On this Investing that breaks the rules podcast, Motley Fool co-founder David Gardner points out the multigenerational lessons of money and fame that now is never too casual to start choosing smarter, happier, and richer.
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David Gardner: Whenever you decide to stop questioning, it gives you a perspective that you will not under any circumstances keep, forcing you to stop your memories and reveal to peek what the situation is. Then think more consciously about what came before. This happens to me every year, this time exactly. We’ve cut another 300 and sixty-five days, 2024. You might probably be looking for service on that now. You have seen everything that brought the situation, the general supreme, the general inappropriate, the general supreme to the Midland. We retain the privilege of perspective that you may not have now, approximately 2024, 52 weeks ago. Now we can all make a general point. Zooming out one level, we are now in a position to begin what I call portfolio-level thinking. We’re right here on the verge of breaking it all, 2024. Right here is the last podcast about rule-breaking investing for these 300 sixty-five days. Next week’s episode appears as a continuous Wednesday at 4:00 p.m. But next Wednesday is January 1, 2025. Here is my inquiry for you. What three lessons will you keep locked away from 2024, for my part, professionally, culturally? Who will you distribute these three lessons to? Right here, at its termination, in 2024, we are in a position to rule out problems as we currently do every month. Or it’s not your mailbag now. This week’s most effective investments that break the rules.
Welcome to Rule Breaker Investing and for those of you celebrating Merry Christmas, Happy Hanukkah, Tickled Kwanzaa, I know I’m missing some others. It is a long journey in a given time of 300 sixty five days for so many of us for various reasons. It is clear that generally unworldly celebrations come to mind, but now or not, it is a long journey, a rare break of 300 sixty-five days and we are preparing to start another 300 sixty-five days. A long journey is an important time. I transformed into a once listen serving my mailbag for the past 300 and sixty five days in the present and I said, and I quote, “And probably correctly coincidentally in 2024, the stock market will accept in addition to it did 300 and sixty five days.” Once it turned into 300 sixty five days of jumping service. The S&P 500 changed to a one-time increase of 20%. I said I was going to keep those last 300 sixty-five days of the year closed and ended by saying, “Hi, the market is going up for the next 300 sixty-five days.” Effectively, those who know my market timing mutter every 300 sixty five days the prediction I make regarding the market offer intended for 300 sixty five days ahead will know that I am generally correct. Why? Because I scream the same thing every year. For the next 300 sixty five days, I have the market up, which I execute.
But once I without a doubt turned into, I feel happy to serve and advise how genuine the S&P 500 and in fact so many of our rule-breaking stocks were in 2024, starting from what turned into once actually the top year 2023, indeed, starting from what turned into a once terribly inappropriate year 2022. This turned into once some payback for this jumping service. But as I’m documenting, this mailbag that was recorded on Monday, December 23rd, at this point, the S&P 500 is up 23.7% in those 300 sixty-five days. It’s been an aesthetic 300 sixty-five days for rule-breaking investors, and I believe we’ll maintain a ticklish fresh 300 sixty-five days. Looking at the month that turned into one, December 2024, we did three podcasts earlier this week.
Dominant has turned into once Video Games Volume 6 I present to you my annual tabletop guide of 13 hand-picked video games that range from the tender-hearted social gathering favorites “That is Not a Hat” to immersive experiences like “Sign to High”. -rep Legacy.” I’m constantly striving for the right combination of accessibility and depth. I’m holding out hope and imagine that Volume 6 a few weeks ago offered something for every player while holding on to the beloved, silly holiday tradition, neat that I have rad, now no lower than the dominant week in December, annually, Video Games Speaking of video games, I am mad to welcome the clothing maker and game writer Jamie Stegmeier from Stonemaier will be joining me at some level early in the 300 sixty five days we were talking about how fun it would be to launch another podcast together I had it years ago focused on how cutting-edge Kickstarter has turned into and how fundamental Kickstarter has turned into once, in quite a few suggestions, but we’ve talked about social video games in particular.Jamie has long ago that he continues to be a great social game entrepreneur and a fan of the Fool.I’m definitely a fan of Stonemaier, so I’m excited to welcome Jamie Stegmeier to Rule Breaker Investing at the start of the new 300 sixty-five days.
