More Personal Portfolio: Biotech, Commodities, and Gold

Bexion Pharmaceuticals
Galectin Therapeutics
That Bug on the Windshield Was Me
New York, Florida and a New Book

Last week we began exploring the details of my personal portfolio. This week we will finish and then move back to our discussion of various cycles. You might want to read the first part of this letter if you missed it.

Again, let me caution that this is not a portfolio anyone should try to duplicate. Last week I described some “core” investments, but nearly everything I’ll mention below should be classified as speculative to very, very speculative. While some of them have grown to consequential size, none really started out being overweight. Contrary to what it looks like, I am somewhat conservative.

Normally, people do not share their portfolios in such detail. I do this because I think of my readers as friends and many of you have been with me 10‒15‒20 years. I hope you find this interesting. Next week we will get back to cycles.

I must also admit to a “survivorship bias.” I’m not including all my failures, of which there were sadly more than a few over the last 40 years. I will describe one of them today, though, because it has some useful lessons.