December 31, 2025

Inside This Issue


Taking the Time

François Rochon, Giverny Capital

François Rochon of Giverny Capital describes why he seems to be better than most at holding on to winners, how he's thinking about Berkshire Hathaway's shares entering the post-Buffett era, why he recently gave up on a long-time favorite, and what he thinks the market is missing today in Booking, Universal Music, Walt Disney and Brown & Brown.

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Avoiding Crowds

Ric Dillon, Jason Downey, Jenny Hubbard, VELA Investment Management

VELA Investment Management’s Ric Dillon, Jason Downey and Jenny Hubbard explain why the firm’s portfolio managers retain research coverage, why they believe apathy toward small-caps is misguided, how they see AI creating opportunity, and why they think Sun Country Airlines, Bruker, Ingles, Worthington Enterprises and Jack Henry are mispriced.

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A Fresh Look

Taking stock of diverging investment results so far in Broadcom and Old Dominion Freight Line.
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A Fresh Look: Kuehne + Nagel

Handicapping a future tied to the free flow of global trade.
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Uncovering Value: MegaStudyEdu

Considering a laggard in the world's hottest stock market.
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Who's Behind VII?

John Heins, Co-Founder, Editor-in-Chief
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John Heins co-founded Value Investor Media, Inc. in 2004 and since then has served as its President and as the Editor-in-Chief of Value Investor Insight. In 2016 he took on an additional role as a Professor of Value Investing at the University of Alabama and is now the Director of the university's C.T. and Kelley Fitzpatrick Center for Value Investing.