The Too-Long Goodbye

Authored by James Howard Kunstler,

“. . . we are witnessing mass formation in real time, where the group delusion becomes the only permissible reality.”

- LH Grey on X

Last week, Stephen Colbert celebrated his May 21 departure from late-night TV by French-kissing his fellow late-night soul-mate hosts goodbye, perhaps to honor the French origins of the Woke political ideology that guided his rocket flight to fame — Michel Foucault (1926–1984), who argued that power was all that mattered and that you could talk any absurdity about sex, mental illness, and criminality into mass belief. . . Jacques Derrida (1930–2004), who argued that reality depends on how you feel about it. . . Jean-François Lyotard (1924–1998), who denounced truth per se in favor of your truth. . . and Gilles Deleuze, father of gender-fluidity.

So, bonne nuit and au revoir, Monsieur Colbert, and don’t let the CBS screen door bump your ass on the way out. Few public figures in our time have done as much damage to the collective mental health of our country than Colbert did in his late-night operations. For instance, the dance routine, broadcast circa April 2021, titled “The Vax-Scene,” when “Joe Biden” and Dr. Fauci rolled out the mRNA products that would eventually maim or kill hundreds of thousands of Americans. Colbert did the shimmy in front of a chorus line costumed as syringes capering to a musical arrangement of the old Latin hit, Tequila (original, by The Champs, 1958). His ignorance about what actually was at stake was surpassed only by his Cheshire Cat caliber smugness. So, what you see in this video is the rectified essence of the demonic idiocy that still animates the Democratic Party. Save it and watch it often to remind yourself what the nation has been battling for so many years.

I was actually a guest on Colbert’s show years ago in its early evening incarnation when the running gag was Colbert pretending to be a right-winger. In the green room before the show, his handlers told me to “not try to be funny because that’s Stephen’s job.” I had just published a novel about what life in America might be like after the collapse of our techno-industrial economy (World Made by Hand). Colbert treated that as a joke, too, of course. He already had the remarkable ability for finding comedy in all the wrong places.

By the time Covid came along, he was no longer a pretend conservative; he was an out-front Democratic Party / Deep State propaganda tool.

It remains to be seen how the party can possibly survive the revelations-to-come of its monumental criminality. Sunday morning, Acting Attorney General Todd Blanche turned up on Maria Bartiromo’s public affairs show. Maria was in a testy mood, repeatedly telling Mr. Blanche that America has lost patience bigly over the complete lack of “accountability” for the various seditions and treasons launched against the public since 2016, in particular, the obvious treachery so many witnessed in the 2020 election.

Mr. Blanche replied, “Well, there’s a ton of evidence that the election was rigged. That’s not something the DOJ needs to tell you about. There’s been evidence about that for many, many years. What I can tell you is that we have multiple investigations going on in Arizona, in Georgia — in Fulton County, Georgia. And that’s exactly what we’re looking at.”

Quite so: evidence for many years, by the truckload, and indeed it was only a month or so ago that the FBI turned up at the Fulton County, GA, election records depository building and seized a truckload of ballots and other material related to the Big Switcheroo that the election workers there pulled off overnight on Nov 3, 2020 —because “broken water mains [toilets, that is],” and all. Mr. Blanche might not need to tell the irascible Maria B about that, but eventually he will have to tell the whole country what happened in Fulton County, GA, and Maricopa County, AZ, and Antrim County, MI, and Milwaukee County, WI, and Philadelphia. . . .

It remains to be seen how the stolen 2020 election business might be rolled into the “grand conspiracy” case being pursued in the grand jury convened at Fort Pierce, Florida. It will probably be a major entrée in the smorgasbord of prosecutable turpitudes presently under consideration. Also remains to be seen how half the country that still calls itself “Left” or “Progressive” or “registered Democrat” will greet the news that “Joe Biden” did not win that crooked election, but rather, their bête noire, Donald Trump, won. And not by a slim margin, but by a ton.

And how will all the other authorities across the land, both public and private, deal with the apparent fact that the country suffered under a fake president for a whole four-year term? Congress will have to say something, make some determination. Or the Supreme Court? Or some combo. All the laws passed under “Joe Biden,” and the executive actions taken by him that were not laws strictly speaking, might have to be rescinded, cancelled, including all the many pardons issued under his autopen.

And how will the corrupt, mendacious news media process hard charges of massive and decisive election fraud in 2020? Of course, they never even tried to investigate it, didn’t send a single reporter out to search the thickets, just opened the gas jets to keep the gaslights lit. And they’re still doing it! Only days ago, the disgustingly dishonest New York Times framed their story about the release of Tina Peters in Colorado this way:

Tina Peters, grandmother and Mesa County election clerk, was trying to determine whether a fishy post-election “software update” had wiped the 2020 records out of Mesa County’s Dominion vote-tallying machines. The Colorado authorities, led by Colorado Sec’y of State Jena Griswold, tossed Ms. Peters in jail on a nine-year sentence for examining the machines. Maybe the time is at hand when Jena Griswold gets tossed in jail. Looks like we’ll finally learn the true meaning of the phrase “election denier.”

Tyler Durden Mon, 05/18/2026 - 16:20
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The Too-Long Goodbye

Complete Q1 13-F Summary: The Fireworks In Berkshire's Post-Buffett Portfolio, And Everything Else

Friday was the 15th of the month 45 days after quarter end, which means we got a flood of 13F reports indicating what asset managers were long as of March 31. We will do a summary recap below of all the biggest names, but as usual we start with Berkshire due to its traditional lack of turnover and corresponding price impact of the stock of new positions or liquidations. And we should underline "traditional" because in Berkshire's first full quarter under Warren Buffett replacement Greg Abel, who took the reins at Berkshire this year after Buffett stepped down following six decades at the helm, the new CEO took a machete to no less than 14 existing position which he dumped unceremoniously. 

But first, let's look at the additions of which there were two: one big one and a much smaller one.

Starting with the former, Berkshire unveiled a new $2.6 billion stake in Delta Airlines, reigniting the conglomerate’s complicated relationship with the airline industry. The Omaha-based hedge fund-cum-conglomerate said it had purchased 39.8 million shares in the airline as of the end of March, according to its latest 13F. The move - which amounted to a 6.1% stake - sent shares of the carrier up more than 3% in late trading.

It's not the first time Berkshire has been involved with the name: Under the recently departed former CEO Warren Buffett, Berkshire had a tense relationship with the airline industry over the decades. After a troublesome investment in USAir, Buffett once joked in 2001 that he would call an 800 number to declare he was an “air-o-holic” if he ever got the urge to invest in airlines again. Then in 2016, Berkshire dove into the industry again, amassing stakes in the four largest U.S. airlines.  But Buffett reversed course again in 2020, when he exited his airline holdings in Delta, Southwest, American Airlines and United as the sector was grappling with the fallout from the Covid-19 pandemic. Fast forward 6 years and the company is once again building up a stake in airlines, only at much higher prices. 

Berkshire also revealed it has amassed a small stake in retailer Macy’s. A stronger-than-expected sales outlook had boosted Macy’s stock earlier this year. Shares of the department store operator jumped more than 6% in late trading on Friday in response to the Berkshire filing.

During the quarter, Berkshire also boosted its holding in star AI performer Alphabet, adding 36.4 million shares in Google’s parent company. Berkshire also added modestly to its stake in Lennar. 

But while Abel added to Google, it dumped all its holdings of Amazon.com, some 2.276 million shares as of Dec 31, 2025. 

There was much more: Berkshire also exited its sizable positions in credit card companies Visa and Mastercard (combined over $5 billion as of Dec 31), and liquidated holdings in UnitedHealth Group, which proved to be a brief flirt for the conglomerate; UnitedHealth had been trying to rebuild confidence with investors after struggling to adapt to changing US government payment policies. The stock dropped roughly 2.5% in post-market trading on Friday. Berkshire also sold out all its holdings in Diageo plc, Pool Corp, Charter Communications, Domino’s Pizza, Heico, Lamar Advertising, Allegion, AON, and Liberty Latin America. 

Why the mass dump? According to the WSJ, Abel offloaded all the equity holdings that were previously managed by Todd Combs, Berkshire’s former stock-picker. Combs left Berkshire and joined JPMorgan in December for a broad investing advisory role. 

