Paper Portfolio – March 2023 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


For February, the Paper Portfolio returned -1.81% vs -2.51% for the SPY.… Read the rest “Paper Portfolio – March 2023 Update”

Paper Portfolio – February 2023 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


For January, the Paper Portfolio returned 17.2% vs 6.29% for the SPY.… Read the rest “Paper Portfolio – February 2023 Update”

Paper Portfolio – January 2023 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


Due to a challenging travel schedule towards the end of November, I did not update the Paper Portfolio last month.… Read the rest “Paper Portfolio – January 2023 Update”

Paper Portfolio – November 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


October was a relatively stable month for the Paper Portfolio. The Paper Portfolio returned 1.74%.… Read the rest “Paper Portfolio – November 2022 Update”

Paper Portfolio – October 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


September was another very challenging month for markets and the Paper Portfolio.… Read the rest “Paper Portfolio – October 2022 Update”

Paper Portfolio – September 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


Between Pelosi’s visit to Taiwan at the beginning of the month and the Fed’s recent (and continued) hawkish commentary towards the end, August felt like an eternity.… Read the rest “Paper Portfolio – September 2022 Update”

Paper Portfolio – July 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


With another challenging month coming to an end, this brings the current selloff into its 7th month.… Read the rest “Paper Portfolio – July 2022 Update”

Paper Portfolio – June 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


After a very challenging April, May came in almost as challenging.

The Paper Portfolio declined 13.6% vs (very frustratingly) a small +0.23% return for the S&P500.… Read the rest “Paper Portfolio – June 2022 Update”

Paper Portfolio – May 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


Since the inception of the Paper Portfolio, April was the single most challenging month.… Read the rest “Paper Portfolio – May 2022 Update”

Paper Portfolio – April 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


March was an extremely volatile but interesting month.

Markets sold off violently in a way that was eerily similar to the market selloff two years ago.… Read the rest “Paper Portfolio – April 2022 Update”

Paper Portfolio – March 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


We live in a Chaotic era, an era of Change.

Nothing made that more clear than the last few weeks.… Read the rest “Paper Portfolio – March 2022 Update”

Paper Portfolio – February 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


What a start to the year.

The selloff that began in late November and accelerated in December…continued to accelerate throughout January.… Read the rest “Paper Portfolio – February 2022 Update”

Paper Portfolio – January 2022 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


First off – Happy new year! May we all live in less interesting times in 2022.… Read the rest “Paper Portfolio – January 2022 Update”

Paper Portfolio – December 2021 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


I’m currently on holiday (at a nice warm beach) and I assume you were / are / will be, too, so I’ll keep this short (and because there really isn’t much to say anyway!).… Read the rest “Paper Portfolio – December 2021 Update”

Paper Portfolio – November 2021 Update

As always, this is not investment advice! Please do your own due diligence and take your own financial situation into account. Everyone has a different financial situation, which means different tolerances for risk and ability to take risk. What is appropriate for me may not be appropriate for you.


In the blink of an eye, the year is almost over as we head into the final stretch.… Read the rest “Paper Portfolio – November 2021 Update”

Paper Portfolio – October 2021 Update

The Paper Portfolio returned -5.68% during September vs -4.66% for the S&P500. This brings YTD returns to 9.90% for the Paper Portfolio vs 15.91% for the S&P500.

September saw a number of extraordinary and unexpected events. While Capital Flywheels anticipated some volatility around the potential announcement of Fed taper (check), Capital Flywheels did not foresee an energy shortage in China that is now feeding investor concerns around further supply chain stress and potential inflationary impact.… Read the rest “Paper Portfolio – October 2021 Update”

Paper Portfolio – September 2021 Update

The Paper Portfolio performed well during the month of August. The Paper Portfolio returned 6.00% vs the S&P500’s 2.98%.

This brings the Paper Portfolio’s YTD performance up to 16.52%, still slightly lagging the S&P500’s 21.57%.

The capital markets are currently in a tricky place. “Investors” have likely never been more risk-seeking than they are now compared to any other time in the last decade.… Read the rest “Paper Portfolio – September 2021 Update”

Paper Portfolio – August 2021 Update

The end of July marks the 2 year anniversary of the Paper Portfolio. During the last two years, the Paper Portfolio has returned 150.42% vs the S&P500’s 52.60%.

While the Paper Portfolio has performed well over the last two years, it has occasionally been defined by periods of excess volatility. This includes the first six months after launch in which many of the high quality stocks in the Paper Portfolio were impacted by fear around WeWork collapse.… Read the rest “Paper Portfolio – August 2021 Update”

Paper Portfolio – July 2021 Update

The Paper Portfolio performed well during June. The Paper Portfolio returned 14.87% vs the S&P500’s 2.25%. While the performance for the month was strong, the Paper Portfolio still needs to make up some lost ground in order to match the S&P500’s strong performance year-to-date. The Paper Portfolio has returned 11.90% YTD vs the S&P500’s 15.25%.

