Q3 Performance
Performance for the quarter, and year to date has been good but I don’t put much stock into that metric beyond making my ego even more inflated than it ought to be.
Looking Ahead
One of my goals over the past few quarters has been to focus on understanding businesses better, including what I already own, as opposed to only focusing on finding new ideas. I still take time to search for new ideas but I really want to be able to hold on to what I own for the long term and there will be plenty of time in the future to own new businesses. The other point here is that keeping track of of price is easy, keeping track of how the business is actually performing, without allowing price to dictate a narrative, is more time consuming but ever so important.
Here is the list of my top 10 holdings and notes to any changes from the previous quarter. I really want to have low activity in my portfolio. For me, this exercise keeps me focused on that as opposed to over-analyzing quarterly returns as I suspect there is no significant insights for a time period this short. I’m generally happy with my ability to trade very little the past few months. In no particular order here is the current top 10 holdings:
Constellation Software
Berkshire Hathaway
Topicus
Markel Corp.
Alimentation Couche-tard Inc.
Altria
British American Tobacco
New to top 10
+ Dentalcorp (added more, now in top 10)
+ Patrick Industries Inc. (gains pushed it back into top 10)
+ Copart (gains pushed it into top 10)
Out of top 10
- Facebook (sold some, reduced below top 10)
- IAC (price pushed it out of top 10)
*note I noticed there was only 9 in my top ten list from last quarter, which is why there is 3 new (in top 10) 2 out.
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Killing it mate! Nice, good job 👏