Portfolio update and thoughts 20/02/2025

Being boring is good and some minor moves

As time goes by inaction has it charms. As time goes by the portfolio will concentrate by itself. And it is true that generally the best idea is already in the portfolio with all the accumulated knowledge as the years go by. Rest assured though as I am always looking for new ideas. What I usually do when I find an interesting company is that I initiate a starter position which forces me to push the analysis. Some are companies which I held in the past, some are ideas which I have had on my watchlist for a while and failed to acquire.

On another note, activism is fun! It takes quite a decent amount of time but is rewarding in itself as I keep learning many things (valuation tricks used by the independent experts, process to respect to contest an offer) and get to meet and exchange with like minded investors. One must choose his or her battles well. I will not do it systematically but when there is a clear disconnect between the price offered and the fair value well there is only one thing to do: to just go for it!

We will be entering this period of year where companies will be publishing their full year sales and soon thereafter their full year results. Lots of great reading to do and many updates to be done!