Another Fiserv obituary like many investors duped by KKR, Frank and team. From Insider Monkey.
Broyhill Asset Management stated the following regarding Fiserv, Inc. (NASDAQ:FISV) in its fourth quarter 2025 investor letter:
"Our mistakes were costly. Our largest detractors were Avantor, Fiserv, Inc. (NASDAQ:FISV), and Six Flags. Losers also shared a common thread: financial leverage amplified by execution missteps. Fiserv was a close second. This was a particularly painful loss because we thought we owned a dominant business with a flawless record of consistent execution, trading at a large discount to the market and to its own history. We increased our investment through the first half of the year because we believed the market was overly punitive in assessing short-term headwinds and slowing growth at Clover. As the stock’s decline accelerated and the valuation collapsed, we actively questioned what we might be missing, seeking additional context, perspective, and data to stress our assumptions. In hindsight, we over-weighted the probability that the sell-off was driven by competitive dynamics and overlooked the probability of more structural issues beneath the surface. As it turned out, that “flawless execution” was a red flag. We immediately exited the position when we concluded the company was unanalyzable. We now believe the most similar analogue for Fiserv post the reign of former CEO Frank Bisignano, who resigned to join the current administration right before the stock’s collapse, was the rubble left behind by Jack Welch at General Electric. For younger investors, not witness to Welch’s glory days, Google’s Gemini produced an impressive analogue available in this report and dashboard."