July 2026 Random Ramblings

Investing is a game of arrogance. The base rate when you buy any stock is that it just does the market return, so every position you hold is a bet that you know something the market doesn't. My July ramble is really one question asked five ways: when do you look in the mirror and admit you were wrong? I walk through my three-year rule on a single name (if it has gone nowhere for three years, the problem is probably you, not the market), and the harder version, a value fund that has underperformed for a decade.

I use myself as the example. I saw AI inflecting in late 2024 and didn't pull the trigger, because I'm a value and event guy and I didn't see the bet, and a lot of those names then went on a generational run. Was that discipline or a mental block? From there I get into why you're effectively short Nvidia if you don't own it and you're benchmarked to the S&P, the Fundsmith letter walking back its principles as the cautionary tale on both sides, my own April 2025 book (the net-cash biotech and the Nebius trade I sold way too early), and why London increasingly trades like an emerging market: a takeover wave, private value miles above public value, and the frustration of owning cheap names that only move if someone buys the whole company.

This episode is sponsored by Fiscal.ai: https://fiscal.ai/yav. Fiscal.ai is a modern financial data provider for global equities, with 20+ years of statements, ratios, filings, segments and KPIs, a web-based terminal, and a self-serve API that plugs real-time fundamental data straight into Claude and ChatGPT. Use fiscal.ai/yav for 15% off.

Chapters:

(0:00) Intro and episode preview

(2:50) Sponsor: fiscal.ai

(4:16) Investing is a game of arrogance: beating the base rate

(6:18) The three-year rule, and when a whole strategy has underperformed

(9:19) Missing the AI trade: discipline, mental block, and the Fundsmith letter

(14:42) If you don't own Nvidia, you're short it

(16:46) My April 2025 book: Nebius, net-cash biotech, and selling winners too early

(21:47) Why London trades like an emerging market: takeouts and dead stocks

(27:08) Wrap

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Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/