White Falcon Capital Management’s Views on Advanced Micro Devices (AMD)

White Falcon Capital Management, an investment fund manager, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The White Falcon portfolio returned 5.6% (net of fees) in Q4 2025, resulting in a yearly return of 28.4%. The year has been notable, particularly with the “tariff tantrum” in April 2025 that saw markets drop nearly 20%, now fading into the past. Overall, the portfolio performed well, with only a few companies affecting a solid majority of positive results. The White Falcon portfolio consists of 20-25 carefully selected stocks that...