Want more context? Track the journey so far here.
Index
1. Executive Summary & Asset Allocation
1.1.- Public Equities: Detailed YTD Performance, Asset Allocation, and Holdings Overview
1.2.- Private Assets: PE Update and Core Business Developments
2. August Review
2.1.- Macro Context, Market Observations and MicroStrategy (now Strategy)
2.2.- Cash & Treasury Compartment: Currency Transition, Remuneration & FX Drag
2.3.- ETF Compartment: Broad Index and Emerging/Frontier Markets
2.4.- Opportunistic Compartment: Individual Names and Goals
3. Holdings & Portfolio Activity
3.1.- Position Sizing, Entries and Exits
3.2.- Earnings Releases, Upcoming Catalysts, Insights and Updates
3.3.- Options Strategy Update
Briefing
This 27th edition is packed with context on what is unfolding at both the macro and micro levels.
The tides are shifting in the SaaS-pocalypse theme just as we predicted (and positioned for), we are applying our schmuck insurance principles in creative ways, and we are evaluating a few new UK names to round out a portfolio of already excellent companies.
The overall premise of our strategy comes down to a simple rule:
Expecting the Best, but Preparing for the Worst
That is why we plan, stress-test, and iterate every day on our portfolio architecture. A clear example is how we’ve built directly on the blueprint outlined in last month’s update.
We truly love having these conversations with our community, and as always, we are deeply grateful to have you here.
This is quite an extensive report on everything that has unfolded over the past month… and I can guarantee you a lot has happened.
Feel free to use the index to jump directly to the sections you find most interesting, as reading the entire memo in one sitting might feel a bit dense.
While it isn’t overly long, it is definitely packed with very high-signal detail that you won’t find anywhere else.
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None of the following should be construed as investment advice. Please consult a financial advisor before making any investment decision. You will find a full disclaimer at the end of this post.
📊 Portfolio Overview
Returns (Asset-Weighted)
