Devesh's Portfolio Strategy and Construction

Hi, I am a 21 year old investor and have been part of the markets properly since March 2022, where I invested for the first time. However I was tracking what was going on in the markets since the Covid Fall.

I think investing is something I enjoy a lot, but I don’t want to overspend time on investing right now so that I can focus on my career more. Hence I am trying to craft out the best kind of systems that allow me learn more about this field and decision making here on a small capital base, so when I do have a bigger capital base 20 years down the line, I can be making good decisions.

For the last one year, on a small capital base, I generated about a 20% return which primarily got accelerated due to the recent run up in the small and midcap space. While analyzing this performance I was certainly happy with this outcome but I felt there were a few problems with the way I was approaching the game and I could have made better results had I made a few right decisions.

Some of the things I believe I should fix are:

  1. Criminally low allocation on some high conviction and performance ideas: I held Equitas Hold Co from May 22 levels when the valuations were very depressed but the allocation I had in the company was only 2-3% of my portfolio size.

The thesis on Equitas HoldCo combined three powerful factors:

I. A sector going through headwinds and pessimism that was showing certain good offshoots

II. A special situation which could add to the normal sectoral returns.

III. A Tier-2 financier at the starting of the cycle and with a smaller market cap that had a big runway for growth.

Sectoral moves can have an outsized effect on the smaller players in an industry. It has become more clear to me over time why people emphasize sectoral tailwinds so much.

A new system which I am looking to develop now should have better allocations for ideas that fulfill criterias like this.

  1. High Allocation without proper Research: I had very little knowledge about pharma when I picked up Laurus Labs and made it a big allocation. My idea was that the CDMO business looked interesting and Dr Chava seemed to be someone who many of the people held in great regard. I suffered as a result of this, and this has been the only stock in my portfolio which hasn’t generated a positive result on the P&L.

  2. Too many stocks to track: Because of my habit of tracking several industries in an attempt to understand broad markets, I put several stocks in my portfolio, at the peak there were about 20 in my portfolio, which made it difficult for me to track the ideas and their performance. This isn’t good because a lot of moving factors start to influence your portfolio and the only chance you have at a good return is that the market itself starts to perform really well, pushing everything higher.

To fix these three problems, what I have looked at doing recently is the following:

  1. Maintaining a Satellite Portfolio: I have opened a separate Demat Account where I aim to buy smaller quantities of all stocks I like the initial ideas about, they can be from different sectors, can come from different people I follow for ideas in the market like @Worldlywiseinvestors @harsh.beria93 @basumallick @ankit_george , but the trick is to keep all these stocks upclose so that I can be motivated to study them properly in a manner that makes me appreciate the upside properly but more importantly makes me understand the downside to the stocks. Once I gain confidence in the ideas, they can be transferred to the main account

  2. Minimum Allocation Limit in Main Account: In the main stock account, I am looking to maintain a minimum allocation of 10% to the high conviction ideas, this would reduce the number of stocks down to 6-10 which would be easier to track for me and would provide diversification.

The problem with such high allocation is that I want to protect myself from a downfall, so the ideas that make the cut should also make sense on a valuation front, I should be sure to not lose more than 30% of my capital. A strict stoploss from technical analysis can be adopted here to cut losses.

I think doing 2 alone would help solve both small allocations for good ideas and large allocations for bad ideas.

This is the broad idea that i’ve formulated for my portfolio strategy, in the next post would share my portfolio ideas with the community too, to give you a better sense of what kind of investor I am.

I would appreciate feedback from the community members simply because I am really new to this entire field and I think there is a lot I can learn from the members of this community.

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While the pursuit of profitable trades is why we are primarily in the market, which also acts an incentive going forward, considering your age, the focus you want to have on your career, and while I do understand your enthusiasm and spirit, and while I do acknowledge the feeling of making bigger profits at a young age, I would say not to bother too much about the numbers, the allocation, the profit, at this stage, and create a process, a method by learning and experiencing.

And as you go forward in life and career, with the understanding and experience you gain, you can allocate more and reap bigger profits, core, satellite or any other, the losses will be fewer and the gains will be more.

Even if you are passionate, and can handle the pressures of allocating time, and can put in the effort, even to the point of sacrificing some joys, and are inclined to make it big quicker than others, don’t look at the decisions from numbers alone, look at them in the context you have taken those decisions.

