Portfolio Update: May

As of May 31 - Updated Monthly

Important: Before considering any investments, please ensure you understand what to expect.

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Activity

• Added 2,133 call options on TUI at €1.86 on May 14.

• Sold 130 shares (entire position) of Core Natural Resources at €64.20 on May 16.

• Sold 700 shares (entire position) of 1&1 at €18.30 on May 20.

• Sold 2,775 shares (entire position) of United Internet at €23.04 on May 21.

Past updates

I provide more details on these moves in the “Notes & Updates” section at the end of this post.

My Current Portfolio

This is my current portfolio - and your starting point, if you want to mirror my performance going forward. For details, see “How To Use”.

TUI: 24.87% common stock, 1.31% call option | Pabrai’s Coal Bet: 6.45% Alpha Metallurgical Resources, 5.84% Warrior Met Coal

Notes & Updates

Detailed updates are exclusively available to paid subscribers (find out more).

• Each investment was at least 10% of my portfolio at the time of purchase (see Investing Principle #6). The positions now below 10% either declined in value or were diluted because I added more capital to other holdings.

• In last month’s update, I explained how and why Pabrai adjusted his coal bet. He has since exited his position in Core Natural Resources to focus exclusively on companies that are 100% in metallurgical coal rather than thermal coal. I copied that move.

• Buying call options on TUI was a direct consequence of learning about special situations investments from Joel Greenblatt (see section on LEAPS for details).