2026 Portfolio Update: A Quarter Of Changes
This quarter was about removing risk.
Before we get into positions, transactions, and expectations, I want to start by saying thank you.
The beginning of 2025 was privately one of the hardest periods of my life. My wife spent a long time in the hospital due to a high risk pregnancy. At the same time, I was working a lot while taking care of our two other children at home. It was exhausting, both physically and mentally.
From a professional perspective, however, 2025 was a turning point. I started writing actively on Substack around October, and within just three months more than 480 people decided to subscribe and follow my work.
I do not take that lightly. So truly, thank you for being here.
2026 Portfolio Update
When I look back at my own decisions, the biggest mistakes were usually made when I hit the sell button. So if you ever see me sell something, assume it is probably a mistake. A painful example is Carvana. I bought around $20, sold around $40, and the stock later went to around $400.
Another one is Micron. I paid around $50, sold around $60, and it later traded above $400.
This time, I have two sales in the portfolio. So just to be clear, there is a good chance I am making the same mistake again. That said, I want to be fully transparent with you. I will always tell you what I am doing and why I am doing it.
Let’s start with the topic that matters most to me. Coal.
