🦋 First new investment of 2026

For the first time in 2026, I have started a new position.

The Long Equity portfolio has recently performed exceptionally well. The two positions purchased last year, Comfort Systems USA and Lam Research, are now up 173% and 100% respectively.

This is primarily the result of successive strong performance, as the recent 10Q filings demonstrate:

However, on a valuation basis, KLA, Lam Research and Comfort Systems USA were starting to look expensive. By my calculation, the market was pricing in growth above 50%, meaning little room for error.

Consequently, new capital was allocated to the cheaper looking companies in the portfolio, particularly Mastercard, Visa and Fortinet. As a result, these three companies became quite large positions in the portfolio.

Wanting to avoid over-reliance on these 3 companies, I began looking for an 11th position that I could allocate new capital - ideally something of exceptional quality trading at a reasonable valuation.

I can confirm that the new position is: