Michael Southard
United Kingdom
1m
๐Ÿ“ˆ ๐Œ๐Ž๐๐“๐‡๐‹๐˜ ๐Œ๐€๐‘๐Š๐„๐“ ๐”๐๐ƒ๐€๐“๐„ ๐Ÿ“‰ ๐‘จ๐‘ฐ, ๐‘ฎ๐’๐’๐’…, ๐‘ฉ๐’Š๐’•๐’„๐’๐’Š๐’, ๐‘ฌ๐’๐’†๐’“๐’ˆ๐’š, ๐‘ช๐’๐’‘๐’‘๐’†๐’“ Summer is over and weโ€™re 1 week into Q4 which is typically a strong quarter for liquidity and hence market performance. There is quite the buzz around AI with chip makers, data centre operators and HPC providers all performing spectacularly these past few months. Weโ€™re sitting on +300% gains on some of these positions. Gold, which makes up a significant chunk of the portfolio, has seen a tremendous year and is up +50% year to date. Bitcoin is flirting with new all-time highs although its performance has been stunted this year so far. Meanwhile the energy sector, particularly oil and gas, remains seemingly unloved. We are up +60% on our copper positions and remain long the metal. A final mention to our positions in nuclear energy which make up ~ 5% of the portfolio and are up roughly +80%. So whatโ€™s the big picture? We appear to be heading into what can only be described as a reset. The US dollar and specifically US Treasuries (government debt) are losing significance and status within the global financial system. Central banks and governments are holding less of them, opting for gold instead. President Trump and Secretary Scott Bessent have said quite plainly that the US plans to 'grow its way out' of the debt crisis which means high nominal growth, high inflation and potentially artificially suppressed interest rates. This is a time to be very bullish. We are likely entering one of the biggest bull markets in many years. That doesnโ€™t however mean it will all be plain sailing. The seas will be rough and the volatility could get extreme. What we do in this portfolio is we stick with some themes. AI, gold, bitcoin, energy, copper (in no particular order). These themes are likely to do very well in coming months. We are not trading daily around these positions but when sentiment gets excessive itโ€™s likely we will trim some positions here and there and rotate into the less loved sectors. So if you notice us selling some AI companies and rotating into pure energy plays, youโ€™ll know why. The portfolio is up ~50% so far year to date and the best quarter could be yet to come. ๐‚๐จ๐ฉ๐ข๐ž๐ซ๐ฌ: ๐œ๐จ๐ฉ๐ฒ ๐จ๐ฉ๐ž๐ง ๐ญ๐ซ๐š๐๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ฆ๐ข๐ง๐ข๐ฆ๐ฎ๐ฆ $๐Ÿ“๐ŸŽ๐ŸŽ ๐ญ๐จ ๐ ๐ž๐ญ ๐ž๐ฑ๐ฉ๐จ๐ฌ๐ฎ๐ซ๐ž ๐ญ๐จ ๐š๐ฅ๐ฅ ๐š๐ฌ๐ฌ๐ž๐ญ๐ฌ. ๐“๐ซ๐ฒ ๐š๐ง๐ ๐ข๐ง๐ฏ๐ž๐ฌ๐ญ ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐ฅ๐จ๐ง๐  ๐ญ๐ž๐ซ๐ฆ. Any questions please post below! Thanks for reading, Michael
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