Libor Vasa @liborvasa: "Dear Followers, Dear Copiers, After several..."

Czech Republic

Dear Followers, Dear Copiers, After several difficult months, the portfolio finally returned to growth — and quite a significant one at that. In April, the portfolio gained 7.48%, recovering a large portion of the losses accumulated earlier in 2026. Once again, it’s hard not to compare the current situation with the period following the outbreak of the Russia–Ukraine war. Back then, markets also endured months of decline before eventually stabilizing and recovering. The year 2023 more than compensated for the losses of 2022, and hopefully we will see a similar pattern unfold this time as well. Most of the activity in the portfolio reflected what is typical during stronger market periods: I focused mainly on closing positions that had moved into profit. On April 13th, I closed $AMZN (Amazon.com Inc) with a gain of over 14%. Two days later, on April 15th, I exited $TSM (Taiwan Semiconductor Manufacturing Co Ltd - ADR) with a profit exceeding 11%. On April 23rd, I finally closed my long-held $INTC (Intel) position with a gain of more than 20%, and on April 27th I exited $NVDA (NVIDIA Corporation) with a profit above 13%. The $INTC trade deserves special mention. This position had been open since 2021 and went through an extremely difficult period, at one point showing a drawdown of more than 50%. Thanks to Intel’s strong rebound over the past month, however, I was ultimately able to close the trade in profit. If the return is spread across the entire holding period, it may not look spectacular, but it is certainly far better than if I had closed the position during the depths of the decline. Of course, the usual question arises again: should I have held $INTC even longer? Perhaps — but as always, future market developments remain uncertain. Closing profitable positions is a core part of my long-term strategy. The same applies to other $INTC positions I closed earlier in previous years; with hindsight, some of them could have produced even larger gains, but at the time there was no way to know how the market (and the technology, and the world) would evolve, and I do not regret those decisions. At the moment, I am holding a relatively large portion of the portfolio in U.S. dollars. This is partly the result of closing profitable positions recently, but it also serves as a defensive measure. I remain concerned that the conflict involving Iran, which has been one of the major drivers behind this year’s volatility, may not yet be over and could escalate again. If that happens, I want to be prepared to respond by opening new positions at attractive prices. I wish you all a successful May, and hopefully one that develops as positively as April did. Best regards, Libor Vasa

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