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Robotti & Company Letters & Research Archive

Robotti & Company is a New York deep-value boutique founded by Bob Robotti in 1983, specializing in left-for-dead cyclical industries — energy services, building products, shipping — with multi-year holding periods and occasional activist letters. It manages about $650m; Bob is regarded as one of the most steadfast Graham-tradition cyclical value hunters.

63 pieces · 2009–2026 · updated every Monday

2026

07-09Letter to the Board of McDermott International→03-31Robotti & Company Advisors Q1 2026 LetterThis report explains a major shift in global energy: the IEA now says oil demand will keep growing to 2050, big European oil firms are going back to traditional drilling, and the war closing the Strai…→

2025

12-31Robotti & Company Advisors YE 2025 LetterThis investment letter explains that markets often ignore improving fundamentals until a tipping point, then prices jump quickly. The author focuses on beaten-down industries like offshore energy and…→09-30Robotti & Company Advisors Q3 2025 LetterThis article asks whether AI makes old-school stock picking obsolete. The author says AI is just a tool, not a replacement for human judgment and patience. Today's market is dangerously narrow—a handf…→06-30Robotti & Company Advisors Q2 2025 LetterThis report says that many investors today chase hype and momentum, ignoring true company value. The author argues that sticking to solid businesses at fair prices still works over time. For regular i…→03-31Robotti & Company Advisors Q1 2025 LetterThis investment letter argues that the recent market panic triggered by tariffs is overblown. It sees indiscriminate selling—where passive index funds dump everything regardless of quality—as an oppor…→

2024

12-31Robotti & Company Advisors YE 2024 LetterThis letter from an investment firm admits they had a bad year in 2024, but says that's the price of betting against the crowd (contrarian investing). For example, their shipping stock Tidewater fell…→09-30Robotti & Company Advisors Q3 2024 LetterThis report argues that many overlooked, unprofitable 'zombie' companies in small-cap indexes actually offer big opportunities. The key is valuation: some trade at just 2 times their normal earnings.…→06-30Robotti & Company Advisors Q2 2024 LetterThis letter argues that markets are often irrational in the short term: fear and greed drive prices, not true value. Using steel industry takeovers, the author shows insiders pay far more than public…→03-31Robotti & Company Advisors Q1 2024 LetterThis investment letter points out that the 2024 US stock market rally is driven by a handful of big tech firms, while many solid manufacturing companies are overlooked. The key insight: global manufac…→

2023

12-31Robotti & Company Advisors YE 2023 LetterThis investor letter argues that while a few mega-cap stocks drove most of 2023's market gains, patient value investors can still beat the market. The key insight: don't sell winners too early. Instea…→09-30Robotti & Company Advisors Q3 2023 LetterThis letter explains how a veteran investor traveled to mines and factories in Chile, Dubai, and Norway. His big finding: copper supply is barely growing, but electric cars and wind turbines need way…→06-30Robotti & Company Advisors Q2 2023 LetterThis is the start of a letter from an investment firm celebrating 40 years. It says markets always go up and down, but each time feels different. The key lesson: ignore emotions and focus on price ver…→03-31Robotti & Company Advisors Q1 2023 LetterThis report says the era of cheap money and low interest rates is over. The collapse of Silicon Valley Bank shows how risky it is when banks rely on easy credit and hold long-term bonds that lose valu…→

2022

12-31Robotti & Company Advisors YE 2022 LetterThis report uses a fairy-tale village that appears only once a century to describe the 2010–2022 financial boom. It says the stock market's 16% annual return and super-low inflation were driven by two…→09-30Robotti & Company Advisors Q3 2022 LetterThis report argues the global economy is leaving the 2010s era of low growth, low inflation, and central-bank life support, and entering a new age of higher government spending, structurally higher in…→06-30Robotti & Company Advisors Q2 2022 LetterThis letter argues that 2022's inflation isn't from too much demand, but from rising costs in basic sectors like energy and food. The author says low interest rates over the past decade hurt old-econo…→03-31Robotti & Company Advisors Q1 2022 LetterThis investment letter argues that old-economy companies (like chemicals, lumber, and homebuilding) have become much more profitable after years of restructuring and consolidation, but the market stil…→

2021

12-31Robotti & Company Advisors YE 2021 LetterThis investment letter argues that big growth stocks, propped up by low interest rates for years, are actually risky now. Meanwhile, overlooked traditional industries like basic materials and energy o…→03-31Robotti & Company Advisors Q1 2021 LetterThis report says the US economy is recovering fast after COVID, and value investing (buying cheap, solid companies) might make a comeback. The government has pumped in $5.3 trillion in stimulus, simil…→01-13Letter to the Board of CIM Commercial Trust Corporation→

