2020 was a revealing year for the portfolio, we had a global panic, then a global rally, a desperate slowdown in GDP, a recovery (of sorts), destabilization of the world’s largest economy, then a resolution with a clear victory for Biden, followed by the events on the Capitol. Enough for a decade in just 12 months.
We could philosophise all night about how equity prices seem completely detached from reality, but that’s not really my job, even though I have a bucketful of theories. But it is instructive for the management of the portfolio to see how these events affect it and if any lessons can be learned.
First the good news. The portfolio for 2020 has done very well, well actually it has been amazing. There are 20 stocks on average in the portfolio, weighted to larger most liquid companies in the sector.
You can see that during january 2020, the portfolio pulled ahead of Nasdaq, but was cut back during the crash surrounding the pandemic’s development, however even at its lowest it outperformed Nasdaq. The return to the bull market saw it pull away from the index again and the result was another crazy year. The portfolio has beaten the index every year since inception in May 2016.
Just to round this off (there was no bad news!), I want to stress again that the portfolio is not built around volatile small-cap stocks with no fundamentals and day-trader/click-bait performance. Stocks are selected and priority always given to companies with profitability and a track record rather that frothy IPOs and whatever the latest game is topping the charts (none of the portfolio holdings are in the Goldman Sachs Non-Profitable Technology Index). All the positions are long term, I don’t think that I have removed more than 4 stocks from the portfolio in the whole 5 years. Long term investments that are providing great, repeatable returns.
Happy 2021!
68 Comments
n2KgQk · 4th June 2024 at 17:51
フィスティングポルノ .Ax7lla811XT
rüyada sünnet olmak · 29th September 2024 at 13:32
rüyada sünnet olmak
gay sex porn · 2nd October 2024 at 11:53
“What are you now, son?” That night, I did a whole spa routine to make sure my skin was soft and my ass was stretched and wet. I was wearing nothing but a jockstrap as I was told. Waiting by the door on fourth. My heartbeat was so fast as my mouth was dry. I heard the footstep approaching. I left the door unlocked as one of the instructions I was received from daddy. He stepped in with his size 10 Christian Loublitine loafer where my eyes were going up from there. When I made eye contact with daddy, daddy slapped me across the face and said, “Bad boy, Where the fuck are your sneakers as I told you to wear tonight.” I was trembling and said in a very low voice, “ sorry daddy I fooooorgot.”
porno dla dzieci · 5th October 2024 at 02:41
The now lukewarm water streams through the curls of his hair rinsing away the last vestiges of the soapy lather. It all goes down the drain in a swirl of bubbles. “What did Coach have to say when he saw all those hard-young cocks in the locker room?” His dad asks.
porn sex · 6th October 2024 at 11:39
“Do it!” His dad orders. “Was it because of that?” His dad asks as he points a finger towards him. And his midsection.
Is a BS better than a BA in economics? · 10th October 2024 at 13:15
Is a BS better than a BA in economics?
free porn sex · 10th October 2024 at 15:42
“Dad! Dad!” His son says in a straining voice. “Release me?”
free porn sex · 13th October 2024 at 03:40
“It was intense. Really intense. We ran so many drills. I am exhausted.” He explains.
* * * Claim Free iPhone 15: http://cewsz.cz/upload/5kwdf6.php?c15upim * * * hs=80b23d68f3567a554f33a712603bb524* · 19th October 2024 at 01:40
ofeg5w
porno dla dzieci · 27th November 2024 at 16:10
His bare ass melts to the lid of the toilet bowl. He sweats from the steam and the exertions from his continued pounding of the fierceness of his cock. He wiggles as his ass opens, squeaking on the plastic surface of the thrown lid, as he takes whiffs from the cum soaked pouch of the jock that covers his face.
