The Tape

Today's biggest moves — synthesized across each investor's filings, letters, and voice.

3 did · 12 said · 47 investors tracked

Every entry below is an auto-generated factual summary of a public filing or disclosure. Not investment advice. Verify before acting.

How to read a card

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

Today's top story

The single most significant story right now, by computed significance.

Cross-ticker

mark-boyar · tech

Mar 31, 2026

Mark Boyar added to six tech names — GOOGL, AAPL, CRM, UBER, MSFT, and INTC — in Q1 2026 as part of a record $41.8M single-quarter reshuffle across 30 new positions.

Why it matters — Mark Boyar added to 6 tech names in one quarter — a sector-wide move, computed from quarterly filings.

Mark Boyar executed the largest single-quarter portfolio reshuffle on record in Q1 2026, opening 30 new positions totaling $41.8M and spreading capital across financials, healthcare, consumer, and technology in one sweep. Within tech, UBER was the standout new stake at $7.7M — 4% of disclosed book — making it the second-largest new position firm-wide behind JPM. GOOGL (also filed as GOOG) followed at $4.6M, or roughly 3% of book, representing a meaningful commitment to the name. Smaller new tech positions included CRM, AAPL, MSFT, and INTC, each coming in at under 1% of disclosed book. These were part of a broader sweep of sub-1% stakes that also touched consumer, real estate, and other sectors. Alongside the filing, Boyar Research published a letter arguing that market leadership is broadening beyond mega-caps — a thesis that sits in tension with the GOOGL and UBER stakes but is consistent with the firm's decision to spread capital thinly across dozens of names rather than concentrate in any single tech position.

Patterns this week

5 patterns

Cross-cutting moves across multiple investors or tickers.

Sector flow
Information Technology
Mar 31, 2026
Buffett, Hawkins, Marks, and Boyar each reduced Information Technology weight in Q1 2026, cutting a combined net $1.8B from the sector.
Why it matters — A net $1.8B moved out of Information Technology across 5 tracked portfolios in one quarter — computed from quarterly filings.
- Howard Marks trimmed Information Technology by $197.5M — 5% of book
- Warren Buffett trimmed Information Technology by $4.1B — 2% of book
- Mason Hawkins trimmed Information Technology by $23.9M — 1% of book
Full read
Four prominent investors trimmed their Information Technology holdings in Q1 2026, pulling a combined net $1.8B from the sector — the clearest sign of broad-based skepticism toward elevated tech valuations in recent quarters. Warren Buffett's Berkshire Hathaway drove the largest individual moves. Despite adding $10.0B to Alphabet (GOOGL) — the largest single addition to that name on record — Berkshire's overall tech footprint shrank as the firm simultaneously opened large new positions in consumer staples and energy, including a $30.4B stake in KO and $17.5B in CVX, shifting the portfolio's center of gravity away from technology. Mason Hawkins at Longleaf and Howard Marks each flagged the same underlying concern: AI-driven multiples have disconnected from actual free cash flow, and speculative dynamics now resemble prior bubble episodes. Marks specifically warned of software debt risks and redemption pressures building in public vehicles. Mark Boyar's Q1 2026 filing — the largest single-quarter reshuffle on record for the firm at $41.8M across 30 new positions — leaned into financials and healthcare rather than technology, with JPMorgan Chase as the single largest new stake at $13.8M. What connects these moves is a shared judgment that technology's premium over the rest of the market has stretched beyond what fundamentals can support, prompting each manager to find better-valued opportunities elsewhere.

What they did

3 moves

Trades and positions, straight from the filings.

Investor beat
Generated Jul 16, 2026
Mason Hawkins
past 90 days · 1 event · 1 citation →
Longleaf warns markets have reached dangerous speculative levels, with AI-driven multiples disconnected from actual free cash flow.
Auto-generated beat summary over window ending Jul 16, 2026. Not investment advice. Verify before acting.

What they said

12 items

Letters, memos, and interviews — in their own words.

Investor
Mason Hawkins
17 days agoolder
Commentary from Mason Hawkins
Longleaf warns markets have reached dangerous speculative levels, with AI-driven multiples disconnected from actual free cash flow.
Words vs. trades — sounded cautious in writing, but was a net buyer in the latest filings.
Read the letter →
Investor
Mark Boyar
17 days agoolder
Commentary from Mark Boyar
Boyar Value flagged a bubble in semiconductor earnings, not valuations, as memory-chip stocks soar on unsustainable profit assumptions while software faces unwarranted pessimism.
Words vs. trades — sounded cautious in writing, but was a net buyer in the latest filings.
Read the letter →

Smart Money Stream · feeds.megaphone.fm

Jeremy Giffon - The Billion Dollar PDF - [Invest Like the Best, EP.481]

feeds.megaphone.fm · 2026-07-07 · 1h 17min

In a wide-ranging conversation on Invest Like the Best, Jeremy Giffin shares lessons from 18 months of hundreds of founder and investor conversations. He argues that in private markets, fund storytelling ability is the primary filter because realized returns take a decade—narrative is what sells in the interim. Giffin highlights how companies with old stories but recent inflection struggle to raise capital despite strong growth, and advises founders to maintain optionality through conservative fundraising and flexible cap tables. He introduces the concept of the "billion-dollar PDF"—a crystallized idea that sets narrative consensus and directs capital flows. Giffin observes that X (formerly Twitter) has become the dominant information source for capital markets, politics, and policy, creating a "timeline-native" world where entertainment value drives market pricing. He argues billionaires have become less scarce and powerful, replaced by the "poster class" as society's new priesthood—those who command attention and shape consensus. On investing, Giffin contends that beating the market is easier than conventional wisdom suggests, especially for individuals unconstrained by institutional mandates. He notes the shift from SaaS (selling copies of strings with high margins) to compute-based businesses (low margins, massive scale), and warns that venture capital's capital glut has created a feudal-like SPV allocation system. Finally, he emphasizes that cultural and philosophical traditions—neo-Buddhist utilitarianism, effective altruism, and religious ideas—are vastly underrated drivers of Silicon Valley's technological development.

Highlights

3:37 ↗
“the great filter for funds is their storytelling ability fundamentally, because their product, which is realized cash returns, take a decade.”
5:59 ↗
“Unless you're certain that you want to just try this one thing and it's going to be huge or zero, you should think about optionality, which usually means raising less, raising from investors with a wider mandate”
46:49 ↗
“SASS is a business model of this idea that you pay usually per person, per month or per year for access to a tool that helps you use your computer. I think in that sense, SASS is in a lot of trouble”
49:41 ↗
“we're in an era where we're selling compute. And selling compute, you can't write the prompt once and then sell copies of the output. You have to do the compute every single time.”
57:41 ↗
“the personal financial situation of a manager is an incredibly underrated thing to ask about.”
1:05:22 ↗
“you probably want to be long, Elon Musk. That level of idea. I actually think the gift is being able to sell that idea”

Listen to full episode ↗

Every entry below is an auto-generated factual summary of a public filing or disclosure. Not investment advice. Verify before acting.

The Tape

Today's top story

Patterns this week

What they did

Mason Hawkins

What they said

Mark Boyar

Howard Marks

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Jeremy Giffon - The Billion Dollar PDF - [Invest Like the Best, EP.481]

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