Topic
An investment approach traced to Benjamin Graham that buys businesses below an estimate of their intrinsic worth and insists on a margin of safety.
Greenlight Capital lost 4.3% in Q2 against a 15.2% gain for the S&P 500, and is up 1.9% for 2026 versus 10.2% for the index. The year-to-date gap is 8.3 points against 19.5 for the quarter, so the first quarter went Greenlight's way.
Reality
Russell 1000 Value returned 2.6% in Q3 as the Fed hiked for the first time since 2023 and the 10-year yield rose over 80bp to 5.3%, ClearBridge reported. The firm ties part of its own lag to narrow AI-hardware leadership and a June index rebalance.
Reality
Oakmark says more than half of the Russell Value Index's 2026 gain came from AI-infrastructure stocks it chose not to own. Its case is a forecast that those earnings are cyclical, and the fund calls the cost so far a big missed opportunity.
Reality
Warren Buffett becomes chairman emeritus and his son Howard takes over the board while Greg Abel keeps running the company, with $4.5bn of second-quarter buybacks the only use of the cash Berkshire has disclosed.
Perspective Coverage
5 publishersReality
Six of the eight positions Harris Associates increased in Q2 2026 are banks, brokers, exchanges or payments processors. The other two are Salesforce and Sysco, and the trim list includes an insurer.
Reality