FC - Askeladden Capital Q2 2025 Letter
2025-08-13 08:35:00 ET
Dear Partners:
As long-time clients know, I am not prone to hyperbole, but I believe this letter is the most important we have ever written, and I hope it conveys our genuine excitement. AI has increased our productivity by a factor of ~5 – 10x (no, that’s not a typo). This has completely transformed our investment process, already delivering tangible results – yet I believe we are in the very early innings of fully harnessing and utilizing the power of AI. I’ve attached two examples of recent AI-enabled research – a 50-page memo on Grocery Outlet ( GO ) and a 10-page update on FitLife ( FTLF ) – to demonstrate the depth and quality of work that can be accomplished in a fraction of a time.
AI is a generational shift that enables previously inconceivable scalability of brainpower, insight, and judgment. It automates tedious manual work, freeing human time and energy for far more valuable activities. In my view, this is comparable to the step-change from poring through physical books or newspapers seeking information... to just Googling it. Particularly for small firms like ours that don’t have an army of internal analysts and access to expensive paid services or research, AI levels the playing field, allowing us to cover vastly more ground....
Askeladden Capital Q2 2025 Letter