Mid-Year 2026 Outlook: Positioning for a Higher-for-Longer World
Our reading of the rate environment, where we see complacency in consensus positioning, and the specific portfolio adjustments we are weighing for the second half.
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Privileged & Confidential — prepared exclusively for clients of Hutner Capital Management
Intelligence Archive
The complete record — every letter, briefing, and research note the firm has published.
Q1 2026 Portfolio Performance and Allocations
An exclusive review of our portfolio performance, equity valuations, and strategic adjustments to our core quality holdings.
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The Economic Moat as a Core Investment Thesis
In this briefing, we explore the microeconomic principles of competitive advantage, outlining how to identify enduring economic moats.
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Research Note: The Widening Moat in Global Payment Networks
An inside look at our underwriting of the network-effect businesses at the core of the portfolio — unit economics, threat assessment, and where consensus underestimates duration.
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The Patience Premium — Time Arbitrage as a Durable Edge
Most market participants compete on information and speed. We compete on time horizon — the last durable advantage available to the disciplined investor.
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A Letter from Manchester — Investing Away from the Noise
Why we manage capital from a village in Vermont rather than a tower in Manhattan, and what distance from the consensus is actually worth.
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2025 Annual Letter to Clients
A full-year review of the Core Quality Portfolio — performance against our benchmark, the decade ahead for our largest holdings, and a candid accounting of what we got wrong.
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