I get this feeling too, for the stocks that have risen more than my expectations. What if I had allocated more to this stock, it doubled in less than a year, why didn’t I allocate more, if I had allocated more I would have make double the profit, I did not allocate more because I was afraid of losing more if loss happens, maybe I couldn’t afford such a loss, or I was not comfortable with such a loss.

If you actively participate in the market, and when you look back after a couple of years, I am almost certain you will not be in agreement with all the decisions that you are taking today, you may even find holes in your thought process that you have today. Learning and experience in the market will eventually make us take better decisions as we go forward is all I am saying.

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Hi Devesh,

First of all, kudos to you for being active in the markets in your early 20’s. Compounding is a powerful weapon, and the earlier you get going, the better things will be.

Also, I am glad that you’re being open and honest about your experience with pharma. On my end, if I invest in a company with limited research and it goes up, I do not consider it a win. If I do the research and it climbs, but not because of the reasons that I thought it would, it’s still not a win to me. I personally only consider it a win when the points in my thesis were the reason why a stock moved up in value.

I like your two step strategy (satellite portfolio + main account with just 6-10 stocks). It’s a smart way to track, analyze and filter out companies. Over time, you will get better at screening companies, and you will get a better idea of the kinds of companies you would want to invest in. The high level qualifiers that I use are below:

• They have to have the ability to move up in weight class (micro to small, small to mid, etc.)
• They have to be in a sunrise sector (ER&D and renewable energy versus steel products and packaging)
• They have to have a defensible moat that’s ideally primarily grounded in unique technology. Other than that, the moat can be strengthened with good execution calibre, superior distribution, and platform/ecosystem potential

I do not maintain a satellite portfolio, but I track a handful of companies, and similar to your main account strategy, I just invest in 6-10 companies.

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Thank You for the feedback and the incredibly useful advice. I feel that the most useful skill that somebody like me can learn from investing at this age with small capital is decision making. And I’ve thought about documenting the context in which I am making my decisions at several times, and to put that into practice, I started an investment diary recently. I do not try to include any numbers or allocation there but try to put into words why I think I made a certain decision. It is an exercise that is purely intended for self reflection, but I hope to reach a point somewhere down the line where I can look at it and think that I was really wrong about how I was approaching several things.

Looking forward to receiving more feedback from you below.

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Hello Ankit, thank you for your reply. I have been following your threads and writeups for some time now and it is really good to hear from you on this thread.

I think I’ve had several experiences where stocks I have selected have gone up even though I didn’t have a very clear thesis on them. Looking back, I have been lucky with several of such investments and I think that not having a clear thesis is one blindspot I want to overcome and that is why I’ve decided to put my portfolio out for review on a platform like VP.

I like the qualifiers that you use as they are very similar to the broad framework I have created for myself. After reading about the framework Rakesh Jhunjhunwala sir used in the later part of his career, I’ve come to appreciate several similarities that exist in his approach with mine too.

I think anybody who is as interested in the Indian Economy dynamics as I am because of my Undergrad in Economics would prefer a similar framework albeit I believe there are specific blindspots that I can appreciate myself here too.

The broad idea I use is below:

  1. Strong Tailwind in Industry: Industries that are bound to see greater demand in the because of either the policy environment or because of long term economic and demographic changes in the economy interest me. I don’t think it is an economic perspective that guides me here, I think in an Economy like India demand is never really an issue, it is the consolidation of supply that is much more instrumental to higher economic returns. But I get interested simply because I get excited by these plays and how the future can be different from the past.

So I have invested in a Senior Care Play, Invested with a company providing niche components for nuclear energy and space along with defence and have also been reading about the electronics value chain and what is happening there since the PLI introduction in 2021.

  1. Indication of Smart Money Cornering: There are a few investors I follow through the bulk deal data, if I am evaluating an industry and I see some evidence of their presence there, I double down on my efforts at studying the company. Some of these people are Kenneth Andrade sir, Matthew Cyriac, Zaki Abbas Naseer, Mukul Aggarwal. I also look to see if there is some sort of Preferential Allotment or any such corporate action happening at a company which could see sophisticated investors entering the picture. It is a confidence boosting measure which tells me that some kind of detailed due diligence would have been done on the firm, which I as an individual have limits to do myself.

