No. of Recommendations: 3
Dumped ASOS after the 16% spike this morning at breakeven as it's deteriorating further IMO. Looks unsustainable.
I had a relatively large holding in Prosus which I've also mostly exited today apart from a 2% holding remaining. I took a 30% gain on this remaining portion. I became increasingly uncomfortable with all the loss making investments, the company valuation is effectively is being propped up by the Tencent holding which they are selling down to fund buybacks. It's worth $120bn (Tencent) now and near a par value in consideration of the overall Prosus valuation $160bn with other investments so the discount to Tencent has closed IMO.
I'm actually going to sit with 10% cash now and see what plays out over the next three months.
Portfolio now by weighting
BRK,BABA,GOOG,META,TENCENT top 5 then cash and a few other insignificant odds and ends.
Going forward value and quality is the name of the game with no divergence!
Watchlist Google, Microsoft, Berkshire, Apple.
Possibly more Disney.
Decided Amazon is "too hard" to figure out.
No. of Recommendations: 0
Thanks for drawing my attention to the performance of Prosus relative to tencent. Just sold mine
