Attila Gelfert @Hartmutson: "N°48 - Copiers 12 -..."

Germany

N°48 - Copiers 12 - Followers 175 My fellow co-investors, Let's talk about the current earnings season. I know many of you have been glued to your screens, watching the ticker symbols of our portfolio companies bounce around like a toddler on a sugar high. One minute, Shopify's stock price skyrockets more than 20% after a stellar earnings report; the next, $TTD (Trade Desk Inc) tanks over 30% on some minor disappointment. If you’ve lost a little sleep over this, don’t worry, you’re not alone. I’ve seen some of these price swings, and they make me want to reach for a stiff drink and a warm blanket. But that's precisely why we must remind ourselves of our core investment philosophy. We are not gamblers at a roulette table, betting it all on black or red based on a single quarter's results. We are business owners, and our focus is on the long game. We shouldn't get caught up in the emotional rollercoaster of a single earnings report, because in the grand scheme of things, it's just a single frame in a multi-hour movie. We care about the long-term growth trends of our companies and the sustained quality of their profit margins. Is $SHOP (Shopify Inc.) still solidifying its position as the leading e-commerce platform? Is The Trade Desk still innovating and gaining market share in programmatic advertising? These are the questions that truly matter. The stock market's short-term memory is often laughable. It will cheer a company one day and then mercilessly punish it the next, all for the slightest deviation from expectations. But we, my friends, are the adults in the room. We must resist the urge to panic sell or get overly exuberant. Let's keep our eyes on the horizon and let the market play its silly games. As the saying goes, "The stock market is a device for transferring money from the impatient to the patient." Let's be patient. As always, I am available to catch up or discuss any questions you may have. Meanwhile, keep compounding. 🚀 Cheers, Attila YTD Performance 2025 Hartmutson 10.7% vs. S&P500 9.8% Portfolio adjustments Sold $EVO.ST (Evolution AB ) $OR.PA (LOreal SA)

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