Finally, Berkshire reduced its holdings in Bank of America, Chevron, Davita, Liberty Live Holdings, Nucor and Constellation Brands.  The full breakdown of Berkshire's 13F is in the table below.

Beksrhire, aside 

Senator Investment Group disclosed yesterday its updated portfolio positions in 13F filing: New RIOT PFE RKT HAL C V ALKS COP AVGO positions, Added to NU AS holdings, Exited LTH CMCSA SSNC; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: RIOT (1.5 mln shares), PFE (1.25 mln), RKT(1.25 mln), HAL (847K), EEM (570K), C (330K), V(255K), ALKS (235K), COP (219K), AVGO (188K), CVS (175K) , HAS (175K), SATS (103K), AEIS (100K), LHX (90K), KNTK (76K), AMAT (65K) Increased: NU (2.45 mln shares from 2.2 mln shares),AS (1.3 mln from 0.93 mln), NVDA (825K from 505K), DHR (433K from 169K), BA (441K from 28K), AMZN(610K from 430K), SN (554K from 400K), WRBY(500K from 377K), ETHA (243K from 134K), ULS(400K from 300K), VST (197K from 110K), MSFT(268K from 188K), META (134K from 74K), WULF(139K from 85K), VIK (523K from 475K), GOOG (13K from 11K) 
• Maintained: WBD (3 mln shares), PRM (2.4 mln), APH (200K)  Exited: LTH (from 1.3 mln shares), CMCSA (1.2 mln), SSNC (1.04 mln), IMSR (900K), BILL (693K), COF(472K), MEOH (375K), PFSI (287K), UNP (275K), GE(150K), KWEB (103K), LPLA (100K), XLI (61K), FBTC(33K), PLTR (12K), COIN (7K)
• Decreased: UAL (1.4 mln shares from 3.1 mln shares), BKD (2.5 mln from 3.4 mln), TECK (0.77 mln from 1.66 mln), JHX (1.1 mln from 1.8 mln), ATRO(22K from 459K), HOOD (141K from 405K), MT (341K from 580K), WWD (227K from 452K), APO (340K from 537K), ATI (145K from 325K), CVNA (185K from 260K), TSM (263K from 325K), HWM (42K from 98K),UNH (35K from 75K), VRT (260K from 274K)

Lansdowne Partners discloses updated portfolio positions in 13F filing: New SLB BKR positions, Added to AMZN SW ARM ADI UAL DAL TECK LIN IONQ; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: SLB (2.96 mln), BKR (40K)
• Increased: SW (1.9 mln from 257K), ARM (936K from 472K), UAL (1.5 mln from 1.2 mln), TECK (2 mln from 1.8 mln), LIN (449K from 227K), IONQ (796K from 643K), RAL (195K from 100K), B (343K from 266K),DAL (2.5 mln from 2.4 mln), MDT (89K from 31K), AMZN (78K from 47K), ADI (664K from 635K), ETN(130K from 110K), TXN (92K from 78K)
• Maintained: TSM (1.3 mln)
• Exited: CRH (308K), FTV (48K), FLUT (2K)
• Decreased: ROK (14K from 31K)

Meritage Group discloses updated portfolio positions in 13F filing: New TOST CSGP AON positions, Exited QSR SGI; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: TOST (3.4 mln shares), CSGP (3.3 mln), AON(680K), SPGI (504K), SPY (52K)
• Maintained: PCOR (2.68 mln shares), AMZN (1.86 mln), WDAY (1.62 mln), MSFT (1.27 mln)
• Exited: QSR (from 3.2 mln shares), SGI (2.4 mln)
• Decreased: TRU (3.6 mln shares from 5.3 mln shares), COF (1.3 mln from 1.8 mln), MSCI (406K from 467K), EFX (154K from 165K)

Baupost Group (Seth Klarman) discloses updated portfolio positions in 13F filing: New NCLH DNOW TFX PCVX V positions, Added to COLD AMZN FERG GOOG AERO, Exited FIS FISV LBTYA; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: NCLH (3.6 mln shares), DNOW (3.6 mln), TFX(1.6 mln), PCVX (800K), AON (769K), V (701K)
• Increased: COLD (7.8 mln shares from 3.5 mln shares), AERO (4.88 mln from 4.86 mln), AMZN (3.1 mln from 2.1 mln), FERG (1.4 mln from 1.1 mln), GOOG (1.18 mln from 1.09 mln), MOH (634K from 625K) 
• Maintained: HLF (9.3 mln shares), QSR (8.1 mln), GDS (3.0 mln), GPC (1.5 mln), WCC (1.4 mln), ELV(1.3 mln)
• Exited: FIS (from 4.5 mln shares), FISV (2.2 mln), LBTYA (2.1 mln), DG (2.06 mln), CRH (1.07 mln), TBN(257K)
• Decreased: LBTYK (13.4 mln shares from 20.9 mln shares), WTW (893K from 1.36 mln), EXP (893K from 1.19 mln), UNP (1.5 mln from 1.6 mln)

Softbank discloses updated portfolio positions in 13F filing: New LIFE position, maintained INTC SYM WBTN KLAR TEM TSM, Exited LMND, Cut TMUS (18.49); Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: LIFE (3.13 mln shares)
• Maintained: XXI (89.11 mln shares), INTC (86.96 mln), INTR (60.51 mln), SYM (39.83 mln), VTEX (38.43 mln), WBTN (31.43 mln), NU (17.84 mln), KLAR (15.4 mln), TEM (5.41 mln),
• Exited: LMND (from 0.93 mln shares), CRCL (0.1 mln), UBER (0.02 mln)
• Decreased: TMUS (10 mln shares from 28.5 mln shares), NMRA (6.09 mln from 6.43 mln)

Marathon Partners discloses updated portfolio positions in 13F filing: New FLEX CRCL positions; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: FLEX (13K), CRCL (3K)
• Increased: CNS (115K from 75K), TPB (31K from 18K)
• Maintained: XMTR (115K), GOOG (6K)
• Decreased: RELY (1270K from 1338K), LION (220K from 275K), HSIC (13K from 48K), SXT (5K from 23K),TKO (73K from 84K), UBER (140K from 150K), FLUT(10K from 17K), ATMU (75K from 80K), META (25K from 28K), ATI (18K from 20K)

TCI Fund (Chris Hohn) discloses updated portfolio positions in 13F filing: New GOOGL position (and adds to GOOG holding), Boosted V SPGI MCO holdings, Cut MSFT; positions Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: GOOGL (2.46 mln shares)
• Increased: V (30.47 mln shares from 27.72 mln shares), SPGI (14.04 mln from 11.79 mln), GOOG(8.85 mln from 7.6 mln), MCO (14.33 mln from 13.31mln)
• Maintained: GE (47.51 mln shares), CP (46.52 mln), FER (20.74 mln), CNI (9.85 mln)
• Decreased: MSFT (2.73 mln shares from 16.78 mln shares)

Eminence Capital (Ricky Sandler) discloses updated portfolio positions in 13F filing: New U MTN EL DHR TSM positions, Added to AMZN VVV CPNG SE Z SGI PFGC holdings, Exited PTON GPK DKNG GTLB PINS JEF CF CRM; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: U (725K), MTN (714K), EL (698K), DHR (561K), TSM (422K), MRSH (320K), MNDY (248K), AON(17 9K)
• Increased: CPNG (15.5 mln from 12.6 mln), SE (4.1 mln from 2.6 mln), Z (3.5 mln from 2.1 mln), SGI (1.5 mln from 314K), PFGC (3.72 mln from 2.65 mln), DT(5.3 mln from 4.5 mln), MDLN (2.28 mln from 1.5 mln),FLUT (484K from 79K), VVV (4.4 mln from 4.2 mln), AMD (1.2 mln from 968K), SNPS (449K from 249K), THC (790K from 614K), FERG (646K from 500K),FWONK (1.98 mln from 1.9 mln), AMZN (1.54 mln from 1.48 mln), BABA (861K from 826K), ABG (956K from 926K), MDB (163K from 156K) 
• Exited: PTON (18.2 mln), GPK (12.8 mln), DKNG (8.4 mln), GTLB (7.7 mln), PINS (4.5 mln), JEF (3.8 mln),CF (1.28 mln), CRM (1.0 mln), SYY (897K), ELV(487K), LPLA (442K), UNH (378K), UNP (352K), META (62K) 
• Decreased: ATMU (1.28 mln shares from 3.83 mln shares), LPX (2.53 mln from 4.05 mln), RRR (0.41 mln from 1.6 mln), WK (2.52 mln from 3.71 mln), MGRC(806K from 950K)

