There is a number in this update that is worth sitting with before anything else.
Across twelve positions, the winners have generated $918.91 of gains. The losers have generated $936.95 of losses. The equity sleeve of the portfolio is therefore net negative by roughly $18, on a cost basis of just under $8,000.
Seven positions up. Five down. Net flat.
That is not a disaster and it is not a success. It is what a real portfolio looks like partway through a thesis, and it is worth publishing precisely because most portfolio updates are written to avoid this arithmetic rather than to lead with it.
Inside this update: the complete position table, the rationale for the new position added since the last report, a thesis check on the holding that was down 44% in June and is now down 24%, and an honest decision framework for the three positions sitting on losses above 50%.
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