Patient Investment Management, a value investment firm, released its “Patient Opportunity Equity Strategy” in the fourth quarter of 2025. A copy of the letter can be downloaded here. In Q4 2025, the Patient Opportunity Equity Strategy returned 5.99% net of fees, compared to its unadjusted benchmark, the S&P 500 Index, which returned 2.65%. Through a three-factor performance attribution model, portfolio performance is attributed to allocation, selection, and interaction effects. The market finished a strong year with a return of 17.9%, marking the seventh best three-year run in market history. 2025 was the year of AI, extending benefits to hardware, energy, and component suppliers throughout the ecosystem. Seven stocks account for half of the S&P 500’s returns, creating problems for active managers. Nevertheless, the strategy performed well, outperforming the S&P 500 by 26.1% for the third consecutive year. Please review the top five properties of the strategy to gain insight into their key choices for 2025.
In a fourth quarter 2025 investor letter, the patient opportunity equity strategy of Coinbase Global, Inc. (NASDAQ: COIN ) highlighted stocks like Coinbase Global, Inc. (NASDAQ: COIN) is a platform for crypto assets that enables users to trade and manage crypto assets. On March 04, 2026, Coinbase Global, Inc. (NASDAQ:COIN) stock closed at $208.93 per share. Coinbase Global, Inc. (NASDAQ:COIN)’s one-month return was 42.99%, and its shares lost 2.45% over the past 52 weeks. Coinbase Global, Inc. (NASDAQ:COIN) has a market capitalization of $56.34 billion.
Patient Opportunity Equity Strategy Coinbase Global, Inc. (NASDAQ:COIN) stated the following in its fourth quarter 2025 investor letter:
“Coinbase Global, Inc. (NASDAQ:COIN was a top detractor during the quarter as crypto-related equities followed lower digital asset prices. While price action weighed on results this quarter, we see the movement as broadly cyclical. Over the long term, we believe Coinbase is evolving beyond pure crypto trading, into an advertising exchange as a financial exchange. Products known as their own Layer-2 blockchain are Base, equity trading, ETF trading, stablecoins and prediction markets, we believe that Coinbase is positioned as a one-stop destination for a new generation of traders and investors, together with the continued maturity of the digital asset ecosystem, increased institutional participation, the expansion of these products, and the expansion of productivity, we are growing to share. The diversification of income, and the attractive power of long-term income as performance normalizes.”
