The EMA GARP Fund, managed by Equity Management Associates, recently released its second-quarter investor letter for 2026. The letter can be downloaded here. The letter emphasizes that capital expenditures in artificial intelligence (AI) are driving growth and earnings, despite extreme valuations in the U.S. market, which resemble a bubble-like situation. It also discusses the impact of passive ETF flows, fiscal deficits, and inflationary policies. For the quarter, the Fund's value decreased by 20.00%, and it is down 21.96% for the first half of the year, even though AI and related growth...
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