I saw the movie Patton in a drive-in theatre somewhere in Anne Arundel County Maryland when it first came out. I was 9 at the time.
Being a geeky 9-year-old on our next trip to the library I checked out every book I could find on Old Guts and Glory, and he remains one of my favorite historical figures.
I have watched the movie countless times. It is on the list along with Bull Durham of movies I can only watch when my wife is not around.
Apparently, there is a limit on how many times you can watch the same movie.
Sir John Templeton applied this to the markets when he pointed out that “If you want to have a better performance than the crowd, you must do things differently from the crowd.”
I have found this to be one of the unfortunate truths of investing.
Over the next few days, we will see this in all its glory as 13F filings are collected at the Securities and Exchange Commission.
These filings will show the holdings of money managers of all stripes at the end of the third quarter and by comparing them to filings from the second quarter we can see what the smartest and even the not so smartest folks on and off Wall Street have been doing with investors’ cash.
The deadline is tomorrow evening.
Over the weekend the press and the internet will go wild with stories of what the rich and famous are buying and selling.
As always, the moves of Warren Buffett will be discussed.
So will Cathie Wood.
Stanley Druckenmiller and Bill Ackman will get massive amounts of coverage.
A few folks will bring up David Tepper and Daniel Loeb.
A few who imagine themselves to be deep thinkers and information explorers will get to Daniel Loeb, David Einhorn and Tiger Global.
These filings will be interesting. They may even be informative.
The question is “How valuable is the information if everyone has it?”
In financial markets the answer is “Not Very.”
I have been reading 13F filings since the late 1990s. Filing Day would have all of us sitting around the office with reams of data on dot matrix printouts comparing current filings to the prior quarter and using colored highlighters to mark buys and sells.
Back then all the filings were useful because only a handful of folks had the information.
That is not the case today thanks to the internet.
Fortunately after decades of reading these documents, I have gained some information on where to look to gain an information advantage that can be turned into profits.
There are small off-the-radar managers that are putting up big numbers out of the spotlight and their buying and selling can make us money.
Some University filings are incredibly valuable. Universities often end up with a portfolio of gifted stocks and shares going from research grants paying off and other investments in cutting edge companies of their students.
Corporations also often end up with a portfolio of venture investments and investments in suppliers and even competitors and it is worth investigating if you know where to look.
The auto industry, for example, is undergoing great change and is on the cusp of potentially revolutionary changes.
No one knows this better than the people running the large auto manufacturers.
Toyota Motor Company knows that change is coming and has been investing in it.
Investors who have paid attention over the past several years have made an enormous amount of money as Toyota’s little portfolio has beaten the market by about a 2 to 1 margin over the past few years.
The portfolio at the end of September included 5 companies on the leading edge of transportation markets including
Grab Holdings Ltd. (NASDAQ:GRAB) operates as a leading super-app platform in Southeast Asia, offering ride-hailing, food delivery, and digital financial services across multiple high-growth markets. The company sits at the intersection of mobility and fintech, leveraging a vast driver and merchant network to create a sticky, high-frequency ecosystem. Its achievements include becoming the region’s largest on-demand delivery and mobility platform and expanding its digital wallet and payments presence. Grab’s scale, brand recognition, and integrated services position it well to capture continued growth in Southeast Asia’s rapidly digitizing economy.
Aurora Innovation Inc. (NASDAQ:AUR) develops autonomous driving technology with a focus on self-driving systems for commercial trucking and logistics. Its Aurora Driver platform integrates hardware, software, and advanced machine-learning capabilities designed to improve safety and efficiency in long-haul freight. The company has secured key partnerships with major logistics and trucking firms, demonstrating broad industry confidence in its approach. Aurora remains well positioned as demand for automated freight solutions grows and the transportation sector pushes toward safer, more efficient operations.
Joby Aviation Inc. (NYSE:JOBY) is an emerging leader in electric vertical takeoff and landing aircraft, aiming to launch commercial air-taxi services in the United States and abroad. The company designs and manufactures zero-emission aircraft that combine quiet operation with meaningful range and speed advantages. Joby has achieved significant regulatory and technical milestones, including progress toward FAA certification and strategic partnerships with major transportation and hospitality brands. With growing global interest in urban air mobility, Joby stands at the forefront of a potentially transformative new transportation sector.
Pony.Ai Inc. (NASDAQ:PONY) is an autonomous driving technology company developing Level 4 self-driving solutions for both passenger mobility and commercial logistics. The firm integrates perception, planning, and control systems into a unified software stack that has been tested extensively in major cities across the United States and China. Notable achievements include government-approved robotaxi operations in several jurisdictions and partnerships with top automotive manufacturers. Pony. Ai's dual-market strategy and continued regulatory progress position it as a strong competitor in the global autonomous mobility landscape.
Uber Technologies Inc. (NYSE:UBER) operates a global technology platform spanning mobility, delivery, and freight, making it one of the most recognizable companies in the gig-economy sector. Its core ride-hailing business remains the industry leader, while Uber Eats has grown into a major food-delivery franchise with significant international reach. The company has expanded into logistics through Uber Freight and continues to invest in mapping, safety, and efficiency technologies. With a broad global footprint and diversified revenue streams, Uber maintains strong relevance and growth potential as urban mobility and digital commerce continue to expand.