Miller Value Partners (Bill Miller) discloses updated portfolio positions in 13F filing: New BLMN CRGY positions, Added to CNDT JELD GTN holdings, Exited STLA; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: BLMN (2.0 mln shares), CRGY (2 mln), ABR(604K), PTLO (129K), MBC (105K), FIGR (91K), REZI(70K), ZD (68K), CPNG (63K), PINS (60K), VRM(58K), CTRN (54K), CART (46K), PRDO (40K), CROX(39K), SPY (30K), FOUR (30K), BLDR (19K), A BNB(16K) Increased: CNDT (10.0 mln shares from 5.6 mln shares), JELD (6.6 mln from 4.1 mln), GTN (5.4 mln from 4 mln), CTO (556K from 434K), VTRS (732K from 619K), MRP (181K from 83K), LNC (571K from 505K),ARLP (185K from 132K), UPBD (120K from 70K), UPS (119K from 87K), MSTR (52K from 25K), BBW(104K from 78K), CHRD (69K from 58K) 
• Maintained: OMF (83K), CALM (62K)
• Exited: STLA (0.43 mln shares) 
• Decreased: TDAY (2 mln shares from 3.4 mln shares),FOSL (2.4 mln from 3.2 mln), DCH (1.4 mln from 1.7mln), QUAD (2.65 mln from 2.74 mln), NBR (444K from 603K), UGI (121K from 262K), BMY (70K from 108K), VZ (168K from 198K), ITRN (204K from 215K), WAL (55K from 64K), BFH (194K from 201K), UNFI(5K from 13K), JXN (81K from 86K), FTI (3K from 8K), TPC (3K from 7K)

Scopia Capital discloses updated portfolio positions in 13F filing: New VISN position, Exited BRZE TRU TREX LPX SGI; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: VISN (664K)
• Maintained: MNKD (695K)
• Exited: BRZE (293K), TRU (236K), TREX (209K), LPX(200K), SGI (107K), CVNA (8K),
• Decreased: CC (562K from 1.9 mln), HLIT (644K from 1.9 mln), VSTS (453K from 1.4 mln), VVV (203K from 1.1 mln), PTON (1.8 mln from 2.3 mln), CTVA (148K from 600K), LIVN (186K from 538K), AZTA (236K from 567K), PRMB (466K from 780K), GOOS (391K from 667K), KKR (90K from 277K), RRX (43K from 217K), AER (28K from 199K), BATRK (78K from 239K), ENS(30K from 154K), AMZN (43K from 146K), JBHT (38K from 115K)

Kerrisdale Advisors discloses updated portfolio positions in 13F filing: New ADTN DV NOK PAYO SWKS MRVL positions; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: ADTN (552K), DV (398K), NOK (284K), PAYO(163K), LNSR (139K), SWKS (127K), MRVL (114K), C VE (111K), ACVA (91K), CNQ (73K), FTRE (73K),ADEA (71K), FRSH (62K), INTC (61K), LBTYA (61K), FL O (56K), MOS (40K), OI (40K), PYPL (37K), FVRR(36K), SMCI (35K), AMTM (29K), KHC (29K), WHD(28K) , BAC (27K) 
• Increased: SNAP (283K from 39K), UHAL.B (127K from 55K), SHC (608K from 557K), LGN (106K from 61K), GTLB (69K from 26K), CPNG (150K from 109K), CART (94K from 73K), RICK (27K from 9K), AMZN(59K from 41K), AMRZ (62K from 47K), MSFT (12K from 1K), V (50K from 39K), GFF (17K from 7K), ZM(47K from 38K), APPF (22K from 16K), UNP (20K from 16K), DEO (34K from 31K)
• Exited: GTM (348K), RTO (69K), LBRT (64K), VAL(50K), LESL (24K), KNX (23K)
• Decreased: TDS (298K from 506K), KVUE (171K from 344K), NE (14K from 148K), SYY (83K from 211K),WMG (9K from 67K), CIB (40K from 91K), ACMR(224K from 263K), FOXF (51K from 83K), PERI (49K from 76K), NXE (30K from 51K)

Public Investment Fund (sovereign wealth fund of Saudi Arabia) discloses updated Q1 2026 portfolio positions in 13F filing: Maintained LCID UBER EA positions, Exited ALUR warrants; Maintained: LCID (177.09 mln shares), UBER (72.84 mln), EA (24.81 mln), CTEV (1.2 mln).

Leon Cooperman discloses updated portfolio positions in 13F filing: New COF AMZN positions, Added to OMF PLGO STKL LAD holdings, Exited AMRZ OXY RRX; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: COF (370K), AMZN (170K)
• Increased: OMF (2.01 mln shares from 0.7 mln shares), PLGO (7.98 mln from 7.04 mln), STKL (9.3 mln from 9.05 mln), LAD (0.34 mln from 0.32 mln),EWJ (0.02 mln from 0.01 mln)
• Maintained: RKT (21.02 mln shares), ET (13.32 mln), VRT (2.16 mln)
• Exited: AMRZ (880K), OXY (700K), RRX (690K)
• Decreased: AESI (4.08 mln shares from 5.05 mln shares), ELV (0.23 mln from 0.34 mln)

D1 Capital discloses updated portfolio positions in 13F filing: New NU CPNG SGI U DASH TMO LYV CVNA CLS GOOGL positions, Added to AMZN NVDA JHX DHR TXN AFRM holdings, Exited CNM ENTG APG SATS GEHC BAC; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: NU (25.89 mln shares), CPNG (11.61 mln), SGI(4.69 mln), U (3.26 mln), DASH (1.44 mln), TMO(725K), LYV (674K), CVNA (668K), CLS (542K), GOOGL (469K), FERG (349K), TSM (329K), M LM(323K), ADI (292K), BLD (213K), ASML (7K) 
• Increased: JHX (28.3 mln shares from 24.4 mln shares), DHR (2.3 mln from 0.56 mln), TXN (1.75 mln from 0.49 mln), AFRM (1.94 mln from 0.82 mln), KRC(11.28 mln from 10.4 mln), AVGO (0.98 mln from 0.36mln), SE (4.05 mln from 3.49 mln), AMZN (1.81 mln from 1.34 mln), NVDA (1.57 mln from 1.15 mln), RDDT(2.46 mln from 2.12 mln), COF (1.12 mln from 828K),MELI (374K from 224K), DIS (2.36 mln from 2.22 mln)
• Maintained: CART (22.56 mln shares), LINE (7.4 mln), USFD (4.28 mln), APO (1.16 mln), APP (0.67 mln)
• Exited: CNM (from 2.65 mln shares), ENTG (2.49 mln), APG (2.2 mln), SATS (1.86 mln), GEHC (1.76 mln), BAC (1.25 mln), NI (1.21 mln), ANET (962K), Q (937K), LIN (484K), SNPS (378K), MDLN (377K), META (376K), AEP (344K) 
• Decreased: KNX (5.49 mln from 7.72 mln), FLS (5.87 mln from 7.66 mln), CLH (1.34 mln from 2.78 mln), SCHW (2.36 mln from 3.15 mln), XPO (1.29 mln from 2.04 mln), SHW (474K from 962K), ADSK (309K from 456K), JCI (1.22 mln from 1.35 mln), SPOT (340K from 396K)

