YWR: Q1 Performance Review
We thank the market gods for a strong start to 2025.
Dirty Divs is +18% and the Cash Dragons are + 17%, while the S&P is down for the year. The market is coming our way.
In Anything but the US we argued there was an epic set up for international markets to outperform the US in the years ahead.
2024 ended with euphoria about American exceptionalism, and as is always the case, record inflows came in at the peak in relative valuation of the US vs ROW.
And in US$ Crash we laid out why US$ weakness will add more fuel to this trend in the years ahead.
That’s the macro behind the madness, but we also factor in the bottom up. PSA, all YWR earnings models are available at www.ywr.world.
Below are the quarter end portfolio holdings for both Dirty Dividends and the Cash Dragons as well as thoughts on individual holdings and what I am doing.
BTW, there is almost no turnover. I haven’t sold anything. And that’s the point. These ideas are supposed to be easy to follow.
Dirty Dividends Portfolio
Current holdings and valuations: