Portfolio 2026

[John Hjorth]

13 hours ago, TwoCitiesCapital said:

Yea. When I cracked $1 million, the only person I told was my best friend whose also into investments. 

 

Not sure anyone else in the family would understand that for someone my age and background. I don't live like it and certainly don't want the expectations that might come along with it. 

14 hours ago, Libs said:

... It's weird. The closest people to me in the world - who I share everything with - have no idea about something which has been the result of so much blood, sweat and tears over the years. 

 

Denmark : Law of Jante. It's obviously a live and kicking outside here. The art is to have a good life and at the same time being frugal in the early years. Later, one can loosen up, more or less.

 

My first manager explained it to this way [he diden't hide he was a card holding member of the Danish Conservative Party] : 'Imagine two students sharing a room in a college dorm, both having two beers in the by them shared fridge. Student A then runs at a time in point runs out of beers, asking student B with the two beers left still in the fridge, to share student As stock of two beers with him, thereby allowing student A take one in the fridge, to which the student B replies, by asking : 'Why?''

 

Behavior now is shaping everyones individual futures, and time machines don't exist.

Edited December 22, 2025 by John Hjorth

[Gamecock-YT]

19 hours ago, cwericb said:

 

But I have trouble with how anyone on the Corner of Berkshire and "Fairfax" does not own shares in the company. 

 

 

On 12/20/2025 at 5:33 AM, 73 Reds said:

Not directed specifically at you or anyone in particular, but on a forum like this how can Fairfax Financial not be included in one's portfolio?  

On 12/18/2025 at 6:52 PM, Hoodlum said:

Fairfax has reported a 9% ownership of Under Armour (UAA) 
 

https://www.sec.gov/Archives/edgar/data/915191/000094787125001086/xslSCHEDULE_13G_X01/primary_doc.xml

 

 

 

Throw in some nepotism for good measure. It's a stock forum at the end of the day. The name is irrelevant. 

 

[Marco Van Basten]

Yes, it is indeed a problem that one has to hide one's performance and net worth from friends and relatives.  One problem is that people automatically extrapolate and forget that seven good years will be followed by seven lean years, which means you cannot spend as if your returns will always be good.  The other problem of course is that suddenly all friends and relatives expect you to pay for everything even though we all started at roughly the same place and the difference is some of us worked harder and spent much less and saved a lot while others spent 100% of their income and now complain that they can't afford xyz and in the same breath spend like drunken sailors on leave.  

 

 

[SharperDingaan]

The unwritten law thing levels the playing field, and keeps the focus on the discussion at hand.

 

Lot of portfolio's are 20+ names; at most  maybe 5,000-8,000 shares in any one ticker? That concentrated portfolio may well be a minimum 15,000-50,000 shares in any of the fewer tickers, with the long standing names having sizes in the low-mid six-digits. Scale introduces it's own issues .. so remove the bias, by keeping it out entirely. 

 

Lot of folks are learning &/or retired; a 100K/yr in income in meaningful. Whereas, on that $1.5M portfolio, 100K/yr of dividends is a 6.7% cash yield and largely inevitable; if you didn't take it out, and there was zero further change (highly unlikely), the portfolio would essentially double by itself every decade (72/6.7). Again, scale introducing it's own issues .. so remove the bias, by keeping it to % return only.

 

Bigger isn't better, particularly with higher risk portfolios where there is a risk management need to systematically take $ off the table. Lot of ways it could be done, but magnitude introduces it's own issues .. so remove the bias, by keeping it to just a repatriation disclosure. 

 

Big difference between the investment professionals, and those simply learning the craft; similar thing in the geographic locations, and backgrounds of posters on this board. As many have discovered it's a lonely profession, there is benefit to the diversity, and it is nice to be able to privately share your successes. Lot of very experienced professionals generously share their time here, and they do so because COBF is not the 'normal' investment board.

 

Most people will generously respond to a PM request, just recognise that they may have work/professional restrictions.  

 

SD

Edited December 21, 2025 by SharperDingaan

[LC]

This year was really great for my investor group and myself...our portfolio total crossed a significant monetary threshold, YTD returns average 29.7% thru Friday. 

This is almost wholly due to this amazing forum and its contributors. Thank you all, particularly Viking, Greg, and Gabriel, from the bottom of my liberal bleeding heart! 

