Portfolio Explained: All My Positions

All my positions explained, with exact allocation and strategy

A few things have changed since the last portfolio update

---

Index

1. Portfolio Strategy

2. Recap

3. AI Strategy

   • AI Hardware

   • AI Enablers

   • AI Developers/Benefiters

4. Crypto Strategy

5. Diversification

6. What I’ve Done

7. My Strategy Looking Forward

8. My Watchlist

9. Conclusion

---

1. Portfolio Strategy

First, I want to explain the focus of this portfolio so everyone understands my strategy.

My focus is cheap growth. Not growth at any price, not quality at any price. I have seen investors pay almost anything for quality names like Tesla, The Trade Desk, or Autodesk, and chase growth names like Lemonade, Shopify, and Upstart in 2021. If you bought any of those in late 2021, you would be deep in the red or vastly underperforming the market.

Defining yourself strictly as a growth or quality investor misses the point. I want growth and quality, but at a price that leaves room for outperformance. Take NVIDIA: phenomenal business and execution, but where is the great upside when they’re worth more than all their competitors combined? Palantir is another high-quality grower, yet price matters. I’ve seen people keep adding and adding to this one just because it’s a great company. However, how much is too much? Five hundred billion, one trillion, five trillion? There is a price for everything, and some investors often forget that.

Do I think Nebius is a better company than Taiwan Semiconductor or ASML? No. TSMC and ASML have massive moats and decades of proven execution. Would I have made more money owning them instead of Nebius over the same period? Also no. They were more fairly valued, while Nebius was mispriced relative to what it offers.

If the goal is to outperform the market not just in the near future, but over the long term, the playbook is straightforward: seek quality growth at a cheap price.

---

2. Recap

Here’s a quick recap of the current portfolio, after all the latest rebalances: