Immersion Investment Partners, an investment management company, released its fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. Immersion Investment Partners returned 4.9% (net) in Q4 2025, compared to the Russell 2000Index’s 2.2% return and the Russell Microcap Index’s 6.3% gain. The yearly return was 45.4% compared to 12.8% and 23.0% returns for the indexes, respectively. The letter noted the massive investments being made in AI and raised concerns about energy demands and ...