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#68 - Portfolio Update, August 2022

Publish date: Sep 3, 2022
Last updated: Nov 1, 2022
Tags:
We really did have everything, didn't we?

In my opinion, it doesn’t do much good today to try to explain what just happened in any detail. There is nothing to be gained. I’m focused on what’s ahead, not behind. Chris Mayer - blog post of Sep 2022

Performance update

update

update

Commentary

It’s that time of the month again…

Another rough month. I’m still paying for the mistakes I made earlier this year.

The biggest one was buying and holding a junior mining exploration company after it quickly doubled up (I’m now down 50% on it 🤦🏻‍♂️).

You know why I didn’t sell it?

Because I wanted to wake up and not worry whether I had any meetings on that day. Because I wanted to buy a house for my family. Because I wanted to send my kids to a nice private school (or hire a private teacher). Because I wanted to be able to eat in the best restaurants and travel anywhere on a whim.

So I didn’t sell, even after the stock doubled - because it wasn’t enough to get all the above.

It’s the second time I make this same mistake and the second time I fool myself into believing that “it’ll be OK”.

Never again.

I’ve slowly started to reposition my portfolio into sounder and long-term holdings: $GUD.TO, $PSK.TO, $FFH.TO, $EVVTY, $TPL, $BABA, $PROSY, $CPRT => collectively 43.5% of my portfolio. These are the ‘Quality’ stocks.

The ‘Speculative’ portion of my portfolio is 21.5%, but one stock by itself is 15% (the one I was talking about above).

The ‘Cheap value’ portion is 19.1%, with one stock representing 9%.

The remainder (16.0%) is in Cash.

My goal is to bring my portfolio composition closer to the following:

ideal-p

In order to get there:

  • the cheap portion is maxed out, no more additions there
  • 10% from speculative (so half) needs to be trimmed down -> reinvest in quality
  • 6% from cash cash -> quality

Moves

Since last month:

  • I doubled my $EVVTY position as the stock kept tumbling.
  • I added a bit to $MKO.V
  • I trimmed $CXI.TO
  • I added to $CPH.TO
  • I completely exited $U-UN.TO (wtf do I know about uranium?!)

Outlook

While I wish I was born without certain character flaws, I’m happy to notice that I at least have the awareness to know what they are and how they’ve led me astray (twice).

I’m also pleased to observe that my enthusiasm for the game has not diminished one bit - quite the contrary.

I intend to be more cautious going forward.

Freedom will not come today after all. Maybe that’s OK.

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