Week 2 has once clearly turned into The Besties of 2024. An honest search in 300 and sixty-five days with the help of two I might shout, actually the main and noteworthy moments from this podcast, Investing that breaks the rules. We renewed the conversations that inspired optimism. We celebrated the silly values of discovery and development. I even bought it to replace my review of the Palooza Ultima podcast that I did earlier this 300 sixty-five days in 10.5 chapters. I bought to replace the efficiency numbers of all my five inventory samplers, so nice. Perfectly timed and timeless, everything came together in this one. The stars were aligned. Everyone was served and I had a lot of fun with The Besties. Then, obviously, the last week we talk about entertainment, the Market Cap Sport Expose, December 2024 edition, a festive holiday mix of silly stress-free and enjoyable competition. Emily Flippen is coming off a dominant win over Mac Greer.
But ignore the 9:1 save. By the system, dear listener, have you overtaken Emily? Is there anyone? What I was going to basically have in mind turned into a mix of attractive insights and active banter for once. I had a lot of fun last week. I hope you are too. Emily took the fourth and final seat of our final four for the upcoming Market Cap Insanity in March by winning the system. All Market Cap Sport Expose extended all month as we save our subsequent world champion, our final four, our fix now Andy Unhealthy, returning world champion. Then Invoice Burke, Matt Argasinger and Emily Flippen. I’m developing right now I’m not doing quite a lot of betting. I’m developing now, now I don’t point out that most people even report money on sports betting, which is zero sum. Over time, you will constantly lose while investing a lot of money in sports betting. But while you’re going to bet on one thing, one contest after 300 and sixty-five days, it’s about the price, now I’m developing now I don’t know, a random line from Las Vegas about Andy’s chances of repeating the next 300 and sixty-five days as world champion. Now not now everything comes to you in the month of March. I’m already waiting for it.
About this month’s brilliant social media clip that turned into once, we’ve bought three for you right now. It’s dominant from my friend Jum @Jummy_b3ar, undergoing a spell with the number 3. Jum advised he tweeted: “Wow. What an honor to be a part of this wonderful team. Great to hear updates from our top company.” Jum turned into once, which was apparently about our search services in 300 sixty-five days, which turned into once with the help of the Besties in 2024. One of my favorite parts of this episode two weeks ago. Or not now, it’s an extended episode every year. Or isn’t that Oscar love now. Or not now, it’s a huge account and constantly takes over an hour. I spend the last 10 minutes checking the serving with each of my centesimal star Mailbag Podcast clients, Jum is one in each of them, and this is what she responds to.
He also calls out Eric Devor for his theme tune. Yum, you said: “@ericdavor your theme tune gave me chills. None of this could have happened without you and @DavidGFool and the @RBIPodcast team, my producer Dez.” Thank you, Jum. I actually love it. It once turned into an honor to be a part of this top company myself and to prove it in our Besties in 2024. Tweet number 2, this one comes from @semverbeekNL. I’m basically an extended time Fool. I had it on this podcast. He is the most dominant tennis expert I have ever had on this podcast as he recounts his memories as an athlete and as an investor. I am, I love you reflecting on the last week of the Market Cap Sport Expose with this tweet. Sem said, “We’ve been waiting for these sports revelations of market capitalization,” the ability every three months for four years, “when one day he will prove himself as a competitor.” Market Cap Sport Expose, he said, “Analyst vs. Listener.” Sem that Sem suggests that it would be fun to maintain any individual who is not now a Motley Fool employee.
