Portfolio Update: Why I Sold One Stock and Doubled Down on Three Others
Plus: An Update on InPost & Wise's Quarterly Results + Thoughts on Ashtead Technology's High Short Interest
Every now and then, a portfolio needs a recalibration. Businesses evolve, management teams reveal more of their true character – and with that, my capital has to follow conviction, not convenience.
This week, I’ve made a few important changes that reflect how my trust in management and my expectations for long-term business performance have shifted. Some of these moves were straightforward; others came with more hesitation and reflection.
In each case, though, the decision process was guided by the same question I always ask: where is my money treated best over the next five years?
This update is less about the mechanics of trading and more about the thought process behind portfolio management – how conviction builds and erodes, how opportunity cost shapes decision-making, and why the difference between liking a business and trusting its stewards can’t be overstated.
In the sections reserved for paying subscribers, I’ll walk through each of the key moves in detail: why I exited one position after growing increasingly skeptical of management, where I reallocated that capital, and how the underlying logic connects to a broader philosophy of staying aligned with exceptional operators and scalable business models.
I’ll also explore a few companies that continue to shape my portfolio – two that I believe are among the clearest examples of long-termism in public markets today, and another where I’m still wrestling with the balance between valuation, quality, and uncertainty.
If you’re a paying subscriber, the rest of the post digs deep into the details, the data, and the reasoning behind every move.
This is where it gets interesting.
Become a paying subscriber to read the rest of this post and get access to all of my other research, including valuation spreadsheets, deep dives (e.g. well-known mid- and large caps such as LVMH, Duolingo, Meta, Edenred as well as more hidden gems such as Tiger Brokers, Digital Ocean, Ashtead Technologies, InPost, Timee, and MANY more), and powerful investing frameworks.
Annual members also get access to my private WhatsApp groups – daily discussions with like-minded investors, analysis feedback, and direct access to me.
PS: Using the app on iOS? Apple doesn’t allow in-app subscriptions without a big fee. To keep things fair and pay a lower subscription price, I recommend just heading to the site in your browser (desktop or mobile) to subscribe.