This Time Is Different

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I thought the pandemic-fueled days of speculative excess were over, but the past few weeks have put that premature notion to rest. Just a few examples: The return of meme stocks, like Bed Bath & Beyond. BBBY is up 21% YTD and at one point was up 108%, despite
Eric Bjorndahl
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In 2022, my portfolio returned 5.78% and the S&P 500 index returned -18.11%. Cash holdings averaged 46% for the year. Personal Performance vs. S&P 500…
Eric Bjorndahl
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Since my last post, various indices have come down 12-15%. Some individual stocks are down considerably more. While I would love to claim prescience…
Eric Bjorndahl
After some thought, I’ve decided to exit most of my stock positions in the USA except for one relatively small and extremely unpopular company that…
Eric Bjorndahl
2
Here is a simple thought experiment: In 2021, US venture capital backed companies raised $330B, roughly $180B above the average of 2018-2020 (source) VC…
Eric Bjorndahl
The biggest challenge for me right now is maintaining a strict valuation discipline, with a focus on individual companies and margin of safety, while…
Eric Bjorndahl
2
Margin of safety, objective ignorance, uncertainty
Eric Bjorndahl
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Notes to self
Eric Bjorndahl
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This Time Is Different

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