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By Jonathan Boyar, New York City-based principal advisor to the MAPFRE AM US Forgotten Value Fund.

This week, I had the pleasure of attending two investor conferences in New York - Value Invest NY and the New York Quality-Growth Conference. While their approaches couldn't be more different, both offered valuable perspectives on how some of the world's savviest investors are thinking about today's market.

At Value Invest NY, the mood was surprisingly upbeat - perhaps too upbeat for my taste, as a contrarian by nature. But the presentations were top-notch. Django Davidson of Hosking Partners made a case for platinum and explained why his firm - firmly rooted in the capital cycle framework - believes the winds are shifting in favor of materials and energy. He warned that the massive capital expenditures by Big Tech to support large language models could ultimately prove problematic, and he's been trimming tech exposure accordingly. Instead, he's steering toward industries with more favorable supply/demand dynamics.

Samantha McLemore of Patient Capital offered a more personal presentation, drawing on lessons learned from her years investing alongside the legendary Bill Miller. And I was pleased to hear Andrew Wellington of Lyrical highlight two names we own - Global Paymen......................

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