Q3 2022

General Q3 2022 is dominated by macroeconomic headlines. The followings jump out: Needless to say, the macroeconomic headlines point to something that looks like a paradigm shift, in a very abrupt manner. The discount rate is going up! That said, one of my portfolio’s companies have reiterated their views that long term, interest rate will… Continue reading Q3 2022

Q2 2022

  Portfolio   My portfolio went down 28% in the first half of 2022, which is 17% more than the S&P 500 (Total return, GBP index).   The performance on a relative basis looks very poor. A big part of the underperformance came from the 50% decline in Meta Platform (formerly Facebook) share price. Rest of my… Continue reading Q2 2022

Q1 2021

General market “The biggest risk of all is the possibility of rising interest rates. The downward trend in rates is over (if we can believe the Fed’s assurance that it won’t take nominal rates into negative territory). Thus, while interest rates can rise from here, they can’t decline. This creates a negatively asymmetrical proposition. Can… Continue reading Q1 2021