Portfolio Update: Mid-Year Review!

“To achieve superior investment results, you have to hold non-consensus views regarding the value, and they have to be right. That’s not easy… The good news is that the prevalence of first-level thinkers increases the returns available to second-level thinkers. To consistently achieve superior investment returns, you must be one of them.”- Howard Marks.

At the beginning of the year, we came out with “Model Portfolio 2023”, predictions about various asset classes across Equities, FX, Commodities, Precious Metals and Credit Markets.

While “as usual”, we were right on some, which in fact yielded handsome returns (more later on) and wrong on others.

As an investor, long-time readers will resonate that our focus remains on analyzing the global business cycles and allocating money accordingly.

The best outcome remains not to lose money or not to significantly underperform the benchmark, eve…