For 6 years, from January of 2018 to August of 2024, I blogged about every stock I bought or sold in my own personal account in real time. I tried to be as transparent as I could; highlighting my wins as well as my losses. And as I went, I tried to unearth a few nuggets of value investing wisdom. During that time, I tripled the value of my portfolio, beating the benchmark Russell 2000 Total Return index by 12% per year. Below is a list of all the blog posts related to my portfolio that I published over this time. I had a remarkable run, although it was not without its ups and downs. Even though the trades are now all in the past, hopefully readers can find some useful insights in these letters that will aid them on their own investing journeys.
For an even fuller accounting, you can also visit my portfolio archive to find a list of all the stocks I have owned since my portfolio's inception in 1996...
2018
Oil stocks, auto parts, overheated markets and opportunity. A look back at 2017 and a look forward into 2018.
An in-depth look at why this rapidly expanding alternative lender is a bargain at the current price.
With a global footprint, record sales and earnings and a shiny, new acquisition in the works, this automotive and industrial manufacturing company is firing on all cylinders.
I recently added this chain of farm equipment dealerships to my portfolio. I feel it offers good value as the sector continues to recover from the downturn of the last few years.
I recently initiated a small position in this provider of in-home ventilation assistance for patients with end stage respiratory disease.
The mystery is revealed: A roll-up play in the construction industry catches my eye.
Why I think this company might have what it takes to survive the retail apocalypse.
This wealth management company has weathered previous market storms well and seems to offer compelling value as we sail into rougher waters ahead.
In the final 2 months of the year I sold Atlas Engineered Products, pared back on my Essential Energy Services and Geodrill holdings and added Gluskin Sheff to the mix. 2018 was a year full of surprises. I take a look back at the tumultuous year just ended and look ahead at what might be in store for investors in 2019.
2019
I have lost faith in a meaningful recovery in the western Canadian oil and gas sector. I have sold my Macro Enterprises and Essential Energy Services and with the money from these sales, have placed my bets on the current market rally losing steam by the end of the year.
A defensive stock at a reasonable price. This new addition to the mispriced markets portfolio could benefit from the need to upgrade our aging electricity transmission infrastructure.
This fashion retailer offers potential value as it continues to grow its online presence and expand its international footprint.
After an unusually long stay in the portfolio, Geodrill is shown the door.
No longer convinced that the next recession is just around the corner, I sold off all of the put options I was using to protect the portfolio and am now operating without a safety net.
I recently sold my Questor Technology, locking in a satisfying 596% gain from my initial purchase price.
Gerry Schwarz and I must be using the same playbook as Onex makes a second takeover offer in as many months for one of my portfolio companies.
After an extensive review of the investment landscape following the first quarter earnings season, I decide to jettison Preformed Line Products from the portfolio, take profits on PHX Energy Services and add a new name, Bird Construction to the stable.
After careful consideration, I bought back into Essential Energy Services after abandoning it only a few months earlier. The valuation was simply too low to ignore.
I’m hoping to turn weight loss into portfolio gains with this rapidly expanding multi-level marketing company.
I recently added this chain of sporting apparel and footwear stores to my growing collection of beleaguered US retailers.
After watching from the sidelines for the past year, early signs of a turnaround convinced me to take a chance on the recovery of this once promising apparel retailer.
A comprehensive look at the inner workings of the mispriced markets portfolio. What is it? Why am I publishing it? How often is it updated? How do I choose which stocks make it onto the list and how might you use it in your own investing?
Abandoned by investors long ago, Canada’s legacy yellow pages company may be quietly transforming itself into a modern digital media, marketing and e-commerce success story.
As signs of an impending recession accumulate and trade war tariffs loom, the resultant investor gloom is throwing up some very interesting investment opportunities.
An interesting play on the coming 5G revolution unexpectedly shows up on my screens.
With a very aggressively positioned portfolio, I am charging full steam ahead into the new decade.
2020
Looking to raise some cash, I sold off my holding in Medifast .
Harsh customer reviews prompted me to take what profits I could on this evolving online marketing company.
A balance sheet stuffed to the brim with cash encourages me to tempt fate and add yet another retailer to the portfolio even as we head into what is looking like a possible retail Armageddon.
To make room in the portfolio for Tilly’s, I decided to sell off my position in Big Lots.
People are always going to want a clean pair of underwear. With that in mind, I took advantage of the recent market sell-off to add this global manufacturing powerhouse to my portfolio.
Showing up fashionably late to the pot party.
I make the difficult decision to sell Urban Outfitters as I try to adjust the portfolio to best take advantage of this new investment environment.
In for a penny, in for a pound. I go all-in on the clothing sector with the purchase of G-III Apparel.
