Brian Rapose @brirap: "📰𝙋𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝙪𝙥𝙙𝙖𝙩𝙚 📰 Let’s talk frankly..."

Spain

📰𝙋𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝙪𝙥𝙙𝙖𝙩𝙚 📰 Let’s talk frankly about performance. 2025 has been a tough year for the portfolio. Early-year events left me chasing recovery, and we’ve since ended up with an $MSTR (Strategy Inc) position that has become a meaningful drag on overall performance. That said, I’m confident that as we move into late 2026, this position will recover alongside Bitcoin. For that reason, I won’t be closing it. MSTR is now a long-term holding, aligned with a multi-year recovery rather than short-term price moves. I expect to see early signs of recovery around May/June. Should we see further volatility in early 2026, the portfolio is positioned in businesses generate real cash flow, dominate their industries, and tend to hold up better when markets slow down, such as: Meta, Google, Microsoft, Amazon, Uber, LVMH, and Hewlett-Packard. Alongside that, we hold exposure to longer-term structural trends: - Healthcare $LLY (Eli Lilly & Co) - Technology infrastructure $ARM (ARM Holdings PLC) $DDOG (Datadog Inc) $CRWV (CoreWeave Inc) - Energy and mining These companies benefit from multi-year shifts in how the global economy evolves. Final thoughts I won’t pretend this phase is enjoyable, it isn’t. Late-cycle markets test patience, confidence, and conviction far more than early bull markets ever do. But nothing I’m seeing suggests something is broken. What I see is a market rotating, slowing, and rewarding discipline. That’s the environment I’m positioning for.

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