In the last week, we’ve had every individual who hasn’t been a Motley Fool analyst most of the time, a longtime radio producer for us, Mac Greer, who I’ve known for over 25 years, a pleasure to work with, and Mac is now not sensing shares every day for the residence. He does the production stuff around Fool. Sem suggests it would be fun to maintain every individual who is a listener to compete in the Market Cap Sport Expose. Sem, Sem suggests himself. Now I correctly won the Dutch national championship as a doubles participant, I correctly did a few days ago. First of all congratulations @semverbeekNL. It would be fun to take a peek if we’re able to work so that you’re just on tour in Alexandria, Virginia, Fool HQ is very much the same week, we document the Market Cap Sport Expose. If we’re in a position to make that happen, I’m perfectly fine with that. I’m, let’s introduce myself, I happen to be our first analyst vs listener. Maybe we make it happen for the next 300 sixty-five days.
The last tweet I’ll give proof of is from my friend Jason Newman @JNew4. “It’s hard to imagine more fun with numbers than this.” He talks about last week’s Market Cap Sport Expose. “The most effective @flippen_emily and @RBIPodcast want more Mac Greer in our lives please. That’s all.” Thank you for that, Jason. Basically, I tweeted a picture of Emily, Mac and I right minutes after we finished that podcast, blowing bubbles and celebrating Emily’s imminent wedding. The reports were bought, an hour or two later went to court properly, and then the last week’s Market Cap Sport Expose. Quite a couple of moments and a fun selection, post it on Twitter.
Given the system, there’s a good chance you’ll probably be trolling me on Twitter X @DavidGFool. This podcast is @RBIPodcast. Enough for T witter X. Let’s hand out six Mailbag objects for December 2024. Rule breaker investing in mailbag goods number 1. I correctly mentioned that Jason Newman introduced his tweet, also introducing it as part of our very top company, one in all of my favorite long-term fools. Right here is, I am, the overwhelming time we claim to ever get an item in the mailbag written by a friend’s aunt. Phyllis Hoffman, thank you for this aesthetic description. “Dear David, I got it right because I was paying attention to your latest podcast, The Besties, and I turned into a once so pleasantly excited person to hear you read a letter from my wonderful nephew, Jason Newman. As you know, Jason has been an avid fan of the Motley Fool for a long time, basically, and I wanted to share some of the history that I’m developing now without remembering the general fine print,” Phyllis writes, “But I do, I remember the highlights and lessons learned. I started paying attention to you or reading e-news or some such Motley Fool newsletter now no less than 25-30 years ago. I’ve changed into a once quite excited and angry review of financial components as I morphed into a once young adult.
Unfortunately, I’ve turned into a once now now I’m not self-disciplined or smart when it comes to planning for the future, financial or otherwise. But I once turned into neat enough to know that your e-book, The Motley Fools, You Non-public Extra Than You Focal level on, would be a great college graduation gift, or accidentally turned into a birthday present. screen for my nephew, Jason. Jason being smart, he read your e-book and wholeheartedly embraced it. What changed when the end result of this stopped? Jason is now my financial advisor. He is doing a good job, and I am working silently as a preschool teacher at the age of 73. I know that the work is not inappropriate now, and teaching these younger people helps me to be inviting and generally smiley. But I keep going basically because I haven’t set or invested for retirement.
Almost every financial transaction I’ve made, something because they were changed at one time and now not until I recently started talking about my finances with Jason. Despite the undeniable fact that I initially exist casually, I finally invest a small amount that I will every month and I got out of debt. I have you and Jason to thank for that. On a side note, I recently started paying attention to your Rule Breaker Investing podcast, and I’m having a lot of fun with it. You are such an even communicator and interlocutor. Your advice, views and insights are amazing. Always welcome. Later, after paying attention to video games, I will buy a new game for my sister, Jason’s mom, and me. Thank you for this and what’s the probability that you might keep it accomplished for my family. Sincerely, Phyllis Hoffman.” What a heartwarming story, Phyllis. Honest, genuine.
