A Portfolio Is More Than A Collection Of Counters

Sometimes I wonder whether investors treat their portfolios too much like a hobby collection; I own this counter. I own that counter. I have some of this, some of that, and perhaps a few more things because they look interesting.

But are they actually building a portfolio, or are simply collecting investments?

Picture generated by Meta AI

Think About a House

Imagine this analogy: The house is the portfolio, the rooms are the asset classes, and the furniture inside each room represents the individual investments or counters.

A bedroom, for example, may contain a bed, wardrobe, bedside tables and a chair. Each piece of furniture may be good on its own, but putting five beds and no wardrobe into the room does not make much sense.

The same applies to a portfolio. A good investment does not automatically make a good portfolio addition. If I already have plenty of exposure to a particular sector, country or macroeconomic factor, adding another good counter with similar exposure may increase concentration rather than diversification.

The Furniture Has a Purpose

In the Bedokian Portfolio, the five broad asset classes are equities, REITs (real estate investment trusts), bonds, commodities and cash. Each represents a different room in our investment house, and the individual investments are the furniture within those rooms. The allocation determines how much space each room gets. The selection guidelines then help us decide what furniture goes into each room.

So the hierarchy is rather simple: Portfolio first. Asset allocation second. Individual investments third.

Before buying another counter, perhaps one should ask: Does it fill a gap in the house, or am I simply buying another piece of furniture because it looks attractive?

Core and Satellite

There is also a way to think about the “Core and Satellite” approach.

As stated in The Bedokian Portfolio eBook¹, exchange traded funds (ETFs) typically form the core, while individual counters form the satellites. Going back to our house metaphor, the important furniture such as beds and wardrobes can represent the core, providing the main structure and purpose of the room. The bedside table, lamps and other pieces can represent the satellites. They provide additional functionality or character, but they are not the foundation.

Similarly, the ETFs provide broad exposure that forms the foundation, while individual counters allow for more specific exposures or opportunities.

A counter can also appear indirectly in both. For example, an individual company may already be part of an ETF, while a separate holding in that company provides additional exposure. The important point is understanding what each piece of furniture is doing in the room.

A House, Not a Furniture Store

A portfolio should have a purpose, an allocation and a structure; it is not simply a collection of counters sitting in a brokerage account (or a few). One does not furnish a house by buying every piece of furniture that looks good. The rooms come first, then what each room is for, and finally how everything fits together.

Investing is not that different. Buying a good investment is one thing. Putting good investments together is another.

Related posts

Active Or Passive? It Depends

The Quandary of Rebalancing

Try out the Growth Indicator, Equities Indicator and S-REITs Indicator screening app for FREE. You can use it as a web page or save it as an app-like bookmark on your home screen of your computer, tablet or mobile for faster access.

Disclaimer

1 – The Bedokian Portfolio (2^nd Ed), p135-137

The Bedokian Portfolio Turns 10!

Back in July 2016, the first post on this blog went live. It was a short piece, little more than a welcome note explaining that this would be a space for observations and opinions on the markets and the economy, alongside clarifications on The Bedokian Portfolio ebook (then the first edition) that had just been published. I was hoping that the information from the ebook and blog would be useful to whoever was reading them. At that time, there was still a relative shortage of investment books written with a Singapore context, especially in the field of portfolio management. 

Picture generated by ChatGPT

Looking back at the past 383 posts, I had commented on the general market and economic situations, analysed the various securities (vested or not), and shared on the psychological and behavioural aspects of investing. Beyond the blog itself, the past decade also saw the publication of the second edition of The Bedokian Portfolio, The Trading Portfolio Handbook, and an amateur paper testing The Bedokian Portfolio on the United States market (all available for free download here). 

Recently, three apps were developed: Equities Indicator, Growth Indicator and S-REITs Indicator (see here), and they assist in screening value and dividend equities, growth equities and Singapore real estate investment trusts (REITs), respectively, according to the selection guidelines from the The Bedokian Portfolio ebook¹. The introduction of AI-generated pictures and characters for the blog, alongside the apps, represents my experimentation with AI, which I will elaborate on further below.

In the past ten years, we had gone through a global pandemic, trade wars, periods of low and high interest rates, the ongoing de-globalisation and the current AI boom. Through all of this, the five asset classes of the Bedokian Portfolio: equities, REITs, bonds, commodities, and cash, experienced their own respective ups and downs. It is precisely the correlation between the asset classes, together with the accompanying disciplines of diversification and rebalancing, that brought about the gradual compounding growth and relatively lower volatility of the portfolio.

