Quarterly Letter: Q4, 2022 — Game On

Performance

We did not beat the market this quarter, but we remain ahead. Since inception, the Irreverent Value portfolio is down 6.70% while the S&P 500 is down 11.50%.

For the quarter, the Irreverent Portfolio is down 3.83% while the S&P 500 gained 7.57%. That is quite a closing of the gap.

It’s worth restating here that I post the “since inception” numbers first, as my overall goal is to beat the market over long periods. This means there will be periods of underperformance, which we saw this quarter.

Sectors

Below is contribution by sector, led strongly by Financials and dragged down by Consumer Cyclicals and Telecomm.

What does this mean?

Sectors perform differently. In different market environments, certain sectors tend to outperform others. In my limited experience, it does not make sense to chase sector performance, but to notice what happened as it may be an important data point down the road.

Knowing sector performance is nice, and to be filed away for later use (maybe).


Investments

Here are the top and bottom performers for this quarter:

 

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