Put in $2000, then purchased:
$500 for AMZN
$300 for BX
$438.92 for OWL
$500 for PYPL
$300 for UNH
A lot of my holdings in alternative asset manager companies dropped a lot these two weeks due to the market sentiment getting bearish on private credits, and also on software companies due to the disruption of generative AI. That closed the gap between the performance of my portfolio and a hypothetical SPY-only portfolio quite a bit (only about 200 basis points difference vs over 400 basis points from last update and over 500 basis points two weeks ago).
OWL dropped a lot since my purchase of $14.4 a share a week ago. I could not catch the shares at close to $11 yesterday, but I was glad to pick up some at around $12.3 a share today. I had an update on the stock with 2025 Q4 earnings. A short summary is that I think the stock is deeply valued today. The market sentiment is hurting the company and the stock, not the assets that the company is managing. It's one of the best investment opportunities today.
AMZN dropped almost 10% after expecting doubling the already high capex in 2026 to $200 billion. That doesn't bother me much. The company will reap the benefits of AI demand with its capex spending on data centers, so it's a simple invest more to earn more story.
PYPL dropped 20% after earnings with a poor growth rate expected in 2026 and forward. At $40 a share, that is less than 10 P/E. The company doesn't need much growth to be a good investment. It's just an obvious value play. With a good economic moat around its business, I don't think the business will deteriorate much.
BX and UNH traded low these few days mostly due to poor market sentiments, so I just took advantage of the market to increase my position.
This portfolio update also comes with a big milestone of the TaiFamilyFund blog because I moved all my assessment of my holdings into individual brief analysis and updates pages. From now on, all my portfolio update posts will come with the following:
My analyzes of all my holdings can be found in Brief Stock Analyses and Updates and ETF Brief Descriptions and Updates.
Transactions
Recent and upcoming dividend distributions
Portfolio performance snapshot
Total return:
One-year return:
Portfolio IRR (calculation): 20.39%
Approximated IRR for an SPY-only portfolio: 18.06%
Individual holdings:
Breakdown by categories (real-time):
Total returns for individual holdings:
Last prices:
Portfolio holdings conviction
The convictions in the table below reflects my current opinions and will guide the future contribution of additional investment to existing holdings. Stocks not inside the table are stocks with subpar return on equity that will be very unlikely to receive more contributions from new money (there can be exceptions for very cheap stocks).
Conviction in long-term prospects means how much I believe a company would match or outperform the market (e.g. S&P 500) in the long run. Valuation matters so the conviction generally corresponds to the neutral rating of Valuation. It has the following ratings: weak, moderate, strong
Valuation: greatly overvalued, overvalued, slightly overvalued, neutral, slightly undervalued, undervalued, greatly undervalued