How nice you made this gift like years ago. But I’m really trying to specialize in one part of your account and give proper advice on it quickly. You said, “Almost every financial transaction I’ve done something because they were changed at one time and now not until I recently started talking about my finances with Jason.” My memory rings, Phyllis, that we are chosen. This includes the conversations we have now and who we spend time with. I generally have an idea of what kind of social creatures we are as human beings and that there’s a good chance you’re probably going to hang out with Jason, your finances and the position you’ve had is kind of a huge marker for your financial future that you’ve you’ve just reached the actual person you just helped, there’s a good chance that 30 years ago you might be helping yourself with the gift of an e-book. Boy, I’m so excited about all of our Motley Fool books, I’m so excited that they’ve reached people and helped them over time. One thing that’s actually fun is that now that I’m 58 years old, I’m here 30 years later with you and I’m laying out what kind of seeds were planted and what the conditions are on this planet as the final end result of our e-book.” You Non-public” Level Extra Than You Focal on,” for the event. But the fact that you just shared this with Jason reminds me of how to most effectively accomplish existence, and that includes our fresh 300 and sixty-five day resolutions. Want to keep some weight off? I would shout graspround with us who might perhaps lose pounds. You want to keep peering into the brilliant side of existence, embrace yourself with us radiating positivity and intelligence. Your desire must be higher with money, declare a time with us that is greater than they declare as one example.
There is this phrase, dog eat dog world, which I absolutely did not like, starting from the system dogs evolve now do not eat dogs. Dogs are social animals by nature, which determine the behavior of the pack. Cooperation and social ties are fundamental to survival. Dogs represent aggression in disputes over territory or socially inappropriate and even meals, but the assumption of dogs drinking every pair misrepresents their natural behavior and the same misrepresentation occurs when looking at existence and industry for those who think so or now is not zero sum. Follow me fix an extra piece on this level that comes from people loving dogs. We are such social animals. We thrive on cooperation, social hierarchy and bonds.
Even as the correct industry itself, folk generally shouts the industry is grasping or or now is not this when at any cost. Alternate itself is much more cooperative than competitive. Many companies on a regular basis work with their opponents to reveal to bring the goods and companies they serve. Businesses are harnessing an extraordinary amount of collaboration. Or now, it’s not very obvious to someone who works in the industry that a restaurant is weaving that avocado into your dish. Hundreds of palm trees are rarely alive. I am correctly trying to reveal the presence of conversations with people about money. I love that you just shook his hand 30 years ago, then you undoubtedly reached out and now he’s shaking your hand, and I congratulate you on the position you’re vulnerable to. Or not now, it is not under any circumstances too easy to start investing. Small consistent actions can lead to massive disagreement. To Jason’s aunt, to Jason himself, and especially to Phyllis Hoffman, I shout, Fool and play on. Appreciate it.
To mailbag item number 2. This one, two inventory questions from Matt Cohen. Thanks for writing in regards to Matt. David, I’m saving a couple of questions for this month’s edition of Mailbag. Number 1, what a fundamental mistake turned into your sales advice Royal Caribbean Cruise Lineticker image RCL in Motley Fool Stock Marketing and Marketing Consultant you made Dec 18, 2008? It turned into when Matt writes three months after the financial disaster, actually three months into, well, pretty much into it at this level of financial disaster.
Be that as it may, changed to this type of condition, given the odds are that you may possibly now not put the fundamentals beyond the dark clouds of a huge recession, Matt writes? From what I will say, the RCL has a 6x portion mark as a result of you cleaning it up quickly that first day at the stock and marketing consultant on September 21, 2007. Matt says I’m out of it sold utehes for 300 and sixty-five days later, when I had lost quite a bit in that 300 and sixty-five days, and yet if we were to correct ourselves according to the designed mark, would increase by six cases in mark for the present tense? Yeah, let me correct your first query, Matt. Let’s take a quick look at Royal Caribbean. It changed once at 40 in 2007 after I accelerated it. By 2009, it had fallen below $5 per serving. In 2020, so here it is 11 years later. Once changed to 130 to start 300 sixty-five days, COVID 300 and sixty-five days in 2020. Yes, when the whole series closed, along with the cruises, I correct in this 300 sixty-five days myself , Royal Caribbean passed two months later from 130 to 25. Like flash forward to those 300 sixty-five days. It started this 300 and sixty-five days at 120 and now we correct when we closed sixty-five days or now no, now it’s somewhere around 240. These are easy round numbers that come from the fact that in 2007 we first picked at 40, they are in a position to put round 240 with it at the present time, that is six cases more in the mark.