  2. Build Up of Potential Operating Leverage: If there are several investments I see the company has been making which haven’t really yielded results, I get excited, simply because I feel like all that will only add to the benefits we get to.

  3. Execution: I try to see competitive advantages in a different light, I think that for smaller companies where I do invest, it makes a lot of sense to see if they have successfully been able to get themselves out of risks that a small business faces in scaling up. While increasing market share, stable margins do play a role, but I also tend to emphasise on experimenting with the markets and finding a way around the big players.

I will try to detail my portfolio in the next post just to give a better colour on how these decisions actually come to real life. I have been taking time with that post, simply because I do feel like there are still a few stocks in my portfolio which I don’t have a very good reason for keeping there, perhaps writing about them here would help me face my bad decisions.

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I really like the framework you’re using to sift through the universe of publicly listed companies.

Personally, I need to add indications of smart money cornering to my approach as well. Like you correctly pointed out, there are limitations to the level of research and analysis that we do as individuals, and seeing more established and respected investors entering a stock is always a good sign.

Regarding the bit about strong tailwinds in the industry, I have to admit that I am constantly learning over here, and that I need to do a better job at keeping tabs on things. For example, with the rise of battery storage systems, I figured that India’s renewable push would be primarily focused on solar energy, and wind would be a thing of the past. As anyone who has been keenly following the renewable space knows, solar+wind hybrids have much better economics and a more favourable daily power generation profile versus solar only installations. Anyway, the point here is to constantly keep tabs on things, and to not marry oneself to a specific thesis that may have become outdated.

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Hi Valuepickr. Got a little inactive on the thread because I started my first job in July. It is a very interesting experience getting a monthly pay after spending a lot of time as a student. Suddenly your portfolio becomes larger every single month :smile:. I’ve been saving almost all of it, to put it back in the markets. But haven’t deployed much yet because I’m afraid the market is in the top quartile of valuations.

To follow up on market breadth, I’ve been using The Wrap by @Tar . A really helpful resource. Not only for the market breadth but also for the corporate announcements. I make it a point to read it religiously every weekend. I also try to track bulk deals at days end. These two have been largely the sources of my new ideas.

In this post I’ll just lead you through a few of the new ideas I’ve discovered and invested recently. Before going into this, I just want to remind you that I’m only about 30% invested currently. The market valuations don’t give me a lot of confidence.

The first idea I’ve invested into is Styrenix Performance. It came into my radar when one of the investors I track in Bulk Deals, Suresh Kumar Agarwal invested into the company. One of the triggers I could immediately identify related to the company was the fact that its directly related to the auto sector. With some pickup being in the segment, I felt the investment started to make sense because of the low PE the company trades at and its cyclical nature. @Worldlywiseinvestors has drilled into our heads as SOIC tribe members that sector/factor moves contribute 60% of the upmove in a stock. This is frequently the first factor I look at when investing in companies.

Another good thing I saw with Styrenix was a corporate rejig, whereby the old promoter had returned to the company and had announced an ambitious capex. Corporate Rejigs, End Sector momentum, Capex all individually are very strong triggers for a company, here I saw all of them happening at once in a company, where an investor I respect had entered already. This was an amazing thing to look at.

The second stock idea I invested in is Arvind Fashion. I had read about the company about a year back when I got to know that the retailer in India for several fancy brands was selling at 1 P/S. The fact that Ashish Dhawan, Ashish Kacholia and Akash Bhansali had invested in the company already gave me the confidence for it being a sensible value stock. But then the underperformance made me realise there had to be trigger that could act as catalyst to capturing the value.

So I didn’t take a position in the company a year back. But when recently I was going through The Wrap, and I read about Arvind selling its Sephora business to Reliance, I realised the debt could come down from it. The fact that they had sold the company at a very cheap price, sounded even better to me (you want the richest person in the country to feel like you didn’t fleece them), this prompted me to invest in the business, in the past two weeks it has shown a good performance, but I feel at 1.25 P/S it is still undervalued. The catalyst here will be long term actions of the management, I’m still not sure if they can engineer the turnaround, which reflects in the kind of allocation I’ve made to the idea.

Would love to know your thoughts on the process here, or some extra points of research you can point me towards with respect to these companies.

Look forward to interacting regularly on this platform. :smile:

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Both the stock picks I wrote about here in November have done well, as have the broader markets. But there is a set of learnings I want to share from these two picks which I am trying to articulate for my portfolio as a whole.

