My review of 2021 (the 2nd SPAC-tacular year)

The year 2021 included many noteworthy developments in the world and in financial markets …

This is not investment advice. Please read the disclaimer. I might own discussed stock(s) currently or at a later time. I might transact in any securities at any time.

You can read my full write-up here (pdf). Feel free to skip sections at your will. Below you find some extractions.

My portfolio performance was +15.9% in 2021, before tax, approximately. Below is my portfolio as of Jan 1, 2022.

Shinoken is currently my seventh largest position with a 5.1% weight, and I am down -23% on the position[1]. The first three quarters were not great, but I guess the price could see strong appreciation after Q4 results, potentially driving 50% of FY results (tweet). I am also down on Nintendo and SoftBank Group.

Gazprom and Oriental Watch were both strong performance contributors in 2021. Both were sized at 5% or smaller in Jan’21 due to perceived risks.

Investment performance is what happens when a set of developments […] collide with an extant portfolio. Many futures are possible […] but only one future occurs.

Howard Marks

Am I doing it wrong? I am largely flat on my biggest position (CHKP) despite buying some tranches during March 2020 lows. Further, my biggest gains come from smaller sized positions due to risk factors such as location and cyclicality (Gazprom, Oriental Watch). The sample size (length of investment period) is probably too small to derive significant insights, but it might be a place to watch.

Remember that nobody accepts randomness in his own success, only his failure.

N. Taleb (Fooled by Randomness – Ergodicity)

Including positions sold might give a better picture, despite acknowledging the fact that my more serious investing journey started after initially investing in some of the following names. Considerable gains came from Globaltrans, Deutsche Telekom, Pandora A/S, Bed Bath Beyond, Greene King, Barrick Gold. Inclusion of these names diminished the role emerging markets have for performance contribution.

I hope you enjoyed your Christmas holidays with your loved ones, and I wish you all a happy new year 2021.

Addendums: Gilead dividend (value) Dec 30th, was also not yet booked.

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[1] Trading ex-dividend but not yet received.

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