Q1 2025 Portfolio Update
Portfolio Changes, Q1 2025:
Top TSOH Posts, Q1 2025:
Mr. Market had some pep in his step in early 2025, with the S&P 500 climbing ~5% through the middle of February. Then he changed his tune: the index reversed course, declining by ~5% for Q1, with the NASDAQ falling ~10%.
TSOH wasn’t immune to these headwinds, with Meta as a notable example: impressively, the stock ended Q1 in the red despite being up >25% YTD in the middle of February. But despite a few examples like this, the TSOH portfolio came out ahead on an absolute and a relative basis, with a gain of +3% for the quarter. (As always, the portfolio disclosed to TSOH Investment Research subscribers accounts for 100% of my family’s investable assets.)
The divergence among certain companies that I’ve discussed previously remains top of mind. With volatility comes long-term opportunities, and Mr. Market has been living up to his end of the arrangement on portfolio and watchlist stocks (and maybe there’s more to come). While it’s encouraging to see it validated in recent outcomes, my focus remains on the philosophy and process that informs portfolio decisions. With time, those inputs determine the outputs; I’m optimistic that the net result will be attractive long-term returns.