Es werden Posts vom Februar, 2015 angezeigt.

Portfolio Review 2011-2015

Dear reader,

in this article I discuss my investment results from 2011 to 2015. At the end of this article is a table appended showing my past and current positions of my portfolio.

Table Legend
The yellow area visualizes my (past) holdings with current market prices. The green area represents my sold position. "Avg Days" represents the number of days the position is holded. "Abs Perf" is the absolute performance of that position. "Weight Perf" is the absolute contribution of that position to my overall portfolio. "Perf p. a." is the annualized performance of that position.

I can not provide year on year data, which limits the interpretation of my personal track record. First because it was impossible for me as private investor to separate my private cash holdings (insurance against general life risk) from my portfolio cash holdings (ammunition for new opportunities). Second as I began value investing in 2011 I did not deploy my &…

The Turkey Problem

"Take advantage of Wall Street’s handicap by seeking out low-risk, high-uncertainty bets." - Mohnish Pabrai This is the first articles of my "Low-Risk, High-Uncertainty Betting" article series. This article dives into the Turkey Problem and how it relates to entrepreneurship and investing. Summary: Never be the turkey!

Before I read the book Antifragile by Nassim Nicolas Taleb I thought the world converges to an equilibrium smoothly with small bumps on the way - like a common vision the society wants to achieve (peace, wealth, love) and achieves it by walking its way directly towards it.

After I finished the book I think the world converges to a common vision but not smoothly. The bumps on the way change the route to that goal in massive ways - even reverse the direction society is going for some time. I think of the Cuban Missile Crisis: if one warship-captain on any side would have lost his mind, the world now would be in a very different shape - humanity cut by…