Where is our portfolio standing now?

I had shared earlier here that our main Bedokian Portfolio was down 4.75% year-to-date (YTD). As of local market close yesterday (29 Jul 2026, 5:00 PM), our portfolio was up around 6.8% YTD, and the total market value had surpassed 9.4% of our year end 2029 target. The latter is broadly expected, as we are benchmarking against a 4% year-on-year growth trajectory, and this conservative performance measure acts as a dampener to smooth out the percentage swings of returns.

The Use of AI

In recent years, AI has become indispensable in our digital life. A lot of apps and even the familiar online search engines have seamlessly incorporated the AI tools, in particular large language models (LLMs) and chatbots. I had also started on this trend with the abovementioned picture generation, and development of the three apps through AI assistance (a.k.a. vibe coding).

On top of this, we sometimes use AI to assist and augment our investment and trading research and analysis. The fun part about this is we could use the output of one LLM, and input its result on others, i.e. using the “LLM-as-a-judge” method, to provide additional perspectives.

AI tools are powerful in terms of collecting, aggregating and summarising data and information, and sometimes in inference. Still, my honest opinion is, for the investing and trading aspect, some manual interpretation and intervention is needed, and the ultimate judgment call should be reserved on the individual investor/trader.

Going Forward

The future is unknown, as always, and there will be events that disrupt the whole scheme of things, like complex geopolitics and AI in the current context. What is known is that this blog will continue for the foreseeable future, providing tips and commentary on the investing world.

Here is to the next chapter, and to a fruitful investing and trading journey ahead for all of us.

Try out the Growth Indicator, Equities Indicator and S-REITs Indicator screening app for FREE. You can use it as a web page or save it as an app-like bookmark on your home screen of your computer, tablet or mobile for faster access.

Disclaimer

1 – The Bedokian Portfolio (2^nd Ed). Ch12 and Ch17.

Bob’s Portfolio Update: June 2026

Our Bedokian Portfolio test investor, Bob, had recently rebalanced his portfolio on 30 June 2026, which can be seen here.

At the end of last year, I had mentioned that Bob would be changing his real estate investment trust exchange traded fund, or REIT ETF (here). As observed, Bob usually rebalances his portfolio biannually: the first market day of the year in January and the last market day in June. On 30 June 2026, along with the usual SGD 5,000 cash injection, Bob had swapped out the REIT ETF with another. The timing was impeccable as that date is the last cum-dividend day for the replacement ETF (Amova-StraitsTrading Asia ex Japan REIT Index ETF, or ticker CFA).

Picture generated by Gemini

Why The Switch?

The previous counter in Bob’s holdings, the Phillip SGX APAC Dividend Leaders REIT ETF (BYJ), was the first of its kind, listed in October 2016. When Bob started his investment journey in January 2017, the availability of the Phillip REIT ETF came at the right time to be the representative for his REIT allocation.

In December 2025, while preparing for rebalancing, Bob reviewed the portfolio and decided to change the REIT ETF. The major consideration points were:

• Cost – Total Expense Ratio (TER): BYJ’s TER is 1.70% while CFA’s TER is 0.55%. A lower TER meant that returns would be eroded lesser by fund expenses.

• Size – Assets Under Management (AUM): BYJ’s AUM is around SGD 10 million and CFA’s AUM is around SGD 712 million. A higher AUM allows better economics of scale in which a lower TER is one of them. Also, a higher AUM fund enjoys better liquidity in terms of a narrower bid/ask spread that is good for quick transaction and price discovery.

• Diversification – Holdings and Exposure: BYJ holds 30 REITs while CFA holds around 43 REITs. In terms of geographical and sector exposure, accordingly BYJ is three countries (Singapore, Australia and Hong Kong) with a huge skew towards retail (around 43%); CFA’s exposure is six countries (Singapore, Hong Kong and India among them) with at most 26% to a sector, therefore is more diversified.

• Dividend Yield: The 12-month dividend yield as of the fourth quarter of 2025 for BYJ and CFA are 4.23% and 5.36% respectively. A dividend yield of 5% and above is preferred as REITs are seen as the main income generator in the Bedokian Portfolio.

Why Not Others?

Good question. There is three other REIT ETFs listed, namely Lion-Phillip S-REIT ETF (CLR), CSOP iEdge S-REIT Leaders ETF (SRT) and UOB APAC Green REIT ETF (GRN). Taking the four considerations in the previous section, CLR’s and SRT’s TER are slightly higher (both 0.6%) and consisted only of Singapore-listed REITs. GRN also has a higher TER (0.82%) and has the lowest dividend yield among the five (3.88%). 

However, if asked for an alternative to CFA, Bob would likely choose CLR for its larger AUM and higher dividend yield.

Takeaways

Bob's switch from BYJ to CFA is less about chasing performance and more about maintaining portfolio efficiency. A lower TER, broader diversification and a higher distribution yield made CFA the more suitable candidate for the REIT allocation today.

The key takeaway is that passive portfolio management, as practiced, is not a "set-and-forget" exercise. While the overall framework remains unchanged, the securities used to implement it may occasionally need to be reviewed and updated as new securities become available.

Disclosure

The Bedokian is vested in CFA.

Try out the Growth Indicator, Equities Indicator and S-REITs Indicator screening app for FREE. You can use it as a web page or save it as an app-like bookmark on your home screen of your computer, tablet or mobile for faster access.

Disclaimer

References

https://phillipfunds.com/phillip-sgx-apac-dividend-leaders-reit-etf/

https://sg.amova-am.com/general/funds/detail/amova-straitstrading-asia-ex-japan-reit-index-etf-sgd-class

https://www.reitas.sg/wp-content/uploads/2026/03/SGX-Research-SREIT-Property-Trusts-Chartbook-Q4_2025.pdf

Are S-REITs Boring Now?

There were some comments floating in investment chat groups and forums that Singapore real estate investment trusts (S-REITs) have become rather boring. Their prices have largely moved sideways over the past few months, and the excitement that accompanied the anticipated interest rate cuts seems to have faded.

It is understandable why such a view exists. Many investors had expected the rate-cut cycle that began in 2025 to provide a stronger tailwind for REIT prices. Instead, the asset class has spent much of its time “heading nowhere”.

However, "boring" does not necessarily mean "bad".

 

Picture generated by ChatGPT

Why Are S-REITs Moving Sideways?

The most obvious reason is the interest rate environment. While interest rates have come down from their peaks, the pace of future cuts has become less certain. Markets are increasingly expecting rates to remain elevated for longer than initially anticipated. As REITs are generally sensitive to interest rates, this has reduced some of the optimism that fuelled the sector's recovery previously.

Another factor is the strength of the Singapore dollar (SGD). For S-REITs with overseas assets, a stronger local currency means that foreign rental income translates into fewer SGD when distributions are paid. This creates a headwind even when the underlying properties continue to perform well.

But The Fundamentals Remain Intact

What is often overlooked is that many S-REITs continue to report healthy operating metrics.

Occupancies remain generally stable. Rental reversions remain positive in several property sectors. Debt refinancing pressures have also eased compared to the period (2022 to 2023) when interest rates were rising aggressively.

In other words, the challenges faced by many REITs today are mostly financing and currency-related rather than operational.

The Bedokian's Take

I had previously written about whether REITs were "doomed" during the height of the interest rate hiking cycle (link here). My answer then was no, and my answer today remains the same.

The role of REITs within the Bedokian Portfolio serves two main purposes; the first is income generation. REITs are designed to distribute the bulk of their earnings to unitholders, making them useful financial instruments for investors seeking passive income.

The second is diversification. REITs provide exposure to real estate through a listed security (equity/property hybrid), giving them a different risk-and-return profile compared to the other asset classes (i.e., equities, bonds, commodities and cash).

This does not mean investors should rush out and load up on REITs. As always, diversification remains important. The more relevant question is whether one's current REIT allocation remains consistent with the preferred portfolio weighting.

If REITs have fallen below their target allocation due to recent underperformance, then directing new capital towards the asset class may simply be a form of portfolio rebalancing. If allocations remain broadly on target, then patience may be the better course of action.

The restaurant may have a shorter queue than it did two years ago. That does not mean the food has become worse. It may simply mean that fewer people are paying attention. For the long-term income investor, that is sometimes the most interesting time to take a closer look.

Try out the Growth Indicator, Equities Indicator and S-REITs Indicator screening app for FREE. You can use it as a web page or save it as an app-like bookmark on your home screen of your computer, tablet or mobile for faster access.

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The U-Shaped Trading Day

A conversation with a fellow investor some time back got me thinking. The investor had placed a buy order for a United States (U.S.) listed counter shortly after the market opened, only to find that the price filled was higher than what was expected based on the previous session's closing price. There was no major news overnight, nor had the company announced anything significant. Naturally, the investor wondered what had happened.