Systematically, the S&P 500 has risen four times over those same 17 years. Royal Caribbean increased by six crates and beat the market handsomely. To confirm your question, Matt, yes, I do apologize for my sell advice on Royal Caribbean Cruises on the downside of the Great Financial Recession in December 2008. Now, this is not the last sell selection mistake I’ve made as an investor, ARM Holdings for long-time inventory consultants, you may remember that I sold one inventory, so nice, and then it increased by seven cases. My main takeaway here is that I’m now trying not to make this mistake too much in general. I will share the explanation. I relied, on the one hand, the number of instances I’ve achieved in stock marketing and marketing consultant is due to the fact that I mainly maintain, and or now not, it’s the easiest occasional moments when I want something. now it is correct, now it won’t work and I want to sell it. Now I am not an investor in any case that is being sold.
Now I’m developing that I’m not advising that someone should want to be an investor who would under any circumstances be sold, but Matt and Fools everywhere, we are much more rewarded if we stick to the issues, and while Royal Caribbean has experienced incredible stress on their industry , especially until 2020 we are in a position to place even the benefits of proper retention. Again, it started 2020 at 130. Right now, or not right now, it’s 240. That includes COVID, which is a horrible machine shock shutdown for the entire switch, actually for quite a few industries, cruises that live to . We are restoring the strength and resilience of corporate giants, the stock market and the S&P 500, and highly conscious capitalism in this nation and around the world. That’s maybe the point I’m trying to make, Matt, is it worked out. Excuse me for yelling, I took money from stock marketing people and marketing consultants.
We didn’t enjoy it except that any individual served and while you did that you are superb due to the fact that this is a company invested in for a long time without a doubt greater than one in reality the terrible GFC 300 and sixty five days. Your right pair of queries, Matt, is hardly a new business. Matt writes, one in every stock that has been fast in Rule Breakers since I retired from inventory decision making is TransMedicsan image of the TMDX tag. What does TransMedics envision? Off the record, have you ever considered a startup situation? The industry is doing a nice job of clarifying the mumbling in the migraine phase. Matt writes about the self-discipline of organ donation. Effective, thanks for asking about it. In fact, I haven’t really looked into TransMedics at all. I’m a little familiar with what it is. Many people who pay attention to us say they now undoubtedly claim they’ve by no means heard of the company, but avid rule-breaking investors will undoubtedly recognize Ticker image TMDX on this system-leading preservation company and transport of lower organs. All over the world organ donation is mercifully and blessedly done, companies, this company is anyway leading the way in making what is likely to be what you might conceivably imagine selling that organ you would be in a position to buy. maintain it was donated, after which it is clear that this is either now not safely and successfully transported to the arranged center gave or now will not now be re-inserted into any individual elsewhere.
TransMedics is the leader and whether or not now, that’s obviously the same thing I love about the field and that’s generally what I start with investments. But I’m not going to analyze that thoroughly now, Matt, because that wouldn’t be cutting edge. I haven’t spent much time with it. But I will remind you of the six characteristics of an investor who breaks the rules, and probably a sentence for each correct one, reminding you that this is how I search for the ball. I look for investing in the stock market using six characteristics.
Dominant I’ve talked to before with the high dog and the first step in actually a key emerging replacement, and I’d say TransMedics is a nice high dog and the first step. The question would be how important is this switch? What is the total addressable market? I’ll leave that aside to acknowledged by others, but this is actually the key issue I would rely on. Another characteristic of rule breakers is that they maintain a sustainable presence. This company maintains its own expertise. It has FDA approvals around it. I have this defensive mode in a growing niche. I have the same label for TransMedics. The third is true respect for the previous label. I might continue to shout, while this inventory has attracted quite a bit of attention in recent times, it is now way off and doesn’t show the true appreciation of the previous mark. In fact, it has now lost two-thirds of its mark in just the last few months after a not-so-easy fall, and that’s no doubt one of the reasons you’re asking about this company, Matt. A $2 billion market cap at this level is a long way to go. It is a small cap company. Stating the facts, really honoring the previous label is something I like to look at and correct now, develop now, but now I don’t put it out there. Number 4, Top Management and Pure Support. Now I’m developing, I don’t know the essentials about the founder and CEO Waleed Hassanein, but I have deep clinical experience and I would focus very fundamentally on evaluating what I believe about this person and the team around him. In my opinion, every huge stock is a huge company, and conveniently every huge company is a huge people. This is often my query for any business I try. Is it any person that I adore so much that I will run a winning company and accumulate so handsomely in the stock market? The last two qualities are clearly the attraction of a genuine person. Does it maintain enthusiastic fans.
