AbramsHold$183M3.34%Deep value / Ultra-concentrated
GivernyⓘTrim-1.6%$171M5.74%Long-term growth-value
MarkelTrim-5.69%$132M1%Insurance float / Long-term value
Patient CapitalⓘHold$96M3.15%Contrarian growth-value / Time arbitrage
MarathonTrim-17.87%$48M1.95%Capital cycle / Contrarian value
What managers sayⓘ
2026-09-02Aswath Damodaran (Musings on Markets)NeutralThe Scaling and Profitability Trade off: Venture Capital's Weakest Link!Detail →
2026-08-31Patient Capital ManagementBullOpportunity Equity Strategy Update for 8/21/2026 – 8/28/2026Detail →
2026-08-20Aswath Damodaran (Musings on Markets)NeutralAI's Bar Mitzvah Moment: From Hype & Hope to Business Questions!Detail →
2026-08-18Colossus (Invest Like the Best / Business Breakdowns)BullBen Thompson on Big Tech, China, and the AI Boom Running Out of Money - [Invest Like the Best, EP.487]Detail →
2026-08-17Sands CapitalNeutralAI Sentiment Versus FundamentalsDetail →
2026-08-12Baillie Gifford US Growth TrustBullBaillie Gifford US Growth Investment Trust Factsheet - July 2026Detail →
2026-08-04Patient Capital ManagementNeutralOpportunity Equity Strategy Update for 7/24/2026 – 7/31/2026Detail →
2026-08-04Colossus (Invest Like the Best / Business Breakdowns)BullGavin Baker - AI Market Jitters - [Invest Like the Best, EP.485]Detail →
Earnings Callsⓘ
Q2 2026August 7, 2026
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Overview: Q2 results met expectations, with strong revenue but profits weighed down by heavy investment and one-time charges.
Key data: Revenue of $60.8B, up 28% YoY; advertising revenue of $59.4B, up 27%; EPS of $6.18.
Business progress: 3.6B daily active users, with Instagram reaching 2B DAU. AI has significantly improved recommendation and advertising efficiency—9M small businesses are using AI creative tools; Meta Business Agent launched globally, and the company is co-building a 1GW data center with BlackRock.
Guidance: Q3 revenue guidance of $61–64B; full-year CapEx raised to $130–145B, with expenses raised to $165–169B.
Risk signals: Free cash flow plunged to $784M, with expenses up 55% YoY; AI capital expenditure is surging, and legal and regulatory litigation risks remain a significant uncertainty.