2020

12-31Robotti & Company Advisors YE 2020 LetterThis letter argues that value investing isn't dead—it's about buying stocks for less than they're worth. For regular investors, that means being cautious with hot stocks like Apple or Amazon, which ma…→09-30Robotti & Company Advisors Q3 2020 LetterThis investment letter argues that after a decade of ignoring cyclical industries like housing, the tide is turning. The U.S. faces a shortage of 3-5 million homes, and building-material companies are…→06-30Robotti & Company Advisors Q2 2020 LetterThis report explains how after the pandemic, the stock market became extremely uneven: a few tech stocks soared while most stocks fell. Instead of chasing highs or leaving the market, the author sugge…→06-02Letter to the Board of Tidewater, Inc.→03-31Robotti & Company Advisors Q1 2020 LetterThis is a letter from Robotti & Company to clients at the start of the 2020 pandemic. The key idea: the crisis is temporary but will speed up lasting changes like remote work, telemedicine, and better…→03-31Robotti Response to Coronavirus IIThis is a letter from investment firm Robotti to clients during the March 2020 COVID-19 panic. The message: don't panic-sell. Most of their investments aren't in traditional oil and gas, but in financ…→03-31Robotti Response to CoronavirusThis report is about the market panic during the early days of the COVID-19 pandemic in March 2020. The author argues that investors overreacted, treating a temporary shock (the pandemic) as if it wer…→

2019

12-31Robotti & Company Advisors YE 2019 LetterThis report looks back at the 2010s, calling it a unique decade: the weakest economic recovery on record, ultra-low interest rates, and algorithms taking over markets. The author warns that many bonds…→10-27Letter to the Board of Tidewater, Inc.→09-30Robotti & Company Advisors Q3 2019 LetterThis report argues that bonds, often seen as safe, may actually be risky. Too much money has flowed into bonds, pushing prices high and yields low—some even have negative yields (you pay to lend). The…→06-30Robotti & Company Advisors Q2 2019 LetterThis article compares today's hype around 'unicorn' companies (private firms worth over $1 billion) to historical bubbles like the Dutch tulip mania and the dot-com crash. The author argues that many…→03-31Robotti & Company Advisors Q1 2019 LetterThis letter explains why market swings in early 2019 actually support value investing. The S&P 500 had its worst December since 1931, then its best January in 30 years—proving emotions, not fundamenta…→

2018

12-31Robotti & Company Advisors YE 2018 LetterThis is a letter from Robotti & Company to clients at the end of 2018, when markets were falling and their small-value stock strategy had been underperforming for years. The author argues this is like…→09-30Robotti & Company Advisors Q3 2018 LetterThis letter explains how short-term market sentiment and computer-driven trading are ignoring real improvements in certain industries. The author highlights two sectors: energy services (where oil pri…→06-30Robotti & Company Advisors Q2 2018 LetterThis is a letter from Robotti & Company celebrating 35 years in investing. The main point: value investing isn't dead—people just misunderstand it. It's not about blindly buying cheap stocks. Instead,…→06-04Letter to the Board of Dorian LPG Ltd.→

2017

12-31Robotti & Company Advisors YE 2017 LetterThis 2017 investment letter says three things. First, ignore market predictions: the Fed raised rates three times, but stocks still rose, so following forecasts could hurt your returns. Second, in a b…→09-30Robotti & Company Advisors Q3 2017 LetterThis is a 2017 letter from Robotti & Company to clients, explaining how they make money. The key idea: buy undervalued companies and hold them long-term, ignoring daily price swings. They focus on unl…→06-30Robotti & Company Advisors Q2 2017 LetterThis report argues that energy stocks are deeply undervalued, with prices still reflecting oil at $30 a barrel even though it's now around $45. Many companies are restructuring, cutting debt, and maki…→03-31Robotti & Company Advisors Q1 2017 LetterThis is a letter from Robotti & Company to clients for early 2017. Their fund returned about 7% in the first quarter, beating the S&P 500 (6%) and small value stocks (1.6%). But the author says three…→

