#52 - Portfolio Update, May 2022

Performance update

Commentary

Last month was a bad month, and this one was worse. On the stock market.

Weirdly enough, it didn’t have much of an effect on me, psychologically speaking. Maybe because we were expecting a baby, or because I just started a new job, but I can’t really say that I felt much anxiety about my stocks.

I’m extremely grateful for what I have, especially my health and my family.

Moves

• I killed my fertizilier positions. I couldn’t warm up to them as long-term businesses, and they were not that cheap.

• I sold half of my position in $AEP.V as explained here.

• I added to: Mako mining (now my #4 position) and Knight Therapeutics (now my 3rd position).

• I exited WildBrain completely. I just don’t like the consumer products space right now, and I feel I can find better prospects at similar valuations.

• I sold a bunch of my $BABA position. I still have a bit (~4% position). It made zero sense for me to have more at cost, irrelevant of how the business is performing. Plenty of similarly tasty fish in the sea now.

Outlook

I have a healthy cash position, especially in $USD, which I’m excited about. I’ve started looking at some cmopanies such as Interactive Corp ($IAC) and Neogames ($NGMS).

If the market turns bad again, I might make some moves. Otherwise I’ll stay put, unless I find something stupid cheap.