Portfolio Update

YTD: +639.15%

Two weeks. That’s all it’s been since my last update, but the market has a way of making two weeks feel like two months when things are moving.

The portfolio is up +639% year-to-date. Since late September, we’ve added another 40% or so. Most of that came from the remaining China positions continuing to work, and frankly, from just not getting in my own way. When you’ve got positions that are working, sometimes the best move is to let them run while you slowly trim around the edges.

But I have been making changes. The portfolio today is a bit different from what I was running two weeks ago, even if most of the same names are still there.

I’ve been rotating a bit of capital—some out of the China calls that have already run hard and into positions I’m comfortable holding for years, and some into new swings where I think the setup is too good to ignore.