Soros Capital discloses updated portfolio positions in 13F filing: New EIKN AMT TXN positions, Added to PUMP ALC, Exited NBIS EWZ AEO GM CZR; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: EIKN (485K), AMT (53K), TXN (25K), AS (21K), GEV (18K), ADI (16K), SKYW (15K)
• Increased: PUMP (1.09 mln from 685K), ALC (94K from 76K), CAT (17K from 8K), MSI (14K from 7K), NFLX (31K from 25K), DHR (33K from 27K), FIX (12K from 6K), TJX (19K from 14K), AMZN (35K from 32K), VRSN (21K from 18K), NVDA (12K from 9K), LOW(19K from 17K), IUSB (6K from 5K), CPAY (13K from 12K)
• Maintained: PACK (4.63 mln), WULF (713K), CP(69K), NKE (69K)
• Exited: NBIS (229K), EWZ (150K), AEO (143K), GM (131K), CZR (100K), ON (90K), GAP (74K), BSX(55K), EWY (53K), CHDN (50K), SEI (44K), TM (23K), TRU (22K)
• Decreased: GOOGL (6K from 247K), TSM (5K from 83K), AVGO (7K from 81K), FLUT (3K from 34K), GDDY (16K from 42K), ICE (15K from 34K), BE (38K from 57K), V (22K from 31K), TPR (4K from 9K), SBUX (47K from 51K), EME (6K from 9K), UNP (18K from 21K), HD (13K from 15K)

Engaged Capital (Glenn Welling) discloses updated portfolio positions in 13F filing: Added to PTLO BL, Exited FRPT, Trimmed VFC CGNX YETI; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• Increased: PTLO (3.4 mln shares from 1.5 mln shares), BL (1.4 mln from 1.1 mln)
• Maintained: BRCC (13.94 mln shares), EVH (5.56 mln), GXO (822K)
• Exited: FRPT (401K)
• Decreased: VFC (4.68 mln shares from 5.31 mln shares), CGNX (484K from 933K), YETI (1784K from 2033K)

Tiger Global discloses updated portfolio positions in 13F filing: New EQPT INTC XNDU PAYP RVI LITE MELI positions, Added to CPNG TSM Z NVDA AMAT AVGO META SPOT holdings, Exited GRAB FLUT VEEV HNGE ESTC WDAY CRCL; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: EQPT (4.6 mln shares), INTC (1.6 mln), XNDU(500K), PAYP (400K), RVI (400K), LITE (137K), MELI(135K) 
• Increased: CPNG (34.6 mln shares from 26.3 mln shares), TSM (5.6 mln from 3.7 mln), Z (7.4 mln from 6.1 mln), NVDA (12.0 mln from 11.0 mln), AMAT (1.7 mln from 0.9 mln), AVGO (3.6 mln from 2.9 mln), META (3.1 mln from 2.8 mln), SPOT (1.6 mln from 1.3 mln)
• Maintained: SE (15.4 mln shares), GOOGL (10.6 mln), AMZN (10 mln), LRCX (3.9 mln), NFLX (2.4 mln), CPAY (1.8 mln), GEV (973K)
• Exited: GRAB (from 92.9 mln shares), FLUT (4 mln), VEEV (2.4 mln), HNGE (1.8 mln), ESTC (1.69 mln),WDAY (1 mln), CRCL (500K)
• Decreased: TTWO (2 mln shares from 5.8 mln shares), CHYM (11.1 mln from 14.2 mln), MSFT (2.5 mln from 5.5 mln), APO (3.3 mln from 6.2 mln), XYZ (4 mln from 6.4 mln), RDDT (2.5 mln from 3.8 mln), CSGP (1.5 mln from 2.3 mln), NOW (1.5 mln from 2.1mln), APP (1 mln from 1.3 mln), UNH (350K from 420K)

Discovery Capital (Rob Citrone) discloses updated portfolio positions in 13F filing: New ON JMIA CAR HUYA WOLF INFQ FPS MDLN SNDK NVDA positions, Added to GENI CX AMX GEO AMZN, Exited AMKR GDS SNAP, Trimmed IREN CLF; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: ON (1.4 mln), IFS (1.1 mln), VLRS (964K), RKT(884K), JMIA (697K), CAR (549K), HUYA (467K), WOLF (425K), INFQ (396K), FP S (275K), MDLN(250K), SNDK (184K), CMPS (180K), ONMD (112K), ARE (100K), VLO (85K), ROST (72K ), LNG (67K), NVDA (57K), TER (52K), CRM (50K), BRRR (48K), ULTA (47K), SOXX (44K), FSLR (42K), I NTU (21K), IYM (12K)
• Increased: GENI (7.5 mln shares from 4.2 mln shares), QXO (1.38 mln from 1.35 mln), NU (2.2 mln from 0.4 mln), TV (22.4 mln from 21.8 mln), BBAR (1.0 mln from 448K), JBS (3.4 mln from 3 mln), CX (3.5 mln from 3.1 mln), YPF (538K from 270K), SATS (412K from 173K), GGAL (869K from 641K), MU (276K from 105K), AMX (4.44 mln from 4.29 mln), PINS (773K from 621K), LRCX (298K from 152K), GEO (1.43 mln from 1.31 mln), AMZN (124K from 43K), GLNG (267K from 192K), AGRO (1.27 mln from 1.2 mln), BAP(141K from 83K), FISV (310K from 259K), SHY (57K from 8K), COF (269K from 232K), APP (51K from 37K), IBIT (644K from 7K)
• Maintained: METC (5.5 mln shares), PPTA (1.3 mln), PSN (0.5 mln)
• Exited: ORBS (from 14.9 mln shares), AMKR (2.6 mln), GDS (1.4 mln), SNAP (1.0 mln), GDLC (423K),COHR (329K), ACMR (296K), EAT (250K), GSIT(184K), DAL (167K), FRO (160K), ES TA (155K), SOLV(147K), TTWO (137K), AMD (131K), AWI (118K), SLM(111K), EWW (105K), UAL (105K), GLXY (100K), AVGO (83K), DDOG (83K), BA (77K), BIDU (76K),KRMN (75K), LOAR (75K), LITE (62K), VIK (50K), BMA (49K), NVT (44K), META (42K), ADBE (38K), MCD (37K), BE (25K), SN (25K), DPZ (24K)
• Decreased: IREN (1.8 mln shares from 2.6 mln shares), CLF (1.5 mln from 2 mln), PRMB (1.4 mln from 1.7 mln), VNET (6.0 mln from 6.3 mln), JPM(155K from 227K), CHDN (160K from 169K), AEM(43K from 50K), HDB (183K from 756K)

Impactive Capital discloses updated portfolio positions in 13F filing: New GTLB CART LRN ICLR positions, Added to SLM, Exited CLVT ETSY; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: GTLB (3.91 mln shares), CART (1.57 mln), LRN(1.11 mln), ICLR (0.45 mln)
• Increased: SLM (7.82 mln shares from 7.23 mln shares), IWM (0.25 mln from 0.08 mln)
• Maintained: VAC (4.13 mln shares)
• Exited: CLVT (from 36.41 mln shares), ETSY (3.04 mln)
• Decreased: WMS (0.86 mln shares from 1.46 mln shares), WEX (1.71 mln from 2.2 mln), ABG (1.07 mln from 1.25 mln)

Stadium Capital discloses updated portfolio positions in 13F filing: Trimmed LCII BC GTLB holdings; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• Maintained: SNBR (2.62 mln), BLDR (159K), DKS(35K)
• Decreased: LCII (42K from 168K), BC (134K from 233K), GTLB (45K from 85K)

Duquesne (Stanley Druckenmiller) discloses updated portfolio positions in 13F filing: New NUVB CAI JBS GSG INTC ARGT positions, Added to YPF STM ADMA CLF NTRA TBBB holdings, Exited XLF COGT AEVA DOCU GOOGL; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: NUVB (4.5 mln shares), CAI (1.9 mln), OLMA (987K), JBS (656K), GSG(643K), INTC (411K), ARGT (387K), DBVT (383K), RV MD (316K), XENE(239K), TWST (206K), AVGO (196K), TWLO (182K), HUM (138K), VIST( 135K), LYB (131K), Q (126K), ARM(107K), BLTE (106K), JBL (82K), SOLS(63K), NET (53K), STX (51K), LIN(41K), COHR (40K), SNDK (38K), CLS(33K), MU (23K), WLK (21K)
• Increased: YPF (3.2 mln shares from 0.6 mln shares), STM (2.6 mln from 0.77 mln), ADMA (1.55 mln from 0.25 mln), CLF (2.3 mln from 1.75 mln), NTRA (3.1 mln from 2.5 mln), TBBB(3.1 mln from 2.7 mln), U (739K from 410K), ROKU (750K from 583K), SE(1.1 mln from 944K), OPCH (1.87 mln from 1.75 mln), AA (1.49 mln from 1.38 mln)
• Maintained: NAMS (3.1 mln shares)  
• Exited: XLF (from 5.5 mln shares), COGT (2.2 mln), AEVA (1.8 mln), DOCU (1.02 mln), EEM (903K), ENTG(844K), DAL (651K), AAL (640K), ON(536K), CMG (392K), GO OGL (385K), PGNY (295K), Z (193K), WOLF (187K), FLUT (115K), RH (88K), PM (67K), DASH (36K), AGX (30K), GS (28K), NP(20K) 
• Decreased: CPNG (2.7 mln shares from 6.8 mln shares), TEVA (2.4 mln from 5.9 mln), PCT (1 mln from 2.9 mln), STUB (1.4 mln from 2.3 mln), QSR (454K from 1.2 mln), BE (136K from 741K), LSCC (323K from 926K), FIGR (1.2 mln from 1.5 mln), WWD(211K from 591K), INSM (1.15 mln from 1.48 mln), DAKT (563K from 853K), WAB (95K from 300K), CRH(378K from 475K), UAL (262K from 348K), TSM (495K from 543K), MELI(3K from 47K) 

