Jay Smith @jaynemesis: "𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 November was a..."

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𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 November was a painful month for my portfolio with a loss of just over 5%. This meant the portfolio dropped from 24.09% at the end of October to 17.84% by the end of November. I made quite a few tweaks to the portfolio through the month, mostly an effort to consolidate the portfolio more by reducing the number of positions held. There were also some earnings releases, a couple of which impacted the portfolio. 𝙆𝙚𝙮 𝙈𝙚𝙩𝙧𝙞𝙘𝙨 November Portfolio Performance: -5.05% November S&P 500 Performance: -0.15% November Nasdaq 100 Performance: -1.86% Number of Trades: 31 Assets Under Copy: $43M Copiers: 9843 Copier Profitability: 88.75% Full BullAware Factsheet: bullaware.com/etoro/jaynemesis 𝙋𝙤𝙨𝙞𝙩𝙞𝙤𝙣 𝘾𝙝𝙖𝙣𝙜𝙚𝙨 • I fully closed my Xiaomi position after around 6 months of holding for a total loss of around 20% for the position, which made up around 1% of my portfolio. • I took some profits from Microsoft, closing 3 trades at +113%, +100% and +64% respectively trimming the position marginally. • I cycled a few old positions in Mercado Libre, but kept exposure similar. All positions were green. • I cut my BYD position by half while considering cutting it completely from the portfolio. It has performed similarly to Xiaomi over the past 6 months, slightly hurting portfolio performance. • I fully cut my small position in Smurfit Westrock at a small loss, the company helped add diversification to the portfolio, but has had a poor year and wasn’t serving its purpose well in balancing out the portfolio while maintaining good growth opportunities. • I finished closing out my Salesforce position, as mentioned in the October update. • I cut my Garmin position in half. I’ve held this company in my portfolio for almost a decade now, witnessing their strong growth throughout those years. • I added some more exposure to eToro, Ubiquiti, First Solar and the TAN ETF. 𝙈𝙖𝙧𝙠𝙚𝙩𝙨 & 𝙉𝙚𝙬𝙨 𝑨𝑰 𝑩𝒖𝒃𝒃𝒍𝒆? I mentioned in a post about AI Slop a few months ago that some of the downsides and risks facing AI were being broadly overlooked - you can read about it here if you missed it: But the fresh anxiety around a Bubble came from investors growing increasingly concerned by the circular deals between Open AI, Nvidia, AMD, Oracle, Meta and more. Open AI especially has been a focal point, they lack meaningful revenue to fund their growth, there is talk of an IPO, meanwhile they are making deals with all the big names to buy huge quantities of hardware. The question for investors is simple: Buy it with what money? I have another AI post coming up soon with some fresh concerns. I'll try to get it out before Christmas, but I make no promises. 𝑬𝒂𝒓𝒏𝒊𝒏𝒈𝒔 𝑽𝒐𝒍𝒂𝒕𝒊𝒍𝒊𝒕𝒚 Many of the positions in my portfolio had sizable moves up or down after reporting earnings: etoro.tw/3LB0vRv 𝘜𝘣𝘪𝘲𝘶𝘪𝘵𝘪 Their earnings were strong, beating expectations, although slightly down from the previous quarter. What spooked investors though was the weaker guidance for 2026 at just 12% growth, compared to the 20% (which they comfortably beat) for 2025. The stock fell hard, down 20% on the day, and 28% by the end of November. I’m still very bullish on the company, and they had a great year overall. 𝘦𝘛𝘰𝘳𝘰 A more recent position, eToro rallied over 15% in the days following their earnings release, partially driven by their announced stock buybacks. (𝐷𝑖𝑠𝑐𝑙𝑎𝑖𝑚𝑒𝑟, 𝑎𝑙𝑙 𝑣𝑖𝑒𝑤𝑠 𝑎𝑟𝑒 𝑚𝑦 𝑜𝑤𝑛, 𝑎𝑛𝑑 𝑑𝑜 𝑛𝑜𝑡 𝑟𝑒𝑓𝑙𝑒𝑐𝑡 𝑡ℎ𝑜𝑠𝑒 𝑜𝑓 𝑒𝑇𝑜𝑟𝑜, 𝐼 𝑎𝑚 𝑎𝑛 𝑒𝑇𝑜𝑟𝑜 𝑃𝑜𝑝𝑢𝑙𝑎𝑟 𝐼𝑛𝑣𝑒𝑠𝑡𝑜𝑟 𝑤𝑖𝑡ℎ 𝑎𝑛 𝑜𝑛𝑔𝑜𝑖𝑛𝑔 𝑟𝑒𝑙𝑎𝑡𝑖𝑜𝑛𝑠ℎ𝑖𝑝 𝑤𝑖𝑡ℎ 𝑒𝑇𝑜𝑟𝑜, 𝑏𝑢𝑡 𝑤𝑎𝑠 𝑛𝑜𝑡 𝑎𝑠𝑘𝑒𝑑 𝑡𝑜 𝑐𝑜𝑚𝑚𝑒𝑛𝑡 𝑜𝑟 𝑐𝑜𝑚𝑝𝑒𝑛𝑠𝑎𝑡𝑒𝑑 𝑖𝑛 𝑎𝑛𝑦 𝑤𝑎𝑦 𝑓𝑜𝑟 𝑠ℎ𝑎𝑟𝑖𝑛𝑔 𝑚𝑦 𝑣𝑖𝑒𝑤𝑠.) 𝘎𝘢𝘮𝘦𝘴 𝘞𝘰𝘳𝘬𝘴𝘩𝘰𝘱 Not technically earnings, Games Workshop gave a Trading Update on the 20th, boasting of revenue growth of around 15% - The stock was my top performer in November, up over 20% 𝘕𝘷𝘪𝘥𝘪𝘢 Nvidia’s earnings were what the entire market was watching, and they delivered again, causing the entire market to regain much of the losses they had incurred earlier in the month. 𝘎𝘰𝘰𝘨𝘭𝘦 Google followed a few days later with their own strong earnings bringing further optimism back to markets. 𝘾𝙡𝙤𝙨𝙞𝙣𝙜 𝘾𝙤𝙢𝙢𝙚𝙣𝙩𝙨 As mentioned in this and the last monthly update, I have quite a few things lined up to post about, so stay tuned. This *might* be my last post before Christmas, so Merry Christmas to all who are celebrating. As usual, thanks for copying, following and taking the time to read this update. Please feel free to ask questions and share your thoughts with the community as well!

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