Many of my favourite investors talk about their stock picks publicly but don't share their actual portfolios. There are a lot of good reasons for this, including a lack of tools to do so.
I read Stockchase for ideas. One recent series of posts that particularly annoyed me was a big-time manager pumping a smaller stock. He was the only one talking about it. First at $20, then at $15, then $10. Finally the stock is at less than $5, and his comments are something like, "It's not a good time to be in this name. I used to be in it but got out."
Just like that, eh. This thing is all roses and now suddenly you don't have time for it. At what point did you exit exactly? $16? $7.50? We're talking a potentially massive loss here and now the guy is waving it off like it's air.
Which makes a person wonder: maybe it was air. Maybe it was just something he talked about, for years, without ever taking a position.
Starting in 2019 I'm going to share my Canadian equity portfolio. I don't know how I'm going to do this yet, so if you know of a method please share it.
My plan, for now, is to liquidate my current Canadian holdings and start with just cash. The universe of stocks will include anything traded in Canada.
Rules:
- New positions not to exceed 12.5% of NAV
- No shorts
- No miners
The goal will be a book of 8-12 long positions with as little trading as possible.
I agree that if you are going to talk shop .and especially if you disclose returns then you must include a trackable traceable portfolio.
ReplyDeleteAgreed.
ReplyDelete