Land & Buildings discloses updated portfolio positions in 13F filing: New INVH LAMR DLR positions, Exited NSA AMH CSR; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: INVH (1.97 mln), LAMR (134K),DLR (114K), SBAC (60K) 
• Increased: CURB (905K from 217K),NHI (587K from 413K), RHP (288K from 204K), CBRE (185K from 128K),SPG (217K from 168K), PLD (169K from 134K) 
• Exited: NSA (1.31 mln), AMH (1.08 mln), CSR (828K) 
• Decreased: FUN (642K from 1743K), OUT (854K from 1242K), VTR (367K from 505K), GLPI (445K from 570K),FR (864K from 913K), AHR (1011K from 1053K), SKT (799K from 827K),EQIX (47K from 58K), SUI (276K from 285K), MAR (60K from 64K)

Jana Partners (Barry Rosenstein) discloses updated portfolio positions in 13F filing: Added to FISV ALKT, Exited FRPT, Trimmed MRCY SPY MKL holdings; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• Increased: FISV (4.44 mln shares from 2.25 mln shares), ALKT (5.43 mln from 4.89 mln) 
• Maintained: RPD (6.74 mln shares), LW (5.01 mln), FUN (4.12 mln), COO (3.57 mln), EHAB (2.09 mln) 
• Exited: FRPT (0.56 mln) 
• Decreased: MRCY (4.11 mln shares from 4.96 mln shares), SPY (0.34 mln from 0.39 mln), MKL (0.08 mln from 0.08 mln)

Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions in 13F filing: New DAL GOOG M positions, Added to GOOGL NYT LEN holdings, Exited V UNH MA AON DPZ POOL AMZN LAMR CHTR positions, Cut CVX STZ NUE DVA (482.30 -1.36); Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: DAL (39.81 mln shares), GOOG (3.59 mln), M(3.04 mln)
• Increased: GOOGL (54.25 mln shares from 17.85 mln shares), NYT (15.15 mln from 5.07 mln), LEN (10.1 mln from 7.05 mln), LEN.B (0.24 mln from 0.18 mln)
• Maintained: BAC (513.62 mln shares), KO (400 mln), KHC (325.63 mln), OXY (264.94 mln), AAPL (227.92 mln), AXP (151.61 mln), SIRI (124.81 mln), KR (50 mln), CB (34.25 mln),
• Exited: V (8.3 mln), UNH (5.04 mln), MA (3.99 mln), AON (3.6 mln), DPZ (3.35 mln), POOL (3.07 mln),FWONK (3.02 mln), LILA (2.4 mln), AMZN (2.28 mln), HEI.A (1.29 mln), LILAK (1.28 mln), LAMR (1.2 mln), CHTR (1.06 mln), ALLE (780K), DEO (228K), BATRK(115K)
• Decreased: CVX (84.38 mln shares from 130.16 mln shares), STZ (0.63 mln from 13 mln), NUE (3.91 mln from 6.41 mln), DVA (30.1 mln from 31.76 mln),LLYVK (10.59 mln from 10.92 mln)

ValueAct (Jeffrey Ubben and Bradley Singer) discloses updated portfolio positions in 13F filing: New KKR WIX SPOT positions, Added to TOST V holdings, Exited NSIT, Lowered RKT DIS AMZN MDB LYV BLK META holdings; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: KKR (3.28 mln shares), WIX (1.1 mln), SPOT(0.36 mln)
• Increased: TOST (12.9 mln shares from 8.02 mln shares), V (2.32 mln from 1.72 mln)
• Maintained: CRM (2.99 mln shares)
• Exited: NSIT (1.22 mln shares)
• Decreased: RKT (28.21 mln shares from 39.38 mln shares), DIS (0.4 mln from 3.08 mln), AMZN (2.88 mln from 3.39 mln), MDB (1.04 mln from 1.41 mln), LYV(0.62 mln from 0.82 mln), BLK (0.55 mln from 0.7 mln), LLYVK (3.56 mln from 3.6 mln) LLYVA (1.78 mln from 1.8 mln), RBLX (5.85 mln from 5.98 mln), META(916K from 1.05 mln), SSD (1.4 mln from 1.47 mln)

Carl Icahn discloses updated portfolio positions in 13F filing: Added to CVI position, Exited SWX, Lowered SATS holding; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• Increased: CVI (71.2 mln shares from 70.42 mln shares)
• Maintained: IEP (549.4 mln shares) JBLU (33.62 mln), CTRI (14.34 mln), IFF (4.28 mln), UAN (4.16 mln), AEP (1.21 mln)
• Exited: SWX (6.03 mln shares)
• Decreased: SATS (1.4 mln shares from 3.35 mln shares)

Himalaya Capital discloses updated portfolio positions in 13F filing: New TME HRB SPGI MCO MSCI positions; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: TME (6.59 mln), HRB (1.63 mln), SPGI (121K), MCO (118K), MSCI (19K)
• Increased: CROX (887K from 628K)
• Maintained: PDD (4.61 mln), EWBC (2.78 mln), GOOGL (2.54 mln), GOOG (2.45 mln), OXY (1.47 mln), BRK.B (898K)
• Decreased: BAC (2998K from 10431K)

DME / Greenlight Capital (David Einhorn) discloses updated portfolio positions in 13F filing: New DCH STUB PSKY SLM VTRS REZI TRIP positions, Added to PTON ACHC SHC BKV GPK SLDE VSCO holdings, Exited KD WBD PRKS GPN; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: DCH (6.31 mln shares), STUB (4.23 mln), PSKY(3.93 mln), VSNT (3.03 mln), SLM (2.1 mln), VTRS(1.82 mln), REZI (1.57 mln), TRIP (1.56 mln), CROX(0.67 mln), ZIM (0.35 mln)
• Increased: PTON (10.11 mln shares from 0.25 mln shares), SHC (2.07 mln from 0.46 mln), BKV (2.7 mln from 1.29 mln), GPK (9.1 mln from 8.42 mln), SLDE(1.69 mln from 1.15 mln), VSCO (2.26 mln from 1.74 mln), SNX (0.48 mln from 0.06 mln), ACHC (4.52 mln from 4.12 mln), COYA (2.34 mln from 2.03 mln), BHF(2.84 mln from 2.79 mln), DECK (481K from 299K),CPRI (4.93 mln from 4.77 mln), HSIC (599K from 469K), CNC (2.73 mln from 2.64 mln), ROIV (2.15 mln from 2.07 mln)
• Maintained: GRBK (9.47 mln shares), PENN (6.04 mln)
• Exited: KD (from 3.82 mln shares), WBD (1.53 mln),PRKS (575K), GPN (453K), KWEB (132K), GDX (65K)
• Decreased: DHT (5.27 mln shares from 7.37 mln shares), CNH (4.19 mln from 5.77 mln), PCG (6.63 mln from 7.78 mln), FLR (4.75 mln from 5.56 mln), WFRD(0.15 mln from 0.74 mln), CNR (1.86 mln from 2.1mln), AR (0.81 mln from 1.01 mln), TEVA (2.91 mln from 3.06 mln), SPB (0.65 mln from 0.66 mln), LBTYA(4.96 mln from 5 mln), GLD (100K from 171K), CI(88K from 94K)

