Diamond Hill Capital, an investment management company, released its “Small Cap Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -1.50% net of fees compared to a -2.19% return for the Russell 2000 Index. Investment in consumer staples, technology, and financial sectors contributed positively to the strategy’s performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Diamond Hill Capital discussed stocks like WESCO International, Inc. (NYSE:WCC) in the Q3 2022 investor letter. Headquartered in Pittsburgh, Pennsylvania, WESCO International, Inc. (WCC) is a supply chain solutions provider. On October 24, 2022, WESCO International, Inc. (NYSE:WCC) stock closed at $130.73 per share. One-month return of WESCO International, Inc. (NYSE:WCC) was 13.58% and its shares gained 4.73% of their value over the last 52 weeks. WESCO International, Inc. (NYSE:WCC) has a market capitalization of $6.641 billion.
Diamond Hill Capital made the following comment about WESCO International, Inc. (NYSE:WCC) in its Q3 2022 investor letter:
“WESCO International, Inc. (NYSE:WCC) is a leading distributor of electrical, industrial and communications materials and provider of supply chain management and logistics services. It bounced back from a tough Q2 when its share price was hit particularly hard amid recession fears due to its somewhat elevated leverage. More recent quarterly results showed its acquisition of Anixter is generating better-than-expected revenue and cost synergies. Solid revenue was due in part to cross-selling opportunities and having better access to products than smaller peers impacted by ongoing supply chain issues. We believe the near-term risk of WESCO’s leverage is outweighed by the value creation opportunity provided by the merger, and believe the stock remains attractively valued.”
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WESCO International, Inc. (NYSE:WCC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held WESCO International, Inc. (NYSE:WCC) at the end of the second quarter, which was 33 in the previous quarter.
We discussed WESCO International, Inc. (NYSE:WCC) in another article and shared Diamond Hill Capital’s 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
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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.
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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.
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