Value Hive Podcast Q4 Investor Audibles: Tactile Fund, Hayden Capital, Robotti Value Investors
Mar 6, 2026
Three investor letters are read and compared, spotlighting physical, inflation‑resistant assets and why railways and real estate can weather AI disruption. A global value manager explains skepticism of AI hype and the case for application‑layer winners, networks and durable data moats. Another investor highlights cyclicals, industrial underinvestment, gold and dollar risk, and the need for patience through uneven recoveries.
AI Snips
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Episode notes
AI Turns Tech Into Capital Intensive Industrials
- Waters warns mega-cap tech are becoming capital-intensive with AI buildouts, shifting them closer to industrials with negative free cash flow.
- He cites Meta and Alphabet spending billions on data centers and the risk AI could commoditize software franchises.
Research AI Application Winners Not Just Infrastructure
- Fred Liu recommends researching underappreciated AI application winners rather than betting only on infrastructure.
- He says Hayden Capital opened new starter positions focused on application-layer opportunities emerging from AI buildouts.
Market Prices Fear Over Growing Software Fundamentals
- Liu explains markets are pricing fear not facts: many software firms still grow but valuations reflect AI disruption risk.
- He uses ServiceNow and Atlassian growth figures and GitLab's usage/revenue divergence as examples.