ANP301191

I bought it around 1550 blended, so while i would love to say i am so in love with the stock that at 1400 i would make it a 20% position, thats obviously not true. For me I question where next leg up in growth is coming from and that is what gave me concern and caused me to sell a bit. Exactly my concern, and why even though in the heat of the moment I was really super excited to have it at 10% of my portfolio, I am concerned about the growth. And I think if they increase volumes too much then the exclusivity disappears and pop goes the balloon (a la LV). At 5% it is sufficiently large for me to enjoy the gains and sufficiently small for me not to over worry myself.

I am still very bullish - i just maintain the possibility that I am wrong so i took half the position off. And honestly i couldnt sleep well with the position sizing. At 5% i am more comfortable.

sold about half my position in RMS at the open in Paris.

Bought a truckload of RMS, CFR yesterday at european open.

Bought a slug of DAL at 65, sold JETS for the same amount at 24.20

Bought some CSG on the Amsterdam Exchange - starter position, but I think European defense stocks are in a secular bull market with the current geopolitical trajectory.

Thanks for all the feedback - love this quote. Was going in the same direction but again unable to push the trigger because of the fear/greed. But as I am seeing less and less opportunities in the market, keeping a lot really shitty businesses in the portfolio. I think going to 5-6 positions is probably where I will end up.

Sold my BBWI - good 33% return over 6 weeks. No longer beyond cheap.

Question - how many positions is too many positions? I know there is a mathematical point of view where between 15-25 stocks may be creating too much diversification leading to diminishing returns. But this is more of a mental space question. I am not a full time investor and while I enjoy investing and learning about businesses, it is very much a thing I do after my 9-5 job. Until I got married and had a baby, I had more than enough time to fully analyze 10-20 ideas, build out some sort of thesis and monitor the investments. Since the changes in my personal live, I have had less and less time to actually spend on my investing. This led to some horrible positions in the last couple of year which not only didnt work, but the thesis behind them was materially flawed when I reviewed them later on. In fact, if I had only kept my top 7/8 ideas and allocated capital only to those ideas, my return would be up another 10-12% vs what I achieved over the past 2 years. So trying to figure out whether there is any value to keeping a portfolio of 15-16 positions that I have today (spread over 12 different ideas) or whether it is better to go to my top 5-6 ideas and allocate more capital there. In all honesty - I am young enough to take larger risks as I still have 30-35 years to work before retirement and I don't really need the capital I have invested for any major expenses for the forseeable future. Thanks for the insight - and sorry if this question was raised elsewhere, couldnt find a similar thread.

LVMH - I think numbers will be better than expected in retail for the season

Anglo American - picking up shares under 2250 whenever I can.

HDB, INDA and a mix of Indian stocks onshore. I think the election related pull back is a great opportunity to double down on India

Sorry you got this message, honestly the 50$ we spend to keep them out of the community is a very cheap price to pay

I use a "Gaming Chair" - Trust GXT - dont know if its available across the atlantic, but got it for like 180 Euros 2 years ago, warranty for 2 years, and its extremely comfortable.

Maybe I have missed something, but I do remember western intelligence agencies talking about how the war would cripple Putin's ability to control the oligarchs/crush the Russian economy and eventually force him from power etc.? Havent heard that line of thought in a while. In fact, I do remember reading that some of the oligarchs who spoke out against Putin have had some pretty harsh reprisals. All this goes to say, no matter what armaments the west gives to Ukraine, if Putin remains in power, there always remains a chance of further escalation (more mass mobilizations, utlization of nuclear weapons, etc.). So by all means, lets give the Ukrainians planes and guns and missiles, this ends in a political settlement or a nuclear war. In my opinion, there is no path for Ukraine to simply expel the invading forces and end the war, it only ends when Putin decides he's had enough or he's won.