Happy New Year 2022!
Last year was the busiest I have ever had. Thus,
did not have time to post. But also did very little in terms of change in
portfolio. There was no need because we had already rotated in 2020-2021
heavily towards value from the hot stocks.
I maintain my view that
- some of the stocks are grossly overpriced
- on the other hand, one can find still reasonably priced stocks
Despite the flight to value, we managed to have the best year
ever in terms of absolute gains. In terms of year-on-year growth the year was
second best (only second to 2019) at 27,2%.
Relative to our benchmark investment the portfolio gained 1,1%
extra.
Portfolio performance 2009-2021 (chart).
Portfolio performance 2009-2021 (table).
In terms of cumulative yearly gains, we are now 76,3%
above the benchmark investment.
All five best performing stocks are listed in
Finland:
- Nokia +95,8%
- Nordea +60,3%
- Fortum +37,0%
- Capman +31,1%
- F-Secure +29,5%
From our U.S portfolio, Berkshire Hathaway, which is also by far our largest single position in any market, gained 29% when measured in euros.
Last year, I started with wishing that the year 2021 would bring the end of the Coronavirus pandemic globally. Did not happen.
Thus, extending that wish for 2022.
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