Long Pond John Koury) discloses updated portfolio positions in 13F filing: New JAN DOC NCLH JHX AMH KRC positions, Added to JBGS IRT KREF PRKS WH, Exited; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: JAN (3.3 mln shares), DOC (2.5 mln), NCLH (1.7 mln), JHX (1.16 mln), AMH (1.11 mln), KRC (1.04 mln), FUN (750K), SMA (613K), WYNN (529K), TMHC(174K)
• Increased: IRT (5.7 mln shares from 1 mln shares),KREF (5.73 mln from 1.56 mln), PRKS (1.68 mln from 0.86 mln), JBGS (4.4 mln from 4.2 mln), PRKS (1681K from 855K), WH (702K from 338K), CPT (401K from 54K), LINE (411K from 184K), CUBE (435K from 347K), H (224K from 203K)
• Maintained: INN (9.4 mln shares), TRTX (7.03 mln)
• Exited: NSA (from 2.59 mln shares), CZR (1.48 mln), GLPI (994K), SHO (485K), TREX (484K), ARE(479K), PLD (350K), VRE (150K), AVB (140K)
• Decreased: COLD (4.5 mln shares from 5.8 mln shares), SAFE (554K from 945K), NXRT (453K from 843K), CSR (190K from 444K), HGV (485K from 732K), MHO (48K from 71K), SLG (130K from 138K)

Altimeter Capital (Brad Gerstner) discloses updated portfolio positions in 13F filing: New ARM AXON positions, Added to UBER CRWV NVDA TSM META AVGO holdings; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: ARM (1.72 mln shares), AXON(149K) 
• Increased: UBER (7.97 mln shares from 5.59 mln shares), CRWV (4.5 mln from 3.21 mln), NVDA (9.34 mln from 8.1 mln), TSM (1.37 mln from 1.22 mln), META (1.95 mln from 1.85 mln), AVGO (0.07 mln from 0.03 mln) 
• Exited: CPNG (from 15.68 mln shares), CFLT (6.93 mln), Z (2.19 mln), SHOP(0.57 mln), GOOGL (0.52 mln), BE(0.26 mln), MELI (0.07 mln) 
• Decreased: HOOD (0.9 mln shares from 1.29 mln shares), AMZN (2.09 mln from 2.22 mln), SNOW (1.93 mln from 2.03 mln), MSFT (1.18 mln from 1.28 mln)

Soros Capital discloses updated portfolio positions in 13F filing: New EIKN AMT TXN positions, Added to PUMP ALC, Exited NBIS EWZ AEO GM CZR; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: EIKN (485K), AMT (53K), TXN(25K), AS (21K), GEV (18K), ADI(16K), SKYW (15K) 
• Increased: PUMP (1.09 mln from 685K), ALC (94K from 76K), CAT (17K from 8K), MSI (14K from 7K), NFLX(31K from 25K), DHR (33K from 27K), FIX (12K from 6K), TJX (19K from 14K), AMZN (35K from 32K), VRSN(21K from 18K), NVDA (12K from 9K), LOW (19K from 17K), IUSB (6K from 5K), CPAY (13K from 12K) 
• Maintained: PACK (4.63 mln), WULF(713K), CP (69K), NKE (69K) 
• Exited: NBIS (229K), EWZ (150K), AEO (143K), GM (131K), CZR (100K), ON (90K), GAP (74K), BSX (55K), EWY(53K), CHDN (50K), SEI (44K), TM(23K), TRU (22K) 
• Decreased: GOOGL (6K from 247K), TSM (5K from 83K), AVGO (7K from 81K), FLUT (3K from 34K), GDDY (16K from 42K), ICE (15K from 34K), BE(38K from 57K), V (22K from 31K), TPR(4K from 9K), SBUX (47K from 51K), EME (6K from 9K), UNP (1

Soros Fund (George Soros) discloses updated portfolio positions in 13F filing: New CX TALK OBDC MFIC SEM AES VRE positions, Exited DBRG INDV JHG ONB CADE TRIP; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: CX (2.99 mln), TALK (2.77 mln), OBDC (2.45 mln), MFIC (1.94 mln), SEM (1.83 mln), AES (1.56 mln), VRE (1.53 mln), HTO (1.23 mln), OTF (1.01 mln), BXSL (868K), NATL (730K), WBS (712K), SUNB(546K), POR (506K), THR (448K), GFS (444K), ING M(400K), STLA (379K), NSA (317K), KWEB (300K), SVAC (295K), SHLS (289K), ARRY (275K), LIN(260K ), HYG (250K), WIX (250K), CG (245K), KKR(245K), VST (244K), JAN (229K), ETSY (215K), PEN(203K), MDA (200K), ARES (196K), COF (180K), BX(173K), TPG (173K), NOW (154K), KO (151K), EQPT(150K), OFRM (150K), MWH (141K), BRK.B (133K),APO (131K), LBRDK (127K), MCD (124K)
• Increased: CCO (5.41 mln from 680K), BGC (4.2 mln from 2.11 mln), KVUE (3.16 mln from 1.25 mln), EVGO(6.04 mln from 4.5 mln), WBD (1.09 mln from 150K),OWL (2.02 mln from 1.19 mln), EA (966K from 428K), WEC (513K from 96K), NVDA (1.07 mln from 666K), CORZ (329K from 5K), HON (358K from 71K), SARO(700K from 425K), TEAM (536K from 287K), SEMR (1.48 mln from 1.29 mln), GTLS (470K from 286K), VSEC (157K from 7K), SW (2.52 mln from 2.4 mln),JPM (118K from 2K), FWONK (247K from 140K), AAPL (501K from 416K), LCID (173K from 96K), BHF(847K from 774K), CRBG (2.13 mln from 2.07 mln)
• Exited: DBRG (2.4 mln), INDV (1.15 mln), JHG(997K), ONB (856K), CADE (597K), TRIP (520K), FUN (440K), SAIL (425K), LION (401K), ENP H(400K), CSGS (377K), FXI (325K)
• Decreased: RUN (20K from 2.23 mln), FIGR (1 mln from 2.1 mln), ALLY (725K from 1.69 mln), EXC (105K from 623K), STUB (125K from 487K), XLF (12K from 312K), MDLN (1.29 mln from 1.58 mln), SRE (109K from 397K), DDOG (101K from 380K), ITT (90K from 329K), GFL (530K from 733K), CNM (232K from 434K), CORZW (874K from 1.06 mln), ULS (395K from 581K), AMRZ (89K from 267K), CRM (361K from 519K), RDNT (438K from 575K), IBKR (645K from 771K), GO (37K from 137K), CODI (25K from 125K), BKU (31K from 130K), AAMI (649K from 737K), GL(60K from 146K), CRH (115K from 200K), WWD (100K from 181K), SMR (70K from 150K), ETR (77K from 156K)

Paulson & Co (John Paulson) discloses updated portfolio positions in 13F filing: New FOLD position, Added to THM THRY holdings, Exited SOLS; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: FOLD (0.03 mln shares)
• Increased: THM (99.57 mln shares from 70.24 mln shares), THRY (8.44 mln from 4.35 mln)
• Maintained: BHC (73.26 mln shares), PPTA (32.35 mln), NG (27.24 mln), AAMI (7.74 mln), AEM (0.78 mln)
• Exited: SOLS (1.4 mln shares)
• Decreased: MDGL (1.39 mln shares from 1.71 mln shares)

Trian Fund (Nelson Peltz) discloses updated portfolio positions in 13F filing: New MICC position, Maintained JHG WEN SOLV GE IVZ FERG holdings; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: MICC (241K)
• Maintained: JHG (31.87 mln shares), WEN (30.45 mln), SOLV (8.24 mln), GE (4.03 mln), IVZ (2.97 mln), FERG (1.09 mln)

