The hottest Portfolio Management Substack posts right now

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Portfolio Review - October 2024

The Wolf of Harcourt Street • 339 implied HN points • 01 Nov 24
💰 Finance Portfolio Management
  1. The portfolio reached a new all-time high in value, showing strong overall performance this month. This indicates good investment decisions in the recent past.
  2. Several key companies, like Visa and Meta, reported better-than-expected earnings, reinforcing their growth potential. These results contributed positively to the portfolio's success.
  3. InPost and Nubank remain as targets for investment, reflecting strategies to capitalize on their future performance. Keeping an eye on their stock movements can lead to profitable opportunities.

Everyone's Talking About Lululemon ($LULU) Earnings. Nobody's Looking at This. | PULSE Framework

Behavioral Value Investor • 81 implied HN points • 24 Mar 26
💰 Finance Portfolio Management
  1. Lululemon has consistently positive and rising economic profits and free cash flows, which points to a high-return, growing business.
  2. The company carries almost no net debt so financial leverage is low, though retail lease obligations should be reviewed as a form of off‑balance debt.
  3. Valuation appears attractive with a smoothed free cash flow yield near 7% and an EV cap rate around 10%, so the stock merits further research.

2026 Feels Like 2022. One Big Difference.

Spilled Coffee • 24 implied HN points • 25 Mar 26
💰 Finance Portfolio Management
  1. 2026 feels a lot like 2022, with the market peaking early and then grinding lower as rallies get sold and bad news moves stocks more than good news.
  2. The biggest tech names are leading the decline, with large drawdowns already visible (for example, Microsoft ~31% down, Meta ~24% down, Tesla ~24% down), so this is more than a small pullback.
  3. The macro backdrop — a midterm election year plus an energy shock — is adding to uncertainty and creating a similar wall of worry to what was seen in 2022.

Investment Portfolio Strategies - A Beginner's Guide (Part 1)

Concepts of Finance 🧠 • 379 implied HN points • 26 Sep 24
💰 Finance Portfolio Management
  1. Having an investment strategy is important because it helps you reach your financial goals. It guides your decisions based on your goals, how much risk you're comfortable with, and your future needs.
  2. Different investment strategies exist, like the 60/40 portfolio which mixes stocks and bonds, or the All Weather portfolio which is built for various economic conditions. Each has its pros and cons depending on your investment style.
  3. Before investing, ask yourself key questions about your savings, future expenses, and how much risk you can handle. This will help you create a strategy that fits your personal financial situation.

Lessons of a First-Time Fund Manager

The Generalist • 1621 implied HN points • 05 Feb 26
💼 Business Portfolio Management
  1. If this is your first fund, resist the urge to rush deals to prove yourself; take the time and deploy at a pace that fits your strategy rather than following hot rounds or other people's urgency.
  2. Build real relationships and show conviction — first checks earn special trust, and being helpful or decisive can win you access even without a formal raise; for a small fund, fighting for every extra dollar matters.
  3. Get better at reading hard-to-explain signals and prefer simple, clear investment theses; progress is nonlinear, top investors can be wrong or uncover things you miss, and most funds will make many bad bets, so stay humble and proactive in sourcing.
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The PULSE Framework: Start With the Vitals, Not the Narrative

Behavioral Value Investor • 200 implied HN points • 09 Mar 26
💰 Finance Portfolio Management
  1. Use the PULSE framework as a fast triage tool that pulls five financial "vitals" from all three statements so you can quickly sort stocks into not interesting, attractive-but-expensive, or attractive-at-a-good-price. This lets you focus deeper research only on the most promising ideas.
  2. Look first at Economic Profit over time and Underlying Free Cash Flow (adjusted for stock options and compared to net income) to see if a business truly earns above its cost of capital and converts profits into real cash. Consistent, rising economic profit and a healthy FCF-to-net-income ratio signal higher quality.
  3. Always check leverage and valuation together: use Net Debt/EBITDA to spot risky capital structures, a Smoothed FCF yield (multi-year average brought forward by expected growth) to assess sustainable valuation, and an EV cap rate (last 12 months plus debt) to avoid companies that only look cheap because of heavy debt. Combining these measures helps catch hidden risk and find genuinely attractive prices.

Entering the Bearhole

DeFi Education • 1218 implied HN points • 04 Aug 24
💰 Finance Portfolio Management
  1. It's tough to decide when to take profits during a bull market because people often fear missing out on more gains.
  2. Investors might take on more risk when their long-term investments are doing well, which can lead to mistakes.
  3. Being aware of your emotions and market psychology can help you make better financial decisions.

DeFi Education Q&A (July 2024 pt. 2)

DeFi Education • 679 implied HN points • 10 Aug 24
🔮 Crypto Portfolio Management
  1. The DeFi market is currently facing some challenges, so it's important to be cautious and reduce high-risk investments like leverage.
  2. After a market dip, there might be good buying opportunities soon after, but it's wise to approach these with a short-term mindset.
  3. Staying updated on market trends and being part of a community can help you navigate through the ups and downs of investing.

Using Options As A Value Investor: Part 1

Behavioral Value Investor • 118 implied HN points • 02 Mar 26
💰 Finance Portfolio Management
  1. Options can enhance a value investor's returns when used alongside rigorous fundamental valuation and a long‑term investment process.
  2. Never assume unlimited downside risk — avoid naked calls and other strategies that expose you to unlimited losses.
  3. Know the basics: calls and puts give rights to buy or sell at a strike price, American options can be exercised anytime, options trade on exchanges, and using covered positions (like covered calls or puts) limits obligations and can lower your effective purchase price.

Perplexity Finance 101: The Complete Guide to AI-Powered Portfolio Tracking, Hidden Features & 80+ Power Prompts

The Product Channel By Sid Saladi • 13 implied HN points • 19 Mar 26
💰 Finance Portfolio Management
  1. Perplexity Finance is an AI-powered financial research terminal that gives cited, real-time answers and can even connect to your brokerage to analyze your actual portfolio.
  2. It consolidates market dashboards, heatmaps, earnings transcripts, SEC filings, portfolio analytics, crypto feeds, and alerts into one place so you can do deep research without hopping between tabs.
  3. The free tier is very capable for casual investors, Pro (about $20/month) is great value for serious research, and Max is aimed at power users as the product scales and attracts heavy investment.

TBM 400: Strategic Portfolio Management Meets Product-Centricity

The Beautiful Mess • 396 implied HN points • 09 Jan 26
🕹 Technology Portfolio Management
  1. Software products and teams aren’t like stocks — they’re tightly entangled, slow to change, and hard to reallocate without big, lasting consequences.
  2. Lean and centralized portfolio approaches can restore flow and stabilize teams, but they often still assume capacity and flow are more liquid and reversible than they really are.
  3. In product-led tech organizations, portfolio decisions naturally live with product leadership and require organizational design choices (team topology, hiring, platform investment) rather than just a separate PMO doing prioritization.

10-Minute Investment Autopsy No. 4: Advance Auto Parts

Behavioral Value Investor • 59 implied HN points • 26 Feb 26
💰 Finance Portfolio Management
  1. The automotive aftermarket looks like a stable, slow-changing business where short trips, urgency, low ticket sizes, and helpful in-store service create repeat customers and limit online disruption, which can support margin improvement like competitors have shown.
  2. Execution risk mattered: same-store sales were weaker than expected even as margins improved, but better results at peers suggested the problems were company-specific rather than structural, so early misses didn’t automatically change the value view.
  3. The market quickly priced in expected synergies from a large acquisition, closing the gap to intrinsic value and creating a clear exit opportunity, and sensible position sizing plus discipline let the investor realize the gain.

Forward Looking Investing Radicalism

QTR’s Fringe Finance • 26 implied HN points • 02 Mar 26
💰 Finance Portfolio Management
  1. Being contrarian usually means you’ll be isolated from the crowd.
  2. Recency bias runs the industry; recent success is treated as timeless and recent failure is written off as broken.
  3. Many people sell toxic financial products dressed up in faux‑academic jargon, and hobbyists often claim to be forward‑looking while obsessively staring at the past.

