Here is a summary of my activity this month.
About this blog: I have been investing for 25 years, professionally and personally. I look for stocks that have a high probability of compounding at 15% for at least 5 years with limited downside. I write these stocks up on my blog. You can find more about me, my philosophy, my mental models, and my portfolio structure on my site.
Trades
Reduced Banco Itau after the first round of the Brazilian election.
Bought Brookfield Asset Management (BAM).
Added to Amazon just before it tanked.
Added to Fairfax India after the IDBI deal.
Switched some BN into BAM - I am now roughly 50/50.
Sold NOV, preferring the drillers.
Reduced Grupo Cibest to buy Kaspi.
Added to Mercadolibre after the second round of the Brazil election.
Added to Google just before it tanked (there’s a pattern here…).
Added to Vonovia.
Switched some Ensign Energy Services into BORR Drilling to balance out my rig basket.
Phew - busy month, at least for me!
Articles I wrote
In my ongoing series on Brookfield
A conversation with Teim Baaj: Is valuation ever a reason to sell a winner?
Microsoft 1q27 results and why I think the market is wrong about ROI on capex.
What I found interesting this month
SDOS on rates optionality in insurance - a really interesting series.
UncoverAlpha on competition in LLMs and where the value goes next.
Armin Hartl on the behemoth that is Transocean.
Thanks for reading - and please get in touch if you have questions.
Pete
It was a pleasure to work with you. Looking forward to our next article.
Thank you very much for covering my article, I appreciate it.