Seems like this is playing out perfectly to script. In bull markets, it is impossible to know when stock bottoms are formed. But my learning is that once one knows when the business bttom will be (it may not have cime already but there js reasonable certainty that it will come in a few months), it’s better to take an inital position and then pyramid, than wait for the business and stock bottoms to form. Rallies can be sharp and unforgiving.
Risk-reward is above all else.
Fresh tracking position: Looking closely at Aurum Proptech. Have taken a tracking position. It is a venture fund for property tech start-ups across the value chain. Massive massive market just about beginning to take off, a proxy on tech adoption in a recovering real estate landscape, and a lot of cross businesses opportunity across the investee companies. The rights issue was successful and the company has funds to continue its inorganic expansion. This may be one more of the start-up like boom or bust bets, purely based on risk reward.
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