Extraordinary year for me

That was the most extraordinary year of investing for me. It included a cash position never much under 20% (and often more) and a portfolio, apart from my continuous holding of SPY (averaged down 08/9) of heavy-becoming-heavier investments in those companies which came through my screens and DD, some of which were replicated here. Sometimes I dabbled tentatively in the non-profits loved by the board but that is not my strength and mostly I stayed my hand.

Grateful thanks are due for the insights into my main holdings gleaned here; much was learned - and much came as a surprise: how few screened for a field to look further at and thus how long it took them to find ALGN, ANET and SWKS for example (while AMAT still seems to elude the board!).

I have often expressed my view that the market is a party fuelled by debt; that if it really gets going, inflation will appear, rate rises will quicken and choke off growth and we will finally see the reckoning in terms of earnings and multiples against a 5-year background of irresponsible behaviour by central bankers.

Congratulations Saul and thank you! Both for hosting this interesting board and a truly remarkable result. (Mine is unbelievably good, if very conservatively different!) And thank you to those 10 or so cogent, regular posters who are so valuable to us all and to the fascinating facts often unearthed by others.

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