Then the final assessment is whether the media or us who like to shout generally perceive it as overrated, it is a stupid assessment of this company. I’m trying to look into that. This is the same label for investments that break the rules. Again, I will challenge you to think about these questions and admit them to yourself. But in the end, this is how I continue to search for companies, even assuming that I do not now spend such a basic time researching one company to another. I declare that the same framework I have been using for over 30 years is genuine and has helped me save so many huge holdings and keep them going over a long period of time. Whenever you feel vulnerable to a shareholder, I need you most effective. I have our Motley Fool Rule Breakers team that loves this company, but I’m not active on the team right now, so I won’t advise it right now.
On to point number 3 for investing in a mailbag that breaks the rules. This one is writing from Germany, once again, Andreas Ham, Andreas, very nice to hear from you. Hi David. I was listening to the November mailbag and wanted to explain the thoughts of how “under no circumstances would rebalancing possibly slide useful properties on the table and test our ability to advise exponentially. Andreas continues, Let’s do the math. If inventory A is 100 bags, how seemingly is it to become 200 or 300 sacks in five years?” What you’re really asking with this query, Andreas, is how likely is this stock to double or triple over the next five years? I would shout, most stocks are now not susceptible to doubling or tripling in five 300 and sixty five days. Despite the indisputable fact that we’ve clearly come across some that do, and these are a couple of my favorite companies, slide on. Has much less apparently than inventory B become 10 bags in those same five years? Clearly, since we’re talking when it comes to inventory A and inventory B, now we’re not putting in any company names or hints here, we’re talking math properly. Andreas continues, if that’s the case, if inventory B became 10 bags, shouldn’t I invest more in inventory B? For example, if I sold half of my inventory A and put it into inventory B, and inventory B became a bag of 10, that’s a composite bag of 500. In the interim, inventory A might double or triple, giving a mixed bag of 600 up to 650.
Andreas continues with his math. I have to shut up. I prefer inventory A doubling percentages vs. inventory B becoming a bag for 10? He notes that no company dominates forever. There are strategic mismatches, allegations of monopoly, competition can dethrone leaders. With processors, there was a situation with Intel. This would maybe maybe maybe maybe maybe happen in NVIDIAone day in GPUs. This is precisely the reason why you should mute without completely avoiding rebalancing or constantly rebalancing.
As a change, choices should mute preserve context, balancing past performance with future opportunities. Mistakes happen to CEOs and investors alike, so you should be silent on mistakes and act on opportunities. Not doing anything Andreas says doesn’t seem stupid to me now. I hope this provides a devastating tag for Team Fool as we begin 2025. Fool forward. Andreas, nice, in the beginning, Andreas, thanks for writing and I agree that continuously, according to the system, the phrases to love constantly and under no circumstances developing now do not bring wide results. I’ll focus on rebalancing a bit later, but right now I’m not a permanent investor or an investor under any circumstances. You should shut up to let our thoughts flow. I will no doubt express your level of how a huge winner with a huge market cap is going to be the result of finally when a company grows 100 or more instances in the tag, it will rarely or now not be a giant cap, now now not lower than , if not now a mega-cap company. This company at that time, after this expansionary shock, may originate from the fact that it represents a much lower probability of future development than, for example, a promising mid-cap or small-cap stock. As an investor now, I am constantly trying not to be correct with a particular company, but doing what you guys are doing here, for this account. I strive for my portfolio, which comes from being in a position to declare our rule-breaking stock characteristics, to look for stocks, and being in a position to declare our habits as investors, to enforce the questions we like to follow . Let your winners rise, add up. Separate now and don’t double up. Those habits I focus on. But finally, while you use your habits and multiply them by your shares, you stop with what? You stop with the portfolio.
