The book, against its own hurdle.
Every name here is one I valued and then bought. Each position's bar is the cost of equity from its own DCF — the minimum annual return that holding has to clear to be worth owning. Blend those bars by weight and you get the portfolio's hurdle. The only job, over time, is to beat the blend.
Rebased to the close on 1 June 2026, so every line starts at zero — the curve below is what gets built from here.
01Value vs. hurdle
The dashed line is the blended cost of equity compounding forward — the bar the book must clear. The solid line is what actually happens, plotted from each snapshot. Today they share a point.
02Holdings
Sorted by weight. Each row links to the full valuation. The hurdle column is that name's own cost of equity — wide bar, high bar to clear.
| Stock | Weight | Now | Value | Return | Hurdle | Verdict |
|---|
Returns rebased to 1 June 2026 — they read 0.0% until the next snapshot. Meta is a years-old holding re-based to today so its legacy gain doesn't drown the book. Not investment advice.