As it turns out, this is not an uncommon phenomenon in the U.S. markets.

Picture generated by ChatGPT

If one were to observe the volatility of U.S. equities throughout a typical trading day, a pattern tends to emerge. Volatility is usually the highest during the opening period, gradually declines as the day progresses, and then picks up again near the market close. When plotted on a chart, the shape looks like the letter "U", hence the term "U-shaped trading day".

This observation is not unique to today's markets. Researchers have been studying intraday trading patterns for decades, and numerous studies have found that volatility and trading volume tend to be highest near the market open and close. The fact that this pattern has continued to appear across different market conditions implies that it is not merely a short-term anomaly, but rather a natural result of how investors and traders react to new information throughout the trading day.

The reason behind this is fairly intuitive. When the market opens, investors and traders are reacting to developments that occurred after the previous day's close. These could include earnings reports, economic data releases, geopolitical developments, etc. Since many market participants are trying to adjust their positions at the same time, price movements tend to be larger.

As the trading day progresses, much of this information gets absorbed into market prices. Activity typically slows down, resulting in lower volatility during the middle of the trading session. Towards the close, however, trading activity tends to increase once again as traders square off positions, market participants prepare for the next trading day, among other reasons.

For Singapore investors, this has some practical implications. The most volatile period of the U.S. trading day occurs shortly after the market opens, which corresponds to around 9:30 PM Singapore time (or 10:30 PM during Daylight Saving Time). Coincidentally, this is also the period when many local investors are most likely to be awake and actively monitoring the markets.

This means that those placing market orders during the opening period may occasionally experience larger-than-expected price movements. In such situations, limit orders may be more appropriate, particularly if one has already determined a reasonable valuation range for the counter being purchased.

It is also worth keeping an eye on major economic announcements such as inflation data, employment figures and central bank decisions. These events can significantly increase volatility, not just for individual counters but for the broader market as well.

The Bedokian's Take

The U-shaped trading day is an interesting market characteristic to be aware of, but for long-term investors, its significance should not be overstated.

A difference of a few cents in the purchase price may feel frustrating at the point of execution, but over an investment horizon measured in years or even decades, such differences are insignificant compared to the overall performance of the underlying fundamentals. The quality of the company, its growth prospects and the valuation paid remain far more important considerations.

Still, there is no harm in understanding how markets behave. Knowing that volatility tends to be elevated at the open allows investors to make more informed decisions when entering positions. At the very least, it may help avoid unnecessary surprises when an order gets filled at a price that is not expected.

Related post

Transact During Trading Hours Or Extended Hours?

Try out the Growth Indicator, Equities Indicator and S-REITs Indicator screening app for FREE. You can use it as a web page or save it as an app-like bookmark on your home screen of your computer, tablet or mobile for faster access.

Disclaimer

Apps Update (v 1.0.2 beta)

 

Click on the picture above to go to the Apps page! 

The Growth Indicator, Equities Indicator and S-REITs Indicator apps had gone through an upgrade (v 1.0.2 beta) that allows the results to be exported as a PDF file, saving the effort for the need to do screenshots.

After the query is done and the results shown, a button appears below the counter name (see Fig. 1):

Fig. 1: "Download PDF Report" button shown below the counter after the query is executed (click for larger view).

 

Click on the "Download PDF Report" and a two-page PDF report is generated (see Fig. 2): 

 Fig. 2: Two-page PDF report sample from the query in Fig. 1 (click for larger view).

  

Disclosure

The Bedokian is vested in OCBC.

 

Disclaimer

Keeping Bonds From Start To Finish

A thought experiment just came up while I was overseas a few days ago, and it goes something like this: is it a good idea to hold individual bond securities from start to finish?

The bonds in question are not from corporates, nor are they perpetuals, but rather government treasury bonds, specifically the Singapore Government Securities (SGS) of at least 10 years’ tenure. This means auctioning for them at the start, collect coupon payouts and keep it till maturity, regardless of what the prices and bond yields are along the entirety of the bond duration.

Picture generated by ChatGPT

Typically, bond returns are viewed as lower to that of equities’, and that made them looked like “boring” investment vehicles. Still, as per the Bedokian Portfolio’s diversification ethos, bonds are a must-have in the make-up. Since it is a permanent fixture, there is no harm in having SGS in one’s portfolio, and possibly as a core holding within the asset class.

