2025 Reflections, Multibaggers, and Bag-holdings

Selling UBS and some other stuff.

Jan 10, 2026

∙ Paid

I’ll kick off with the non-investment side, as ultimately, what’s the point of it all if you aren’t optimising for what really matters?

I’ve been reading Morgan Housel’s latest book, “The Art of Spending Money”, and loved this quote:

"Columnist David Brooks once made the distinction between 'resume virtues' and 'eulogy virtues.' Resume virtues are things like salary, job title, net worth, and how fancy your possessions are. Eulogy virtues can be boiled down to how much people actually respect and admire you. I've always thought it to be a profound point when choosing what to pursue in life, and thinking about that reverse obituary."

Using this measuring stick, I’d label 2025 a success.

Wedding

Getting everyone together from all over the world was amazing. It was the first time our families had met, and it was so much fun showing everyone we care about the life we have built in Bali.

Hugo

I know I probably harp on about it too much, but being a Dad is awesome.

I love the idea of “Fuck you family” I touched on in this Ferg’s Finds.

Maybe it’s just the stage of life I’m in, but this observation hit the nail on the head for me. The only time I feel a pang of envy isn’t seeing the flash car or the big house, it’s when the happy family with four kids sits across from us in our local cafe.
They just make life so fun and fulfilling.

I want lots more…

Talking of Dad

This was my all-time favourite thread I did on Twitter/X.

Dad sold his rally car in 1986 to make ends meet when I was born. Mid-last year, I bought him an AMG C63S, which he then entered in the Tasmania Targa.

Every photo has been ear-to-ear smiles, which is easily the best ROI I’ve ever achieved!

For those petrol heads among you, put on some headphones: Targa Tasmania 2025 (Tour) - Mercedes-AMG C63, Pure Sound (yes, it’s the V8 Biturbo, not the new 2024 AMG 2L hybrid, which is comedy if you read the comments).

Mia

My amazing wife went from bedridden for months with severe back pain to finishing the year strong, being worn by Jennifer Lopez and expanding her fashion label from online and wholesale to brick and mortar. She also organised the entire wedding and made a strong case that I have ‘weaponised incompetence’ when it comes to any admin-heavy task (or photography, for that matter…).

BJJ/Grappling

My passion outside of family and markets.

I like to torture myself physically on the mats in the morning, before the market usually tortures me mentally in the afternoon/evenings.

I had 8 grappling matches in 2025, with 6 wins (all via submission) and 2 losses (both via decision). I also got my brown belt.

This was my favourite submission after getting smooshed for the first half of the match.

Hugo has had his first BJJ class, though the biggest motivation right now is the post-class ice-cream run.

Markets

I finished the year up 48%, which was mainly down to PGMs, GDXJ, MLX, UBSG, and Nam Cheong all running hard, while my heavy energy exposure continued to be a handbrake.

I firmly believe energy, be it uranium, oil & gas, or coal, is where the asymmetry will be if you have a 2-3 year timeframe from today.

You just need to be ready with the mallet!