Summary

• My Flagship portfolio rebounded strongly in 2026 YTD (through May 31) (+46.1%) after a challenging 2025 (+9.9%), driven by a hybrid strategy focused on micro caps and small caps.
• Portfolio concentration proved costly in 2025. I now try to limit top positions to 15% and the top three to 35% for better risk management.
• BuzzFeed was the largest 2026 winner, with a turnaround catalyzed by Byron Allen's $120 million investment and leadership change.
• Key lessons: Stricter position sizing, disciplined stop-losses on tactical trades, and letting winners run to maximize alpha in micro-cap and small-cap setups.
• This idea was discussed in more depth with members of my private investing community, Second Wind Capital. Learn More »
• Sitewide Sale 2026: Get 20% Off

This is a long-overdue portfolio performance update piece. Sorry for the delay in writing it. After posting really strong returns in both 2023 (+54.7%) and 2024 (+105.3%), 2025 was a real struggle, and my Flagship portfolio only returned +9.9%. Fortunately, 2026 has been a major rebound year, and the Flagship portfolio

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