PHE and PHT
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Hi V,
When we launched in 2022 (and the forum is a good record for this) I said something along the lines:
I argued that technology was transitioning into a dominant innovation cycle likely to deliver sustained alpha and above-market earnings growth over the coming decade.
I havent changed my mind. The mandate for the portfolio is pure tech and businesses that benefit from its heavy use.
New opportunities present themselves along the way and we have been very active, moving away from some names and investing in others. Bio tech as well which has been a good investment also.
One should try and ignore geo political noise-yes it can be quick and profound at times but good companies correct just as quickly.
At the end of the day, investors conflate 'tech is a bubble' with some companies are a bubble. Look at AMD. The also-ran which gets some good news and it doubles-why? It's not rational but we get back to psychology. The 3 legged dog which wins 1 race and all of a sudden it's the champ. Crowdstrike is trading at a multiple of 150, so is Palantir. I can't tell you why, it makes no sense to me. But I can be sure that one wrong move and the stock will get battered-again.
The market is a pool of undervalued and overvalued companies. I have my own measures to gauge what a good investment is and im very happy with what we hold.