Insights

Investor Updates

November Investment Update

November Investment Update

Dear investors and well-wishers, The fund declined 4% in October. New positions in Crocs and ASML performed well, while much of the growth space remained weak. Companies like Shopify (-86%), Spotify (-81%), Atlassian (-75%), Salesforce (-55%), Amazon (-54%), and...

October 2022 Investment Update

October 2022 Investment Update

Dear investors and well-wishers The fund contracted 6.3% last month (Nasdaq fell ~10%). We finished the quarter up 6%, while the Nasdaq 100 was down 4.4%, which is not much to be proud of right now, but so far we have held the May and June lows, even as major indices...

September 2022 Investment Update

September 2022 Investment Update

Dear investors and well-wishers, The fund returned -2.6% in August. I recorded several podcasts recently in a new format with covering companies like Farfetch, Adobe, NVIDIA and Twilio, available on iTunes and Spotify. Core holdings like Cloudflare, bluebird bio,...

August 2022 Investment Update

August 2022 Investment Update

Dear investors and well-wishers We returned 16% for the month of July and are having a decent August so far. There’s plenty of work to do, as I write we are down ~50% for this calendar year-to-date. I recorded an extended podcast with the Murdoch Gatti on the Rate of...

July 2022 Investment Update

July 2022 Investment Update

Dear investors and well-wishers, The fund declined -12.5% in June. There has been a decent rally in July so far. Early on in this sell off I wrote that our stocks had roughly doubled in size and halved in price. Since then many of them were cut in half again, with the...

June 2022 Investment Update

June 2022 Investment Update

Dear investors and well-wishers The fund returned -14.5% in May. So far June has been positive. Equities continued to sell-off as CPI came in ahead of expectations. Core inflation was lower, but food and energy components accelerated. There has been some relief in...

May 2022 Investment Update

May 2022 Investment Update

Dear investors, The fund returned -26.5% in April, bringing us to -49% for the calendar year-to-date. In April the tech sell-off intensified, driving many companies to significant new lows. The Dow Jones Industrial Average just recorded its longest losing streak in 98...

April 2022 Investment Update

April 2022 Investment Update

Dear investors and well-wishers, The fund declined 5.6% in March leaving us -31% for the calendar year-to-date and a rolling three-year return of 10% net per annum. I recorded a video update last week and will post this once edited. Please send through any questions...

March 2022 Investment Update

March 2022 Investment Update

Dear investors and well-wishers, The fund declined 2.8% in February taking us to -26.7% for the calendar year-to-date and +13% per annum over the last three years.  Many of our companies are twice the size, half the price, and trade at less than a quarter of the...

February 2022 Investment Update

February 2022 Investment Update

Dear investors and well-wishers, We had our toughest month since COVID -24.6%, leaving us -40% year-on-year, and +16% net per annum over the last three years. Almost half the Nasdaq Composite has dropped...