Saltlight Capital
Our archive holds 5 letters from Saltlight Capital, behind 7 investment theses and positions in 2 companies. Every quote below is copied verbatim from the letter it came from.
Saltlight Capital’s own letters pageWhat they bought and sold · 1 move
- New positionConstellation SoftwareJune 2026
“We have recently invested in Constellation Software, which we think of less as a single company than as a portfolio of one thousand vertical software companies, each selling unique and essential software into small markets.”
Read the letter
Companies held · 2
Every company Saltlight Capital has disclosed a position in across our archive, with the letter that last mentioned it.
- Constellation SoftwareJun 2026
- NVIDIAJun 2026
Theses · 7
- June 2026
NVIDIA faces mounting competition and potential moat erosion, but still benefits from locked-up scarce supply chain inputs and powerful customers with strong cash generation.
Read the full thesis - June 2026
Sun Microsystems offered an integrated hardware-software stack with strong switching costs, making it the default choice for serious enterprise internet infrastructure.
Read the full thesis - June 2026
Constellation Software owns a portfolio of essential vertical software businesses with mission-critical, sticky products that are hard to disrupt and can benefit from AI augmentation.
Read the full thesis - June 2026
Microsoft could commoditise AI intelligence and monetise elsewhere as open-weight models make closed-model offerings less necessary.
Read the full thesis - March 2026
MercadoLibre is a network-effect ecosystem investing through short-term margin pressure to expand e-commerce, credit, and cross-border commerce.
Read the full thesis - June 2025
Brookfield is strategically positioned to capitalize on the growing demand for renewable energy and AI infrastructure financing, backed by a substantial $200 billion commitment to major projects over five years, while leveraging its expertise in mitigating risks through innovative financial strategies.
Read the full thesis - June 2025
Google is leveraging its AI advancements and custom hardware to reshape the market through competitive infrastructure costs and strong distribution channels while positioning itself favorably in the emerging Physical AI domain.
Read the full thesis
Letter archive · 5
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