The Cost Of Being Totally Out Of Sync With An AI-Driven Speculative Market

2026-02-24 22:25:00 ET

The following segment was excerpted from The Broyhill Q4 2025 Letter.

A friend recently compared investing with Broyhill to short selling. You're uncomfortably out of sync with rising markets that remind you daily that you're wrong. Most of the time, you're fighting the tape, resisting narratives, and watching others prosper while you wait. Most of the time, the market disagrees with you. Until it doesn't. That's just the nature of operating away from the consensus, and speculative rallies test that conviction more than skill. It's not easy to remain disciplined when the beaten path is paved with golden data centers by crypto millionaires. But we accept that discomfort in the short term to compound capital over the long term. We acknowledge that our recent performance is unlikely to convince anyone to give up on momentum investing in passive indices. But markets have a way of humbling certainty. When expectations reset, and sentiment bends back toward reality—as it always has—valuation and fundamentals should regain their footing. And patience should be rewarded....

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