StevnFool Port Update - 2021

My final 2020 report is at:
[https://discussion.fool.com/stevnfool-port-update-2020-34710260....](https://discussion.fool.com/stevnfool-port-update-2020-34710260.aspx)

My last monthly report is at:
[https://discussion.fool.com/stevnfool-port-update-nov-2021-34994...](https://discussion.fool.com/stevnfool-port-update-nov-2021-34994787.aspx)

My numbers updated for December are below.

	        Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD		CAGR	GSD
Me	        -1.08%	6.86%	7.63%	3.13%	0.92%	1.31%	0.70%	2.28%	-1.79%	5.16%	-0.62%	5.95%	34.37%		34.37%	11.38%
																
NASDAQ	        0.87%	1.20%	2.23%	3.94%	-1.56%	5.46%	1.31%	3.99%	-5.24%	7.26%	0.55%	0.70%	22.11%		22.11%	11.87%
DOW JONES	-1.92%	3.42%	7.33%	2.30%	2.19%	-0.06%	1.37%	1.45%	-4.22%	5.93%	-3.53%	5.53%	20.83%		20.83%	13.29%
S&P500	        -1.02%	2.78%	5.67%	4.17%	0.66%	2.25%	2.44%	2.97%	-4.66%	7.02%	-0.81%	4.62%	28.73%		28.73%	11.70%
Index Average	-0.69%	2.47%	5.08%	3.47%	0.43%	2.55%	1.71%	2.80%	-4.70%	6.74%	-1.26%	3.62%	23.89%		23.89%	12.29%

Note that all numbers include dividends.  I used the total returns of
the corresponding ETF's (ONEQ, DIA and SPY) as a proxy for total return
of the indices.

Just a look now at my performance since 2008:

	        2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021		CAGR	GSD
Me	        -15.57%	11.69%	17.39%	-3.22%	13.27%	20.02%	27.87%	2.86%	19.12%	6.32%	4.86%	19.90%	-2.94%	34.37%		10.37%	13.18%
																	
NASDAQ	        -39.50%	45.58%	17.60%	-0.52%	16.20%	39.86%	15.78%	6.69%	8.81%	29.28%	-3.18%	37.15%	44.87%	22.11%		14.72%	25.44%
DOW JONES	-32.30%	22.36%	13.55%	8.25%	9.93%	29.64%	9.72%	0.09%	16.37%	28.08%	-3.74%	25.03%	9.59%	20.83%		9.97%	17.93%
S&P500	        -36.71%	26.46%	14.59%	2.07%	15.99%	32.31%	13.46%	1.23%	12.00%	21.70%	-4.57%	31.22%	18.33%	28.73%		10.96%	20.89%
Index Average	-36.17%	31.47%	15.25%	3.27%	12.19%	33.94%	12.99%	2.67%	12.39%	26.36%	-3.83%	31.13%	24.26%	23.89%		11.88%	21.42%

The GSD numbers here are just calculated from the annual returns - not
from the monthly returns.

**Portfolio Make-up:**

I have not really made any major changes to my portfolio during 2021
and I have no plans for major changes in 2022. My current portfolio
is not really MI at all in the traditional sense.  It is approx:

55% Berkshire Hathaway

19% QQEW. This was part of a timing system but I may just keep this as
a long-term hold. Due to the difficulty of trading US ETFs from Europe
since some recent law changes, I may not be able to buy it again if I
were to sell it.

<1% cash.

Remainder:  Several value positions some sometimes held as cash secured
short PUT positions but mostly just long stock positions.

**My portfolio and currencies:**

I live in the Eurozone (Ireland) and back in 2003, I had a very small 
portfolio and invested it entirely in NET-NET stocks.  Measured in USD,
I had a portfolio return of 103% for the year.  Measured in Euro
however, my portfolio return was 70%.  The drop in the value of USD/EUR
had cut a significant chunk from my return. For several years, I hedged
a significant portion of my portfolio from USD back to EUR or to a mix
of other currencies.

My thinking on this has changed somewhat and I now feel that currency
hedging is more appropriate for cash balances rather than for the stock
portion of my portfolio.  Since I don't tend to hold significant cash
balances for a long time, I dropped all my currency hedges during 2015.
I don't know if I will reinstate them in the future.

Because of my previous stance on currency hedging, I reported all my
returns in EUR but compared them to benchmarks in USD.  I suppose this
is not really correct given my current approach to this topic, but
for continuity, I think I will just continue as I have been doing.

StevnFool
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