Longleaf warns markets have reached speculative extremes, with CAPE at historic highs and AI-driven multiples disconnecting from real FCF. (letter)

Symbols

• ▲Buying or adding to a position
• ▼Selling or trimming a position
• ✦A brand-new position
• ✕Sold out completely
• ✎Something they said or wrote — not a trade
• •Context — no buy or sell direction

Terms

Investor roundup

— Everything one investor did over a recent window, rolled into one card.

Signal

— A single move or call from a tracked investor, ranked by size, agreement, and how recent it is.

13F

— The quarterly form U.S. funds file listing the stocks they hold.

Form 4

— An insider or 10%+ owner reporting a buy or sell, filed within about two days.

13D / 13G