35.56%, Made two large investments this year that came up trumps. Managed to bottom-tick ALS.TO in February after putting about 25% of my net worth into it over 12 days as the price was blowing out. This was after an iron ore mine’s pre-feasibility study (on which they own a royalty) showed a lower-than-expected IRR. However, if you factored in the spot iron ore price at the time, the IRR improved significantly. Those last batches of purchases are up 50% today.
The other big winner was TBRG, which hit a 52-week high yesterday. I'm sitting on a 131% gain on it. Was loading up when it was trading around ~6.2x EBITDA while an investment fund was blowing out of it. Wish I had bought more, as it’s currently trading at ~9.3x.
Also picked up some FRMO right before TPL and crypto went on a run—more luck than anything, but it was trading below 1x NAV when I was buying. Those are now up 30%.
The big losers for the year were GXE.TO (and some other small O&G investments) and SIRI.
2024: 35.56%
2023: 0.40%
2022: -3.75%
2021: 19.9%
2020: 12.0%
2019: 33.0%
2018: -15.5%
2017: 35.0%
2016: 17.3%