Styrenix: Since stock picking is a probabilistic sport, when you see multiple factors moving together along with a certain kind of pessimism because of surface level reasons, it is probably time to load up on the stock. Here, the demand scenario is still in favour with the auto industry restarting its performance, the management change brought a lot of efficiencies as demonstrated by the results, and there are additional capacity plans which are always interesting.

The surface level pessimism here was because of the promoter pledging and past governance issues. Remember a promoter has to take money from somewhere to get operating control back of a business they sold to an MNC and the governance transgressions happened at the time of the MNC promoters. Added to this was the smart money cornering. I think this stock hasn’t seen its potential yet, a better picture would emerge as the results for the company come back which can see re-rating here.

Arvind Fashions: Good investors were here, it was a recognised value stock always as I pointed in the write up above, all it needed was an event to change its perception to being the high growth company. The Sephora deal happened and still for some reason many people were skeptical, but this is where opportunities exist for investors like me.

Institutions take time to get to the bottom of events, for the people working there it is a job which pays you to do a Mon-Fri 9-5. For opportunity seekers, the motivations are completed different.

Now there is greater institutional coverage and research coming out on the stock, but I believe the results would be the main driving factor here. If the results are good, it can see good valuations, if not it will go back into a longer period of consolidation.

I’m slightly more skeptical of Arvind Fashion than Styrenix, but I’m sure that even through this there will be a learning I’ll have as the markets are the best teachers.

Attaching a note I saw on Arvind here.

Again the important thing is that this isn’t a buy or sell recommendation, higher equity prices make me scared about whats to come and I’ve done adjustments at the portfolio level accordingly. Also with a high interest environment all around us, it is very plausible to meet our financial goals through other instruments. Let’s not get overtly optimistic or keep expecting something which has a very low probability of happening.

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Any update on Styrenix considering the reason for your investment was auto sector demand. Lately we are seeing a different picture about autos with inventory levels going up. You think you still would continue to hold or add more ?

Hello, took me some time to respond to this, have not been on this platform for some time. However I think what Styrenix’s story was really about was two fold:

  1. Import Substitution: They managed to substitute imports of a number of products from performance plastics.
  2. Newer Products being introduced in the markets: These newer products were chiefly supposed to be adding newer lines of revenue to the company.

Now I assumed and invested it for the auto-demand, but this company has somehow managed to show strong profitability growth. The stock is currently undergoing some kind of consolidation probably because the markets are not sure how the next quarter will look like post the slowdown in auto.

However I think there is more steam to the story and the management will continue to deliver.

I’m also starting a newsletter on my portfolio construction. Just laying out the first piece here for everybody to go through:

1.1 Portfolio- The Mindset and Ambition

There are two sets of things I want to talk about here in this post. I’ll keep them short and structured. The first one is my investing mindset and the second is what it is that I aspire from my portfolio.

Doing Investing to Be Done with It:

On the mindset first, I feel that investing should be done to get done with it. The hunt from ambitious managements who are on the right side of tailwinds, with their stock extremely cheap, is a difficult hunt and effort in mastering that should be front loaded. Along with this, a huge amount of time should be spent on growing your active income sources and saving most of this money to plough it back into the markets.

There is however, a certain kind of personality type you develop, a certain way of looking at the world when you are ambitious about investing and this keeps on reflecting in your behaviour as you grow older. We should keep this with ourselves, perhaps make investing a lifelong sport we play. But we should only be doing it because we like to do it, not for any other reason.

On Not Liking Mutual Funds:

I also feel that I don’t like mutual funds a lot. If you look at this slightly strategically, you’ll realise that this SIP culture that we have going on in our country, is very inelastic in terms of its movement.

To a smart bureaucrat, this would definitely seem like one of the best sources they could use to generate a sizeable amount of tax revenue for the government. Once you’ve entered an SIP, you really can’t get out of it, so it is so much better for the government to tax that with higher capital gains.

In short, with aspirational inflation and with these taxes, the 12-13% returns wouldn’t seem life-changing at all.

It is therefore much better for a smart individual with the interest in stocks to actually engage directly.