Slottica PL · 28th November 2024 at 03:04
“What are ya now, by the way?”
commercial truck scales Iraq · 28th November 2024 at 03:14
Bwer Company is a top supplier of weighbridge truck scales in Iraq, providing a complete range of solutions for accurate vehicle load measurement. Their services cover every aspect of truck scales, from truck scale installation and maintenance to calibration and repair. Bwer Company offers commercial truck scales, industrial truck scales, and axle weighbridge systems, tailored to meet the demands of heavy-duty applications. Bwer Company’s electronic truck scales and digital truck scales incorporate advanced technology, ensuring precise and reliable measurements. Their heavy-duty truck scales are engineered for rugged environments, making them suitable for industries such as logistics, agriculture, and construction. Whether you’re looking for truck scales for sale, rental, or lease, Bwer Company provides flexible options to match your needs, including truck scale parts, accessories, and software for enhanced performance. As trusted truck scale manufacturers, Bwer Company offers certified truck scale calibration services, ensuring compliance with industry standards. Their services include truck scale inspection, certification, and repair services, supporting the long-term reliability of your truck scale systems. With a team of experts, Bwer Company ensures seamless truck scale installation and maintenance, keeping your operations running smoothly. For more information on truck scale prices, installation costs, or to learn about their range of weighbridge truck scales and other products, visit Bwer Company’s website at bwerpipes.com.
truck scale systems in Iraq · 14th December 2024 at 23:23
Dedicated to excellence, BWER offers Iraq’s industries durable, reliable weighbridge systems that streamline operations and ensure compliance with local and global standards.
Городская химчистка Bleam · 26th December 2024 at 05:43
Чистота и уют с gorodhim.ru
Городская химчистка предлагает чистоту и свежесть вашей мебели . Химчистка диванов, кресел и стульев проводится с использованием передовых технологий и безопасных средств . Ваша мебель будет выглядеть как новая благодаря нашей работе.
Услуги химчистки для вашего дома и офиса обеспечивают выезд мастеров в удобное время . Удаление запахов и пятен с диванов выполняется с гарантией безопасного результата . Gorodhim.ru предоставляет услуги по доступным ценам .
Сервис gorodhim.ru помогает сохранить уют и гигиену в вашем доме. Удаление сложных пятен и запахов проходит с максимальной тщательностью. Доверьте свою мебель профессионалам из gorodhim.ru .
linkvaodafabet · 1st January 2025 at 17:48
You have made some decent points there. I checked on the web for additional information about the issue and found most people will go along with your views on this web site.
FOSIL4D · 5th January 2025 at 00:38
Hello there! Do you know if they make any plugins to assist with Search Engine Optimization? I’m trying to
get my blog to rank for some targeted keywords but I’m not seeing
very good success. If you know of any please share. Kudos!
FOSIL4D · 6th January 2025 at 17:22
I’m not sure where you’re getting your info,
but good topic. I needs to spend some time learning much more or understanding more.
Thanks for excellent info I was looking for this info for my mission.
kantor bola · 7th January 2025 at 17:48
I know this if off topic but I’m looking into starting my
own blog and was curious what all is needed to get set up?
I’m assuming having a blog like yours would cost a pretty penny?
I’m not very internet smart so I’m not 100% sure. Any suggestions or
advice would be greatly appreciated. Many thanks
Vanilla Gift Card Balance · 20th January 2025 at 00:14
Your steady support is greater than words can express. Thank you for always believing in us.
zoritoler imol · 3rd February 2025 at 20:46
Thank you for helping out, excellent information. “Hope is the denial of reality.” by Margaret Weis.
🔒 + 0.75905884 BTC.GET - https://telegra.ph/Binance-Support-02-18?hs=80b23d68f3567a554f33a712603bb524& 🔒 · 24th February 2025 at 18:20
9ubuuv
ダッチワイフ · 25th February 2025 at 11:49
When I got to my room, I sat down to study. That’s how he found me. He started by making small talk and then rubbed my shoulders from behind me.
Click · 25th February 2025 at 17:26
Your style is really unique in comparison to other folks I have read stuff from. Thanks for posting when you have the opportunity, Guess I will just bookmark this page.
Click · 28th February 2025 at 15:54
I hope to give something back and help others like you helped me.
Click · 5th March 2025 at 18:51
Good blog you have got here.. It is difficult to find quality writing like yours nowadays. I honestly appreciate people like you! Take care!!
