𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿 𝗤&𝗔 – 𝗛𝗼𝗻𝗲𝘀𝘁 𝗔𝗻𝘀𝘄𝗲𝗿𝘀 - 𝗣𝗮𝗿𝘁 𝟭 𝗠𝗮𝘆 𝟮𝟵, 𝟮𝟬𝟮𝟲 Thank you for your questions. I'll do my best to answer them as honestly and transparently as possible. 𝗪𝗵𝗮𝘁 𝗶𝘀 𝘆𝗼𝘂𝗿 𝗲𝘅𝗶𝘁 𝗿𝘂𝗹𝗲 𝘄𝗵𝗲𝗻 𝗮 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 𝗺𝗼𝘃𝗲𝘀 𝘀𝘁𝗿𝗼𝗻𝗴𝗹𝘆 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝘆𝗼𝘂? It depends on the size the position has reached within my portfolio and on the level of risk I am comfortable taking. If a position becomes too large or its volatility starts making me uncomfortable, I will usually reduce my exposure. That being said, I am constantly looking for new opportunities and sometimes reallocate capital toward businesses that appear more attractive to me. The best example is probably AppLovin. I started investing in the company in July 2024 at around $80 per share. Less than a month later, the stock had fallen to approximately $66, a decline of more than 18%. I did not sell. In fact, I did the exact opposite: I increased my position. Why? Because my fundamental conviction remained intact. Three months later, the stock was trading above $130. A few months after that, it surpassed $600. Unfortunately, I sold too early. This experience taught me an expensive but valuable lesson: let your winners run. If a stock rises dramatically, taking partial profits may be reasonable, but selling the entire position is not always the best decision. 𝗗𝗼 𝘆𝗼𝘂 𝘂𝘀𝗲 𝘁𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝘀𝘁𝗼𝗽-𝗹𝗼𝘀𝘀𝗲𝘀 𝗼𝗿 𝗳𝘂𝗻𝗱𝗮𝗺𝗲𝗻𝘁𝗮𝗹 𝗶𝗻𝘃𝗮𝗹𝗶𝗱𝗮𝘁𝗶𝗼𝗻? I do not use technical stop-losses. In my opinion, they often provide an illusion of safety. If a company releases terrible earnings, a 5% stop-loss may not protect you at all. The stock can easily open much lower than your stop price. On the other hand, markets frequently overreact to misunderstood information. A stock may drop 10% because of a headline, only to recover and rise significantly a few days later. This happened to me several years ago with an insurance company investment. One lesson I learned is that too much information and too much noise can sometimes be harmful to investors. For anyone interested in this topic, I highly recommend reading The Black Swan by Nassim Nicholas Taleb. 𝗔𝗿𝗲 𝘆𝗼𝘂 𝘄𝗶𝗹𝗹𝗶𝗻𝗴 𝘁𝗼 𝗯𝗲𝗰𝗼𝗺𝗲 𝗺𝗼𝗿𝗲 𝗱𝗲𝗳𝗲𝗻𝘀𝗶𝘃𝗲 𝗼𝗿 𝗵𝗼𝗹𝗱 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗰𝗮𝘀𝗵 𝗱𝘂𝗿𝗶𝗻𝗴 𝗱𝗶𝗳𝗳𝗶𝗰𝘂𝗹𝘁 𝗺𝗮𝗿𝗸𝗲𝘁𝘀? Most of the time, I remain invested. I generally prefer owning fewer than ten companies. Finding one truly exceptional investment idea is already difficult enough. Owning too many positions can dilute returns. I do very little market timing. History has repeatedly shown that missing just a few of the market's best days can significantly reduce long-term performance. 𝗪𝗵𝗮𝘁 𝗵𝗮𝘀 𝗯𝗲𝗲𝗻 𝘆𝗼𝘂𝗿 𝗺𝗮𝘅𝗶𝗺𝘂𝗺 𝗱𝗿𝗮𝘄𝗱𝗼𝘄𝗻, 𝗮𝗻𝗱 𝘄𝗵𝗮𝘁 𝗱𝗶𝗱 𝘆𝗼𝘂 𝗹𝗲𝗮𝗿𝗻 𝗳𝗿𝗼𝗺 𝗶𝘁? My maximum drawdown has been around 18%, following a period of strong portfolio growth in early 2023. (The 76% drawdown displayed by eToro in August 2021 is a platform display error, and I still have an open support ticket regarding this issue.) The most important lesson I learned is the value of dollar-cost averaging (DCA). Investing regularly helps smooth volatility, reduces emotional stress, and makes it easier to stay invested during difficult market conditions. 𝗜𝘀 𝘆𝗼𝘂𝗿 𝘀𝘁𝘆𝗹𝗲 𝗺𝗼𝗿𝗲 𝗺𝗼𝗺𝗲𝗻𝘁𝘂𝗺, 𝘀𝗲𝗰𝘁𝗼𝗿 𝗿𝗼𝘁𝗮𝘁𝗶𝗼𝗻, 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝗴𝗿𝗼𝘄𝘁𝗵, 𝗼𝗿 𝘁𝗮𝗰𝘁𝗶𝗰𝗮𝗹 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘀𝗺? I have a long-term investment mindset, even if some positions remain in my portfolio for only a few months. I primarily look for companies that are: - Operating in growing industries; - Highly profitable; - Lightly indebted; - And, in my opinion, undervalued by the market. Recent examples include AppLovin, Micron, and 2CRSI. On the other hand, I generally avoid airlines and automotive manufacturers. These industries often suffer from intense competition, lower margins, and mature markets. 𝗛𝗼𝘄 𝗺𝘂𝗰𝗵 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝗰𝗲 𝗱𝗼 𝘆𝗼𝘂 𝗴𝗶𝘃𝗲 𝘁𝗼 𝘁𝗲𝗰𝗵𝗻𝗶𝗰𝗮𝗹 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀? None. I try to view businesses the same way I would view real estate. Nobody rushes to sell a house simply because an appraisal suggests it is worth 5% less than a few months ago. What matters most is future value. Investing often requires identifying something that the market has not yet fully recognized and having enough confidence in your analysis to act before the consensus catches up. $NSDQ100 $SPX500 ⚠️ 𝘙𝘪𝘴𝘬 𝘞𝘢𝘳𝘯𝘪𝘯𝘨: 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘯𝘰𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘢𝘱𝘱𝘭𝘺 𝘪𝘵 𝘰𝘳 𝘯𝘰𝘵 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘤𝘩𝘰𝘪𝘤𝘦. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.