The Smart Money Just Made Some Big Changes

Fin Tek•Aug 25, 2026

Summary

Kuran provides a comprehensive breakdown of the most recent 13F filings, analyzing the portfolio changes of five legendary investors: Bill Ackman, Mohnish Pabrai, Michael Burry, Masayoshi Son, and Warren Buffett. Kuran notes that the overarching theme is a search for durable cash flow and intrinsic value, though the methods differ wildly. Ackman is shifting into 'AI toll roads' like S&P Global and ICE, while Pabrai remains concentrated in cash-heavy 'boring' industries like coal.

Kuran highlights several key stock movements:

Alphabet (GOOGL): Kuran observes a massive divergence here, as Bill Ackman sold his entire $2 billion position to fund other AI plays, while Berkshire Hathaway significantly increased its stake by $17 billion. Kuran explains that for Buffett, this represents a high-conviction move in a dominant tech player, whereas Ackman viewed it as a source of capital for better valuations elsewhere.

Intel (INTC): Kuran points out that this is Masayoshi Son’s primary US bet, accounting for 66% of his US portfolio or roughly $12 billion. Kuran views this as Son's attempt to pick a platform winner in the semiconductor space, despite Intel's recent struggles compared to competitors like Nvidia.

Kaspi (KSPI): Kuran identifies this Kazakhstan-based fintech company as a classic Mohnish Pabrai 'value' play. Kuran explains that the company produces massive cash flow—nearly $2 billion—and Pabrai entered the position after a dividend pause caused a temporary price collapse, offering a significant margin of safety.

Lululemon (LULU): Kuran notes that Michael Burry has targeted this stock as a value opportunity. Kuran mentions that with the stock down over 65% from its highs, it is trading at a P/E ratio of less than 10, fitting Burry's strategy of buying beaten-down companies with solid fundamentals.

Kuran concludes with five lessons for investors: conviction is not permission to overpay, don't fear unpopular cash flows, question the crowd, understand that big bets cut both ways, and always think in decades rather than quarters.

Mentioned Stocks

INTC

Sentiment: BUYAction: RECOMMENDED

Reasoning: Kuran explains that Masayoshi Son has made Intel his largest US holding, representing 66% of his portfolio. Kuran views this as a high-stakes bet on Intel becoming a major winner in the AI era, despite broader market skepticism.

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GOOGL

Sentiment: BUYAction: RECOMMENDED

Reasoning: Kuran highlights that Berkshire Hathaway (Buffett/Abel) added $17 billion to their position this quarter. While Ackman sold, Kuran focuses on the massive institutional accumulation by Berkshire as a sign of long-term confidence in the search giant's value.

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LULU

Sentiment: BUYAction: RECOMMENDED

Reasoning: Kuran identifies Lululemon as Michael Burry's largest individual stock holding. Kuran states that the stock is down over 65% and trades at a P/E under 10, which Kuran frames as a deep value opportunity in Burry's eyes.

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SOXX

Sentiment: SELLAction: RECOMMENDED

Reasoning: Kuran details Michael Burry's short position against this semiconductor ETF. Kuran explains that Burry views the AI industry as a 'circular financing house of cards' and is betting on a significant correction across the entire chip sector.

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KSPI

Sentiment: BUYAction: RECOMMENDED

Reasoning: Kuran describes this as Mohnish Pabrai's new starter position in a Kazakhstan fintech 'super app'. Kuran notes it produces $2 billion in cash flow and is currently undervalued compared to Western peers after a temporary price collapse.

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