A peek behind the curtain

From the start, I have said I don’t want this to be a stock-picking service. I see this more as a public journal, a collection of my thoughts and observations that might (or might not) be useful to look back on.

But inevitably this is all about the stocks, and the choices made. And it feels like some form of transparency is required. It is year’s end, a time when we reflect on the past and look to the future. It is a milepost. So, what better time than now to at least provide an account of where things stand today?

Without further ado, my top 15* individual stock holdings as of year’s end.

Much context is needed.

• The weight is relative to the individual stock portfolio only. It does not accurately reflect overall weight of the position relative to mutual funds, other investments, real estate, LLPs, etc. For one bit of context, MercadoLibre represents about 6% of my total equity portfolio. And maybe 3% of net worth. I own 81 individual stocks as of year’s end, so obviously a lot of much smaller positions.

• This is not a stock buy list. If I were to sit down and build my own model portfolio from scratch, it would look nothing like this. I certainly don’t suggest you replicate it. I don’t think MercadoLibre is top 20 in terms of cost basis, for what it is worth.

• All but one of these stock positions is profitable vs. the S&P 500, and about half are up triple digits. We’ve talked about the one laggard.

• Combine the last two points, and I think we have a pretty good basic outline of what I am attempting to do with investments. Find good companies, hold them for as long as possible, and let things compound.

• Best I can tell, there are four stocks who would have been on this list as of Dec. 31, 2022, that are not here now. One of them is a position I sold down. The other three had worse years relative to some of the stocks on there now.

• Really alert readers will note there are 16 positions in that table, and one of them is basically a stand-in for cash. Regular readers will be aware there is a company joining public markets in early 2024 that I intend to buy into. This is the money set aside for that initial investment. I decided to include #16 since technically that cash is not a stock.

So, what does all of this mean? Not much. It is a snapshot, bolstered by a strong year end run. Again, do not consider this a buy list. I’m not personally buying much on this list these days and haven’t for a while.

This is simply how things stand at a particular moment in time.

Happy New Year. Here’s to great times up ahead.

Disclaimer: Fits and Starts DOES NOT provide financial advice. All content is for informational purposes only. Stocks mentioned are as reference only, and a mention should not be interpreted as a buy or sell recommendation. The author is not a registered advisor or a broker/dealer. DO YOUR OWN HOMEWORK. The information contained within is not and should not be construed as investment advice, and does not purport to be. The red zone has always been for loading and unloading of passengers. There’s never stopping in a white zone.

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