Disclaimer: This blog post is not investment advice. Please do your own due diligence before making any investment decisions. Year Vinh S&P 500 2016 23.9 % 34.8 % 2017 3.1 % 11.3 % 2018 3.9 % 1.2 % 2019 22.6 % 26.4 % 2020 14.3 % 14.7 % 2021 30.8 % 29.9 % 2022 −36.5… Continue reading Q3 2025
Disclaimer: This blog post is not investment advice. Please do your own due diligence before making any investment decisions. As we close out Q4 2024, I wanted to share some of the key themes: the tech cos’ aggressive AI investments amid capacity constraints, Prada’s Miu Miu, and a structural turnaround at Unilever. I’ll also update… Continue reading Q4 2024
Disclaimer: This blog post is not investment advice. Please do your own due diligence before making any investment decisions. For this blog, we will mainly discuss Blackstone, Brookfield, and The New York Times, along with their valuation aspects. Performance BlackstoneBlackstone is focusing on investing in data centers due to the rising need for digital infrastructure… Continue reading Q3 2024
DISCLAIMER: NOT INVESTMENT ADVICE / DO YOUR OWN DUE DILIGENCE Company performance My portfolio’s annual earning power per my estimate represents around 5% of my portfolio value, i.e. they are attractively priced at 20x their intrinsic earning power. To understand this “intrinsic” concept, in a world where these companies do not reinvest earnings into creating… Continue reading Q2 2024
IMPORTANT DISCLAIMER: THE BLOG POST IS NOT INVESTMENT ADVICE. DO YOUR OWN DUE DILIGENCE. General Interest rates have continued to fluctuate this quarter as the market digests inflation reports and adjusts expectations. Government bond yields hover at around 4%. I continue to use a discount rate of 7-8% to value productive assets, which should provide… Continue reading Q1 2024
General Following the run up in interest rate earlier in the year, there has been fluctuations in between, rates went up and down as inflation reports got released and market adjusted its expectations. Overall, looking at the settled 10 year rate across the world, US yielding 3.8%, UK yielding 3.5%, I’m now adopting a discount… Continue reading Q4 2023
General section: I’m now using a discount rate of 8-9%, at the time when the 10-year bond yield is currently around 4-5%. I also adjust my terminal growth rate to 2.5% from 2.0% to reflect the current inflationary environment. Inverse this I’m effectively putting an exit multiple of around 18x, and this also implies that… Continue reading Q3 2023
General Interest rates have been on the rise in recent months, as central banks around the world have been tightening monetary policy in an effort to combat inflation. I am still using a discount rate of twice the 10-year bond yield which is currently around 4%. However, I am not sure what long-term growth rate… Continue reading Q2 2023
The blog post is edited with the help of ChatGPT. Personal note As we enter into the first quarter of 2023, I wanted to start this quarterly blog post with a personal note. This one is different from previous posts, because it begins with an epiphany that I had in the last quarter. Over the… Continue reading Q1 2023
Article below is written with support of ChatGPT, and lightly edited by me General It has been frustrating, to say the least, to see my portfolio significantly underperform against the S&P 500 this year. As shown above, the gap between my portfolio’s performance and the S&P 500 is the largest it has ever been since… Continue reading Q4 2022
One idea at a time 