 

Top positions (90%):

Fairfax	35.6%
Aecon	20.5%
Cash USD	11.2%
Japan Basket* *funded short yen	6.2%
MSGE	4.5%
RTO	3.3%
DFIN	2.2%
CROX	2.1%
SPY	2.1%
CPNG	1.1%
MGM	1.1%

 

Then there are about 30 positions that are sub-1% each, but compromise the remaining 10% of the portfolio. This is essentially a "watch list" that I add to periodically to slowly build positions. 

 

I do need to do some re-investing as the cash position is too large and I'd like to replace the SPY legacy position but would prefer some taxable offset in that particular individual's account. 

The Fairfax and Aecon positions did quite well this year, Fairfax in particular I plan to hold for a long time so I just add opportunistically if we see a drastic dip.

DFIN was the worst performer of the bunch but I have softened the blow by trading around that position and selling options.

 

Quite happy with the performance this year, my "Investor group" (read: a few friends and family) has also done generally well their professional lives and has added quite a bit of incremental funds. So aside from reinvestment decisions which will be the 2026 challenge, ultimately everything moving in the right direction.

 

Again, I'd like to extend a big holiday thank you to everyone here who contributes to this board, and of course Sanjeev who makes it all possible! Happy holidays!

[SharperDingaan]

8 minutes ago, LC said:

This year was really great for my investor group and myself...our portfolio total crossed a significant monetary threshold, YTD returns average 29.7% thru Friday. 

This is almost wholly due to this amazing forum and its contributors. Thank you all, particularly Viking, Greg, and Gabriel, from the bottom of my liberal bleeding heart! 

 

Top positions (90%):

 

Fairfax	35.6%
Aecon	20.5%
Cash USD	11.2%
Japan Basket* *funded short yen	6.2%
MSGE	4.5%
RTO	3.3%
DFIN	2.2%
CROX	2.1%
SPY	2.1%
CPNG	1.1%
MGM	1.1%

 

Then there are about 30 positions that are sub-1% each, but compromise the remaining 10% of the portfolio. This is essentially a "watch list" that I add to periodically to slowly build positions. 

 

I do need to do some re-investing as the cash position is too large and I'd like to replace the SPY legacy position but would prefer some taxable offset in that particular individual's account. 

The Fairfax and Aecon positions did quite well this year, Fairfax in particular I plan to hold for a long time so I just add opportunistically if we see a drastic dip.

DFIN was the worst performer of the bunch but I have softened the blow by trading around that position and selling options.

 

Quite happy with the performance this year, my "Investor group" (read: a few friends and family) has also done generally well their professional lives and has added quite a bit of incremental funds. So aside from reinvestment decisions which will be the 2026 challenge, ultimately everything moving in the right direction.

 

Again, I'd like to extend a big holiday thank you to everyone here who contributes to this board, and of course Sanjeev who makes it all possible! Happy holidays!

 

Your group did well, but you need to compare yourself to a relevant benchmark ... the TSX 2025 YTD return is 29.09%. The real value of COBF will be revealed when you compare your return to the TSX return in a down year  https://tradingeconomics.com/canada/stock-market

 

SD

[Milu]

3 hours ago, Marco Van Basten said:

Yes, it is indeed a problem that one has to hide one's performance and net worth from friends and relatives.  One problem is that people automatically extrapolate and forget that seven good years will be followed by seven lean years, which means you cannot spend as if your returns will always be good.  The other problem of course is that suddenly all friends and relatives expect you to pay for everything even though we all started at roughly the same place and the difference is some of us worked harder and spent much less and saved a lot while others spent 100% of their income and now complain that they can't afford xyz and in the same breath spend like drunken sailors on leave.  

 

 

I think it’s better if your friends and family have no idea about your net worth. Only person who knows our net worth is my wife and she doesn’t even have much interest unless I tell her. All my friends know I’m into investing but I’d say they have no clue what my net worth is, nor do I particularly care what theirs is. Most people in Ireland don’t care about investing other than buying a house. My younger brother and a former coworker are the only real life people that I can have proper conversations about investing with, most others just have no interest or knowledge, hence why I founds this forum as an outlet to have these discussions. 

