Pandora Exit and Trade Review

I recently sold my last tranche of Pandora A/S shares. Time for a review.

To improve our investment process it is important to review investment decisions. Returns are immensely influenced by luck and skill and separating the two is not easy (it’s very hard and might often be close to impossible).

I must admit, such a review is an invaluable exercise. In this case, it revealed an important hindsight bias regarding the early awareness of the covid pandemic. I did not find obviously grossly wrong assumptions or any other mistakes in my investing thesis. This does not necessarily mean that I was (100%) right, but it most probably means I wasn’t 100% wrong either! And this, is a valuable insight. Further, it forms a basis for future investment reviews and hopefully results in my every improved investing process. Please view my full write up (pdf file)

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