While there are risks involving with bonds, some could be overlooked as the probability of them happening is minimal, like default and call risks, given the current high rating of SGS, and liquidity risk, which is negligible as it is planned to hold it till the end. The primary one which I see it would be inflation risk, i.e., the risk of the coupon rate being lower than the prevailing inflation rate.

Singapore’s inflation rate for the past 10 years stood at around 1.72%, with 30 years at 1.68%¹, and that is relatively low as compared to the United States’ (3.22% for 10 years and 2.53% for 30 years²). Though we may not know how the inflation rates will be like in the future, taking past data as reference and to mitigate inflation risk, a coupon rate of at least 2% is expected.

The above settles the theoretical aspects. The practical part, however, is a little bit tedious to maneuver around. First up would be the availability of 10-year and above tenure SGS; from the Monetary Authority of Singapore (MAS) website, for the year 2026, there are only four that has a period of at least 10 years, and it seems this is the average issuance looking back the past years’ figures. On top of the deemed low frequency of the issuance of such durations, one would still need to bid for it and, depending on the prevailing macroeconomic situations, one may not be able to get the 2% yield after the auctions close.

Of course, there is the option of getting the bond from the secondary market immediately after it got listed, but the volume transacted is quite low if you monitor the listings on the Singapore Exchange website, so there is liquidity risk, on another context.

By now, some would have the idea of using another MAS-issued instrument: the Singapore Savings Bond (SSB). Issued every month, the 10-year average return and the yearly interest rate are made public, thus reducing the hassles of applying for the SGS bonds. The only limit that SSB has, and SGS do not, is the SGD 200,000 ownership cap per individual, so those with larger portfolios may need to look for other securities to fill in their bond component after the quota amount is reached. Another point about SSB is that they only come in 10-year tenures.

Whether is it SGS or SSB, or both, they are classified as investment grade bonds with their high credit ratings, and these are suitable for inclusion within the Bedokian Portfolio.

Disclosure

The Bedokian is vested in SSB.

Try out the Growth Indicator, Equities Indicator and S-REITs Indicator screening app for FREE. You can use it as a web page or save it as an app-like bookmark on your home screen of your computer, tablet or mobile for faster access.

Disclaimer

 

1 – Lim, Abram. Average Annual Inflation Rate in Singapore (2026). 28 Feb 2026. https://smartwealth.sg/average-inflation-rate-singapore/ (accessed 22 May 2026). Inflation rates used are CPI All-Items.

2 – U.S. Inflation Rate by Year (1913-2026). Macrotrends. https://www.macrotrends.net/2497/historical-inflation-rate-by-year (accessed 22 May 2026). Average calculated for 10-year: 2016 – 2025; for 30-year: 1996 – 2025.

 

What Yield Hunters May Be Missing

One may have encountered headlines that goes:

“ABC’s yield is now X%! Is it time to buy?”

 

Granted that most of such titled contents would provide an explanation and/or decision, at first glance, if X% is in the high ones or in double digits, I would be interested, too. However, let us remind ourselves the typical formula for dividend yield, and that is:

 

Dividend yield = Past 12 months’ dividend amount / Current price

 

Picture generated by Gemini.

Before I hit the “buy” button, I would be interested in ABC itself, and that means I would need to do some fundamental analysis on the company. Some of the financial figures I would look at are:

 

Dividend Growth Rate

A growing yield over time is tricky as the percentage could increase with both the dividend amount and price decreasing simultaneously, as the formula had shown above. A better metric to look at would be the dividend growth rate, i.e., the amount of dividends one gets last year versus the amount gotten this year. Percentages could mislead, but not the cash that is about to land on one’s hands.

 

Dividend Payout Ratio

 

The percentage of retained earnings earmarked for dividend distribution. Different companies have different dividend payout ratios, and some of them made it a policy to distribute at least a certain percentage. In the Bedokian Portfolio’s selection guideline, a payout ratio of above 25% is reasonable. However, if the payout ratio is more than 100%, though can be considered a red flag, one needs to dig deeper by looking at the cash flow statement (in the next section).

 

Dividends Paid in Cash Flow Statement

 

While a company paying out more dividends is a good thing for investors, another point to be aware is whether the cash flow of the company can sustain the dividend amount paid. Under the company’s cash flow statement, there is a line item called “Dividends Paid” or something similar; if this amount is very close to the free cash flow, and the dividend payout ratio is very high, then due consideration must be given. There is no point in exhausting the goose to its limit to produce more golden eggs in a short time.