[treasurehunt]

Fairfax: 20%

US Banks (C, JPM, EWBC, USB, GS): 20%

Berkshire: 15%

China (Prosus, Tencent, BABA, PDD): 12%

US Tech (GOOG, AMZN, TSLA): 10%

Cash: 9%

Foreign ETFs (Europe, Japan, Korea, Mexico): 4%

Energy (Strathcona, DVN, CNQ): 4%

The rest consists of several small positions including board favorites like JOE, AMRZ and CROX.

 

2025 has been a good year for me. Nonetheless, I think I have way too many individual positions. I plan to pare back in 2026.

[Valuebo]

Good discussion here. There is definitely an issue with sharing it with your friends and family, which is annoying.

 

I'm 36 and beyond the 1Mil euro point by a good chunk, in part because I got an early inheritance too. It also means I theoretically can do "whatever" since I spend around 20k per year and got everything I want or need. I have a (still very small) travel side business that I make some extra money with and see the world for free. So well into FIRE territory, single currently and no kids. No clue as to when I will buy a house or apartment, as that also comes with questions from people too. But worse, that's a few hundred thousand euro that won't compound for 40 or 50 years. if I'm lucky. On the other hand, death and sickness around me has shown me over and over that life has to be lived. And to be lived fully, you need to be willing to spend some on experiences that matter and that make you grow.

 

Still trying to work all that stuff out and not something I can relate with friends that make 30k euro net/year and are happy to have a heavy mortgage to pay off.

Edited December 21, 2025 by Valuebo

[Red Lion]

5 hours ago, cwericb said:

 

Really! I'm kinda shocked at this.

 

Here I thought I was the only one like this. What's wrong with us? Last year my portfolio was up 50.8% and was very reluctant to brag about it to anyone in the family, other than to say that I had a good year. 

 

You don't brag about it that much here either, I'd be mentioning this every other post. Congratulations. 

[coffeecaninvestor]

9 minutes ago, Valuebo said:

Good discussion here. There is definitely an issue with sharing it with your friends and family, which is annoying.

 

I'm 36 and beyond the 1Mil euro point by a good chunk, in part because I got an early inheritance too. It also means I theoretically can do "whatever" since I spend around 20k per year and got everything I want or need. I have a (still very small) travel side business that I make some extra money with and see the world for free. So well into FIRE territory, single currently and no kids. No clue as to when I will buy a house or apartment, as that also comes with questions for people too. But worse, that's a few hundred thousand euro that won't compound for 40 or 50 years. if I'm lucky. On the other hand, death and sickness around me has shown me over and over that life has to be lived. And to be lived fully, you need to be willing to spend some on experiences that matter and that make you grow.

 

Still trying to work all that stuff out and not something I can relate with friends that make 30k euro net/year and are happy to have a heavy mortgage to pay off.

I think it’s a personal choice and never feel pressured into doing something others do. Personally I find traveling anxiety producing. If you told me I’d have to go travel 4-5 times a year to different destinations I’d pass. Once in a while sure that’s fine. But I’m much more a home body, and my ideal vacation is drivable rather than flying and low key. 

[Red Lion]

I just rebalanced a bit inside my tax deferred accounts to add some ETFs so I've got a lot of round position sizes.

 

I've actually got much more experience with individual stocks than ETFs, and I may very well swap these ETFs back out for individual stocks as opportunities arise (or I find timely ideas from this thread). But I was trying to add a little more diversification / reduce volatility while still maintaining a large position in my higher conviction names. 

 

 

APO: 20%

Fairfax: 12%

GOOG: 10%

JOE: 10%

QUAL: 8%

IEFA: 8%

BRO: 7%

RYAN: 6%

XLV: 5%

AMZN: 5%

OWL: 5%

IGF: 4%

 

[villainx]

10 hours ago, TwoCitiesCapital said:

Yea. When I cracked $1 million, the only person I told was my best friend whose also into investments. 

 

9 hours ago, coffeecaninvestor said:

I've never shared my net-worth with anyone other than my wife.

 

8 hours ago, Marco Van Basten said:

Yes, it is indeed a problem that one has to hide one's performance and net worth from friends and relatives.  One problem is that people automatically extrapolate and forget that seven good years will be followed by seven lean years, which means you cannot spend as if your returns will always be good.

 

The only person who wants to talk or know about our net worth is my spouse.  I have minimal interest in where my actual numbers are because it wouldn't change anything about how I work, what I save or spend, or at this point, my investing process.  

