Dear Copiers,
We are 47 days into 2025. The S&P500 year to date is up 4.29%, while we are up 5.96%. This relative outperformance has been achieved despite having a large cash position currently. While I want to deploy this cash, it is important to be patient and only deploy capital into new positions where the risk/reward is heavily in our favor. At current valuations of stocks, these opportunities are difficult to find. I have a few businesses on my radar that I’m looking further into including $BN.
My patient approach will protect our portfolios from downside and led to outperformance in the long-term. Over the last month we have seen our Chinese stocks $9988.HK (Alibaba Group Holding Ltd (Hong Kong)), $0700.HK (Tencent) and $PRX.NV (Prosus NV) perform really well for us. I still see these positions as undervalued and a good opportunity for us. As such we will continue to hold.
Cheers,
Devon
... Show More
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Wed Jan 14 2026 01:44:20 GMT+0000 (Coordinated Universal Time)
