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#100 - Portfolio Update Oct2023

Publish date: Oct 2, 2023
Last updated: Dec 29, 2023
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TL;DR

Crazy come back in the last 2 days of the month!! Was down pretty significantly before that…

Performance update

perf

cagr

categories

countries

Holdings

portfolio-update

Highlights

Top contributors:

  • $SODI: shooted up following a video from DIY Investing where he broke down his thesis (and why he sees a double in EPS). I haven’t touched this position since I bought it.
  • $FFH.TO: just a big position of mine, so even small moves in the stock price have a big impact.

Top detractors:

  • $DRM.TO: keeps drifting down.
  • $EVVTY: market sentiment is negative and growth seems to be slowing down; still no sign of life in RNG.
  • $TVK.TO: had a pretty fantastic run lately, now giving back a bit.

Changes

Lots of movement this month, a lot of small new positions.

  • New:
    • $EG7.ST: seems very cheap, but small position for now. Need to study them more.
    • $CGEO.L: same as $EG7.ST
    • $IQ.V: very small position, had a great quarter. Should check business quality.
    • $CASH.TO: to get some interest for my idle cash.
  • Added:
    • $CXI.TO: business seems to be doing fine to me; way too cheap.
    • $B3.ST: not my best idea; I discovered the meaning of negative operating leverage.
    • $DRM.TO: also not my best idea (so far)
    • $PSK.TO: wanted to keep this one for the very long-term; (almost) zero operational risk.
    • $WBD: seems very cheap; I see consolidation as inevitable in this space.
  • Trimmed:
    • $PARA: replaced by $WBD.
  • Exited:
    • $HIMS: while cheap and growing…the company (and management) didn’t grow on me. Could be a mistake (UPDATE [Nov 2023]: it has been!)…but mistakes are unavoidable.

Learnings

  • The market is not always wrong. Ask first: why is the market scared? Why is it greedy? Do I agree with it?

  • Operating leverage is a real bitch. When something looks stupid cheap, do a simulation with revenues down 10% (you might find that EBIT would go down 50%).

Outlook

I have a bunch of cash now. I have existing positions that I could add to. I’m fine earning 4% while I wait for good opportunities.

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