This has not been an easy year for quality / growth / secular winners since many investors seem inclined to rotate into beaten down value stocks or companies that were negatively impacted during the pandemic (and hence likely to benefit from a reopening).… Read the rest “Paper Portfolio – July 2021 Update”

Paper Portfolio – June 2021 Update

For everyone in the US, happy Memorial weekend! This is likely the first holiday weekend where a large portion of the population is finally vaccinated and ready to experience the world once again.

Hope everyone has a happy and healthy weekend!

During the month of May, the markets remained choppy. High-growth / high-multiple stocks reversed some of the gains experienced in April, while more reasonably valued large-cap growth stocks and reopening / value plays benefited.… Read the rest “Paper Portfolio – June 2021 Update”

Paper Portfolio – May 2021 Update

Following the challenging month of March, April turned out to be a nice reprieve.

Our decision to lean into the March weakness for last month’s Paper Portfolio update also helped support performance.

During the month of April, the Paper Portfolio returned 7.44% against the S&P500’s 5.29%. This returns the Paper Portfolio to positive YTD performance, coming in at 3.74%. However, this remains below the S&P500’s YTD performance of 11.98%.… Read the rest “Paper Portfolio – May 2021 Update”

Paper Portfolio – March 2021 Update

Hello, friends. 👋🏻👋🏻

Before I dive in, just wanted to remind everyone that I originally started the Paper Portfolio only to be a writing device. I wanted something that would force me to write more frequently.

This is not intended to be investment advice. I am not a registered investment advisor. I am not qualified to give you investment advice.Read the rest “Paper Portfolio – March 2021 Update”

Paper Portfolio – February 2021 Update

Truth be told – I did not realize January was about to end until the parking lot admin showed up yesterday with my February parking pass. I am usually quite good at keeping track of time…which made the situation all the more surprising.

But there is nothing like a continued firehose of news flow to make time compress.

In hindsight, a lot did happen…chaos in the U.S.… Read the rest “Paper Portfolio – February 2021 Update”

Paper Portfolio – January 2021 Update

Happy New Year – May we live in less interesting times in 2021!

What a year.

Although 2020 could have been a lot better in many ways, especially when it comes to offline social interactions, capital markets were definitely much better than anticipated.

Not only did the deepest and sharpest recession in 100 years not lead to extended stock market weakness, we are now at all-time-highs significantly above where we started before the pandemic.… Read the rest “Paper Portfolio – January 2021 Update”

Paper Portfolio – December 2020 Update

Entering the month, the Paper Portfolio maintained a defensive posture given election uncertainties.

We began to take this defensive posture starting late in the summer, which allowed us to escape the volatility of August, September, and October largely intact.

When we chose to further maintain our defensive positioning during the last update, Capital Flywheels argued that this could cost us in terms of performance but it would likely be the smart thing to do, especially since we have already outperformed significantly this year.… Read the rest “Paper Portfolio – December 2020 Update”

Paper Portfolio – November 2020 Update

The Paper Portfolio’s continued defensive positioning during October turned out to be an appropriate move. The Paper Portfolio returned 1.36% vs -2.65% for the S&P500, despite being skewed towards well-owned names. This brings year-to-date returns to 74.38% vs 2.64% for the S&P500.

The initial shift into a defensive position at the end of August helped us avoid the volatile down-draft of September.… Read the rest “Paper Portfolio – November 2020 Update”

Paper Portfolio – October 2020 Update

Much like the general market, the Paper Portfolio had a volatile September.

However, the Paper Portfolio proved to be much more resilient than the market overall. The Paper Portfolio was approximately flat during September, returning -0.34%. In contrast, the S&P500 returned -3.74%. This brings year-to-date performance up to 72.04% for the Paper Portfolio and 5.58% for the S&P500.

The resilience of the portfolio is further highlighted when you consider its performance against the Nasdaq 100, which returned -5.64%.… Read the rest “Paper Portfolio – October 2020 Update”

Paper Portfolio – September 2020 Update

Similar to July, August was another choppy month. Although the Paper Portfolio did close the month well, it did so with materially more volatility than the index.

The underlying reasons for the volatility remain the same as in the prior month. The Paper Portfolio is exposed largely to secular growth stories, many of which benefited from COVID-19 disruption to offline businesses.… Read the rest “Paper Portfolio – September 2020 Update”