AHHH IT’S REWIND TIME… again

2022 was a bad year…again. I lost 20.5% of my portfolio this year, slightly worse than the -19.5% last year. Comparing to S&P500 that lost 19.44% and QQQ that lost 32.58% last year, I didn’t do so bad after all, even though it was still bad.

Below are all my open position and closed positions, plus my thoughts and comments.

Open Positions

KWEB (-14%, 15% of portfolio)

Still holding onto my basket of Chinese internet stocks. Bought more at $27 thinking it was peak fear but it went as low as $17.

Don’t buy too much too fast. As the saying goes - “Markets can remain irrational longer than you can remain solvent.”

GOOG (-15%, 14% of portfolio)

Started buying at $120 and had my last buy at $85. I have my full position in Google already, hopefully it doesn’t drop like BABA.

BABA (-48%, 11% of portfolio)

Another year as a BABA bagholder.

CSPX (breakeven, 10% of portfolio)

S&P500 ETF that I bought is one of the best performing assets in my portfolio… I guess that is the price of active stockpicking.

SMH (-4%, 9% of portfolio)

Tried to understand the semiconductor industry but couldn’t figure out which company is better.

BTC (-45%, 8% of portfolio)

The bubble did pop and I held it all the way down.

AMZN (+1%, 4% of portfolio)

Did my DCF and sum-of-parts analysis and figured that Amazon stock should be worth around $110. Bought at $83 and will buy more if it drops.

DIS (-21%, 3% of portfolio)

Bought Disney for the strong brand even though the price is not exactly cheap.

ETH (-45%, 2% of portfolio)

Still holding a small bag of ETH.

META (-47%, 2% of portfolio)

Bought at $225 thinking I was being greedy when others were fearful… Then it dropped another 50%.

Even thought it’s really cheap at 10~15 PE, I didn’t catch the knife this time. Maybe because I don’t have strong enough conviction in META, or maybe because I have trauma from BABA. Not buying more might turn out to be a bad decision.

AAPL (+9%, 1% of portfolio)

Apple is still the strongest company of all companies.

Closed Positions

CLOV (-90%)

Finally sold the stock on the last few trading days of the year. Just wanted to start 2023 with my biggest mistake gone, but in hindsight I might have sold the bottom.

IPAY (-14%)

The company is in a growing industry with a P/E ratio of only 3. Sold after the Serba Dinamik saga as the company has the exact same problem - high receivables.

Sometimes a company has a low valuation for a reason.

TENAGA (-11%)

Sold the company to raise cash to put into US stocks. Probably almost broke even including the dividend I recieved in the 2 years of holding the stock.

GENTING (-1%)

Decided to have a more concentrated portfolio so I sold off all the smaller positions that won’t move the needle.

TWTR (+1%)

Yep I FOMO’d again.

Bought the stock when I saw the news of Elon Musk buying, thinking I will not miss the Elon hype train again after Doge and Tesla. Sold after cooled off and realized it is just billionaire doing billionaire shit.

GENM (+35%)

Selling off all the smaller positions, with some nice gains this time.

PBBANK (+46%)

Sold when I found that it is trading at almost 2 times book value, which is very high for a bank and relatively high compared to its historical P/B. Turned out I sold almost at the top.