That thinking at the portfolio level, I talked about it at the account break for. Doesn’t it matter now when you quit the 300 and sixty five days to start trying to earn on the general 300 and sixty five days. Otherwise, now it’s not always important to search through the entire portfolio either, and that’s part of what you’re doing here. At least for me, rule number 4 of the six Rule Breaker portfolio principles, rule number 4, the set sleep number is very instructive on how likely you might be to help keep an eye on a portfolio that has 100 bags. Because what I’m saying with that is it’s scary to just develop now and not let any inventory develop to the kind of huge percentage of your portfolio that you just don’t sleep at night.
Setting the sleep count capability. What is the number that I would allow to become my most interesting nutrient as a percentage of the total pie of my entire portfolio? How huge would you let the north get and quiet down ready for sleep? I have given examples of this in the previous one. Now I won’t go too deep into this, but let’s fix the transient. For example, if that number were 10 for you, chances are you probably don’t need your portfolio now to ever allow a single inventory price to be higher than 10% of your portfolio, while chances are you may perhaps keep gotten 100 bagger, certainly, you probably may perhaps encourage that couple of examples in the later Mailbag, this podcast. I will advise this a little more when it is served. But most constantly we undoubtedly promote parts of huge winners if they want to achieve 100 or more examples in the tag. You might be donating shares. Now is it not a matter of enforcing this time of 300 sixty-five days. People generally give charitable advice when we quit the 300 sixty-five days. This is a great donation solution. Give shares of valued inventory. I’ve relied on it a lot over time. While I love the math you’re just taking us through, I know there are a ton of contextual questions that each of us must rely on to try something unique in our weird portfolio.
For this reason or now not, I find it hard to advise prescribed around something that likes. With that out of the way, I’m trying to remind us all of the tax penalties for promotion. Whenever you happen to maintain an expansive winner, you will pay an expansive tax bill. If you leave that money invested in your work, which is now not lower than in our country, chances are that you might keep 100% of your money gained in a situation where you get about 20% in useful estate tax, which makes you reinvest a lot less money into that inventory B in your case. Whenever you feel that you are actually having a hard time keeping up with the math, there is a good chance that you may possibly be retaining counseling with the help of tax penalties. I’m also trying to shout out that while the likelihood that you might maintain that you’ve let the company slip up to 100 instances in the label, you undoubtedly understand this well in reality, is undoubtedly significantly higher inventory A in your case than you’re likely to perhaps perhaps presumably knows B’s inventory.
I am trying to remind you that familiarity will be a real strength. You know companies much better while you are holding onto them than while you are considering buying them in the earlier stages. There is a measure of safety. Also, when the company becomes very huge, it becomes more secure. It has a higher balance sheet total. It is not known now that the foundation of its financial system is when or now it is not so expansive. Now I’m not going to yell too expansive to fail because I’m developing now and now I don’t worship this phrase, but businesses become extremely important, love for example Amazon.com is extremely relevant. Otherwise, it’s not very essential to our financial system right now, so, I would shout, domestically here in the US and globally in quite a circumstance that Amazon becomes vital in the way that a small inventory of B can now not at this stage. Quite a few valid thoughts here. I’m trying to close with that on the rebalancing that comes from what you mentioned. I generally focus on the opposition to rebalancing this context. Many financial advisers and the long run of a regulated mutual fund switch when faced with an imbalance, enforcing maintenance until rebalancing. This is the correct automatic promotion of positions that maintain growth in disclosure to reinvest income in those that maintain declines. This enables financing instruments to fulfill their purpose, to correspond to their structure. They need to stay well balanced across their property, which means periodically boosting their winners quarterly or annually and reinvesting profits in their losers, what Peter Lynch used to know as watering the weeds and cutting back the vegetation.
