On latest episode of @TheCompoundNews, our Founder @RonBaronAnalyst and Co-President Michael Baron discuss long-term investing, @SpaceX, artificial intelligence, and the conviction behind owning exceptional businesses through cycles of doubt, growth, and reinvention. Listen here: -- 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐨𝐧 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐰𝐞𝐛𝐬𝐢𝐭𝐞𝐬 𝐚𝐫𝐞 𝐧𝐨𝐭 𝐫𝐞𝐯𝐢𝐞𝐰𝐞𝐝, 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐛𝐲 𝐨𝐫 𝐞𝐧𝐝𝐨𝐫𝐬𝐞𝐝 𝐛𝐲 𝐁𝐚𝐫𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐨𝐫 𝐢𝐭𝐬 𝐚𝐟𝐟𝐢𝐥𝐢𝐚𝐭𝐞𝐬. 𝐏𝐥𝐞𝐚𝐬𝐞 𝐛𝐞 𝐚𝐰𝐚𝐫𝐞 𝐭𝐡𝐚𝐭 𝐭𝐡𝐢𝐬 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐰𝐞𝐛𝐬𝐢𝐭𝐞’𝐬 𝐭𝐞𝐫𝐦𝐬 𝐚𝐧𝐝 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐨𝐭𝐡𝐞𝐫 𝐥𝐞𝐠𝐚𝐥 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐦𝐚𝐲 𝐛𝐞 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐭𝐡𝐚𝐧 𝐭𝐡𝐨𝐬𝐞 𝐨𝐟 𝐁𝐚𝐫𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥’𝐬 𝐰𝐞𝐛𝐬𝐢𝐭𝐞. 𝐁𝐚𝐫𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐢𝐬 𝐧𝐨𝐭 𝐥𝐢𝐚𝐛𝐥𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐚𝐩𝐩𝐞𝐚𝐫𝐢𝐧𝐠 𝐨𝐧 𝐢𝐭, 𝐨𝐫 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐚𝐩𝐩𝐞𝐚𝐫𝐢𝐧𝐠 𝐨𝐧 𝐢𝐭, 𝐨𝐫 𝐟𝐨𝐫 𝐭𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐨𝐫 𝐬𝐲𝐬𝐭𝐞𝐦𝐬 𝐢𝐬𝐬𝐮𝐞𝐬 𝐚𝐫𝐢𝐬𝐢𝐧𝐠 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐮𝐬𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐢𝐧𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐰𝐞𝐛𝐬𝐢𝐭𝐞. 𝐑𝐢𝐬𝐤𝐬: All investments are subject to risk and may lose value. 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐬 𝐚 𝐩𝐞𝐫𝐜𝐞𝐧𝐭𝐚𝐠𝐞 𝐨𝐟 𝐧𝐞𝐭 𝐚𝐬𝐬𝐞𝐭𝐬 𝐚𝐬 𝐨𝐟 𝐉𝐮𝐧𝐞 30, 2026 𝐟𝐨𝐫 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐦𝐞𝐧𝐭𝐢𝐨𝐧𝐞𝐝 𝐚𝐫𝐞 𝐚𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐬: 𝐒𝐩𝐚𝐜𝐞 𝐄𝐱𝐩𝐥𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐂𝐨𝐫𝐩. -Baron Asset Fund (34.3%), Baron Emerging Markets Fund (0.6%), Baron Fifth Avenue Growth Fund (10.2%), Baron Focused Growth Fund (28.6%), Baron Global Opportunity Fund (20.2%), Baron International Growth Fund (0.6%), Baron Opportunity Fund (19.0%), Baron Partners Fund (32.9%*), Baron Technology ETF (8.6%), Baron First Principles ETF (32.2%), Baron Risk Optimized Large Cap ETF (4.8%). % of Long Positions 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐜𝐡𝐚𝐧𝐠𝐞. 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐚𝐧𝐝 𝐟𝐮𝐭𝐮𝐫𝐞 𝐩𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐡𝐨𝐥𝐝𝐢𝐧𝐠𝐬 𝐚𝐫𝐞 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐫𝐢𝐬𝐤. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA). © Baron Capital 2026. All rights reserved.