Even god would get fired as a portfolio manager
Portfolio Total
Sabre Arc ended the month of July with $1,094,182, a record for those of you keeping score. After the August sell-off, I hoped we would see a much larger drawdown, but unfortunately, the market rebounded.
Portfolio Activity
August was an active month as we allocated over $20k to several positions.
We received $656.20 in dividends & interest as Starbucks has grown to become our largest dividend payer.
Portfolio Allocation
New positions were added, but given their size, they are immaterial. It usually takes us a few years for a position to have any serious weight within the portfolio.
YTD Returns
As of August, the fund had increased $144,738.87 with $5,900.60 in dividends & Interest.
Reflections
Keeping everyone happy can be difficult when managing a portfolio with over a dozen investors. I try to consider everyone’s opinion, but I can be stubborn. For example, we had a partner bring up Nvidia last summer, and I shot it down due to valuation, only to see it double over the next 12 months. Moreover, since last summer, I have been aggressively piling into a position that is currently down 16%. Although I am still bullish on the prospects, patience from my partners is growing thin as the market seems only to reward A.I. at the moment.
Our fund lost $250k in 2022, and since then, I have been very diligent about where we allocate capital. This has prohibited me from looking at new opportunities and being open-minded. My prior year's returns may influence my investment outlook, harming my growth as a money manager. I need to learn how to turn a new leaf every January.
Becoming Berkshire 1930-1968
Issue 12| 1968 - Sun Newspaper & Blacker Printing Company
Issue 11| 1967 Part 2 - National Indemnity
Issue 10| 1967 - Buffett & Clyde
Issue 9| 1966 Part 2 - Warren Buffett & The House of Mouse
Issue 8| 1966-Hochschild, Kohn & Co.
Issue 7| 1965 - Hostile Takeover
Issue 6| 1964 - Buffett's Folly
Issue 5| 1963/64 - The American Express Salad Oil Swindle