This is the first quarterly portfolio update I do here. Further transparency should prove useful. I have been managing the portfolio in question for the past 2-3 years. The evolution of my investment philosophy will be transmitted on annual ‘shareholder letters’.
To my eyes, short-timeframe returns are pointless. Why would someone post monthly or quarterly oscillations? I find no value in the description of such events. I even suspect there’s a subconscious downside element people miss. Yearly returns will be published on annual letters, as I’ve done for the past two years.
Nevertheless, some meditations with respect to specific companies might arise on a quarterly basis. Sharing these and their effects on capital deployment should enhance execution.
The purpose for this quarterly portfolio update is to share:
How the portfolio currently looks
Thoughts on specific companies’ weight and outlook, if pertinent
Quick summary of each holding’s quarterly results
It is important to note that I do not seek activity. An ideal quarter looks like one wherein nothing happens. Procedures tend to be slow and methodical, in the same line as my company selection process and research.
Portfolio updates will be in accordance with companies’ earnings. I will publish them after the last holding reports results, not necessarily following the calendar. Anyhow, here's how the current portfolio looks:
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