The Evolution of Behavioral Value Investor

Behavioral Value Investor • 118 implied HN points • 29 Jan 26
💰 Finance Portfolio Management
  1. A paid tier is launching to help serious investors systematically improve, centered on a weekly "10-Minute Investment Autopsy" case study plus deeper company deep-dives, frameworks, and templates.
  2. Free content and the Value Investing Seminar will remain available, while paid members get a moderated community, regular interaction, an annual Zoom Q&A, and group or educational rates for teams and professors.
  3. The service is explicitly educational, not a stock tip or portfolio service — no public recommendations or portfolio transparency — and aims to improve your investing process with as little as about 30 minutes a week.

7 Investing Habits That Matter More Than Stock Picks in 2026

Behavioral Value Investor • 193 implied HN points • 30 Dec 25
💰 Finance Portfolio Management
  1. Be honest about your strengths and weaknesses as an investor and focus on improving your process; pick one area to work on deeply rather than trying to change everything at once.
  2. Do less trading and spend most of your time reading and learning, but be prepared to act decisively and take large positions when a high-conviction opportunity within your circle of competence appears.
  3. Keep realistic return expectations and maintain high investment standards; ignore market noise, hot trends, and persuasive promises that erode your margin of safety.

[2025–2026] Week 18: The Investment Checklist by Michael Shearn

Behavioral Value Investor • 29 implied HN points • 20 Feb 26
💰 Finance Portfolio Management
  1. Favor businesses that are predictable and don’t change much over the long term, because stability makes forecasting and compounding easier.
  2. Prioritize honest, competent management and alignment with owners, since trustworthy leaders and CEOs who are engaged materially improve long-term outcomes.
  3. Use a structured, checklist-based research process and deliberate practice: customize the checklist to your approach, be realistic about the time needed to become proficient, and accelerate learning by discussing work with peers.

The 10-Minute Investment Autopsy Series: A Guide for Thoughtful Investors

Behavioral Value Investor • 52 implied HN points • 04 Feb 26
💰 Finance Portfolio Management
  1. A weekly 10-minute series will analyze past investment decisions to help experienced investors improve their process quickly.
  2. Each autopsy reviews the original thesis, lays out the facts of what happened, explains why it unfolded that way, and extracts practical and behavioral lessons.
  3. Readers are encouraged to actively engage by pausing after the thesis, questioning assumptions and biases, and using the lessons to avoid mistakes or spot opportunities.

10-Minute Investment Autopsy No. 2: Ferrari

Behavioral Value Investor • 37 implied HN points • 12 Feb 26
💰 Finance Portfolio Management
  1. Ferrari was seen as a better-than-expected business with low capital needs, lots of unserved demand, and deserved a luxury-style valuation.
  2. The investor’s unit forecast came true (≈9,000 cars) but earnings missed big — EBIT was €825M and margins 24% versus a €1.4B / 35% forecast — yet the stock still outperformed the market.
  3. Exact numeric precision wasn’t necessary: a strong qualitative thesis about business quality and demand drove good returns even though the detailed forecasts were off.

[2025–2026] Week 19: Superforecasting: The Art and Science of Prediction by Philip Tetlock

Behavioral Value Investor • 14 implied HN points • 27 Feb 26
💰 Finance Portfolio Management
  1. Start building an investing checklist early and update it as your approach evolves so it becomes a reliable repository of your process and decision rules.
  2. Learn and practice forecasting skills by studying what makes superforecasters better than average and by making clear, probabilistic predictions to sharpen judgment.
  3. Share your answers in a single comment and engage with others' responses to learn through feedback and community discussion.

