Mariano Daniel Pardo
Mariano Daniel Pardo
Malta
2mo
Hi everyone. This has been a rough start to the year, and I know it has been frustrating to watch. March added more pressure to an already weak quarter, and my portfolio is now down 12.9% YTD. The drawdown is real, and I know many of you are feeling it. Even though in large part the cause was geopolitical reasons, the core of my portfolio, software and technology, has been hit especially hard. Even so, my approach has not changed. I still invest with a long-term view, and I still spend most of my time looking at the businesses behind the prices. I keep following demand, growth, margins, balance sheets, and product execution. So far, I do not see broad signs that the main long-term case for my portfolio has materially changed. I also remain optimistic about AI over the long term. I know it's hard to talk about something positive until we start recovering, but since the start of the year, we've seen the largest acceleration in agentic AI adoption ever. On the one hand, finally, agentic coding became a reality. Over the last few months, coding has changed forever. Now companies can produce and launch applications in days instead of months. We're already starting to see the accelerated pace of new product launches, especially by big tech. On the other hand, the popularity of OpenClaw finally made agents mainstream. I believe this changes the equation. Historically, larger companies moved slowly, which allowed startups to gain traction and become challengers. But now, enterprises are launching products in days. Software is becoming a commodity, and I believe this will benefit larger companies and industry leaders. I also remind myself that weak starts do not always define the full year. Q1 2025 was also difficult for me, and I ended the year +37.5%. That does not mean this year will play out the same way, but it is a useful reminder that short-term performance can look very different from the final outcome. Mariano Pardo. ๐˜‹๐˜ช๐˜ด๐˜ค๐˜ญ๐˜ข๐˜ช๐˜ฎ๐˜ฆ๐˜ณ: ๐˜›๐˜ฉ๐˜ช๐˜ด ๐˜ข๐˜ณ๐˜ต๐˜ช๐˜ค๐˜ญ๐˜ฆ ๐˜ช๐˜ด ๐˜ฑ๐˜ณ๐˜ฐ๐˜ท๐˜ช๐˜ฅ๐˜ฆ๐˜ฅ ๐˜ง๐˜ฐ๐˜ณ ๐˜ช๐˜ฏ๐˜ง๐˜ฐ๐˜ณ๐˜ฎ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ข๐˜ญ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฆ๐˜ฅ๐˜ถ๐˜ค๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ๐˜ข๐˜ญ ๐˜ฑ๐˜ถ๐˜ณ๐˜ฑ๐˜ฐ๐˜ด๐˜ฆ๐˜ด ๐˜ฐ๐˜ฏ๐˜ญ๐˜บ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฅ๐˜ฐ๐˜ฆ๐˜ด ๐˜ฏ๐˜ฐ๐˜ต ๐˜ค๐˜ฐ๐˜ฏ๐˜ด๐˜ต๐˜ช๐˜ต๐˜ถ๐˜ต๐˜ฆ ๐˜ง๐˜ช๐˜ฏ๐˜ข๐˜ฏ๐˜ค๐˜ช๐˜ข๐˜ญ, ๐˜ช๐˜ฏ๐˜ท๐˜ฆ๐˜ด๐˜ต๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต, ๐˜ฐ๐˜ณ ๐˜ฑ๐˜ณ๐˜ฐ๐˜ง๐˜ฆ๐˜ด๐˜ด๐˜ช๐˜ฐ๐˜ฏ๐˜ข๐˜ญ ๐˜ข๐˜ฅ๐˜ท๐˜ช๐˜ค๐˜ฆ. ๐˜ ๐˜ฐ๐˜ถ๐˜ณ ๐˜ค๐˜ข๐˜ฑ๐˜ช๐˜ต๐˜ข๐˜ญ ๐˜ช๐˜ด ๐˜ข๐˜ต ๐˜ณ๐˜ช๐˜ด๐˜ฌ.
Not investment advice. The author may have financial interests in the mentioned instruments.
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