Monthly Performance Review #2

September 2024

This month proved that extreme concentration and short-termism, especially when it comes to microcaps, inevitably lead to lumpy results. With 2 new write-ups, PLAY and LFCR, the total now stands at just 6, and I still expect this file to have limited interpretability until the magic range of 8-30 is reached.

For instance, last month’s top contributors flipped to become top detractors, and vice versa. While 5 out of 6 write-ups have stayed green and outperformed their small cap peers, one sell-off, which I believe is temporary, has disproportionately impacted September’s performance.

For that reason, I urge you to mainly focus on commentary for the next 2-3 months. In this case, brief commentary is provided on PLAY, LFCR, and STRM developments, but conviction remains high across all write-ups.

Scroll down to download the full performance review and its accompanying evaluation spreadsheet.