60,000!
The best of Market Sentiment
Last week, we hit an incredible milestone: 60,000 readers.
To everyone who reads this newsletter, has subscribed, or has simply shared a post with a friend or colleague, thank you.
Given that we have been doing this for a while now and have many new readers, here are 6 of the best reports we have published over the last 5 years!
We went long gold in February 2025.
The thesis was simple — Central banks were scooping up gold at record levels, and escalating geopolitical tensions should be the perfect tailwind for gold to act as a safe-haven asset.
Gold went on a tear, up 40% since we published our report.
We went long GLP-1 in July 2025.
Once again, the thesis was simple. GLP-1 drugs were set to generate nearly double the U.S. revenue of the iPhone’s first 10 years, and two companies had a monopoly on the market. After just 5 months, here is the performance of our top 4 holdings from the GLP-1 basket.
Eli Lilly is up 44%
Novo Nordisk is down 24%
Amgen is up 16% and McKesson is up 25%
Berkshire Hathaway has realized a Sharpe ratio of 0.76, higher than any other stock or mutual fund with a history of more than 30 years.
Do you know how he achieved it? By using leverage!
Even though Buffett eschews leverage, when researchers analyzed Buffett’s portfolio, they found that he used the cheap leverage available to him from his insurance float and invested it in high-quality value stocks to generate market-beating returns.
Many investors are now very comfortable holding a 100% equity portfolio.
But consider a Japanese worker who started working in 1980.
Assuming a 30-year career & $1K annual investment into Nikkei 225, by the time he retired in 2010, the $30K invested would have turned into $20K.
A -31% return over 30 years.
An often underrated strategy is buying individual companies during periods of market distress. While buying the dip is almost a reflex for us, we often shy away from buying the underlying companies that are in distress.
However, doing this meticulously can yield exceptional returns.
Nassim Taleb, in his 2012 book Antifragile, expanded on an interesting idea known as the Lindy Effect — If something has been around for a long time, then the probability that it will stick around for longer is higher.
What if you apply the same principle to companies?
$100 invested in Lindy stocks would have grown into $776 (676% return) compared to only $486 (386% return) if you had invested in the S&P 500
p.s. We will be doing an update to this portfolio by the end of the year :)
Finally, most, if not all, of our revenue comes from reader subscriptions like yours. It helps us be objective and maintain an unbiased opinion.
Please consider upgrading your subscription to support our work.
It’s often said that you get the customers you deserve. If that’s true, we consider the quality of our readers to be the best compliment we could hope for!
Thanks for all the support. Which one was your favorite?
Congrats 👌
Congratulations! Well done!