Attila Gelfert @Hartmutson: "N°49 - Copiers 12 -..."

Germany

N°49 - Copiers 12 - Followers 175 𝗣𝗲𝗼𝗽𝗹𝗲 𝗳𝗮𝘃𝗼𝗿 𝘂𝗻𝗱𝗲𝗿𝗱𝗼𝗴𝘀, 𝗯𝘂𝘁 𝗳𝗼𝗹𝗹𝗼𝘄 𝗼𝗻𝗹𝘆 𝘁𝗼𝗽 𝗱𝗼𝗴𝘀. 𝗪𝗘 𝗔𝗥𝗘 𝗧𝗛𝗘 𝗨𝗡𝗗𝗘𝗥𝗗𝗢𝗚 𝗔𝗡𝗬𝗪𝗔𝗬. Dear Co-Investors, As of year-to-date, our portfolio has modestly outperformed the S&P 500 Total Return index—a feat achieved despite (or perhaps because of) holding a rather large chunk of cash: 36%, to be exact. Yes, cash—often joked about as the financial world’s version of a “bad asset class”—remains our temporary beverage while the market buffet is currently closed. Before anyone reaches for the pitchforks, let me assure you our sizeable cash position is a deliberate stance, not an act of capitulation or a misplaced love for zero yields. We recognize holding cash long term is like hugging a cactus: painful and counterproductive. Yet, faced with what we genuinely believe to be overvalued markets—especially in the US—we prefer to sit on our hands rather than chase froth. Our diversification is not a decoration but a strategic choice. We have meaningful exposure beyond the US, notably being mindful and cautious with European and Asian markets—not overweighting any region. It’s a bit like being at a party where you sample various dishes but know which ones to avoid based on past stomach ache memories. We’re patiently waiting for truly compelling opportunities—the kind worthy of converting dry powder into actual investments. And they will come; when exactly? Well, that’s a riddle nobody can solve, not even AI with all its algorithmic bravado. Meanwhile, our focus and discipline remain our North Star. We are confident this measured approach will outperform benchmarks by a respectable margin without venturing into reckless risk territory. We'll keep doing our best work on our end. For everything else, we'll trust in time. History shows that good investments, managed prudently, tend to grow over the long run, especially if we're patient and disciplined. Thank you for your loyalty and steadfast partnership. As always, I am available to catch up or discuss any questions you may have. Meanwhile, keep compounding. 🚀 Cheers, Attila YTD Performance 2025 Hartmutson 12.7% vs. $SPX500 Total Return 11.7% Portfolio adjustments None Get in touch www.hartmutson.com $NVDA (NVIDIA Corporation) $MSFT (Microsoft) $NU (Nu Holdings Ltd.) $AMZN (Amazon.com Inc) $MELI (MercadoLibre Inc)