Mark to Market


The biggest challenge for a retail investor isn't only to pick the right securities to be long or short, but also to avoid messing around too much, which results in fees/costs eating up your capital. Someone once told me that patience is the greatest source of investment "alpha." This is obviously a terrible cliche, but also kind of true I think. I try hard to live by that mantra, but it isn't always easy. On occasion, I will be discussing the portfolio, its holdings and performance, on the main blog. Any massive bloopers are my fault alone, and can't be blamed by a junior with a fat finger or an algo. I used to have a table with my actual holdings across different retail platforms. I might bring it back, but in its current form, it is too tedious to update. I am still updating the performance, though, which can be found in the chart below. 2018 has been a sobering year, so far. My stock picks have been awful, and the only thing that has saved me is a 40-to-45% cash position—reasonable for a retail investor peddling his/her own savings I think—plus a large position in bonds and gold.

* The chart below is accurate as of December 20th.