While categorising my portfolio, I encountered some pleasant difficulties. What would you call a deep-value-growth stock? They're rare, and I have two of them. Cash-rich with deep-value characteristics, FCF-yield +15% but growing well. Too good to be true, but they do exist.

It's somewhat of an odd situation, where Japanese companies make up most of my watchlist (six out of fifteen companies), but none of my portfolio. One day this will change — I’m getting closer to actually buying something in Japan! 🇯🇵

In Sweden, serial acquirers are popular, and you pay P/E 30–40 for an average company with high debt. In South Africa, however, you pay P/E of 5,5 for a in practice UK-company with net cash and higher quality/stability. Avoid the popularity premium! At least, that's what I do!

This got perhaps a bit provocative (and short). Off course there are explanations, specific country risks, and I don’t say it should be the same valuation. Just that the differences are too big! I am not naive, just finding similar companies at extremely different valuations!

It's time for a portfolio deep-dive thread. A bit easier now since I only own 11 stocks, but I'll start with top 7 companies. Most are cheap, unknown market leaders, with family-ownership and a large cash pile. 3 tweets per company. Enjoy, and comments are appreciated! 1/x

Over the past 25 years, the company has grown from a small player to a market leader. 22/x

These were the seven biggest holdings. Due to the size of the thread, I will stop there. However, it might be interesting to see a picture of the portfolio on another level. And any comments would be highly appreciated! 23/x

It is a misconception that looking at a large number of stocks and markets makes things more difficult. While this is somewhat true, it also becomes much easier! If you know what you're looking for, a larger selection means you have to compromise less. 1/4

My first step is to find a strategy. Hopefully a good one. Then I find companies that fit that strategy. A selection of 10,000 stocks is better than 100 or 1,000. However, there are local hurdles and you must have basic knowledge (local ownership is important, for instance). 3/4

Therefore, one practical and underestimated aspect of investing is: Finding the brokers with the largest selection of markets and stocks. Consider using more than one broker if that helps. Consider going global! 🌏(if you are comfortable with that!) 4/4

Thinking about my smallest holding, Uni-Charm Indonesia $UCID. Cheap, actually ridiculously cheap, but there are real value-trap risks, and they aren't independent (my biggest objection). Any opinion on them? 1/5

Besides business momentum (a bad Q1) and competition, my biggest objection is independence. Thinking of only owning companies that determine their own future, no listed subsidiaries. Their first priority is the parent, not shareholders. Is that a too simplified view, or wise? 4/5

Still, this is cash/share (from FiscalAI). About 440 IDR per share, stock price around 500. It doesn't sound like a good time to sell. Still wondering if I'm missing something. Or am I just overly affected by poor stock price performance? Any opinions on the stock? 5/5

Yesterday, I wrote about an unknown Indonesian microcap stock and received some great feedback. Thank you all for that! I will try to do so more often. I am here to exchange ideas and receive constructive feedback — hopefully I can contribute as well!

I found something in the annual report that I had previously overlooked (and checked this for my other investments). I also bought a new book that looks promising. That's a good result for just a few tweets!

Buying the same stocks as Buffett, even just before he does, doesn't mean that he agrees it's the best thing to do. He would have bought much smaller companies if he had the chance. At least that's my guess!

To make a point, he could even have said: Of course it's the right thing to do, but only if you have as much money as I do. Less money means greater opportunities. Use that to your advantage.