Click · 12th March 2025 at 19:17
It is really a nice and helpful piece of info. I’m happy that you simply shared this useful info with us. Please keep us up to date like this. Thanks for sharing.
ice water hack · 13th March 2025 at 13:02
I’ve recently started a website, the information you provide on this website has helped me tremendously. Thanks for all of your time & work.
mitolyn reviews · 13th March 2025 at 15:12
you are in reality a good webmaster. The web site loading velocity is incredible. It kind of feels that you are doing any distinctive trick. Also, The contents are masterwork. you’ve performed a magnificent process on this subject!
aquasculpt · 13th March 2025 at 17:16
Heya! I just wanted to ask if you ever have any issues with hackers? My last blog (wordpress) was hacked and I ended up losing many months of hard work due to no back up. Do you have any methods to protect against hackers?
salt trick · 13th March 2025 at 19:46
There is noticeably a bundle to know about this. I assume you made certain nice points in features also.
เสื้อไหมพรม · 13th March 2025 at 20:00
I precisely wished to say thanks all over again. I’m not certain what I would’ve worked on without the type of hints revealed by you relating to such field. It absolutely was a real horrifying crisis in my circumstances, however , spending time with this specialized mode you treated the issue took me to jump with happiness. I will be happy for the assistance and in addition expect you know what a powerful job you happen to be accomplishing teaching the mediocre ones by way of your web page. More than likely you have never met all of us.
möbelfolien in lederoptik · 14th March 2025 at 04:34
I really appreciate your piece of work, Great post.
prime biome · 14th March 2025 at 16:55
Some really fantastic articles on this website, appreciate it for contribution. “Better shun the bait, than struggle in the snare.” by John Dryden.
hokiku88 login · 14th March 2025 at 18:00
Some truly nice stuff on this site, I like it.
brazilian mounjaro · 14th March 2025 at 18:14
I¦ve been exploring for a little bit for any high quality articles or weblog posts on this sort of space . Exploring in Yahoo I finally stumbled upon this website. Reading this information So i¦m satisfied to express that I have an incredibly good uncanny feeling I came upon just what I needed. I most definitely will make certain to don¦t put out of your mind this web site and give it a look regularly.
natural mounjaro · 14th March 2025 at 20:08
I have not checked in here for some time since I thought it was getting boring, but the last few posts are good quality so I guess I¦ll add you back to my everyday bloglist. You deserve it my friend 🙂
bridge lending · 15th March 2025 at 01:25
Everything is very open and very clear explanation of issues. was truly information. Your website is very useful. Thanks for sharing.
ice water hack · 15th March 2025 at 04:50
I loved as much as you will receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get bought an edginess over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly a lot often inside case you shield this hike.
outdoor gas fireplace · 15th March 2025 at 09:43
Outstanding post, I think website owners should larn a lot from this website its real user genial.
aquasculpt · 15th March 2025 at 15:11
You have brought up a very good points, thanks for the post.
salt trick recipe · 15th March 2025 at 16:32
I think you have mentioned some very interesting points, thanks for the post.
sewa mobil rental jakarta · 15th March 2025 at 18:44
I like this post, enjoyed this one appreciate it for posting.
poolumrandung günstig · 16th March 2025 at 00:47
You are my inhalation, I have few blogs and often run out from to brand.
judi dewa slot · 16th March 2025 at 11:53
I really appreciate this post. I’ve been looking all over for this! Thank goodness I found it on Bing. You’ve made my day! Thx again!
Click · 19th March 2025 at 01:44
Nice post. I was checking constantly this blog and I am impressed! Very helpful info particularly the last part 🙂 I care for such information much. I was looking for this particular info for a very long time. Thank you and good luck.
เว็บพนันบอล ดีที่สุด · 19th March 2025 at 08:39
I do consider all the concepts you’ve offered on your post. They’re very convincing and will certainly work. Nonetheless, the posts are too quick for beginners. May just you please prolong them a bit from next time? Thanks for the post.
พนัน dota2 · 19th March 2025 at 15:53
Virtually all of what you assert happens to be supprisingly accurate and it makes me ponder why I had not looked at this in this light previously. Your piece really did turn the light on for me as far as this particular issue goes. Nonetheless there is 1 point I am not necessarily too comfortable with so while I attempt to reconcile that with the core theme of the point, let me see what the rest of your readers have to point out.Nicely done.
alquiler de motos en mallorca · 19th March 2025 at 21:12
My brother recommended I might like this web site. He was entirely right. This post truly made my day. You cann’t imagine simply how much time I had spent for this info! Thanks!
pamplonaroom · 19th March 2025 at 23:39
hello!,I like your writing very much! share we communicate more about your article on AOL? I need a specialist on this area to solve my problem. Maybe that’s you! Looking forward to see you.
ayuda TFG arquitectura · 20th March 2025 at 02:05
What i do not understood is in reality how you are no longer actually a lot more neatly-favored than you may be now. You’re very intelligent. You already know thus significantly in terms of this subject, produced me in my view consider it from so many numerous angles. Its like women and men are not involved until it’s something to accomplish with Lady gaga! Your personal stuffs great. All the time care for it up!
