Strengthening Conviction
Over the past two days, I made a few adjustments to the portfolio.
Yesterday, I increased my positions in Safran and Alphabet.
Today, I reduced my position in ASML and used the proceeds to strengthen Visa.
These decisions do not reflect a change in my conviction about ASML. I continue to consider it one of the world’s finest businesses and a cornerstone of the semiconductor industry.
Rather, they reflect a simple principle: capital should continuously be allocated to the opportunities that I believe offer the best long-term combination of quality, resilience, and compounding potential.
Every investment in the portfolio must justify its place.
This week’s adjustments further increased my exposure to businesses with durable competitive advantages, strong cash generation, and the ability to create value over decades.
Successful investing is not about predicting the next quarter.
It is about patiently building a collection of exceptional businesses that can outlive us.