Oakmark Funds, an investment management company, released its “Oakmark Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -1.9%, outperforming the S&P 500 Index, which returned -4.9%. For the fiscal year that ended September 30, 2022, the fund declined -17.7% compared to a decline of -15.5% for the S&P 500 Index. Energy and healthcare sectors contributed positively to the fund’s performance in the quarter while communication services and financials sectors detracted from the performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Oakmark Funds discussed stocks like Uber Technologies, Inc. (NYSE:UBER) in the Q3 2022 investor letter. Headquartered in San Francisco, California, Uber Technologies, Inc. (NYSE:UBER) is a technology company that operates through mobility, delivery, and freight segments. On October 11, 2022, Uber Technologies, Inc. (NYSE:UBER) stock closed at $24.66 per share. One-month return of Uber Technologies, Inc. (NYSE:UBER) was -21.26% and its shares lost 47.22% of their value over the last 52 weeks. Uber Technologies, Inc. (NYSE:UBER) has a market capitalization of $48.825 billion.
Here is what Oakmark Funds specifically said about Uber Technologies, Inc. (NYSE:UBER) in its Q3 2022 investor letter:
“We believe the market is underestimating the competitive position and earnings potential that Uber Technologies, Inc. (NYSE:UBER) has in its core Rides and Eats businesses. Uber holds the #1 position in 90% of its rideshare markets globally and is typically more than twice the size of its next competitor. Having the largest and most dense driver network is a key advantage as it enables Uber to offer shorter pickup times and lower prices than competitors while also earning higher margins. We believe the synergies between Rides and Eats will further improve Uber’s service quality and cost position. In recent years, competition from well-funded but unprofitable challengers has pressured Uber’s economics. However, as these challengers are forced to compete more rationally, we expect Uber to generate significant margin improvement alongside continued high growth. We began buying shares at just over 1x revenue and a double-digit free cash flow yield based on management’s guidance for 2024. We view this as an attractive valuation for a business with Uber’s future growth outlook.”
Uber Technologies, Inc. (NYSE:UBER) is in 8th position on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 129 hedge fund portfolios held Uber Technologies, Inc. (NYSE:UBER) at the end of the second quarter, which was 144 in the previous quarter.
We discussed Uber Technologies, Inc. (NYSE:UBER) in another article and shared the best delivery stocks to invest in. 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:
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