Portfolio Update 08/30/2021

Whilst not a fully exhaustive quarterly update (that will come at the close of September), I wanted to share some thoughts about portfolio composition, and highlight some of the changes I have made in the midst of this quarter.

In parts, I will be glossing over some aspects in lieu of a more complete discussion during the conclusion of Q3. Instead, I wanted to focus on one particular company, Peloton.

At the end of the second quarter, thanks to a spin-off from IAC, I held 20 positions in my portfolio. Below is an accurate table of my holdings from the end of June 2021.

Whilst I am interested in studying a large number of companies, as well as the compounding knowledge effects that leak out of that process (discussed here), I am less interested in holding a large number of companies.

For me, the optimal portfolio consists of between 12 and 15 positions. Each of which is weighted accordingly and understood to a great extent, as well as hosting relatively strong levels of personal convic…