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US-listed stocks (including $BABA) now represent 22% of the portfolio.

$NUR.CN is still weighing heavily on the performance. All the US stocks are down as well, except for the small position in $JAKK. $WELL.TO is down 15% from last month.

This month I had my first experience with rights ($GFP-RT.V). I bought as much as I felt comfortable buying, which I think was 71,500 rights plus a tiny bit of oversubscription just for practice. They convert at $1.50 per $GFP.V share. $GFP.V closed the month at $2.63. I’m waiting to receive the shares in my account.

This opportunity has taught me the importance of having cash available to be able to hit hard when the fat pitch shows up.

In general, I am attracted to: - special situations: $BABA and $GFP.V - businesses with exceptional leadership; $OPFI (see my post on Joe Moglia), $EXPI and $MKO.V - deep discounts: $JAKK - potential massive upside: $EMO.V and $PIRS

But in all cases, I require the valuation to be attractive.

This is different from last year, when I was buying growth and momentum without looking too much at the price.

Another lesson I am slowly starting to digest is that nothing in this life is black or white, and investing is no exception. We want to be lifetime holders of the best businesses out there and have “diamond hands”, but at the same time we want to be agile enough to adapt to changing return profiles and avoid commitment bias. Then again, we want to avoid imaptience and chasing every new shiny object, yet when an opportunity shows up, we want to snap into action with the speed of Dracula Ant’s jaw.

You get the picture. It’s a balance; a delicate dance. But you can dance like this or you can look like that.

One of my biggest idols, Muhammad Ali, referred to himself as the Dancing Master. Checkout this clip. Maybe there’s a similarity between dodging punches and avoiding foolish mistakes in the stock market?

I hope to be dancing elegantly.

Note: I don’t compare my performance to any index anymore. It’s not relevant for me, since I’m not trying to attract external money. Moreover, it’s only been a short time since I’ve started tracking my results seriously (I started in 2020 but am not including those results for now as I think I got massively lucky). I might revisit and do the comparison after a few years.

Exited

$CTS.TO (reasons here)

Entered

$OPFI $EXPI $JAKK $GFP.V $PIRS

Added

$BABA $MKO

Trimmed

$NUR.CN $WELL.TO $PNG.V $AEP.V

Disclaimer

I’m not married to any of these stocks. They don’t care about me and I only care about them insofar as the underlying business remains an attractive investment.