Victor Pedersen @Miyoshi: "Hi everyone, As we step into..."

Denmark

Edited

Hi everyone, As we step into the new year, our portfolio stands at 89.3% equities and 10.7% bonds. The past couple of weeks have unfolded exceptionally well. While the recent dip in the portfolio may appear concerning at first glance, it was, in fact, a positive development. This temporary decline allowed us to close all short positions profitably, leaving us perfectly positioned for the year ahead. There remains a significant gap in both valuations and performance across the market. The $SPX500 and $NSDQ100 are entering 2025 with high valuation concerns, but we have little reason to be alarmed about valuations, especially with small-cap stocks still trading at relatively low levels. Throughout the year, I have consistently emphasized my intention to streamline the portfolio, eliminating unnecessary distractions and focusing solely on companies where I have the highest conviction and believe valuations remain attractive for long-term growth. This objective has largely been achieved. I have reduced the portfolio to fewer than 20 assets, down significantly from the typical 30–50. Managing and thoroughly researching 30–50 companies is not only challenging but also raises questions about genuine conviction. If someone were to present 50 stocks they are very bullish on, I would be skeptical about their conviction across the board, or the depth of their research. By concentrating on a select few high-conviction assets, factoring in growth potential, valuation, and market positioning, I believe my approach will prove far more effective and focused. In line with this, I’m also consolidating positions. Some holdings have become too small to copy, and it is time to combine them. This process is almost complete, and I expect it to be fully finalized by mid-January. The portfolio theme heading into 2025 will remain consistent, with a continued focus on small-cap stocks. Specifically, I will concentrate on $U (Unity Software Inc.) and $ROKU (Roku Inc) - smaller companies with great market positions that have yet to fully capitalize on their opportunities. I anticipate 2025 to be a year marked by extreme volatility and uncertainty, yet one that holds the potential to end on a strong and positive note for our portfolio. Volatility will likely create substantial opportunities, and when market turbulence arises, I encourage you not to fear it, but to see it as a chance to capitalize. I intend to do just that. As we approach the end of the year, I wish you all the best for 2025. May the new year bring continued growth, prosperity, and opportunities. Thank you for copying!

4 Mentioned

SPX500

NSDQ100

Unity Software Inc.

ROKU

Roku Inc

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