Rosemarie Han · 20th March 2025 at 06:41
แพลตฟอร์ม [url=https://lion-778.com]lion[/url] มีความภาคภูมิใจในการให้บริการลูกค้าอย่างมืออาชีพตลอด 24 ชั่วโมง ทุกวัน โดยมีทีมงานที่ผ่านการฝึกอบรมมาอย่างดีเพื่อให้การช่วยเหลือผู้เล่นในทุกๆ เรื่อง ไม่ว่าจะเป็นคำถามเกี่ยวกับการลงทะเบียน การฝากเงิน การถอนเงิน หรือการใช้บริการต่างๆ ภายในเว็บไซต์ ทีมบริการลูกค้า [url=https://lion-778.com]lion[/url] พร้อมให้ความช่วยเหลือผู้เล่นทุกเมื่อผ่านช่องทางออนไลน์ เช่น แชทสด อีเมล และสายด่วนโทรศัพท์ ทีมงานจะตอบกลับภายในไม่กี่นาทีเพื่อให้คำแนะนำหรือแก้ไขปัญหาของผู้ใช้ได้ทันที
ayuda TFM arquitectura · 20th March 2025 at 06:45
You are a very intelligent individual!
ayuda PFC arquitectura · 20th March 2025 at 08:06
When I originally commented I clicked the -Notify me when new comments are added- checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove me from that service? Thanks!
venta de pesas y mancuernas · 20th March 2025 at 12:10
When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several emails with the same comment. Is there any way you can remove me from that service? Thank you!
ayuda PFC arquitectura · 21st March 2025 at 00:15
I regard something truly interesting about your site so I bookmarked.
ราคาเหล็ก · 21st March 2025 at 01:07
I got good info from your blog
Seo en Uruguay · 21st March 2025 at 08:33
Deference to article author, some great information .
home accent lighting · 21st March 2025 at 12:20
Good ?V I should definitely pronounce, impressed with your website. I had no trouble navigating through all tabs and related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or something, web site theme . a tones way for your customer to communicate. Excellent task..
Delta 8 THC Tinctures · 21st March 2025 at 20:35
Appreciate it for helping out, good info. “I have witnessed the softening of the hardest of hearts by a simple smile.” by Goldie Hawn.
real estate uruguay · 21st March 2025 at 23:41
Excellent post. I was checking continuously this blog and I’m impressed! Very useful info specifically the last part 🙂 I care for such information much. I was looking for this certain info for a very long time. Thank you and good luck.
🛎 + 0.75757070 BTC.GET - https://telegra.ph/Binance-Support-02-18?hs=80b23d68f3567a554f33a712603bb524& 🛎 · 22nd March 2025 at 06:26
8tublk
Buck Asante · 24th March 2025 at 13:37
I found this post really helpful! Keep up the great work and continue sharing your knowledge.
rajaslot · 25th March 2025 at 03:33
I think this website has very great written subject matter posts.
authorized disney vacation planner · 25th March 2025 at 11:39
Wonderful goods from you, man. I have understand your stuff previous to and you’re just too wonderful. I actually like what you’ve acquired here, certainly like what you are saying and the way in which you say it. You make it enjoyable and you still take care of to keep it wise. I can’t wait to read much more from you. This is actually a great website.
reparación de maquinaria agrícola · 25th March 2025 at 14:45
Hi there, just wanted to tell you, I liked this post.
It was helpful. Keep on posting!
vatertagsgruß · 25th March 2025 at 17:26
I just could not depart your website before suggesting that I actually enjoyed the standard info a person provide for your visitors? Is gonna be back often to check up on new posts
mainzeus · 26th March 2025 at 00:53
Lovely just what I was looking for.Thanks to the author for taking his time on this one.
what is panic selling · 28th March 2025 at 06:14
Thank you, I have just been looking for information approximately this topic for ages and yours is the greatest I have discovered till now. But, what concerning the conclusion? Are you positive about the source?