In december of 2017, I wrote a post about my picks for 2018.
Here's how it looks after 6 months:
Alimentation Couche-Tard (ATD-B.TO): Down 12%
MTY Food Group (MTY.TO): Down 13%
LKQ (LKQ): Down 23%
Credit Acceptance Corp (CACC): Up 7%
Facebook (FB): Up 8%
Average return: -7%
Average S&P/TSX return: -1%
How ashamed should I be to read so much about the stock market, to analyze stocks day after day and not being able to beat the market with my picks. Actually, I've managed to beat the S&P/TSX with my real portfolio (+4% to this date) but my 5 biggest convictions picks didn't do that well.
That's why I could never have a very concentrated portfolio. I don't understand those who own only 4 or 5 stocks. You never know how things will turn with your stocks.
You may now believe that Constellation Software can only go up. Then you buy lots of shares. Then, one day, you learn that Mark Leonard sells some nuclear management softwares to North Korea. And the stock goes down like crazy after seing some pictures of Mark Leonard and Kim Jong Un sharing a moment of joy shooting civilians together with bazookas. You're never protected against that kind of stuff.
So, not a great half of year for now.