John Doe Portfolio Update: Spring 2024
A Quick Current Events Update & A Look At Recent Moves For The John Doe Portfolio
There has been a lot going on this week, with a couple things that stand out. From what I have seen, it looks like Ukraine is on its last legs, and that is a very dangerous time for both sides. Earlier this week, they targeted refineries in Russia (taking out 9-13% of Russian refining capacity according to this video). Outside of the short term headline reaction, it will be interesting to see what impact this has on oil markets. That video is worth a watch, but they discuss how Russia doesn’t have much storage capacity, and why they can’t easily shut in their oil production. We also have French President Macron making noise about sending troops to Ukraine, showing that Russophobia is still alive and well in Europe.
The other thing that I’m sure many of you are aware of is the collapse of the Francis Scott Key bridge in Baltimore after it was hit by a container ship. I’ll leave it up to readers to decide if it was foul play or an accident, but this blocked Consol Energy’s CEIX 0.00%↑ export terminal in Baltimore. Shares of Consol bounced yesterday after a selloff on Tuesday. It will be interesting to see how this impacts them over the next couple quarters, but the bridge collapse will have an impact on a variety of different transportation lanes. Elsewhere, I’m pretty optimistic about the coal and oil sectors heading into the summer and both have shown signs of life in recent weeks.
I joke about the daily move yesterday from some of the sectors I own, but it seems like the stocks in my portfolio have been taking turns punching me in the gut for a variety of reasons over the last couple months. We will see if we start to see some market rotation, but it seems like we are setup for a nice run for the rest of 2024. I have been busy over the last couple weeks, but earlier this week I had a meeting with the owner of the John Doe Portfolio, so I figured now was a good time for an update.
John Doe Portfolio
We have quarterly meetings to chat on what is going on with the portfolio, and he has graciously allowed me to write about it as long as I keep him anonymous. Believe it or not, he doesn’t enjoy talking about investments like I do, so we had a wide ranging discussion focused on current events, politics, and the chaos we see around the world. One of the main investment topics we discussed was concentrating the portfolio on what I think are the most attractive opportunities today. I think my best ideas have a much better risk/reward profile than some of the things already in the portfolio, so that’s where most of the new purchases will be focused.