I am back with my first post of 2023. In case you were wondering, no I didn’t abandon my stock investments on account of a disappointing 2022. If anything, I was buying more shares throughout last year as stocks went downhill. Here’s a recap of how … [Read More...] about Year-end 2022 portfolio performance
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When my stocks go private
Activision Blizzard (ATVI) is getting acquired by Microsoft (MSFT). Activision shareholders will be paid $95 per share in cash if the proposed acquisition is approved by various antitrust bodies worldwide. I am a long-time shareholder of both … [Read More...] about When my stocks go private
Near-term returns versus long-term
I admit that my stock portfolio is not doing well this year. Nearly all my major holdings are down by double digits. More than half are down by a third or more. Five are down by 50%. My top 25 holdings make up vast majority of my stock portfolio – … [Read More...] about Near-term returns versus long-term
Better to be too early than too late
Stocks went down again in September, this time dropping below the June lows. Year to date, the S&P 500 index is down by about -24%. It is a veritable bear market indeed. In response to the S&P 500 touching new lows, I invested more of my … [Read More...] about Better to be too early than too late
Who is afraid of a recession?
These days, there is a steady drumbeat in the financial media about an imminent economic recession in the country. I don’t have a position on whether one is inevitable. I try to only invest in quality businesses that can survive (and even thrive) in … [Read More...] about Who is afraid of a recession?
Long live Berkshire!
As I sat down this week to research for a new blog post, I read several news headlines on how Berkshire Hathaway (BRK.A, BRK.B) has outperformed the stock market this year so far. This motivated me to take a look at my own investing history with … [Read More...] about Long live Berkshire!
Ready for a 50% drop?
In May 2020 annual shareholder meeting, Warren Buffett said this: “You’ve got to be prepared when you buy a stock to have it go down 50% or more and be comfortable with it, as long as you’re comfortable with the holding.” He went on by pointing … [Read More...] about Ready for a 50% drop?
Keeping it simple, unlike Mr. Ackman
Bill Ackman is a well-known and widely followed hedge fund manager. During the Covid market selloff in early 2020, he made several billion dollars by timely moving in and out of the markets. First, he bought credit default swaps to hedge against … [Read More...] about Keeping it simple, unlike Mr. Ackman
More stock buys in June
Ken Fisher (founder/CEO of Fisher Investments) recently asked this on Twitter: Is the amount of ink and time spent on [this] “Bear Market” relative to the total time down below -20%—bullish or bearish? He was referring to that short period of … [Read More...] about More stock buys in June
Mid-year dry powder update
As the S&P 500 swooned to a new low in late May, down 20% from its peak, I bought more shares. I have now nearly one-third of my dry powder cash invested in stocks. What did I buy? Here’s a list of all my stock purchases since this drawdown began … [Read More...] about Mid-year dry powder update
How my stocks did in 2021?
As promised in my last blog post, here’s a recap of my stock holdings’ performance in 2021. In this post, I will let the charts do most of the talking. For context, see this post for my year-end 2020 performance. For my one-year performance, see … [Read More...] about How my stocks did in 2021?
My top-10 holdings today
This blog post is about my top-ten stock positions—today and since the Covid recession. The pandemic induced economic recession lasted only two months in the USA—from February through April 2020. The resulting bear market in stocks lasted about a … [Read More...] about My top-10 holdings today
If you’ve ten years to invest
Last week I read Davis New York Venture fund’s annual letter. Its eponymous portfolio manager Chris Davis writes thoughtful analyses of investing landscape every year. I enjoy reading his investor letters even though I have not (yet) invested any … [Read More...] about If you’ve ten years to invest
From Buffett’s letter
Warren Buffett’s annual shareholder letter came out last month. As usual, it was widely covered by the mainstream media and numerous financial analysts. There is not much I can add to what was already written about it in the press. Though there is … [Read More...] about From Buffett’s letter
More founder run businesses
Bessemer Venture Partners is a well-known venture capital firm—also one of the nation’s oldest in VC business. As the name implies, it invests in young startups, mostly technology related businesses. Over the years, it had invested in some promising … [Read More...] about More founder run businesses
The odds of making money in stocks
Whether we like it or not, we investors are always making bets. We invest our capital with the expectation that down the road we will be able to recover all of it plus some. But since the future is unknowable, we implicitly make a bet every time we … [Read More...] about The odds of making money in stocks
Older Posts
My portfolio ten years ago
This post is a trip down the memory lane. Ten years ago (December 29, 2011, to be specific), I had a smaller investment portfolio that also looked much different. It sported more cash. It had more stock mutual funds than individual stocks. I still … [Read More...] about My portfolio ten years ago
Two companies, two great share buybacks
I own shares in two companies whose CEOs have been at the helm for over twenty years. These two businesses are not in the same industry. They don’t have much in common—one is in the video game business, and the other is in investment banking. As you … [Read More...] about Two companies, two great share buybacks
Oaktree’s specialty lending platform
BDCs, like REITs, are income producing investments. Investors don’t expect a lot of share price growth and only modest (if that) dividend growth. They make up for this lack of growth by generating high current yield. For instance, many BDCs today … [Read More...] about Oaktree’s specialty lending platform
Blackstone credit platform
I have been singing the praises of Blackstone on these pages since 2018. I first wrote about the company in February 2018. Back then it was still a Limited Partnership (LP), and its shares were trading around $30. Then, about a year later, I wrote … [Read More...] about Blackstone credit platform
Did you double your money since the recession?
I didn’t! If you have been following the financial media, you must have seen recent headlines like this one: “If you’d bought stocks in March 2020, you would have doubled your money by now”. This one was from Yahoo! Money. There were similar mentions … [Read More...] about Did you double your money since the recession?
SoftBank – a second look
SoftBank is an enigma for me. On one hand, it has all the traits of an excellent owner-founder run business—the kind that I love to invest in. On the other hand, some of its management’s recent moves have spectacularly failed, making me think twice … [Read More...] about SoftBank – a second look
What I bought to replace Brookfield Property?
I have now deployed all the cash I raised from selling my Brookfield Property Partner shares (BPY or BPYU). What did I buy? See this table. In my previous blog post, I showed a short list of prospective buys I was considering. See here. Out of … [Read More...] about What I bought to replace Brookfield Property?
Parting ways with Brookfield Property Partners
My investing in commercial real-estate is mostly via publicly traded REITs (Real Estate Investment Trusts). Over the years, I have added several REIT positions in my portfolio. See this table for my REIT holdings. From time to time, I’ve also … [Read More...] about Parting ways with Brookfield Property Partners