Is the Smart Money ditching Tech? Scott Black’s Q4 moves have me wondering.

[BellaJones]

I was just digging through the fresh Q4 13F filings—specifically Scott Black (Delphi Management), who’s been one of those stubborn "value first" guys for decades.

I know everyone’s still high on the AI hype, but looking at his latest moves, he’s doing some interesting things that don't fit the "To the Moon" narrative:

Dumping Oracle (ORCL): He trimmed a significant chunk of Oracle in Q4. Considering how much everyone is betting on cloud and AI infrastructure right now, seeing a veteran like him back away from it feels like a red flag.

Betting on "Boring" Banks: He just opened a new position in M&T Bank (MTB) and added to others. Is he betting on a high-interest-rate environment staying for longer than the Fed wants to admit?

The Berkshire Safety Net: He’s still sitting heavy on Berkshire (BRK.B). It’s like he’s bracing for a hard landing while everyone else is partying.

As we head into 2026, I’m starting to wonder if we’re about to see a massive rotation out of overpriced tech into these "unloved" value plays. Or is he just being too cautious and missing the next leg of the bull run?

Curious to hear what you guys think—are you still chasing the Mag 7, or are you looking for a "margin of safety" like Black is?

 

[Darkwind]

I was just digging through the fresh Q4 13F filings—specifically Scott Black (Delphi Management), who’s been one of those stubborn "value first" guys for decades.

I know everyone’s still high on the AI hype, but looking at his latest moves, he’s doing some interesting things that don't fit the "To the Moon" narrative:

Dumping Oracle (ORCL): He trimmed a significant chunk of Oracle in Q4. Considering how much everyone is betting on cloud and AI infrastructure right now, seeing a veteran like him back away from it feels like a red flag.

Betting on "Boring" Banks: He just opened a new position in M&T Bank (MTB) and added to others. Is he betting on a high-interest-rate environment staying for longer than the Fed wants to admit?

The Berkshire Safety Net: He’s still sitting heavy on Berkshire (BRK.B). It’s like he’s bracing for a hard landing while everyone else is partying.

As we head into 2026, I’m starting to wonder if we’re about to see a massive rotation out of overpriced tech into these "unloved" value plays. Or is he just being too cautious and missing the next leg of the bull run?

Curious to hear what you guys think—are you still chasing the Mag 7, or are you looking for a "margin of safety" like Black is?

I think there is a real concern with tech based on events in the world.

Trump has correctly identified that the AI boom has to build its own infrastructure and that the public should have access to it. The people should not have to pay for the ambitions of the Tech Lords.

China is also a big tech weakness in that all of the GPUs necessary for AI and much of our military tech are built in Taiwan. China's rising threat to the chip output would be devastating to our tech sector. The considerations are that reducing tech to a moderate level for now is the play.