Moon Capital Management an investment management company, recently released its Q3 2026 investor letter. A copy of the letter can be downloaded here. The letter reported that its equity portfolio gained approximately 4% during the first nine months of 2026, compared with an approximately 12% year-to-date return for the S&P 500. The firm noted that market gains remained narrow, with nearly half of S&P 500 constituents declining during the period and the median stock gaining only about 4%....
