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Vulcan Value Partners Q4 2025 Letter
Portfolio Review All of our strategies had positive returns for the year. These results are detailed in the table below.…
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Is the US about to screw SWFs?
Just ahead of Christmas, the US Inland Revenue Service dropped a bunch of proposed changes to Section 892 of the…
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Elon Musk’s painful departure
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Europe’s last maker of key antibiotics ingredients shuts biggest domestic factory
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European and UK companies lay bare the pain from Donald Trump’s trade war
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Friedrich Merz fails in initial vote to become Germany’s chancellor
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What the New York subway tells us about the future of the internet
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The AI arms race in hiring is a huge mess for everyone
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Chinese exporters undervalue cargo to skirt Trump tariffs
Chinese manufacturers are attempting to avoid the Trump administration’s tariffs by fraudulently undervaluing cargo sent…
European and Asian carmakers face steep shipping costs to US on top of tariffs
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US oil output has peaked amid price fall, top shale producer warns
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Donald Trump to block Harvard from federal grants
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Credit Suisse to pay $511mn over helping wealthy Americans hide more than $4bn
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Big Four accounting firm PwC to slash 1,500 US jobs
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OpenAI ditches plan to convert to for-profit business
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Sunoco strikes $9bn deal for Parkland to form N American fuel distributor giant
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Bill Ackman completes quest to launch Berkshire Hathaway lookalike
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories…