Saw this post by @invesquotes on Giverny Letters. I really liked the owner earnings part of these letters, to that end decided to take a stab at replicating it myself for my own portfolio as shown below

Unsurprisingly massively skewed to multiple expansion at the moment. Note: Using Aus Fin. yr

2020, just started and nothing reported.

2021, ZIGExN & AFL saw earnings declines more than offset KPG, market return driven by ~3.5x in KPG where it was a very large weighting

Value 2022, Everythng did great on earnings, market contracted on me

Value 2023, Nothing has reported yet, just divs

Some stocks i own have negative WC cycles and/or reinvesting a lot into deductible expenses so the use of EPS may be a short term detractor on longer term value potential. But still use stat EPS just to keep things simple and clean, also don't want to adjust things to fool myself

Longer term I expect these to converge a bit, but I am privy to expecting aggressive multiple expansion and am not by any means a never sell investor, so I expect a gap to persist, and ideally a fairly large positive gap as there is currently as i purchase at steep discounts to intrinsic value and sell beyond it.

Just posted a write up over on @lonewolvesfrank Substack. Check it out

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Hi There,

Some of you may know me as @tristanwaine on twitter. I came across commonstock courtesy of @eggplant via a DM back in January but never started using it until today. I am eager to see where it goes from here.

Some features I like are missing but I can share my portfolio and key stats courtesy of https://www.portfolio-performance.info/en/ so they are shown below (for the period 31 march 2020 to 31 october 2022). I have been investing since 2017, but the below consists of family capital consisting my own, rather than just my own. It is the main wealth generator for our family now.

As you can see I am predominately invested in Australia, but if you look further into these names, they also happen to be all in professional and financial services related businesses. That is not by chance, as I am looking to focus in these areas as an accountant with prior experience and qualifications in financial advice as well.

You should expect deep (by my standards) and focused analysis on a select few businesses that seem interesting to me, not everybody else. Oftentimes this leads me abroad and more often than not also to extremely small companies as they tend to garner the most potential, despite attracting very small amounts of interest.

Thanks for reading, I look forward to continuing to post.