October was an active month for the portfolio. I made several changes, trimming some positions, reducing exposure where my conviction had weakened, and adding new opportunities. These decisions may temporarily weigh on reported performance, but I believe they improve the portfolio’s long-term risk/reward profile.
My focus remains on making better decisions over time, not maximizing short-term returns.
The portfolio also expanded from 14 to 19 positions. This was not diversification for its own sake. I am simply finding more opportunities that meet my criteria for quality, valuation, and asymmetric returns. I want to remain selective, but also flexible enough to act when attractive opportunities emerge.
Overall, I remain satisfied with the results. The portfolio’s true time-weighted rate of return stands at approximately 31%, ahead of the S&P 500, Nasdaq, MSCI ACWI, and MSCI World benchmarks over the inception.
This is encouraging and suggests that the investment process is producing positive results so far. Still, I know that strong performance does not necessarily mean every decision was right.
What matters is whether the process remains sound and repeatable across different market environments.
At the individual position level, Deckers Outdoor DECK 0.00%↑ deserves a mention. Previously my largest holding by far, I reduced its weight following the latest earnings report, which somewhat weakened the conviction in the original thesis. However, I still see reasons to maintain meaningful exposure, and I believe it is too early to make a more aggressive reduction before seeing how the situation develops.
Autotrader has performed particularly well, and I took the opportunity to trim the position after its strong run.
Meanwhile, ExlService and ResMed remain the portfolio’s strongest performers in terms of unrealized returns.
I also fully exited Wavestone. My conviction in the thesis was never particularly strong, and the potential upside no longer seemed sufficient to justify the risks. With more attractive alternatives available, I believe the capital can be better allocated elsewhere.
What I am watching
Looking ahead, I am spending more time researching a few areas.
The first is Bitcoin and selected crypto assets, including ETH, SOL, HYPE, NEAR, and UNI. I see interesting long-term opportunities here, although volatility, valuation, and uncertainty remain important considerations.
I am also exploring companies exposed to crypto infrastructure and AI computing. IREN and Galaxy Digital entered the portfolio in October, while Riot Platforms, CleanSpark, Robinhood, and Coinbase remain on the watchlist.
Another area of interest is gold and gold miners, where I recently initiated a position in Serabi Gold.
Finally, I am paying close attention to companies, particularly within the S&P 500 and NASDAQ, whose shares have declined 30% or more over the past year. Beneath a market increasingly driven by enthusiasm around AI, some individual stocks are experiencing something much closer to a bear market. Not every decline represents an opportunity, but I believe this divergence is creating potentially interesting mispricings.
I don’t know which of these ideas will work. And I don’t need to.
My job is to understand what the market is pricing in, identify where expectations may be wrong, and allocate capital when the potential reward justifies the downside risk.
More opportunities do not mean I need to take more risk. They mean I can afford to be more selective.
Portfolio Snapshot
Since Nov 2025
True Time-Weighted Rate of Return: +31.05%
Return on Invested Capital: +4.99%
Realized Gains: +9.98%
Dividend Contribution: +0.59%
October Moves
Every investment is made with one goal: owning the opportunities with the highest QPOS scores. The portfolio is built with a permanent capital mindset, but individual positions are not permanent. A position may remain in the portfolio for years, but it may also be reduced or exited after only a few weeks if a better opportunity emerges. Holding is a decision. Selling is a decision. Reallocating capital is a decision. Every position has to keep earning its place in the portfolio.
ADD
Applovin
BUY
Galaxy Digital
Luceco
Booking Holdings
Yelp
Serabi Gold
IREN Limited
Eckert & Ziegler
TRIM
Deckers Brands → -16.83%
Autotrader Group → +10.80%
EXIT
Wavestone → -8.56%
Current Portfolio
19 holdings
