The Watch

Performance Update & Trades Summary

Something shifted this week. Not in the headlines (those are still disgustingly chaotic). But underneath. The portfolio got restructured in a way I’ve been wanting to do for weeks, the biotech basket is finally deployed, and the numbers through April 2nd speak for themselves. +32.9% YTD against a bleeding red S&P. Trailing twelve months: +117.3%.

Quick reminder on cadence going forward: deep dives come when I see clear mispricing. Could be once a month, could be two, could be none. I won't force it. Those will mostly be free, highly detailed research meant to expose where the market is wrong and why. The Watch is the paid heartbeat. More trading and portfolio management. This is where you see exactly where I'm putting capital, what changed, and the reasoning behind it.

Below the paywall: full portfolio breakdown, right-sizing (and why a 160-year-old family business is testing my patience), seven new biotech names with the thesis behind each, what I cut and why, and an update on portfolio tracking going forward.