Portfolio Update: +12.8% YTD

Boring Is Beautiful

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February was boring. Deliberately, proudly boring.

I made two purchases (exactly as telegraphed in last month’s update) and that was it.

No surprises. No pivots. No reacting to macro noise. Just executing on a plan I’d already made.

A deep dive accompanied each buy. If you missed either, I’d encourage you to go back. Both represent the kind of asymmetric, under-the-radar situations that this newsletter exists to find.

Meanwhile, the portfolio’s two largest positions did most of the work for me - each now up just over 35% since initiation. I still think there’s meaningful runway ahead for both. When something is working, the job isn’t to tinker. It’s to hold.

Boring months like this are underrated.

The full portfolio and two new positions are detailed below for premium subscribers.