With the markets and the economy in disarray, the average p:e ratio of my portfolio has fallen to a level I haven’t seen since 2008.
The combination of a quick return on my initial investment and a rapidly deteriorating industry outlook prompts me to beat a hasty retreat.
First quarter results that came in below my expectations have me rethinking my position in this company.
Looking across the valley to the other side of this crisis, I plan for an eventual recovery and add 5 new stocks to the portfolio: Teck Resources, Magellan Aerospace, Foot Locker, Adcore Inc and PHX Energy Services.
A play on natural gas finds its way into the portfolio and I bid adieu to an old friend.
I take a comprehensive look at the retail sector in the United States. In the end, two new names enter the portfolio and four existing holdings get the boot.
I cast a critical eye on my recent performance and uncover some interesting stats from a pile of old brokerage statements.
I move to the sidelines as the company invests more heavily in its cannabis 2.0 future.
Sold on its merits, I add Omnicom to the fold.
I get my hands dirty with a manufacturing company and use some recent share price strength to take profits on two of my existing holdings.
Unpleasant news from both these companies has me re-thinking my exposure to these speculative growth stories and selling out at a loss.
A stunning stock market recovery caps a surreal year in the markets and offers me a golden opportunity to take a little risk off the table.
2021
Kohl’s stock has performed very well in the 4 months that I’ve owned it and may have already priced in a good portion of its presumed post-covid recovery. Given the uncertainty that still surrounds this company, the economy and the fate of the department store model in general, I decided to take my profits early.
A 300% gain from this alternative lender puts it on the plus side of the ledger.
Lessons learned from a year of crisis and an optimistic look at the road ahead.
To commemorate the 25th anniversary of my initial foray into the markets, I look back at my experiences over the past two and a half decades and dive into a little more detail on my historical returns, hoping for some insight into what the future might bring.
In this bizarre feast or famine covid economy, I bypass many of the more obvious winners and instead add a covid casualty to the portfolio, hoping that a reopening of the economy will fuel a recovery in this company’s fortunes.
It is with some regret that I sell my Cervus Equipment shares into the recent takeover offer.
Strong commodity prices offer a good exit point.
I take advantage of a widening valuation disparity to switch horses, selling my Genesco at a tidy profit and moving that money into Foot Locker.
In an effort to clean house and focus in on my highest conviction ideas, I sell Melcor Developments and Casa Systems. I explore the state of the markets, discuss the findings from my latest quarterly review and map out my strategy going forward.
With the threat of inflation lurking in the shadows, a dose of some good old “rocks and trees” can’t hurt the portfolio.
An exciting play in the technology sector uses up the last of my excess cash.
Excellent returns in 2021. Could value make a comeback? A big project promises to keep me busy.
2022
A significant acquisition weakens the balance sheet and has me looking for greener pastures.
I sell Essential Energy Services and double down on Linamar and Foot Locker. I claim to rarely be mistaken even though I am frequently wrong. I wonder whether overweighting cash is really a defensive move in this environment and I use my new stock screening spreadsheet to showcase the process I use to find new investments.
I’m taking a dimmer view of market conditions than most, but nonetheless manage to find something sparkly to add to the portfolio.
A deteriorating near-term outlook has me switching lanes.
Stock market declines have me singing a cheerier tune and adding four new stocks to the portfolio while one gets squeezed out.
I sell BGSF and declare an official end to a long and lucrative relationship with micro cap stocks. I look past the current market turbulence and review the portfolio from a more optimistic perspective, with an eye to the next business expansion. I also try to figure out where we stand after the recent market mayhem.
I decide to climb out before I dig myself any deeper into this hole.
There are value traps everywhere you look these days. I avoid the temptation to try to grab some of the cheese and instead hunker down in the relative safety of my current holdings.
A surprisingly good year rounds out the first 5 years of mispriced markets.
2023
As the covid bull market winds down, everyone is waiting for the other shoe to drop. What better way to pass the time then, than by loading up on yet another shoe company?
I make a few changes to the portfolio and take this opportunity to complain about value traps some more.
A value trap snaps shut.
Hibbett Sports makes a return appearance and replaces Designer Brands in the portfolio. I also introduce the 5 year P:E ratio for the first time and use this tool to evaluate my current portfolio holdings.
Lowered expectations and a rising stock price have me selling out of this paper manufacturer.
Another blockbuster year. And I reveal the secret to my investing success.
2024
Back the truck up.
Portfolio alumnus Medifast returns to the fold, replacing takeover target Hibbett.
The canaries are singing. I sold my Omnicom stock to put some money in the war chest.
A new beginning for Mispriced Markets.