What Gives Alphabet (GOOG) a Rare “Beat and Raise” Narrative?

Key Highlights

• A copy of the letter can be downloaded here.
• US equities experienced a strong momentum in 2025 and marked their second consecutive year of double-digit gains.
• The market witnessed one of the fastest recoveries following its dip into bear territory in April.
• Market leadership continued to narrow as Mega-cap stocks and AI-driven companies dominated the landscape.
• Against this backdrop, The Mar Vista’s U. S.