Dirty Secrets: Eight SMIDs

The Last Bear Standing • 47 implied HN points • 21 Jan 26
💰 Finance Portfolio Management
  1. A transparent, live model portfolio of eight small- and mid-cap (SMID) stocks is being set up to track contrarian ideas with clear entry, exit, and allocation rules.
  2. Stock picks emphasize off-beat, idiosyncratic names expected to realize fundamental or sentiment inflections within 1–2 years, using both fundamentals and technical reversals, and allowing opportunistic leverage.
  3. The portfolio is concentrated and dynamic—anchored by four core long positions with four smaller tactical slots—prioritizing total return over liquidity and volatility and promising ongoing updates for accountability.

[2025–2026] Week 17: Big Money Thinks Small by Joel Tillinghast

Behavioral Value Investor • 29 implied HN points • 13 Feb 26
💰 Finance Portfolio Management
  1. Read Joel Tillinghast’s Big Money Thinks Small and answer six focused questions about his investment style, background, best and worst investments, stock ideas, and an AI-based prompt.
  2. His approach emphasizes finding small, undiscovered companies by doing on-the-ground research and favoring inexpensive stocks judged by current profits and cash flow, combining a Peter Lynch–style search with a Neff-like value focus, while recognizing how randomness can affect short-term results.
  3. Participants should post all answers in a single comment, engage respectfully with others, and note that the next assigned book is The Investment Checklist.

Warner Bros.: How 5 Mental Models Turned Lonely Conviction into a Big Win

Behavioral Value Investor • 104 implied HN points • 17 Dec 25
💰 Finance Portfolio Management
  1. Use several mental models together instead of relying on intrinsic value alone. When ideas like "good business vs bad business," potential vs kinetic energy, and auction dynamics line up, they can reveal big opportunities.
  2. Focus on unique assets and how they can be better monetized or separated from weak parts of the business. Actions like spin-offs, stronger IP monetization, or strategic interest from acquirers can turn hidden value into real gains.
  3. Use long-dated options selectively and size positions to get asymmetric payoffs while managing time risk. Also keep in mind that competitive auctions or strategic bidders can push prices far above standalone intrinsic value, so lock in gains when it makes sense.

[2025–2026] Week 13: You Can Be a Stock Market Genius by Joel Greenblatt

Behavioral Value Investor • 29 implied HN points • 16 Jan 26
💰 Finance Portfolio Management
  1. Human behavior keeps repeating, so psychological biases and recurring irrationality are central to how markets misprice securities.
  2. Come to the market with a clear, entrenched investment process and a strong sense of who you are, because learning by trading costs you dearly; identity and anxiety often drive choices more than cold arithmetic.
  3. Special situations like spin-offs, restructurings, rights offerings and takeovers create repeatable templates to find mispriced assets, so evaluating which categories are more efficient today and compiling candidate opportunities is a practical next step.

My Personal Investing Journey

Jay's Data Stream • 5 implied HN points • 19 Feb 26
💰 Finance Portfolio Management
  1. Buy-and-hold only reliably works for broad index funds, because they spread risk across many companies; individual stocks or crypto can go to zero, so you can’t treat every asset the same.
  2. True diversification means different exposures, not just different labels — owning the S&P plus a bunch of U.S. tech bets is still concentrated; an automated, multi-asset portfolio with regular rebalancing helps you survive big drawdowns.
  3. Use clear rules and position sizing: keep a small YOLO bucket, only hold individual bets you would buy at today’s price, and pay attention to fees and fine print because small differences compound over time.

Fishing Where the Fish Are

Mindset Value • 255 implied HN points • 05 Feb 24
💰 Finance Portfolio Management
  1. The Mindset Value Wellness Fund had a successful year by focusing on high-performing cannabis stocks
  2. Investing in cannabis companies like Grown Rogue and Glass House can offer significant growth potential
  3. Exploring opportunities in hemp-based beverages presents a new avenue for investment with potentially high returns

Q2 2025 Update: Equanimity Investing

Interconnected • 231 implied HN points • 20 Jul 25
💰 Finance Portfolio Management
  1. Equanimity is important in investing; it's about staying calm and balanced during market ups and downs. This mindset helps investors make clearer decisions despite emotional stress.
  2. Finding the right technology companies to invest in can be tough. Those that are poorly understood or misunderstood offer unique opportunities but require patience and education to explain them to others.
  3. Mistakes are part of the investing journey. Continuously learning and admitting when a strategy doesn’t work is crucial for finding future successful investments.

