The Cardinal Sin - Portfolio Review Q2 2026
The last 3 months have felt like 3 years, with some good trades and some bad trades along the way, but that’s just part of the Game!
If there’s one mistake I did that I consider a Cardinal Sin is that for a brief moment in time I actually believed that it’s NOT all nonsense.
For a brief moment in time I believed that closing the Hormuz Strait could lead to an Energy Crisis (as if disrupting 20% of the World’s Crude supply would impact the Energy Market!), that Agricultural Commodities could rally due to fertilizer shortages (since when do crops need fertilizers anyway?!), that Trump was serious about “ending a Civilization” (what is this, the board game of “Risk”?), that things were getting “serious”…
…and suddenly nothing made sense anymore.
Luckily we got our head straight pretty quickly and went back to realizing it’s all nonsense … and suddenly it all made sense again!
The money we lost buying “useless" things like agricultural commodities (who needs to eat anyway!), we made back and then some by buying Space Ponzis into the SpaceX IPO, booking the gains and giving thanks, while later pivoting to Robotics as “The Next Rolling Ponzi” …
…though we were especially happy with the gains in Biotech and uniQure, because it was a major win for the Huntington’s Disease community…
… which shows that within all this “nonsense”, we can find “meaning” too!
It’s worth clarifying that it doesn’t mean to say that if it’s “nonsense”, it can’t go “down”. It absolutely can. For example we sold Redwire (aka the “Space Ponzi”) for a multi-bagger gain and it’s now 50% lower from where we sold.
It was nonsense on the way up, and it was nonsense on the way down!
Here’s a meme for the kids at the back:
All we are saying is that the Market is a Game but with real money involved.
We love to play this Game…
…and it makes it a lot easier once you realize it’s all nonsense.
We give thanks🙏