Today, we made four changes to the Portfolio.
One new position. Two additions to existing holdings. One position trimmed.
These changes reflect our ongoing effort to improve the balance between business quality, valuation, expected returns, and portfolio risk.
The goal is not to own the most popular companies or predict the next market move, but to identify situations where the market’s expectations may differ from the underlying economics of an asset.
And, just as importantly, to adjust our exposure as the balance between risk and opportunity changes.