 

In summary, a holistic approach is needed when looking at dividends and not be blinded by just the yield alone.

 

Related posts

Financial Ratios: Much More Than Meets The Eye

The Quest For Higher Yields

 

Try out the Growth Indicator, Equities Indicator and S-REITs Indicator screening app for FREE. You can use it as a web page or save it as an app-like bookmark on your home screen of your computer, tablet or mobile for faster access.

Disclaimer

Apps Update

Click on the picture above to go to the Apps page! 

The Growth Indicator, Equities Indicator and S-REITs Indicator apps had gone through an upgrade (v 1.0.1 beta) with the addition of AI generated insights for further fundamental analysis. This is in line with The Bedokian Portfolio’s fundamental analysis framework that incorporates the environmental factors and economic conditions¹.

For both the Growth Indicator and Equities Indicator, the AI generated insights consisted of three sections, namely: Market Share, Sectoral/Industry SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis and Macro Factors. The former two covers the environmental factors analysis part while the latter covers the economic conditions portion. As for the S-REITs Indicator, only the SWOT Analysis and Macro Factors are featured. While the insights displayed are relatively brief, they provide a direction for the investor to engage in deep dive for further fundamental analysis. 

If one may have noticed, the financial statement part is still limited to the selection guidelines stated in the eBook²; this is to prevent clutter and “information overload” on the apps, therefore it is preferred that one look through other sources for detailed numbers. 

Below are sample screenshots of the new version:

 Growth Indicator screener as seen from a computer (click for larger view).

 

S-REITs Indicator screener as seen from a mobile phone (click for larger view).

 

Equities Indicator screener as seen from a tablet (click for larger view).

Disclosure

The Bedokian is vested in Apple, OCBC and Frasers Centrepoint Trust.

 

Disclaimer

1 – The Bedokian Portfolio (2^nd Ed), chapter 11

2 – ibid, chapter 12

All About Price: The Concept Of Freehold

This is part of my intermittent series on price, one of the most important and commonly encountered considerations in investing and trading. For this post, I will be touching on a relatively local concept called “freehold”.

Picture generated by Meta AI

 

“Freehold” on Securities

While it is a term associated with properties, the word “freehold” in securities investing meant that the returns, be it capital and/or income via dividends/distributions, had covered the initial amount of the investment. Any further gains from the securities in question were treated as “free”.

The origins of the use of the word in this context were unknown to me, but the best I could surmise was probably a mix of the view of an investment paying it off itself, and the sense of freedom of doing whatever one wants with the extra returns. It is akin to having a stock price achieving a “two-bagger” status, i.e., being doubled in its value.

What to Do After

Though the freehold status has been achieved (and enjoying the moment of “full of win” feeling), the next immediate thought would be what one is going to do about it. A common approach would be to sell off the excess above the initial investment or deploy later dividends/distributions received into other asset classes or securities, but this action would be very much dependent on circumstances. 

For example, if there is further room for the share price to grow, or if even after reaching a two-bagger status, the book value of the share is not reached, then it is wiser to keep them in place. Another is that if there are no alternative or incentivising assets or securities to invest in, and one’s portfolio is not due or relevant for rebalancing, then it is prudent to just leave it as it is. 

If one has multiple portfolios (i.e., the Portfolio Multiverse concept), the choice of divesting the excess and channel them to other portfolios is plausible (e.g., trading, CPF, SRS, etc.). This could work for dividends/distributions received, too, since they are cash in nature and liquid enough to move around.

The Bedokian’s Experience

One of the rare moments which compels me to practice the “selling of excess” was our partial divestment of Apple and using the proceeds to initiate a trading (and subsequently investing) position into Nvidia back in March 2024 (which I shared here). Ironically, in the same link, I had also shared that we had bought back Apple (it had hit our entry price) around a month and a half later after selling some away. 

On hindsight, it turned out to be a good move as our first Nvidia tranche had returned more than 100% (freehold!) while it would just gain around 50% had the capital remained in Apple.

 

Check out the other posts in my All About Price series.

All About Price: Introduction & Valuation of Value 

All About Price: Buyer/Seller Remorse and Premorse

All About Price: The 52-Week High/Low

All About Price: Reversion To The Mean

All About Price: Bottom Fishing

All About Price: The (Price) Margin Of Safety

All About Price: The Price Ratios

Disclosure

The Bedokian is vested in Apple and Nvidia.

Disclaimer