Third Point (Dan Loeb) discloses updated portfolio positions in 13F filing: New HUT GOOGL GLD META LRCX AVGO positions, Exited PCG RKT BN CMG KVUE CSGP VST, Cut NVDA UNP LYV SGI SN APG holdings; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: HUT (870K), GOOGL (175K), GLD (95K), META(90K), LRCX (75K), AVGO (50K), SMH (40K), TDG( 25K), ASML (12K), KLAC (11K)
• Increased: SPRY (1 mln from 556K)
• Maintained: SRTA (5 mln)
• Exited: PCG (34.3 mln), RKT (9.52 mln), BN (6.2 mln), CMG (4.73 mln), KVUE (3.25 mln), CSGP (3.17 mln),VST (1.01 mln), MSFT (925K), BABA (825K), LPLA(510K), CSX (500K), CEG (475K), CASY (455K), BHC(350K), WI X (225K), PGR (220K), FIX (105K), SPOT(100K), TMO (50K)
• Decreased: NVDA (190K from 2.95 mln), UNP (100K from 1.81 mln), LYV (465K from 1.73 mln), SGI (2.27 mln from 3.4 mln), SN (131K from 1.2 mln), APG (2.03 mln from 3 mln), COF (140K from 1.1 mln), NSC (100K from 975K), CRH (1.9 mln from 2.6 mln), MTZ (320K from 925K), CRS (310K from 785K), AMZN (1.94 mln from 2.17 mln), TSM (275K from 425K), CTEV (44K from 145K), DHR  (525K from 600K), TDS (6.6 mln from 6.68 mln)

Lone Pine (Stephen Mandel) discloses updated portfolio positions in 13F filing: New WULF HUT PFGC USFD GLW TER MTZ positions, Added to NU VST APP TLN CRS holdings, Exited AFRM PM DASH AMZN AVGO WING MSFT; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: WULF (19.92 mln shares), HUT (6.08 mln),PFGC (3.98 mln), USFD (3.8 mln), GLW (3.72 mln), TER (1.87 mln), MTZ (1.53 mln), CIEN (810K), AGX(393K), MCK (392K), GOOGL (188K)
• Increased: NU (38.01 mln shares from 29.63 mln shares), VST (6.19 mln from 5.21 mln), APP (1.46 mln from 0.78 mln), TLN (1.82 mln from 1.29 mln), CRS(1.82 mln from 1.31 mln), THC (2.26 mln from 1.79 mln), CLH (1.75 mln from 1.38 mln), V (93K from 15K),SPOT (69K from 18K), ASML (655K from 605K), HLT(89K from 58K), TDG (36K from 19K) 
• Maintained: MDLN (11.79 mln shares), ENTG (3.12 mln), COF (2.27 mln), LPLA (2.05 mln), CVNA (1.75 mln)
• Exited: AFRM (from 3.82 mln shares), PM (2.64 mln), DASH (2.53 mln), AMZN (2.41 mln), AVGO (1.73 mln),WING (1.6 mln), MSFT (1.23 mln)
• Decreased: KKR (0.18 mln shares from 5 mln shares),BN (11.21 mln from 15.92 mln), APH (223K from 2.81 mln), TSM (1.39 mln from 3.05 mln), VMC (144K from 1.68 mln), BSX (105K from 202K), MA (57K from 96K),BKNG (2K from 5K)

Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F filing: New KMX LW GPGI positions, Added to TRIP, Exited ADSK CRM; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: KMX (6.2 mln shares), LW (6.1 mln), GPGI (5.0 mln)
• Increased: TRIP (10.8 mln shares from 9.6 mln shares), IJH (5.8 mln from 5.3 mln)
• Maintained: ACTG (61.1 mln shares), KVUE (27.3 mln), MTCH (11.4 mln), QRVO (7.5 mln), BILL (7.0 mln)
• Exited: ADSK (from 1 mln shares), CRM (0.94 mln)
• Decreased: AQN (57.2 mln shares from 63.5 mln shares), HR (6.8 mln from 12.6 mln), CWAN (5.46 mln from 9.96 mln), GEN (7.81 mln from 10.59 mln), FLR(2.89 mln from 5.19 mln), NWS (2.59 mln from 4.44mln), ROG (0.58 mln from 1.2 mln), BDX (0.64 mln from 0.93 mln), NWSA (5.6 mln from 5.9 mln)

Elliott Management (Paul Singer) discloses updated portfolio positions in 13F filing: New RIG NCLH positions, Added to HPE SDRL, Exited ST BILL positions, Cut LUV holding; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: RIG (15.63 mln shares), NCLH (13.19 mln)
• Increased: HPE (27.42 mln shares from 18.63 mln shares), SDRL (4.72 mln from 4.56 mln), HDB (797K from 217K)
• Maintained: TFPM (133.25 mln shares), UNIT (59.01 mln), SU (52.67 mln), PINS (28 mln), PSX (19.25 mln)
• Exited: ST (from 3.25 mln shares), BILL (3 mln), FSK(265K)
• Decreased: LUV (30.35 mln shares from 51.13 mln shares) 

NVDA; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: COHR (7.79 mln shares), GENB (0.83 mln)
• Increased: CRWV (47.21 mln shares from 24.28 mln shares)
• Maintained: INTC (214.78 mln shares),NOK (166.39 mln), SNPS (4.82 mln)

Pershing Square (Bill Ackman) discloses updated portfolio positions in 13F filing: New MSFT position, Added to AMZN holding, Exited HLT; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• New: MSFT (5.65 mln shares)
• Increased: AMZN (11.45 mln shares from 9.61 mln shares)
• Maintained: HHH (18.85 mln shares)
• Exited: HLT (3.03 mln shares)
• Decreased: GOOG (312K shares from 6.16 mln shares), BN (59.7 mln from 61.4 mln), GOOGL (32K from 678K), UBER (29.96 mln from 30.21 mln), QSR(22.65 mln from 22.87 mln), META (2.66 mln from 2.67 mln)

Gates Foundation discloses updated portfolio positions in 13F filing: Exited MSFT, Trimmed BRK.B WM; Highlights from Q1 2026 filing as compared to Q4 2025 (all amounts are approximate):

• Maintained: CNI (51.83 mln shares), WMT (8.39 mln), CAT (6.35 mln), KOF (6.21 mln), ECL (5.22 mln), DE(3.56 mln), FDX (2.38 mln), WCN (2.04 mln)
• Exited: MSFT (7.69 mln shares)
• Decreased: BRK.B (17.05 mln shares from 19.41 mln shares), WM (27.64 mln from 28.93 mln)

Full 13F breakdown in pdf format available to pro subs

Tyler Durden Sun, 05/17/2026 - 19:15
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Complete Q1 13-F Summary: The Fireworks In Berkshire's Post-Buffett Portfolio, And Everything Else

"Taiwan Loses Its Strategic Importance In 18 Months," Says Chamath Palihapitiya

In an interview with Fox News' Bret Baier that aired Friday, President Trump said that he doesn't want "to travel 9,500 miles to fight a war" over Taiwan.

"I'm not looking to have somebody to go independent and, you know, we're supposed to travel 9,500 miles to fight a war," Trump told Baier. "I'm not looking for that. I want them to cool down. I want China to cool down."

Taiwan has been a major point of friction between Washington and Beijing. Last week, Secretary of State Marco Rubio told NBC News that the issue was not a key topic during Trump's summit with Chinese leader Xi Jinping.

The initial White House readout of the summit also did not mention Taiwan, home to the world's most advanced semiconductor production.

Taiwan is strategically important for three main reasons:

• It is indispensable to global semiconductor production.

• It sits at the center of the Western Pacific security architecture.

• It remains a major flashpoint in U.S.-China relations.

In other words, Taiwan is critically important to the U.S. because it is not only a semiconductor production supernode, but also a geopolitical fortress against China and a potential flashpoint in U.S.-China relations.

However, Chamath Palihapitiya, CEO of Social Capital and part of the All-In podcast, pointed out that Taiwan could be on track to lose one of its most strategic advantages in the next 18 months.

Palihapitiya continued:

We're 18 months from Taiwan not being an important moment of conversation the way it is today.

Why 18 months? Because we are at a point where we're probably 1-2 nanometers away from being able to do what we need Taiwan to strategically do for us.

And so as we scale up our chip fabs, as we get more capacity, and interestingly, there are these orthogonal technologies being developed.

I don't know if you guys saw, but Neuralink was showcasing a machine that is literally operating at the almost nanometer scale to do the brain operations for the implantation, all automatically.

