Inc. (NASDAQ:ADBE) is in 22nd position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 92 hedge fund portfolios held Adobe Inc. (NASDAQ:ADBE) at the end of the second quarter which was 93 in the previous quarter.
We discussed Adobe Inc. (NASDAQ:ADBE) in another article and shared Andvari Associates’ views on the company. In addition, please check out our hedge fund investor letters Q3 2022 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?
The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.
And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.
What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.
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:
A few years from now, you’ll wish you’d owned this stock.
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