Here’s How YCG’s Strategy of Buying Cyclically Unprofitable Stock, Apple (AAPL), Has Paid Off

YCG LLC, an asset management firm, released its fourth quarter 2025 investor letter. A copy of the letter can be downloaded here.  In the quarter, the S&P 500 Index returned 2.66%, and the S&P Global Broad Market Index returned 3.22%. The global stock market currently favors speculation and high-risk investor behavior, driven by a concentration of AI-themed stocks, a trend in which unprofitable companies outperform profitable ones, a decline in high-quality stocks, a momentum-driven market, and alpha generation from heavily shorted stocks. As long-term investors, the portfolio consists of...