Intro
Right now, the financial markets feel louder than ever. The political landscape is uncertain, from elections and regulatory shifts to geopolitical tensions that seem to escalate weekly. On top of that, the AI boom—or bubble, depending on your view—is driving valuations, headlines, and expectations to dizzying heights. It’s creating a ton of noise, and let’s be honest: it’s hard to tune out.
Every day, someone’s shouting, “Novo is a buy now!” or “UnitedHealth is the opportunity of the decade!”—and maybe they’re right. But if you’ve never looked into these companies, if they’re completely outside your circle of competence, then why chase them? Just because someone on X or in a newsletter says they’re a buy doesn't mean they belong in your portfolio.
In fact, I’d argue that there are still plenty of opportunities out there—solid businesses, good valuations, far less risk. You just have to be willing to look past the hype.
My advice: Stick to your long-term strategy. Don’t check your portfolio every day. Stay focused, stay curious, and build around what you understand. The loudest voices aren’t always the smartest, and FOMO is rarely a sound investment strategy.
Trust your process. Long-term investing is hard not because it's complex, but because it requires patience in a world that rewards immediacy.
Some more words on Healthcare stocks
Investing in healthcare might seem like a safe bet—after all, people will always need medicine, treatments, and care. But beneath that stability lies a complex and often unpredictable landscape. Regulatory changes, patent expirations, clinical trial failures, pricing pressures, and political interventions can all have massive impacts on a company’s valuation overnight. In short: while healthcare offers big opportunities, it also comes with a unique set of risks that investors need to understand before jumping in.
The “Buy and Hold” Illusion: Are We Practicing What We Preach?
I’ve been noticing something lately—maybe you have too. There’s no shortage of strong opinions out there about long-term investing. “Buy and hold is the way,” people say. “Concentration builds wealth.” You’ll see posts and threads quoting Buffett, Munger, or Peter Lynch, full of conviction and clarity.
And yet… scroll down just a little, and the tone shifts.
“I trimmed this position.”
“I bought these three new stocks.”
“I sold out of XYZ because the earnings missed by 3 cents.”
Wait—what happened to buy and hold?
This isn’t about calling anyone out individually. We all make adjustments, we all evolve our thinking. But there’s a disconnect worth talking about: the gap between what many investors say they believe… and what they actually do. And if we’re honest, it’s not just “them”—most of us have been there too.
The Comfort of Conviction (Until It's Tested)
It’s easy to write about holding through volatility when the market is green. It’s easy to quote Buffett about ignoring quarterly noise—until a beloved stock drops 20% in a day. Suddenly, conviction gets tested. And that’s where many portfolios quietly turn into rotating cast lists instead of long-term stories.
The truth is, holding is hard. Concentration is even harder. Both require emotional discipline, patience, and trust in your process—especially when that process isn’t paying off right now. But instead of acknowledging how difficult this is, many investors mask short-term behavior in long-term language.
The Signal in the Noise
There’s nothing inherently wrong with adjusting positions, trimming winners, or selling losers. Flexibility can be wise. But let’s be honest about what we’re doing. Let’s stop dressing up activity as philosophy. If you’re actively managing your portfolio, say so. If you’re building a concentrated core and trading around the edges, great—own it. But don’t preach patience on Monday and post your fifth portfolio overhaul by Friday.
Because that inconsistency doesn’t just confuse followers—it confuses you as the investor. Mixed signals in your own strategy are a fast track to underperformance and regret.
What Do You Actually Believe?
If you had to go 12 months without touching your portfolio, would your current positions still reflect your core beliefs? Or would it feel like you’re locked in with a set of trades rather than a thesis?
Here’s a challenge: whatever you’re sharing—on X, on Substack, in forums—make sure it reflects what you’re actually doing. Or better yet, let your portfolio reflect what you really believe.
Because in the end, the market doesn’t reward what we say. It rewards what we consistently do.
My Portfolio Update
So, with all that said—yes, I’ve also made a few moves myself lately. The key difference (I hope) is that I’m trying to be intentional about them, aligned with my broader strategy, not driven by noise or short-term fear (or greed).
New additions to the portfolio include Viscofan, De’Longhi, and MercadoLibre—three very different companies, but each fitting a specific puzzle piece in my long-term view. I’ve also made some one-time additions to existing positions: Uber, Kri-Kri, Amazon, and Alphabet. These are names I continue to like fundamentally, and the recent market behavior gave me a few windows to lean in a bit more.
Separately, I’ve been consistently adding to a number of positions via savings plans, most notably Berkshire Hathaway and JPMorgan Chase (both since 2017!). That’s part of my “automate what I believe” approach—building up conviction names over time without trying to time each dip.
On the other hand, I’m actively thinking about trimming or even exiting a few positions. Ulta Beauty is one I’m considering selling in green, while Lululemon is a candidate for letting go in red. I’m not rushing either decision, but I’m asking myself the honest question: would I buy these again today at these prices, knowing what I know?
As for what’s possibly coming next: Greggs and Faes Farma are both on my “buy very soon” list. I’m still doing a bit of final due diligence, but both offer what I consider interesting optionality with decent fundamentals and long-term potential.
All in all, I’m trying to stay true to my strategy—balancing thoughtful action with long-term conviction. And yes, that means sometimes buying, sometimes holding, and occasionally, letting go. But it all has to serve a bigger picture—not just scratch the itch to “do something.”
Recently published posts
It’s been about four months since I posted the last episode of my Investment Journal back in April. Since then, I’ve shared many other posts—too many to list here—but a couple are definitely worth highlighting in case you missed them.
Most importantly, I’ve continued working on my Investment Compass series. That’s truly a passion project for me. It goes beyond just general investing principles—I'm also diving into the history of financial markets and the evolution of investing as a whole. I’ve always been a bit obsessed with history (not just financial history, but history in general), and I genuinely believe there’s so much to learn from it. Through this series, I’m trying to share some of those insights in a way that’s both practical and thought-provoking. If you haven’t checked it out yet, I’d love for you to give it a read—maybe it sparks something for you too.
E-Book
Kroker Equity Research recently published an e-book, which is included with the paid subscription here on Substack. If you're not a subscriber, you can also purchase it separately on Amazon.
That’s it for now—I’m looking forward to sharing more insights and having lots of interesting discussions with you!