The EMA GARP Fund, managed by Equity Management Associates, recently released its second-quarter investor letter for 2026. 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 in value by 20.00%, and it is down 21.96% for the first half of the year, even though AI and related growth stocks were prominent...
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