This week was more about thinking than trading. The biggest thing I’ve been watching is $CMCSA. I bought Comcast because I thought the company was undervalued and that separating the businesses could eventually unlock some value. The problem was timing. I had just watched my $VZ investment take off after earnings. I bought Verizon at the right time, the market got the confirmation it needed, and suddenly everybody could see the story. With Comcast, I figured I might be 6–12 months early. Now I'm thinking I may have been about one month early. CMCSA has started getting some attention, and I think investors are beginning to see what I saw: separating Comcast’s connectivity business from NBCUniversal/Sky could make the pieces easier to value . That raises an interesting question: What changed in investors' minds in a month? Probably not the business. The market just started paying attention. That's one of the things I’m learning about value investing. You can be right about the company and still be wrong about the timing. Sometimes the catalyst isn't another quarter of earnings. Sometimes it's simply the market finally deciding to look at the same thing you were looking at. A few other things from the week: • I’m now at 105 shares of $ET. • $SLB continues to be one of the strongest positions in the portfolio. I’m still very comfortable owning it. • I spent a lot of time going through BRT, MARA, $CSWC, $CWEN and NMRK earnings/results. Some of these are investments; some are experiments. I'm trying to keep those categories separate. • I continued building cash rather than feeling like I have to put every dollar to work. I’m still primarily an income investor. But I’m finding myself increasingly interested in why the market might eventually recognize value, not just how much a company pays me to wait. Maybe that's the real evolution of my portfolio. I'm still collecting dividends. I'm just getting a little more interested in the story behind them.
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