Dear Copiers,
This is not the time to panic. This is the time to hold strong. If the market continues to drop, this will be advantageous for us. We are positioned for this scenario with our heavy cash position. We will add to our highest conviction positions as well as add new positions when I see adequate margin of safety.
Our Portfolio is only down -0.63% year to date while the S&P500 is down -13.57% year to date. Our risk adverse and conservative approach will allow us to pick up great deals in the market and protect us from some of the downside. This is evident in our year-to-date performance versus the S&P500.
If the broader market continues to fall, our cash position of the Portfolio will get allocated into new equity positions. This will set us up nicely to deliver strong returns for future years.
Don’t panic, stay rational, stay patient.
Cheers,
Devon
... Show More
Great post, Devon. Spot on — holding steady and being ready with cash for the right moments is key. Totally agree this is where patience and long-term thinking pays off.... Show More
Hi! Great work. Do you think that s&p500 could drop till the level of 5000 or 4500 In the next six months? ... Show More
3 replies
.
We use our own and third-party cookies on our websites to enhance your experience, analyze traffic, and for security and marketing. For more info, see our Cookie Policy or go to Manage Settings.
Privacy Preference Center
When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience. Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer.
More information
Manage Consent Preferences
Strictly Necessary Cookies
Always Active
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Cookie List
label
ConsentLeg.Interest
label
label
label
Sat Jan 17 2026 13:57:23 GMT+0000 (Coordinated Universal Time)
