My final 2021 report is at: https://discussion.fool.com/t/stevnfool-port-updat...

My last monthly report is at: https://discussion.fool.com/t/stevnfool-port-updat...

My numbers updated for December are below.

	        Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD		CAGR	GSD
Me	        1.53%	1.15%	10.18%	-3.08%	-1.33%	-7.25%	10.11%	-3.29%	-3.12%	9.42%	0.32%	-5.71%	7.16%		7.16%	22.96%
																
NASDAQ	        -8.80%	-3.35%	3.64%	-13.28%	-1.91%	-8.49%	12.52%	-4.60%	-10.33%	4.04%	4.43%	-7.62%	-31.31%		-31.31%	30.64%
DOW JONES	-3.30%	-3.19%	2.44%	-4.91%	0.39%	-6.56%	6.81%	-3.78%	-8.74%	14.03%	5.94%	-2.58%	-5.58%		-5.58%	24.83%
S&P500	        -5.27%	-2.96%	3.76%	-8.78%	0.23%	-8.25%	9.21%	-4.08%	-9.24%	8.13%	5.23%	-3.98%	-16.89%		-16.89%	25.55%
Index Average	-5.79%	-3.17%	3.28%	-8.99%	-0.43%	-7.77%	9.51%	-4.15%	-9.44%	8.73%	5.20%	-4.73%	-17.93%		-17.93%	27.01%

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		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%		10.15%	12.70%
																		
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%		10.86%	29.10%
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%		8.86%	17.79%
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%		8.84%	21.83%
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%		9.52%	22.91%

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 2022
and I have no plans for major changes in 2023. My current portfolio
is not really MI at all in the traditional sense. It is approx:

56% Berkshire Hathaway

14% QQEW. This was part of a timing system but I may just keep this as
a long-term hold. Due to the difficulty of trading US ETFs from Europe
since some recent law changes, I may not be able to buy it again if I
were to sell it.

<1% cash.

Remainder: Several value positions some sometimes held as cash secured
short PUT positions but mostly just long stock positions.

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

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