Eugenio Catone @CatoneEugenio: "As you may have noticed,..."

Italy

As you may have noticed, yesterday I significantly reduced my position in Alphabet. My goal is to invest in exceptional companies over the long term, but this stock has outperformed even my most optimistic expectations. I never thought it would reach $270 by the end of the year, let alone $330, which is why I sold almost half of my position. It was becoming too large in relation to the total portfolio, but it still remains my second-largest holding. I still strongly believe in its potential, but I thought it was the right time to realize a triple-digit profit in seven months. What will I do with the proceeds from this investment? Nothing, I will invest them in risk-free assets that give me a return of 3-4% per year, most likely $BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) The reason for selling Alphabet is not so much related to the company itself, which remains exceptional, but to my need to take less risk in this market phase. AI-related companies have run a long way, perhaps too far, and I thought it was no longer the right choice to have a portfolio exposed to 43-44% to this sector. At this stage, I feel the need to maintain high liquidity (15-20% of the portfolio), as I am waiting for potential opportunities in the first months of 2026. Currently, my priority is prudence. As a result, with the sale of Alphabet, Novo Nordisk becomes the top position in the portfolio: I expect a massive recovery from the Danish giant in 2026. $GOOG (Alphabet) $NVO (Novo-Nordisk A/S SPONS ADR) $GOOGL (Alphabet Inc Class A) $NOVO-B.CO (Novo Nordisk B A/S)

Not investment advice. The author may have financial interests in the mentioned instruments.