May 19, 2025

Trust Busting Update, Part 2

Although remedies in Google's ad tech antitrust trial are still being finalized and likely won’t be implemented until next year, we’re already seeing behavioral shifts at Google (and across the ad tech industry) suggesting that SSPs may realize benefits sooner than expected. Viewed through a real options valuation framework, we believe the market is only just beginning to price in these developments.

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The single greatest edge an investor can have is a long-term orientation.

In a world where performance comparisons are made not only annually and quarterly but even monthly and daily, it is more crucial than ever to take the long view. In order to avoid a mismatch between the time horizon of the investments and that of the investors, one's clients must share this orientation. Ours do. - Seth Klarman