My top (>2%) positions in no particular order: BRKB, FB, GOOG, PSHZF, AAPL,
In:
Out:
Fixed income: 6%
Cash: 6%
Sectors (kinda): Insurance (BRK): 12%, Malone/media: 0%, Banks/financials: 6%, Stock funds: 11%, Industrial: 0%, Consumer: 1%, Medical/pharma: 1%, Tech: 39%, Various owner-operators (not included in other categories): 4%
New positions: ZEN, TER, ATY, ACHR, BMBL, ZIP, KD, IBM, DOCU
Positions increased: FB, KARO, GOOG, STNE, PINS, PLTK, V, IAC, POSH, PAGS, ZM, FICO, VMW, TWTR, CPNG, XBI, AMZN, VEEV, COIN
Positions reduced: ETSY, RDBBY, CURN, JPM, EXPE
Positions eliminated: ANGI, HMLPRA, MNTV, DIS, MGI, DISCK, VIAC, BKNG, NTES, EXXRF, KKR, WLDBF, LBRDA, EEFT, NTDOY, CBOE, FSPHX, IWO, MITK, IDXX, PWFL, ROP, SABR, QLYS, PETQ, BOX
Flip-flop: ATUS (sold), NWINF (kept), PSFE (sold), ANCTF (sold)
2021 IRR ~15.76%. The "growth" account that smashed 2020 had 2021 IRR of ~1.2%
Lessons from 2021:
- Buying/hodling growth at any price does not work (that's the account with 1.2% return in 2021 )
- Holding cash/cash equivalent SPACs in bull market does not work ( -3% in the account that held mostly SPACs/PSTH + some other stuff )
- AAPL/BRK/GOOGL/FB still worked, so KISS would have worked ( 28% return in account that had majority of money in these companies ).
Somewhat unexpected returns: subpar AMZN, ADSK, LBRDA (sold), MA, V.
BRK beat the index (for a change).
Other positive contributions: BAM, CNSWF, COST (large runup, tiny position), DFS (sold), DPZ (large runup, tiny position, sold), INTU, JPM (sold), MCO, NVDA, OTCM (large runup), TOITF, TRRSF.
International indexes still underperformed hugely - is this the longest international underperformance ever? Similar to value-vs-growth underperformance.
PSHZF midteens performance - somewhat expected - still hodling.
Too many stocks -50% (that's minus 50%) to mention.
My 401(k) which is 40% US indexes, 40% international, 20% bonds returned 16%. So pretty much the same as my active portfolio, but way worse than SP500 since international and bonds/cash underperformed hugely.
Did a large portfolio cleanup at year-end/new-year. Still work in progress. There will be a lot more changes.
Buys: almost everything is a value/valuation add. There's one company that's a tracking position. Can anyone spot it?
Sells: a mix of valuation, low conviction, and too-much-effort-to-keep-track sales. Almost all stocks sold might do well. Might be interesting to track their performance and compare to index or to my remaining portfolio.
Tuesday, January 4, 2022
Portfolio update - 2022 January 3
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