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END OF YEAR Portfolio Update (December)

Up +23% YtD

Positions from largest to smallest:
Cash & #GACB > #PSN > #THS > #HBR < #GKP

Performance vs Expectations

I have hit my personal target & Im very pleased considering market conditions & my long term assumption that US will correct back to historical valuation averages.

I was early, but luckily on the right side of the trade


This thread will be written in stages as there is still a technical issue with Twitter it seems and the scroll down bar doesnt work on mozilla?, so I cant tweet more than a few tweets at at a time. Discouraging and annoying, but i will try my best to keep writing this thread

Read 24 tweets
I don't think my portfolio has ever been in better shape. Not enough cash to buy as much as I would like to as I can't think of selling anything. It is a unusual feeling and not normal at all but these 6 cash printing machines have a long way to go #JSE #THS #SQZ #TRIN #PTAL #PDL
#JSE watch out for the wildcard i.e. Maari. Not factored into the valuation at all. New NZ legislation has increased the likelihood of completion this year(few months imo). That wld bring $80m+ net cash and another 3.5k bopd. This should increase valuation by at least $160m (30%)
#THS market totally missed the 26% acquisition of minority interest for the issue of c10.5m($26m) new shares. Share of profits due to NCI last year alone was c$31m ($38m OCI). Calculate how much ths wld be for another 17 years open pit and 40 yrs underground. Excellent value imo.
Read 7 tweets
Portfolio update


#THS remains in portfolio as my biggest holding. I believe the company should do well within the next 2 years, its highly cash generative & once the current chip shortage is over, margins should slowly keep going up in line with PGM's /1
(not that they are bad atm)All gains from this investment have been recently wiped out, but its a conviction play and I would be extremely surprised if sp stays at current level for longer. A quick twitter search should highlight opportunities/financial aspects of the business /2
I have missed most of the massive gas rally, only having exposure through #RDSB #BP in family portfolio, but missing my entry in SQZ which I have been watching for a long time. Although the gas rally exceeded all expectations, I can only blame myself for not paying closer /3
Read 28 tweets

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