Portfolio Update #4

Tough without Nvidia

Alpha generation continues to be tough. One stock determines it all and that is Nvidia. Since inception, the S&P500 has gone up c.40% driven by a handful of names (a.k.a the Magnificent Seven). Our portfolio has not done as well.

We did not have divine eyes nor crystal balls. As such, we did not focus on A.I. or semiconductors. Most unfortunately, we did not have Nvidia. We believe this will not continue, all parties come to an end and this current A.I. boom is no different. Markets will ultimately normalize. When that happens, our portfolio should be resilient enough.

The details with actual dollar amounts will be shared to subscribers only.