Well folks, looks like it's time for my Q3 discussion and analysis. And while I hate to count my chickens before they're hatched, it looks like my portfolio has finally awakened from it's slumber.
More specifically, an unsustainable short interest in Sears coupled with a bullish report from Baker Street Capital caused the stock to shoot up in September. I responded by trimming my position and locking in some gains. However, as you'll see in the exhibits below, Sears is still very much a core holding.
So what else is going on? Well frankly, I'm as nervous as ever about valuations in the market, and as a result I'm holding a lot of cash (37.4% of portfolio). Furthermore, although I continue to search for new opportunities, I repeatedly come up empty handed. In fact, these days the market reminds me a little of 2005-07. Maybe this makes me the investing equivalent of Chicken Little, but at least I sleep well at night.
Anyway, here's the summary:
- I came into the year with $213,090 and ended the quarter with $268,074. I didn't deposit or withdraw any money, so this increase is straight appreciation.
- My portfolio has increased about 25.8% YTD (35.6% IRR), whereas the Hypothetical S&P has increased about 19.7% YTD (27.2% IRR).
And here are the exhibits (7+ year performance summary, waterfall graphs, holdings summary, and quarter-to-quarter bridge, click to enlarge):
Questions? Comments? Email mevsemt@gmail.com.