When you have the dexterity and the capability mechanically to make these things, the real reason then is a very different one than what it is today.

Today, it's economic. And if you take that off the table, I think we'll have a very different attitude to Taiwan.

Chamath: Taiwan Loses Its Strategic Importance in 18 Months@chamath:

“ We're 18 months from Taiwan not being an important moment of conversation the way it is today.

Why 18 months? Because we are at a point where we're probably 1-2 nanometers away from being able to do what… pic.twitter.com/XL2UqRIQyi

— The All-In Podcast (@theallinpod) May 17, 2026

Palihapitiya's take on the rise of U.S. chip fabs, many of which are based in Arizona and could soon turn the state into the new Taiwan, drew backlash on X, notably from geopolitical risk analyst Ian Bremmer, who said, "This is Trump's perspective: the only thing that matters about Taiwan is the chips. Very different from the view of U.S. allies in the region: Japan, South Korea, and Australia."

Tyler Durden Sun, 05/17/2026 - 18:05
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"Taiwan Loses Its Strategic Importance In 18 Months," Says Chamath Palihapitiya

Big Pharma RINO Bill Cassidy Smoked By Trump-Endorsed Candidate In Louisiana Senate Primary

Senator Bill Cassidy (R-LA) came in third in Louisiana's Republican Senate primary on Saturday - marking the first time in nearly 15 years that a sitting US Senator has lost a primary in a regularly scheduled election. 

Instead, Trump-endorsed Rep. Julia Letlow led with ~45% of the vote, while state Treasurer John Fleming came in second at 28%.

Letlow and Fleming will now face off in a June 27 runoff. 

Cassidy was a notable fan of Obamacare, and voted to convict Trump during impeachment over the Jan. 6, 2021 Capitol riot. He also helped sink Casey Means' nomination for surgeon general, which drew sharp criticism from Health Secretary Robert F. Kennedy Jr, and his MAHA movement. He's been labeled a big pharma shill by opponents. 

With Bill Cassidy's primary defeat last night, @PeterKolchinsky has one less Big Pharma puppet to play with in Congress. https://t.co/NLmnYVaIXQ

— Jason Poulos (@jasonvpoulos) May 17, 2026

Of note...

• Over $1.2 million in career contributions from the pharmaceutical and health products industry, according to OpenSecrets data, with hundreds of thousands received in recent cycles.
• Pharma executives showered him with donations shortly after he became the top Republican on the Senate HELP Committee in 2023, including $5,800 from Pfizer CEO Albert Bourla, $5,000 from Eli Lilly CEO David Ricks, and contributions from other PhRMA board members.
• Opposed key drug pricing reforms aimed at lowering prescription costs, while taking substantial industry money during those periods.
• Received nearly $330,000 from the pharma/health industry in the 2023-2024 cycle alone, ranking him among the top Senate recipients.

Sen. Bill Cassidy, the biggest obstacle to medical freedom and reforming the vaccine cartel got crushed yesterday in the Louisiana GOP primary. Cassidy has stood in the way of every reform proposed by RFKJ, opposed the appointment of anybody who would change the current corrupt… pic.twitter.com/pfJFr22cB0

— Autism Action Network (@AutismActionNet) May 17, 2026

The last time a sitting US Senator lost their seat in a primary was in 2012, when longtime Sen. Dick Lugar (R-IN) lost his Republican primary to Richard Mourdock. 

🚨 HOLY CRAP! RINO Sen. Bill Cassidy just got completely SHUT OUT of his Senate seat — not only getting pummeled by Trump-backed Julia Letlow, but also losing to John Fleming, who got 2nd

This is the first time in nearly 15 YEARS a sitting US Senator lost their primary in a… https://t.co/1zvNKA5K7v pic.twitter.com/OxBTYO6dNq

— Eric Daugherty (@EricLDaugh) May 17, 2026

Letlow, meanwhile, is your standard issue conservative. The Louisiana congresswoman has a solidly right-leaning congressional record. She earned Trump’s full backing after Cassidy voted to convict him, and she campaigned on core America First priorities including border security, energy production, and opposition to woke policies.

While critics on the right point to her membership in the more moderate Main Street Caucus, slightly softer Club for Growth scores on spending, and past academic work involving DEI language, these are relatively minor compared to her overall alignment with Republican and MAGA priorities. In the context of Louisiana’s deep-red politics, Letlow represents a clear shift away from Cassidy-style establishment Republicanism toward a more Trump-aligned Senate candidate heading into the June runoff.

Tyler Durden Sun, 05/17/2026 - 16:55
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Big Pharma RINO Bill Cassidy Smoked By Trump-Endorsed Candidate In Louisiana Senate Primary

FBI Offers $200,000 Reward To Catch Former US Air Force Specialist In Iran Spying Case

Authored by Jack Phillips via The Epoch Times (emphasis ours),

The FBI on Thursday said it is offering a $200,000 reward for information leading to the capture and prosecution of a former U.S. Air Force counterintelligence specialist who defected to Iran in 2013 and was later charged with revealing classified information to the Iranian regime.

A FBI agent at the Department of Justice in Washington on Feb. 12, 2025. Madalina Vasiliu/The Epoch Times

The bureau said in a statement that Monica Witt served in the military from 1997 to 2008, then worked as a government contractor until 2010. She later defected to Iran in 2013.

In 2019, she was indicted by a grand jury in Washington on espionage charges, including transmitting national defense information to the Iranian regime, the FBI said.

After she defected, according to the indictment, she later provided information to Iran and put “sensitive and classified U.S. national defense information and programs” at risk, according to the statement.

The information she provided to the Iranian regime endangered American personnel and their families stationed abroad, the FBI said.

Witt is also accused of performing “research on behalf of the Iranian regime to allow them to target her former colleagues in the U.S. government,” the bureau added.

Iran’s Islamic Revolutionary Guard Corps, which has launched attacks on U.S. assets in the region and recently attacked commercial shipping vessels in the Strait of Hormuz, has benefited from her defection to Iran, it added.

“Monica Witt allegedly betrayed her oath to the Constitution more than a decade ago by defecting to Iran and providing the Iranian regime National Defense Information and likely continues to support their nefarious activities,” Daniel Wierzbicki, special agent in charge of the FBI Washington Field Office’s Counterintelligence and Cyber Division, said in a May 14 statement.

Even though she defected years ago, the special agent added that the FBI has “not forgotten and believes that during this critical moment in Iran’s history, there is someone who knows something about her whereabouts.”

The FBI's wanted notice offering a reward of up to $200,000 for information leading to the arrest and conviction of Monica Witt. Courtesy of the FBI

“The FBI wants to hear from you so you can help us apprehend Witt and bring her to justice,” Wierzbicki said.

The Department of Justice (DOJ) has said that she defected after being invited to two all-expense-paid conferences in the country that the DOJ says promoted anti-Western propaganda and condemned American moral standards. Before that, Witt had been warned by the FBI about her activities, but she told agents that she would not provide sensitive information about her work if she returned to Iran, prosecutors said.

It wasn’t immediately known why the FBI was bringing attention to Witt’s case on May 14.

The United States and Iran have been at war since Feb. 28. Tehran recently submitted proposals to Washington to end the conflict, which were rejected by the United States. This week, Iran allegedly attacked several ships in the region. A UK maritime agency said a ship was seized near the Strait of Hormuz and moved to Iran on May 14.

The Epaminondas ship during seizure by the Islamic Revolutionary Guard Corps in the Strait of Hormuz, Iran, in this image obtained by Reuters on April 24, 2026. Meysam Mirzadeh/Tasnim/WANA via Reuters

U.S. President Donald Trump on May 14 said that his patience with Tehran is running out and that Chinese leader Xi Jinping had agreed during talks in Beijing that Iran must move to reopen the Strait of Hormuz, a waterway through which about a fifth of the world’s oil passes on a normal day.

Anyone with information about Witt or her whereabouts is urged to contact the FBI at 1-800-CALL-FBI. Tips can also be submitted to local FBI offices, the nearest U.S. embassy or consulate, or sent via tips.fbi.gov, according to the law enforcement bureau.

The Associated Press contributed to this report.

Tyler Durden Sat, 05/16/2026 - 17:30
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FBI Offers $200,000 Reward To Catch Former US Air Force Specialist In Iran Spying Case