No. of Recommendations: 8
My final 2024 report is at:
https://www.shrewdm.com/MB?pid=980261780My last monthly report is at:
https://www.shrewdm.com/MB?pid=416604680My numbers updated for December are below. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD CAGR GSD
Me 2.72% 5.29% -1.79% -5.50% -1.63% -4.29% 0.94% 2.55% -1.02% -0.38% 4.41% -1.89% -1.19% -1.19% 12.20%
NASDAQ 1.49% -3.80% -8.21% 0.85% 9.56% 6.66% 3.86% 1.55% 5.66% 4.81% -1.60% -0.40% 20.89% 20.89% 18.27%
DOW JONES 4.71% -1.43% -4.04% -3.17% 4.14% 4.50% 0.19% 3.41% 1.97% 2.61% 0.44% 0.93% 14.71% 14.71% 10.63%
S&P500 2.69% -1.27% -5.57% -0.86% 6.29% 5.14% 2.30% 2.05% 3.56% 2.39% 0.19% 0.08% 17.72% 17.72% 11.55%
Index Average 2.96% -2.17% -5.94% -1.06% 6.66% 5.43% 2.12% 2.34% 3.73% 3.27% -0.32% 0.20% 17.77% 17.77% 13.48%
Note that all numbers include dividends. I used the total returns of the corresponding ETF's (ONEQ, DIA and SPY) as a proxy for total return of the indices.
Just a look now at my performance since 2008: 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 CAGR GSD
Me -15.57% 11.69% 17.39% -3.22% 13.27% 20.02% 27.87% 2.86% 19.12% 6.32% 4.86% 19.90% -2.94% 34.37% 7.16% 11.95% 25.93% -1.19% 10.40% 12.33%
NASDAQ -39.50% 45.58% 17.60% -0.52% 16.20% 39.86% 15.78% 6.69% 8.81% 29.28% -3.18% 37.15% 44.87% 22.11% -31.31% 45.73% 29.30% 20.89% 14.07% 27.52%
DOW JONES -32.30% 22.36% 13.55% 8.25% 9.93% 29.64% 9.72% 0.09% 16.37% 28.08% -3.74% 25.03% 9.59% 20.83% -5.58% 16.02% 15.17% 14.71% 9.91% 16.21%
S&P500 -36.71% 26.46% 14.59% 2.07% 15.99% 32.31% 13.46% 1.23% 12.00% 21.70% -4.57% 31.22% 18.33% 28.73% -16.89% 26.18% 24.89% 17.72% 11.07% 20.39%
Index Average -36.17% 31.47% 15.25% 3.27% 12.19% 33.94% 12.99% 2.67% 12.39% 26.36% -3.83% 31.13% 24.26% 23.89% -17.93% 29.31% 23.12% 17.77% 11.68% 21.37%
The GSD numbers here are just calculated from the annual returns - not from the monthly returns.
Portfolio Make-up:I have not really made any major changes to my portfolio during 2025 but I did withdraw some funds (about 5%) and raised some cash (maybe another 5%) for an upcoming need. I did slightly reduce my Berkshire Hathaway exposure and also slightly reduce my US exposure in favour of European stocks, but no big changes and and I have no plans for major changes in 2026. My current portfolio is not really MI at all in the traditional sense. It is approx:
50% Berkshire Hathaway
16% QQEW. I will probably exit this position in 2026 having held it continuously since 2016. The reasons relate to taxation and also the inability to open new US ETF positions for European residents. I will probably relace it with a "roll your own version" with a high ROE bias.
approx. 6% cash.
Remainder: Several value positions some sometimes held as cash secured short PUT positions but mostly just long stock positions. Still mostly US companies but a couple of European ones in there.
My portfolio and currencies:I live in the Eurozone (Ireland) and back in 2003, I had a very small portfolio and invested it entirely in NET-NET stocks. Measured in USD, I had a portfolio return of 103% for the year. Measured in Euro however, my portfolio return was 70%. The drop in the value of USD/EUR had cut a significant chunk from my return. For several years, I hedged a significant portion of my portfolio from USD back to EUR or to a mix of other currencies.
My thinking on this has changed somewhat and I now feel that currency hedging is more appropriate for cash balances rather than for the stock portion of my portfolio. Since I don't tend to hold significant cash balances for a long time, I dropped all my currency hedges during 2015. I don't know if I will reinstate them in the future.
Because of my previous stance on currency hedging, I reported all my returns in EUR but compared them to benchmarks in USD. I suppose this is not really correct given my current approach to this topic, but for continuity, I think I will just continue as I have been doing.
StevnFool
