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”
Over the past decade, crypto has gone on a lot of adventures.
It was originally imagined to be a currency.
But now it’s a lot of things. Sometimes it’s a distributed computing platform. Sometimes it’s digital art. Sometimes it’s just a fun asset to scratch that FOMO YOLO urge. Sometimes it’s just for giggles. Sometimes its for drugs…
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”
At a fundamental level, business and capitalism are pretty straightforward: You have a product or service that someone wants, and someone else has something you want. Trading products and services makes both of you better off.
The online advertising market increasingly looks like it is ripe for disruption.
While a big part of this can be attributed to Apple’s recent aggressive actions to limit data-gathering, a lot of it also seems to simply reflect changing consumer behaviors.
The disruption that is coming for advertising is particularly remarkable because, for the longest time, online advertising almost appeared destined to be the “cockroach” of the Internet – Entirely undesirable yet indestructible and possibly able to survive nuclear Holocaust.… Read the rest “Gaming and Online Advertising”
And so…I have had an ongoing fascination with crypto! For years, it always seemed to be just more of an interesting little corner of the digital world, but increasingly it is touching more and more of the mainstream world and sometimes transforming it in the process. For example, the rising interest in digital currencies is causing at least a few governments to seriously think about whether they need to issue digital currencies of their own.… Read the rest “Proof of Work…Proof of Stake…Proof of Space…Is Crypto Reinventing the Wheel?”
Hope everyone had an enjoyable Memorial Weekend last week.
Three day weekends are magical. We need more of them. In our modern, hyper-speed society, it’s very hard for me to keep up. Three day weekends always seem like those much-needed moments where I get to come up for air after holding my breath underwater for a while.
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”
I’ve been thinking about how to evolve this format to make it even better. The first few issues of Tidbits were all organized around themes (e.g. E-commerce, retail, etc). In a way, Tidbits began as a low hurdle way of grouping together a bunch of ideas around a common theme when I didn’t feel like I had enough material for a longer post.… Read the rest “Tidbits #40 – China’s Third Large Ecosystem + More”
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”
What’s amazing about the last 20 years is how many (mostly tech) companies have pursued utterly ambitious visions…bordering on the impossible…and succeeded!
Apple with their vision of technology made for humans.
Tesla + SpaceX with their visions for saving the world through electrification of cars and reusable rockets (and off-Earth colonies…though this last part is still a work in progress).… Read the rest “The Future of Identity?”
#1 Peter Thiel- “I do wonder whether at this point Bitcoin should also be thought in part of as a Chinese financial weapon against the U.S.”
Peter Thiel: Well, you know, I think there’s sort of a lot of different things that fall under digital currency, presumably one that’s electronic form that China envisions is one that can be monitored even more granularly the way they’re being monitored currently.
Part 1 – “The Coming Economic (R)Evolution” discusses the rise of technology and the creation of digital businesses that no longer need labor or capital…and why understanding their impact on the economy is necessary to navigate the shifting investment landscape in the coming decades.
There’s a lot to talk about. A lot that is interesting.
A common theme that I think is becoming increasingly prevalent is the fungibility of technology. Not just software, but all of tech, including biotech, across all industries and aspects of life. What I mean is that technology is increasingly not its own confined domain, but something that is becoming foundational to everything that we do, to our future, and to our world.… Read the rest “Tidbits #38 – The Pastry AI That Can Detect Cancer”