 

My spouse loves talking about if we have this much, then it means we can do this or that, and in 5 years, we will have this much, and we can do this or that.  And why can't we buy this or that, or where we can retire too.  Not that she's extravagant or wasteful, she just likes to daydream about FIRE.  Of course, these are private conversations.  

 

I have to tell her about the seven lean years that can come at any time.

[lnofeisone]

LQDA - 20%

EW - 15%

CPNG - 10%

BNTX - 10%

CNC/CI/HUM basket - 10%

CPT/MAA/JOE basket - 10% (mostly JOE options. Selling puts around 50 and selling calls around 60 proved to be a good printer this year again)

V - 5%

RTO - 5%

MSCI - 5% 

VG - 3%

RYAN - 3%

 

and some small potato LEAPS.

 

Finally parted ways with VET and AOS taking large losses - 30%+; which means if you get in now you will probably make $. I had a lot of trades that just weirdly worked out this year while holding less than a year - GOOG, PLTR, RKLB and of course LQDA which I continue to hold . Up roughly 35% YTD. 

[schin]

22 minutes ago, villainx said:

I have to tell her about the seven lean years that can come at any time.

 

@villainx

 

That'll kill the moment/mode definitely... Do it strategically.. post massage or after you two finish dinner.... and then, talk about your rate of return right before bedtime and all the stuff you two can afford.... and let the magic happen!

[Eng12345]

I always find this a good exercise and ultimately end up trimming quite an amount of fat over it. 

 

Here's what my port looks like now, but I expect significant changes beginning as soon as Monday. I really disparage some of these small positions and find it quite pointless. And further hate my health insurance stocks nearly as much. 

 

Some positions (CPNG, MGM) I thought were much larger in size than they actually end up being on a percentage basis. 

 

 

 

Edited December 22, 2025 by Eng12345

[Parsad]

On 12/20/2025 at 2:14 PM, cwericb said:

 

But I have trouble with how anyone on the Corner of Berkshire and "Fairfax" does not own shares in the company. And for those who are waiting to become a shareholder, what are you waiting for?? 

 

Coffeecaninvestor, you say you have been on the board for two years? Two years ago FFH shares were about $1200C, today it is at $2,500C, how long do you intend to wait? 

 

No guilt trips on here!  You don't have to own BRK or FFH to make money.  The board is meant as a place for discussion on stocks using a "value" based intellectual framework...thus why it's called "The Corner of Berkshire and Fairfax". 

 

Those were the two most influential companies in my investing life...and after my father died, the two CEO's were the most influential people to me.  So the intersection of those two companies changed my life forever...and ultimately many that I have subsequently influenced!

 

The foundations and ideas that built those two companies...can have a very deep, influential understanding on how members here invest...and that understanding is applicable to all investments.

 

Cheers!

[Parsad]

13 hours ago, coffeecaninvestor said:

I've never shared my net-worth with anyone other than my wife. I hinted that our home was paid for to one of my friends drunk one night, and they were in shock, what I didn't share is that our home is probably less than a third of our net-worth. The funny thing is we were never high earners just worked normal jobs and didn't inherit anything. Just busted our ass, sometimes worked 2 jobs, picked up OT, didn't go out and have $300 bar tabs when we were just out of college. Basically just saved an above average of our income, and was interested in investing since I was 16 years old. They made fun of me recently because my brand new 2024 corolla didn't have an automatic start. I paid for my car in cash, and didn't blink, yet they are financing the sofa to their home. It was an early decision in my life to be a millionaire by 40, and I greatly exceeded, thanks to the bull market of the last 10-15 years, but also thanks to learning early on about compound interest over a long duration can lead to great things. 

 

You're right not to brag!  What do you benefit from it, if you did?  You feel good for a second and may inadvertently make your friends and family envious.  Which isn't good for them or you.

 

The money is there because you worked hard, lived below your means, had foresight and enjoyed a bit of luck.  It is there to serve you...how you live, what you do with it and how you respect it. 

 

Your enjoyment should come from the freedom it provides you...the lack of restless nights...the ability to know that you can take care of yourself and your family.  THAT is reward enough.  Cheers!

[coffeecaninvestor]

4 hours ago, Parsad said:

 

You're right not to brag!  What do you benefit from it, if you did?  You feel good for a second and may inadvertently make your friends and family envious.  Which isn't good for them or you.

