Roberto Anzellotti
Roberto Anzellotti
Italy
22d
WHY A QUARTERLY REPORT? Yesterday I published my "LETTER TO COPIERS — Q2 2026", the quarterly report in which I describe the portfolio's performance, the trades made, the reasons behind them, and the reflections I gained during the quarter. In print, the letter is approximately 60 pages long. I fully understand that, in an age where we're accustomed to short content, instantaneous charts, and updates in seconds, a document of this length may seem overwhelming. Yet I believe this is precisely where a significant part of its value lies. Those who copy an investor aren't simply buying a set of stocks. They're choosing to rely on a decision-making process, a strategy, a risk management method, and a specific view of the market. The percentages displayed on the eToro user profile tell the story of the outcome, but they don't always tell the story of the journey. They don't explain why a position was opened, why it was held during a difficult period, why it was reduced, or why, in some cases, it was decided to acknowledge a mistake and close it. They don't show the doubts, the alternative scenarios, the conditions that could invalidate a thesis, or the evaluations that precede a decision. The report was created to bridge this gap. Reading it allows those who copy me (and even my followers who don't copy me) to better understand what's happening within the portfolio and, above all, to go beyond the simple green or red color of performance. A long-term strategy can't be seriously evaluated by looking only at a few weeks, a single trade, or a favorable or unfavorable quarter. To evaluate it, you need to understand its LOGIC. But there's a second aspect that I consider equally important: the letter isn't just an update on my portfolio. It can also be a learning opportunity for those who are trying to learn how to better manage their finances. Not because my decisions need to be imitated one by one: on the contrary, because observing a real process means coming into contact with the way risk, diversification, company valuation, error management, time horizon, and the emotions that inevitably accompany investments are analyzed. It means seeing that behind every choice there shouldn't be an improvised intuition, but a well-defined process, a sequence of reasoning, hypotheses, checks, and possible scenarios. Even those who one day want to independently manage their own assets can find it useful to follow this path; not to receive ready-made answers, but to learn to ask better questions. Finally, writing the report is useful to me too: Putting a strategy down on paper forces it to be clearer. Writing means stopping, reconstructing the decisions made, checking whether they were consistent with the initial plan, and addressing all those grey areas that, as long as they remain only in the mind, can easily be ignored or rationalized. This is why writing is not just communication, but also a tool for control, discipline, and improvement. The sixty pages of the 'Letter to Copiers' don't complicate what could be simple. But they serve to zoom in on the details, to give things the right complexity. With my motto always in mind: NOTHING TO TEACH, BUT SO MUCH TO SHARE. You can find the link to my report in the first comment.
Not investment advice. The author may have financial interests in the mentioned instruments.
1 reply
null
.