2016

12-31Robotti & Company Advisors YE 2016 LetterThis report looks back at 2016, when most predictions about Brexit and the US election were wrong, but the author's portfolio still did well. The main idea: everyone is piling into index funds (funds…→09-30Robotti & Company Advisors Q3 2016 LetterThis report warns that too much money flowing into index funds and ETFs (funds that track the market) is distorting stock prices and creating risks. The author argues that smart investing means pickin…→06-30Robotti & Company Advisors Q2 2016 LetterThis is a letter from Robotti & Company to its clients in 2016. The main idea: investors are piling into 'safe' assets like utility stocks, telecom stocks, and high-grade bonds, but their prices are s…→03-31Robotti & Company Advisors Q1 2016 LetterThis article explains why investors often make mistakes after market drops. In early 2016, many people rushed to 'safe' assets like bonds with 1% yields or cash, but the author argues this is risky be…→

2015

12-31Robotti & Company Advisors YE 2015 LetterThis is a letter from investment firm Robotti to clients in early 2016. It argues that market fear over falling energy prices had pushed many stocks to bargain prices, making it a great time to buy. F…→09-30Robotti & Company Advisors Q3 2015 LetterThis letter explains why market panic can be a buying opportunity. The author argues markets aren't always rational—oil price crashes have oversold traditional energy stocks, yet industry leaders like…→06-30Robotti & Company Advisors Q2 2015 LetterThis letter explains how to profit from buying cheap stocks that the market has abandoned. The key example is Builders FirstSource (BLDR), a construction company. In 2014, its stock price dropped shar…→03-31Robotti & Company Advisors Q1 2015 LetterThis is a letter from investment firm Robotti to clients in early 2015. The main idea: energy stocks were crashing, but the author thought the market was overreacting. He especially liked Subsea 7, a…→

2014

12-31Robotti & Company Advisors YE 2014 LetterThis is a letter from investment manager Robotti to his clients, explaining why his fund lost 17% in 2014 while the market gained 7%. He had bet heavily on oil-related companies, and when oil prices c…→09-30Robotti & Company Advisors Q3 2014 LetterThis letter explains why a value investment firm lost 13.43% in Q3 2014 but still sees opportunity in housing stocks. They argue that short-term panic (like a 45% drop in Builders FirstSource stock) d…→06-30Robotti & Company Advisors Q2 2014 LetterThis is a letter from investment firm Robotti to its clients, explaining how they make money through 'contrarian investing'—buying stocks that most people hate and are cheap, instead of chasing 'perfe…→03-31Robotti & Company Advisors Q1 2014 LetterThis is a letter from Robotti fund to clients in early 2014. They don't try to predict natural gas prices next week. Instead, they bet on a long-term trend: America's energy revolution makes gas cheap…→

2013

12-31Robotti & Company Advisors YE 2013 LetterThis 2013 investment letter explains why a fund that lagged the market in the short term (17.67% vs. 33.32%) still beat it over 10 and 20 years. The key idea: long-term outperformance requires accepti…→09-30Robotti & Company Advisors Q3 2013 LetterThis is a letter from Robotti & Company to clients, explaining how they make money by buying undervalued stocks. They ignore market noise (like Fed policy or government shutdowns) and focus on compani…→06-30Robotti & Company Advisors Q2 2013 LetterThis letter explains why Robotti's fund lagged the market in mid-2013. The Fed kept interest rates very low (from 4% down to about 2%), which pushed stock prices above what companies were actually wor…→03-31Robotti & Company Advisors Q1 2013 LetterThis letter from Robotti & Company covers their first quarter of 2013. Their portfolio returned only 4.48%, far below the market's 13.35%. But they aren't worried. They believe short-term underperform…→

2012

12-31Robotti & Company Advisors YE 2012 LetterThis 2012 investment letter argues that most people were wrong to flee stocks for bonds. Bonds look safe but carry hidden risks, while stocks offer better long-term returns. The author sticks with 'bu…→09-30Robotti & Company Advisors Q3 2012 LetterThis letter highlights two big themes: North America's shale gas boom gives it a huge energy cost advantage over Europe and Asia for years to come, and U.S. homebuilding is at a historic low but needs…→

2011

12-31Robotti & Company Advisors YE 2011 LetterThis piece explains why 2011's market panic was actually a good time for patient investors. The author highlights two beaten-down industries: homebuilding (longest downturn since WWII, but demand for…→

2009

12-02Letter to the Board of Acergy S.A.→09-23Robotti Sues Warburg Pincus and JLL Partners Over Dilutive Offer for Builders FirstSource→02-16Letter to the Board of Acergy S.A.→