Nice returns! While I understand why you're focussing more on international I wouldn't completely avoid US per se. Sure large caps are overvalued, but there are always interesting small caps that can benefit from the great corporate and investing climate in the US. You have to find the right stock for the right price, but I find there's often way more growth potential than international.
Hi, yes you're quite right. Self-imposed restrictions are pretty pointless and also give away the advantage of being a retail investors with no one to answer to.
GMO has done some research which indicates deep value is very cheap in the US atm, at least in relation to growth too.
A friend always refers to the S&P 490 as his preferred hunting ground!
Managing the winners and reducing the value traps is how I ended up moving to a diversified portfolio where I try not to sell ever. Some winners grow quite big, the value traps grow smaller. The dividends fund new positions or additions
Curious about telefonica brazil, what is the growth rate you observe and you expect in the future?
And Lilak, what a shit show, but I also feel that something good is around the corner, you never know! Some update would be interesting
I think that's a great way to look at it. I've already noticed I'm much calmer about individual names since I moved over 20 holdings. Each one is just a bit less consequential, although this obviously dampens the big winners too, but I'm ok with that.
Vivo has grown revs and EBITDA at 5%/year since COVID and I'm hopeful they can keep it up. Inflation is all over the place in Brazil, so you really need to be growing mid-si gle digits just to be standing still.
Lilak earnings shouldn't be far away now. Who knows what will happen there? Crossing fingers is about all we can do.
We own some similar names. I feel your pain. Right now i am sticking with CCJ. I also own NXE. Some of the other names you mentioned I am picking my spots and averaging down albeit slowly in the current market environment. However, I do believe they are undervalued and ignored for the most part.
Great returns! Especially given the lack of tech and US exposure. Great to see you avoided mist cyclical value traps as well.
Personally I quite like it that you take some time to discuss the results. All the Year end discussions on January 1st feel overwhelming.
Hope 2025 will be just as good!
Thanks Wubbe, yes 2025 has started nicely. Too nicely in fact! It's making me nervous😅
I hope you had a great summer of travel mate, talk soon.
Nice returns! While I understand why you're focussing more on international I wouldn't completely avoid US per se. Sure large caps are overvalued, but there are always interesting small caps that can benefit from the great corporate and investing climate in the US. You have to find the right stock for the right price, but I find there's often way more growth potential than international.
Hi, yes you're quite right. Self-imposed restrictions are pretty pointless and also give away the advantage of being a retail investors with no one to answer to.
GMO has done some research which indicates deep value is very cheap in the US atm, at least in relation to growth too.
A friend always refers to the S&P 490 as his preferred hunting ground!
Managing the winners and reducing the value traps is how I ended up moving to a diversified portfolio where I try not to sell ever. Some winners grow quite big, the value traps grow smaller. The dividends fund new positions or additions
Curious about telefonica brazil, what is the growth rate you observe and you expect in the future?
And Lilak, what a shit show, but I also feel that something good is around the corner, you never know! Some update would be interesting
I think that's a great way to look at it. I've already noticed I'm much calmer about individual names since I moved over 20 holdings. Each one is just a bit less consequential, although this obviously dampens the big winners too, but I'm ok with that.
Vivo has grown revs and EBITDA at 5%/year since COVID and I'm hopeful they can keep it up. Inflation is all over the place in Brazil, so you really need to be growing mid-si gle digits just to be standing still.
Lilak earnings shouldn't be far away now. Who knows what will happen there? Crossing fingers is about all we can do.
We own some similar names. I feel your pain. Right now i am sticking with CCJ. I also own NXE. Some of the other names you mentioned I am picking my spots and averaging down albeit slowly in the current market environment. However, I do believe they are undervalued and ignored for the most part.
Yes, we are definitely in an interesting market. Hopefully the dispersion keeps up to allow continued redeploying.
I guess the big question is, when the NASDAQ pops, does it drag everything down with it or is it finally our time to shine?
Very recognizable observations, Guy!
Thanks Jam, appreciate that and love your work!
Likewise, Guy. Keep it coming!
Excellent portfolio returns Guy. Well done!
Thanks Darren, appreciate your observations too. I hope you've had a beautiful winter up there!