Sirmium Capital recently released its quarterly Q3 2026 investor letter. A copy of the letter can be downloaded here. The letter examined a highly concentrated, AI-driven market in which a narrow group of technology and infrastructure-related stocks supported headline indexes while many other businesses remained substantially below their previous highs. Sirmium reported an average client return of -2.42% for the quarter, compared with a 2.38% gain for the S&P 500, but argued that short-term...