 

The money is there because you worked hard, lived below your means, had foresight and enjoyed a bit of luck.  It is there to serve you...how you live, what you do with it and how you respect it. 

 

Your enjoyment should come from the freedom it provides you...the lack of restless nights...the ability to know that you can take care of yourself and your family.  THAT is reward enough.  Cheers!

 

You're right, and the fact is I've known these guys my whole life, but we diverged in life about a decade ago. I've had to find other outlets with more in common, which is why I'm thankful for CoB&F, as it's hard to find others locally with similar interests. 

 

5 hours ago, Parsad said:

 

No guilt trips on here!  You don't have to own BRK or FFH to make money.  The board is meant as a place for discussion on stocks using a "value" based intellectual framework...thus why it's called "The Corner of Berkshire and Fairfax". 

 

Those were the two most influential companies in my investing life...and after my father died, the two CEO's were the most influential people to me.  So the intersection of those two companies changed my life forever...and ultimately many that I have subsequently influenced!

 

The foundations and ideas that built those two companies...can have a very deep, influential understanding on how members here invest...and that understanding is applicable to all investments.

 

Cheers!

 

I don't feel guilt-tripped into buying. I've been considering it for a while, and I like the company in its current form. It's more of a psychological thing for me, buying at all-time highs when everyone seems bullish. But the Fairfax board is phenomenal, and listening to the "Know Your Risk" podcast on Fairfax really summarized things nicely.

Oddly, my wife's good friend's husband started working at Fairfax probably 6-7 years ago. I knew about the company and told him he should read up on his company and its CEO. I should have bought then.

 

8 hours ago, Eng12345 said:

I always find this a good exercise and ultimately end up trimming quite an amount of fat over it. 

 

 

I agree this is a good exercise, but I have made 3 mistakes in the past when evaluating my portfolio. Trimming or selling winners, and holding my losers. Focusing on price too much, and less on fundamentals. Making quick decision to turnover my portfolio too much rather than sticking with a strategy/plan/thesis. Going forward this is an area I am going to work on. 

 

 

[73 Reds]

6 hours ago, Parsad said:

 

No guilt trips on here!  You don't have to own BRK or FFH to make money.  The board is meant as a place for discussion on stocks using a "value" based intellectual framework...thus why it's called "The Corner of Berkshire and Fairfax". 

 

Those were the two most influential companies in my investing life...and after my father died, the two CEO's were the most influential people to me.  So the intersection of those two companies changed my life forever...and ultimately many that I have subsequently influenced!

 

The foundations and ideas that built those two companies...can have a very deep, influential understanding on how members here invest...and that understanding is applicable to all investments.

 

Cheers!

Perhaps, but someone please explain how a company that has grown BV 18%+/year since inception with no end in sight that remains one of the cheapest companies in its sector is not worth owning by members of a forum dedicated to investing in such companies.   And then let us know how much better your *worst*  picks have done.  By my measure we should have a lot of billionaires (at least in the making) here!

[SharperDingaan]

2 hours ago, coffeecaninvestor said:

 Making quick decision to turnover my portfolio too much rather than sticking with a strategy/plan/thesis. Going forward this is an area I am going to work on.

 

One of the things you might want to consider .....

Proceeds from the sales averaged down into your highest conviction ticker that is underwater. Thereafter, let the ticker price rise 10-15%, sell the additional shares, and repeat on the next ticker. Your cost bases will fall, and your incremental risk will be minimal while you are waiting for ticker prices to rise ... as you are already in something that you wanted more of . Best in a tax free or tax deferred account, to minimise the tax impact. Works in a taxable account as well, but a different approach, best addressed in the new year 

 

SD

Edited December 22, 2025 by SharperDingaan

[Milu]

56 minutes ago, 73 Reds said:

Perhaps, but someone please explain how a company that has grown BV 18%+/year since inception with no end in sight that remains one of the cheapest companies in its sector is not worth owning by members of a forum dedicated to investing in such companies.   And then let us know how much better your *worst*  picks have done.  By my measure we should have a lot of billionaires (at least in the making) here!