On Ambition:

My ambition from the markets is actually pretty simple, as summarised with the diagram below:

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The entire idea is here is that to succeed and get to where I want to get at with investing, I need to do three things:

  1. Hunt for 5X, 10X Stocks
  2. Hunt for the stocks which in 20 years time would give a yearly dividend greater than the original investment
  3. Get in really early and stay put for long enough, especially in the core portfolio.

How I am planning to do it will come in the next piece. Till then this was my mindset and my ambition with investing.

See you in the next piece.

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1.2 Portfolio- Method

Now the second bit is on the method or where is it that I like to focus on with my investing to accomplish the lofty goal I had put out previously.

The answer is actually pretty simple, and summarised by a framework I have created for myself called the X framework. I’ll actually be talking about four things here:

1. The X Framework
2. Pointers of the X framework
3. How that translates into my investment accounts
4. What you can expect from the newsletter going forward

X Framework:

The X framework is my mental guide. It tells me where I need to be to get to the goals that I want to get to.

If I want to focus more on activity and getting to 2X kind of returns, the way I should be looking at my process would be entirely different from how I would be looking at getting to a 5X or a 10X.

Pointers of the X Framework:

The most crucial feature of the X framework are the pointers we have highlighted under it. Every pointer has been designed keeping the end objective in mind and tells you what you need to focus on.

How This Translates Into My Investment Accounts:

I have two investment accounts right now. One on Groww and the other on Zerodha. Although there isn’t an evident demarcation between them, I do have one in mind.

  1. The 5X and 10X stories would go to the Zerodha account whereas the 2X to 5X stories would go to Groww Account.
  2. The Zerodha account would be opened much less frequently and most of the frequent buys and sells would take place on the Groww Account.
  3. Groww is the activity account, Zerodha is more of the goals account.

What can you expect from the newsletter going forward:

Through this newsletter, I would be focusing on two things:

  1. Highlighting new investment ideas: both broadly and in-depth
  2. Highlighting broader pointers and how to assess them better.

So for example, don’t just expect a newsletter entry on Max Healthcare because I think the management there is excellent, but also expect a writeup on what good management is actually like.

In the next entry, we’ll focus on what my research usually looks like from different tools that I use.

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What has Changed: Hello investors, there have been many changes since I put this out first. I’m 23 now and I’ve seen some successes and a few failures in the past two years. Most of the good outcomes have come about because of the markets and god being benign.

Now I realise as the fabric of the market is changing, this might be the first cycle I witness in my life. I intend to play this sport of investing for long, so it is very important to keep track of every cycle. It is for this reason that I’m starting two initiatives on this thread.

The first one will be called ‘My Dairy- An Investor going through his First Cycle’, I’ll document my daily reflections on the market while the markets correct to document my emotions and build character for the future.

The second one will be called ‘Searching for Principles’- I’ll aim to document all my thoughts about relevant investing principles I encounter as the times go on. It will be relatively less frequent.

I intend to be very honest: so that when I read these posts again I can reflect more about what I was doing and how I can improve going forward.

I hope you’ll support me in this documentation with your own processes and insights. :slight_smile:

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My Diary- An Investor going through his First Cycle

Date: 25-01-2025

In the past few days I’ve seen a sharp drop in my invested money. It’s not as bad as compared to a few of my friends. One of my portfolio stocks, which has more than doubled from bottom, has held strong, meaning I haven’t lost a lot on one portfolio. But there has been a 30% drawdown in the other portfolio.

I’m still in the green in both portfolios, but I do sense the hurt and want to do some pondering.

What worked out?

I think a few factors worked out well for my portfolio:

1. My entry valuations were very reasonable across stocks: I usually have invested in companies where I feel the PAT could be at least 5X in the next 10 years on reasonable financial assumptions. This helped a lot in getting a good price across the board.

2. I had significant conviction in the stocks I did enter: Running a concentrated portfolio helped me have greater conviction in the stocks that I did purchase, I know most of these companies reasonably well.

3. I kept a very tight exit system: I exited all stocks that broke their 50 EMA and kept on selling whenever there were smaller rallies.

But there are several places where I feel I did a few wrong things, which I should course correct

What did I do wrong?

1. I shouldn’t have been as invested as I am in this cycle: I saw the warnings and the signals through my system and through stuff I monitor, but I got greedy. I bought on the rise and averaged up in stocks which weren’t as promising.

