Starting Fresh

Hey everyone,

Hope you all had a good Christmas and got some time away from the screens. I know I did.

Anyway, with the year wrapping up, I’ve been doing a bit of reflecting.

This was my first year writing on Substack. Honestly didn’t think I’d stick with it, let alone have people actually reading. But here we are. I want to thank everyone who’s been following along and engaging with the ideas. It means a lot.

With that said, I’m making a small change, or I guess you could call it a transition. I’ve been sitting on this for a bit trying to figure out how to explain it, so bear with me.

You may have noticed I haven’t posted portfolio updates in a while. That was intentional.

When I started Coughlin Capital, I didn’t really have a concrete plan for what it would become or where it would go. Tracking my PA made sense at the time. It was having a strong year, China was working, and it gave people something tangible to follow. But as the newsletter has evolved, I’ve realized that account isn’t the best representation of what I’m trying to do here.

I started seeing a lot of people subscribe after the big YTD numbers. And look, I get it. +500% catches your eye. But the bulk of those returns came from a few options that did extremely well. High risk, concentrated bets, lots of trading. When you’re swinging for the fences with money you can afford to lose, it’s just a different game than managing capital you’re trying to compound over time. Not exactly something anyone should try to replicate.

I guess I just didn’t want people showing up expecting to make quick money. That’s not what this is about.

Coughlin Capital, at least for me, is about the process. Finding quality businesses, understanding what they’re worth, and compounding over time.

Which brings me to what’s changing.

Recently my brother and a close friend asked me to manage some money for them. So I set up a friends and family advisor account through Interactive Brokers. My account, my brother’s, and my friend’s, all managed under one master. Same holdings. Same philosophy. Same discipline. They’ve given me permission to share the details and performance publicly, so this is what I’ll be tracking going forward.

And honestly? This is where most of my time and focus goes now. Thinking through positions, sizing, when to add, when to sit on my hands. It’s a different headspace than trying to hit home runs with options. I’m still getting used to the IBKR advisor setup, but I’m excited for 2026 and think this format will be much better.

So starting today, consider this the Coughlin Capital fund, if you want to call it that. The deep dives, the research process, the transparency… None of that changes. If anything this gives you a cleaner benchmark to judge the ideas against.

Looking Ahead

The first portfolio update which will obviously have more details and clarity will be out at the end of the month.

I’m also putting together a 10 Stocks to Watch in 2026 piece that should be out shortly. Not a model portfolio or anything like that. Just ten businesses I find interesting heading into the new year. A mix of names I own, names I’m watching, and a few I’ve been meaning to dig into. Some you’ll recognize from previous posts. Some will be new.

Should be a good way to kick off the year.

Anyway, thanks for being here. More to come.