For me, I don't feel I have any particular edge in evaluating the moat of an insurance/reinsurance company, nor am I particularly passionate about the space. I mostly just invest in companies I use myself or have a keep interest in learning about, probably not typical but it works well for me. That's great that Fairfax has compounded so well but as you know past performance is no guarantee and also while I can borrow the idea from some of the smart investors on the forum one thing that can't be borrowed is their conviction. Let's say I buy and then Fairfax experiences some 30-40% drawdown, I wouldn't likely have to gut belief to hold as the person who has fully bought into the vision and done the research.

[73 Reds]

5 minutes ago, Milu said:

For me, I don't feel I have any particular edge in evaluating the moat of an insurance/reinsurance company, nor am I particularly passionate about the space. I mostly just invest in companies I use myself or have a keep interest in learning about, probably not typical but it works well for me. That's great that Fairfax has compounded so well but as you know past performance is no guarantee and also while I can borrow the idea from some of the smart investors on the forum one thing that can't be borrowed is their conviction. Let's say I buy and then Fairfax experiences some 30-40% drawdown, I wouldn't likely have to gut belief to hold as the person who has fully bought into the vision and done the research.

OK.  But anyone here who feels like they have a better handle on their picks than Viking has on Fairfax, please share your picks and thoughts.

[Milu]

1 minute ago, 73 Reds said:

OK.  But anyone here who feels like they have a better handle on their picks than Viking has on Fairfax, please share your picks and thoughts.

Viking could be the world's foremost expert on Fairfax, and some other poster could be the same for some other stock. Doesn't mean that following their lead is the best decision for every other investor on the board. You could be the world's greatest analyst on JP Morgan, but if I don't personally like to invest in banking stocks then I should stick to my personal approach. Many ways to skin a cat as they say.

[Gregmal]

25 minutes ago, dealraker said:

To sit at the campfire and discuss business and finance with 15 year old's who fully grasp the model is pleasing to me.  It was done to me, I'm part of the now decades long openness.  Its less of bragging and more of "this works and it isn't hard to do" like you may never-ever read from the experts who hammer being here...or there.  

Oh this 100%. But I got there the opposite way. Was raised to "never talk about money", especially exact financial figures. Parents were consumed with money though. Everything was "a business decision"...yes, even things like whether they'd co-sign for my siblings student housing because of "liability" or things like itemizing dinner bills to ensure they only pay for "their" items, even down to the tip being "only what they thought was appropriate" when eating with others. It is/was a true sickness. So when I got into the work force, and began cold calling for a senior broker, it was pure amusement when it was demanded that to ensure we weren't wasting our time, that we qualify random leads by asking them(total strangers) how much money they make annually, what they're liquid for, and where the net worth lands.....oh boy! But the openness and dialogue was refreshing and stimulating for me.

 

It became apparent early on that investing was really the only viable path to freedom. When I started it was just after GFC, back when people thought cash was a cool and edgy portfolio position. But when I ran my numbers, I wasnt going to want to be a desk jockey til 60; I wasnt going to make $150k a year for all those years(viewing it from 2010s lens at least, this certainly wasnt my baseline), and even if I did, there was no way I'd be saving 30% of my after tax paycheck....yet even if all of those things were true, just flopping those paychecks for all that time into a savings account, it was only gonna get me to about $1,000,000...which just didnt seem like it was worth slaving away til my 60s for.

 

So investing was the only option. Doing it for a living forced me to become a student of the game and it was a game made for folks with the four letter youth diagnoses. Things honestly couldn't have unfolded better in my wildest of dreams, but I dont ever find it necessary to be defined by something like money. When people become defined by things, they become boring. Being defined by money to me is like the lowest form of personality. So like folks above, I really dont think I ever really discuss finances with people in the sense of money. I'm more or less the same as I was when I was 20, at least to the folks whom knew me when I was 20. But thats not the same thing as being open or even the instigator in terms of encouraging people to learn how to invest. If you enjoy doing something, being generous with your knowledge and skillset isnt a burden it's a way of giving back.  Seeing a friend of mine go from special-ed classes and being made fun of for being slow in high school, to being financially literate 20 years later is awesome. Same with my little brother who's figured out how to parlay the necessary student loan costs into zero interest tranches of credit card debt while piling away his meager PHD student paychecks into stocks. Or my 9 year old son starting to understand things like rarity and productivity. Its incredible and more rewarding than a momentary boast of "wow look at how much I have"....