Super Investors Keep Buying These Stocks

Super Investor Activity, Earnings Reports & The Fail of the Week - A Detailed Analysis

Key Concepts:

• 13F Filings: Quarterly reports required by the SEC detailing institutional investment managers’ equity holdings.
• Capex (Capital Expenditure): Funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, and equipment.
• Moat: A company’s ability to maintain competitive advantages over its rivals, protecting its long-term profits.
• Forward PE Ratio: A valuation metric calculating a company’s price-to-earnings ratio using future earnings estimates.
• SAS Apocalypse: A recent downturn affecting Software as a Service (SaaS) companies, characterized by declining valuations and growth concerns.
• Agentic Technology: AI systems capable of independent action and decision-making.
• Knowledge Graph: A database representing a network of real-world entities—objects, events, situations, or concepts—and illustrates the relationship between them.

I. Super Investor Portfolio Analysis (Q4 2025)

The analysis centers on the stock movements of prominent investors as revealed in their Q4 2025 13F filings, comparing their buys to current market conditions where many of those same companies are now cheaper. The core argument is that these investors identified value before recent market corrections, presenting potential opportunities for current investors.

• Bill Aman (Berkshire Hathaway): Made a significant purchase of Meta (META), acquiring an 11.37% weighting, making it his fifth largest holding. Aman’s rationale aligns with the speaker’s view: Meta is a cheap, fast-growing company with a wide moat. The speaker also holds a substantial Meta position ($150,000), and intends to add more if the price declines. Meta currently trades at a 22x forward PE ratio, even including substantial capital expenditures (capex) related to Reality Labs and AI development. Excluding these investments, the core business trades at 18x PE.
• Google (GOOGL): While previously a large holding for both Bill Aman and the speaker, Aman significantly reduced his position (87%) after a period of substantial gains. The speaker maintains Google holdings in both a passive income portfolio ($109,000, up $44,000) and a story fund ($71,000, up $43,000). The speaker acknowledges Aman’s decision, noting Google’s valuation expansion from the low 20s to nearly 30x PE following the resolution of concerns surrounding ChatGPT and potential antitrust breakups.
• Amazon (AMZN): Aman shifted capital from Google into Amazon. The speaker also identifies Amazon, alongside Microsoft and Meta, as top buys. Amazon’s 26x forward PE ratio is considered attractive given its wide moat, predictable growth, and cash-generative core business. Like Meta, Amazon’s valuation is suppressed by significant capex, which the speaker views as a deliberate investment in meeting high customer demand. A comparison to Texas Roadhouse opening new locations to accommodate long lines is used to illustrate this point.
• Warren Buffett (Berkshire Hathaway): Took the opposite approach to Aman, reducing their Apple (AAPL) holdings by 4%, Bank of America (BAC) by 8.9%, and significantly trimming their Amazon position (77.2%). While the Amazon reduction is a small percentage of Berkshire’s overall portfolio, it represents a substantial sale at a higher price. The speaker disagrees with Buffett’s decision, believing Amazon’s long-term growth potential and capex investments justify a continued holding.

II. Recent Earnings Reports & Market Reactions

Several recent earnings reports were discussed, highlighting market reactions and potential investment implications.

• Booking Holdings (BKNG): Stock down 7% despite strong Q4 2025 results: 16% revenue growth, 34% net income increase, and 19% EBITDA growth. The decline is attributed to slightly slower-than-expected revenue guidance. The speaker remains bullish on Booking.
• Walmart (WMT): Stock flat year-to-date, but trades at roughly double the valuation of Amazon (AMZN). The speaker questions this valuation disparity, noting Amazon’s faster revenue growth (three to four times Walmart’s) and superior business model.
• DoorDash (DASH): Stock up significantly following strong earnings, with revenue climbing 37% year-over-year and orders increasing 32% to 93 million. The speaker attributes DoorDash’s success to the inherent convenience it provides, overriding concerns about fees or markups.
• Moody’s (MCO): Stock up 5-6% after “crushing” earnings and delivering a strong rebuttal to the bearish AI thesis. The CEO emphasized the proprietary nature of Moody’s data, complex commercial agreements, IP rights, semantic expertise, historical depth, and robust governance, making it difficult for AI competitors to replicate their services. The speaker highlighted the CEO’s explanation as the “single best explanation” of a company’s moat against AI. The speaker plans to increase their Moody’s and S&P Global holdings.

III. Qualramum – Stock Analysis Tool

The speaker briefly promoted Qualramum, a stock analysis tool used by approximately 13,000 investors. Key features include charts, graphs, earnings calendars, and a new advanced chart creator for comparing investment opportunities. A 7-day free trial is available at qualum.com.

IV. The “Fail of the Week”

The segment featured a humorous incident from an AI summit in India involving Sam Altman (OpenAI) and Dario Amade (Anthropic). The two CEOs, fierce competitors, awkwardly avoided physical contact during a staged hand-holding gesture, highlighting their personal animosity. Dario Amade was also criticized for reading his speech from an iPhone, perceived as a loss of “aura.”

V. Top 10 Most Bought Stocks (Q4 2025) & Current Price Changes

Analysis of the top 10 most bought stocks by super investors in Q4 2025 revealed that many of these stocks have declined in price since then, presenting potential buying opportunities.

• Microsoft (MSFT): Down 17% since Q4 2025.
• Amazon (AMZN): Down 11.3% since Q4 2025.
• S&P Global (SPGI): Down 19% since Q4 2025.

The speaker believes super investors will likely use this period of market weakness to increase their positions in these high-quality companies.

Conclusion:

The core takeaway is that the recent market downturn has created opportunities to buy high-quality companies at valuations identified as attractive by leading investors in Q4 2025. The speaker emphasizes the importance of understanding a company’s moat, growth potential, and capital allocation decisions, particularly in the face of concerns surrounding AI disruption. The analysis highlights the value of independent research and the potential for contrarian investment strategies. The Moody’s earnings call provided a compelling case study of a company effectively defending its competitive advantage against the threat of AI.