[2025–2026] Week 15: John Neff on Investing

Behavioral Value Investor • 14 implied HN points • 30 Jan 26
💰 Finance Portfolio Management
  1. Study John Neff’s approach by mapping his investment style, linking it to his background, and evaluating specific examples and modern stock ideas using the six guided questions.
  2. Great investors leverage a personal knowledge edge and apply a broad set of strategies—stalwarts, cyclicals, turnarounds, and long-term growers—using simple, clear theses rather than overcomplicated models.
  3. Use a disciplined, time-efficient routine like a weekly 10-minute investment autopsy to systematically dissect real decisions and steadily improve your investing process.

All In

Market Sentiment • 412 implied HN points • 18 Jun 23
💰 Finance Portfolio Management
  1. Survival in investing means being prepared for bad days.
  2. Diversifying investments can help minimize future regret and balance risk.
  3. Conservative investing can be more important than chasing high returns.

The Value in Cannabis

Mindset Value • 196 implied HN points • 06 Feb 24
💰 Finance Portfolio Management
  1. Focus on investing where the opportunities are, like in the cannabis industry with high potential returns.
  2. Consider exploring investments in craft cannabis brands that show strong operational advantages and growth potential.
  3. Keep an eye on emerging opportunities in hemp-based beverages as a potential growth area in the industry.

[2025–2026] Week 9: Warren Buffett: Partnership Years

Behavioral Value Investor • 44 implied HN points • 05 Dec 25
💰 Finance Portfolio Management
  1. Warren Buffett focused on three investment types during his partnership days, reflecting his diverse strategy. Each investment type had unique traits and risks, which influenced his approach.
  2. Buffett's strategy evolved from his early days to later years, showcasing adaptability in his methods and insights gained over time. He learned to balance risk and opportunity while managing his portfolio.
  3. The seminar encourages participants to engage with each other, highlighting the importance of community learning and sharing different perspectives on investing.

What is a Real Estate Investment Trust (REIT)?

Concepts of Finance 🧠 • 279 implied HN points • 28 Nov 23
💰 Finance Portfolio Management
  1. A Real Estate Investment Trust (REIT) lets you invest in real estate without actually owning properties. You buy shares in a company that owns and manages real estate, earning money from the profits.
  2. REITs generally pay high dividends because they are required by law to return 90% of their taxable income to shareholders. This makes them appealing for income-focused investors.
  3. Investing in REITs gives you access to commercial real estate, offers liquidity like stocks, and can diversify your investment portfolio without the hassle of property management.

Portfolio Review - October 2023

The Wolf of Harcourt Street • 359 implied HN points • 03 Nov 23
💰 Finance Portfolio Management
  1. The author discusses reducing their portfolio from 24 to 20 stocks by selling off positions in companies like SQ, DOCU, IIPR, and JNJ.
  2. They reinvested the proceeds into companies like AMZN, MELI, Adyen, and Evolution.
  3. The author is focusing on concentrated positions in companies like MELI and AMZN, with some cash holdings for future investments.

[2025–2026] Week 10: Warren Buffett: Berkshire Hathaway Years

Behavioral Value Investor • 37 implied HN points • 12 Dec 25
💰 Finance Portfolio Management
  1. He started as a Graham-style deep-value investor but often acted like an activist, pushing management or catalysts to realize hidden value.
  2. Over time he moved toward buying high-quality businesses and whole companies, placing more weight on management, qualitative insights, and long-term compounding than on pure quantitative bargains.
  3. Comparing his partnership years to his Berkshire years highlights practical questions to answer: what to copy or avoid, which investments were best or worst, and how his approach would adapt to different capital sizes and situations.