2023 was another year of outperformance vs S&P 500 but not amazing. Biggest winners:
$PBR $EC $BAK $VTNR (credit to
@calvinfroedge blog for those ideas) &
$ASTL. Biggest losers:
$TSE $POSAF &
$QRTEA.
2024 names:
$AG - levered play on silver rising
$ASTL - attractive steel name
$BAK - special situation
$EC - very cheap way to play rising oil
$FTNT - most expensive I've ever bought, very high quality/growth
$LFVN - historically high ROIC, cheap but may exit soon as I don't love the business
$LUKOY - frozen
$OTIS - not cheap but an oligopoly and multi-year/decade compounder
$PAAS - play on silver 📈
$PBR - very cheap/quality play on oil 📈
$POSAF - decline in PIN acceptance rates within cannibis industry has introduced risk since purchase
$QRTEA - most assymetric in portfolio; company is executing well thus far on Project Athens
$TROW - cheap dividend payer
$TSE - poor couple of years; should have sold but can't bring myself to do so at cyclical lows
$VTNR - bought on tax selling; high short interest, super cheap on FCF and sum-of-parts valuation