Portfolio Update. May 2026.

Performance, holdings, observations.

This month was quieter than the last.

It was a month where patience was in abundance. Patience while exploring opportunities and considering where to add, but ready to act quickly when opportunity presents itself.

"Lethargy bordering on sloth remains the cornerstone of our investment style."

Warren Buffett, 1990 Berkshire Shareholder Letter.

That principle is how I try to operate. Patient by default. Quick when the moment is real.

Two positions reported earnings. Significant news broke around a third — the portfolio's largest position. Three businesses required a hard look this month. One question to work through on each: Do the theses still hold?

Performance (YTD 2026)

The portfolio is +18.91% YTD against +10.34% for MSCI World.