Great write-up as always. The more time is passing the more i conclude that conviction is very, very important.
I was very calm and patient during the chaos of '22. Didn't sell, anything and kept what i had.
The problems came in '23. Seeing others in Saul's board jumping from company to company and getting ahead with they YTD results I started to think what to do. I sold DDOG, BILL, GTLB on their Q4 FY23 bad earnings...and then their Q1FY24 send the stocks up, up, up. Thus I was falling behind.
I am aware that I have to compete only with myself, It is unpleasant to see 15-30% difference from the others.
So, I guess my question is how you feel in these moments, does the anxiety brings its arms around you in an iron hug and how you deal with that?
Do you read your notes for a company, before selling it and this helps you sustain your conviction?
Thanks in advance for taking time to read my chaotic questions.
You really need a strong stomach and a lot of great slogans. You have only really held a few stocks. You bought a lot back at a high price and it has nothing to do with conviction.
I find your new approach very interesting: "This means that my primary focus is investing in the people, the leadership, and the culture behind great companies.
I was even more surprised when I saw that you invest in the biggest live casino operator. Yes, nice value at the moment, which you never had in your portfolio before, but "leadership" and "culture"? I don't want to put ethical investing up for discussion, but anyone who bets on "leadership" and "culture" and buys Evolution should define these points very precisely and question them. In times when money is scarce, even more money is gambled away in the hope of hitting the jackpot. Somewhat similar to your whole process in recent years.
Hey Moritz,
Great write-up as always. The more time is passing the more i conclude that conviction is very, very important.
I was very calm and patient during the chaos of '22. Didn't sell, anything and kept what i had.
The problems came in '23. Seeing others in Saul's board jumping from company to company and getting ahead with they YTD results I started to think what to do. I sold DDOG, BILL, GTLB on their Q4 FY23 bad earnings...and then their Q1FY24 send the stocks up, up, up. Thus I was falling behind.
I am aware that I have to compete only with myself, It is unpleasant to see 15-30% difference from the others.
So, I guess my question is how you feel in these moments, does the anxiety brings its arms around you in an iron hug and how you deal with that?
Do you read your notes for a company, before selling it and this helps you sustain your conviction?
Thanks in advance for taking time to read my chaotic questions.
Interesting, although I can still see little change. You write that your biggest loss was -64%, but the wikifolio shows -74% https://www.wikifolio.com/de/at/w/wfopfmetfs?src=search_top&searchTerm=MORITZ%20DREWS#keyfigures
You really need a strong stomach and a lot of great slogans. You have only really held a few stocks. You bought a lot back at a high price and it has nothing to do with conviction.
I find your new approach very interesting: "This means that my primary focus is investing in the people, the leadership, and the culture behind great companies.
I was even more surprised when I saw that you invest in the biggest live casino operator. Yes, nice value at the moment, which you never had in your portfolio before, but "leadership" and "culture"? I don't want to put ethical investing up for discussion, but anyone who bets on "leadership" and "culture" and buys Evolution should define these points very precisely and question them. In times when money is scarce, even more money is gambled away in the hope of hitting the jackpot. Somewhat similar to your whole process in recent years.
Don't take it amiss. You will probably think of your Growth Mindset that you mentioned here https://www.happyinvesting.pro/p/underperformance-dein-ego-gegen-den-index