I aim to cut down a few more of my positions and raise some cash for what I believe will be an upcoming correction, three factors make me feel the correction will be deeper:

1. Peak Margins
2. Weakening INR and subsequent FII outflows
3. Bad Q3 Growth Numbers
4. Valuations of Small and Mid Caps

It would be interesting to monitor how things move from here, but I’m bracing for impact.

My Diary- An Investor going through his First Cycle

Date: 27-01-2025

This one is coming early in the day because I’m not looking at the markets any more, I’ll just get to other things. All stocks in my portfolio are down except Associated Alcohol.

What am I thinking at the Portfolio Level looking at the data

There are positions I want to trim slightly, but I won’t do in a falling market. I’m very sure that a bounce is going to come from these levels on the basis of the Stocks above 20 EMA data.Which I’ve shown below:

From the Wrap Data Tools, this 20% number is one where we do see many temporary bounces from.

My hypothesis is that there will be a rally soon and everyone will claim that it is a bottom, however before we claim that there should be a solid understanding of where the data is pointing us toward and an even deeper understanding of who we are as investors.

Generally, as a principle- markets move in parts- there is no one fall which keeps on getting deeper or one rise that keeps on going up. Stocks come down slowly with intermittently rallies, the key is to not get carried away and use the rallies to get rid of what you want to get rid of.

Now I’ll just want to spend some time talking about Data Points, because I think that will be very useful from a process building vantage.

What are the different data points, and how do they help at a market level

Data Pointer Momentum Data Chart Based Data Earnings based Data Valuations based Data
What should it be used for Understanding short term bounces Understanding next supports and length of falls Understanding the fundamental numbers and reasons behind the falls To understand how are we pricing the growth
What does it indicate right now Only 20% of stocks are above the 20EMA, this is usually the time when a short term bounce comes in the markets CNX smallcap has broken its support at 17122, it is down 13% from the top
The next support is 12% down from here at 14880.
The earnings growth has been extremely slow in Q3. The numbers are as follows:
1.28% Median Sales Growth
1.30% Median PAT growth
0.10 Median EPS growth
- CNX Smallcap is at 31X Earnings
- Nifty PE is 21X PE
- Midcap Index is at 40+ PE
Conclusion Markets are oversold in the short run There is a lot more pain left before the market stabilises in the medium term The growth has slowed down which is causing this pain Indices are at extremely high valuations
Observation The earnings growth needs to be back before a long term bottom comes into existence Valuations have a big scope to go down

Unless the earnings growth comes back, it will be very difficult to see growth in share prices

The importance of valuations

In the correction, taking care with regards to valuations will be very important, a big discount on your stocks will be available and we need to keep that in mind before we enter the market again.

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My Diary- An Investor going through his First Cycle

Date: 28-01-2025

I didn’t see my portfolio for long today. But there were several things which I kept on thinking about.

  1. The data that I look at points to this being an early stage correction, I don’t want to get carried away by narratives of how a bottom is getting formed

  2. The discipline of buying right is not just about the valuations you pay but also what the stock charts, the markets and the other indicators point you towards

  3. You can’t really discover a multibagger by looking at promoter guidance, if it is possible the market will always discount it, if it isn’t being discounted, it would be hard for the promoters to keep the promise.

I’m just fighting the temptation of getting carried away and trying to get more cash. There will be an opportunity to sell some stocks soon as they rise slightly, waiting for it.

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My Diary- An Investor going through his First Cycle

Date: 29-01-2025

The bounce did come today, and I see people getting carried away already. There is a temptation I have too to invest more, but here’s my thesis

  1. There is no confirmation from the charts and no valuation comfort to actually take the dive right now. I don’t know if this will be a market which corrects or one which stays intact, but I for sure know that I need more evidence before I can be convinced that this is a market which will keep on going up.

There are a few more things I learnt today, which I want to share here:

  1. Never take somebody else’s opinion on what you do in the markets, have your own data pointers, indicators and process.

  2. Dispassionately evaluate risk reward in every situation, that’s the way out to solve multiple problems

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My Diary- An Investor going through his First Cycle
Date: 30-01-2025

One of my biggest conviction ideas, where I have one of the largest allocations in my portfolio, went up by 14% today. It has already doubled for me and to see this move made me feel like something in the market might be changing, but I’m running too ahead of myself here.

Until my stocks or the broad market doesn’t show technically strong signals, I”m not increasing allocations anywhere. We’ll know by the end of this week if this rally is sustainable.

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