Now that the new year has officially begun, I like to reflect on my best and worst trades of the past year. 🧵 The bad/ugly- There is not enough room for all but let’s just go through some of the biggest positions and what went wrong.

As a long-term investor (on a show called Fast Money), year-end doesn't mean a ton. Other than taxes and flow of funds, I don't give it much relevance. I try to have a good process for investing and consistently improve. Some years are better than others, so let's take a look: $VIAC: the first part of the year, I bought in the low 40s and sold in the mid-50s when the Archegos fiasco was just beginning (and it traded to the 90s). I don’t feel that bad about that. After the bubble burst, I bought it in the mid-40s, too soon (seems I can work on that)...

It’s always good to review the year and learn from the successes and mistakes. If you are an always-long-biased investor like I am, a year like this can hide a lot. Still, I made some good investments and some bad ones. Sadly mistakes are more valuable. Here’s what I learned: $GOOG: This is an extraordinary business. Sometimes a huge business can still grow a lot. The winner taking (almost) all of the revenue means a downturn can be good in the long-run. When you grow revenue so strongly and your margins are wide, good things will happen.