According to the system, I found this to be part of the hollowed-out analogy at this level. For that reason, I suggest, now I’m developing now I don’t know, let’s go with the horse racing analogy here, new. I invest, especially for investors who break the rules, we want to support our thoroughbreds and also retire our RN. This is how I advise on actual portfolio management. Now, I’m not keen on promoting our winners by adding to our losers. Given the system, it’s no shock that so many funds and advice or generally lag behind market averages. They are located on the usual rebalancing of foundations.
Consider, they generally adhere to the guidelines that they have to support giant diversification, which means they have to sell their winners and reinvest in their losers. But the main documents, Andreas, as a special person investor, you and I, are in a position to arrange our maintenance portfolio. We are evolving now and not sustaining to kneel at the altar of rebalancing. Supporting our thoroughbreds and retiring our stallions, letting our winners thrive, and when you cry, staying wellsprings of new opportunities is what we all strive for. There are some thoughts and reflections. I’m developing now now I’m not maintaining a solid pr outside of the two systems that come from I develop now now I don’t advise or now now there is no likelihood that you might possibly imagine to give it. I love math and I love that math is rarely hard. Isn’t it right now or isn’t it horrible now. Inexperienced test model, red X after your math confirmation in math test. But in this case, we are not talking about genuine mathematics. We’re talking about the context around our portfolios as we consider, right here at the 2024 break, thinking at the portfolio level, and thank you for taking us there. Onto Rule Breaker Mailbag Number 4. This is from frequent contributor Lisa Wharton. Lisa, nice to hear from you.
She begins, dear rule breakers. I’m extremely honored to be a rule-breaking poet because David has now read my poems in five or six instances on this podcast. But now I am not properly a poet. I actually know a thing or two about investing. I have been a member of the Motley Fool since 2008 and since then my portfolio has gained over 2000%. Which means your thinking about the Lisa portfolio has increased by about 20 cases over the past 16 years. thanks Mostly writes to Motley Fool Stock Marketing management and marketing consultant and Rule Breakers. One of my outstanding investments once turned into a Tesla. On the advice of a stock marketer and a marketing consultant, I procured a Tesla, writes Lisa in 2012. Divided adjusted turned into the once correct $2 per serving that day tried to serve back. Obviously, I would insist that love is genius with the participation of the Motley Fools, but this hot leg was not without its challenges. Maintaining a type of unstable inventory was an emotional rollercoaster. By 2016 my Tesla stock had 10Xed and the stress of selling had turned into a once gigantic one. People around me have repeatedly said that I have turned into a once stupid person to follow him into a kind of unhealthy business. I resisted the promotion until some Motley Fool analysts called Tesla a stock in February 2016. This is after I sold 50%, although I kept a good pair of halves. Over time, I built my position in Tesla, especially after Tom Gardner did a quick inventory.
Now Tesla is my most interesting thing and Lisa gives me the idea to support it for a long time. In 2012 I also provided Amazon, Netflix in 2009, and then in 2010, Nvidia made some mistakes in the system, liked to promote 40% of my Amazon about seven years ago, and unloaded Netflix’s foundation after it doubled. I at the foundation sold all my Nvidia shares in 2012 after 2-3 years of going nowhere, but I secured everything until 2016 and have been happy with that choice ever since. There is no darkness, these missteps, Lisa continues, my returns since 2008 keep silent have exceeded 2000%. Prevailing was a phased out in case the whole plot was sold now. Over time, the final stocks maintain the achieved mix, making the previous gross sales much less impactful to the overall portfolio.
A recent conversation in my rowing membership illustrated this level. A younger man told me he had stocked up on Tesla stock in 2010, even before I did. Unfortunately, he sold all his shares after they doubled. I’ve heard many experiences like it, emphasizing the importance of persistence and strategy. In investing, Lisa concludes, layering and layering is serious. Or not now, this is a way that has served me well and I hope that it will most likely help others in their investment journeys. Happy holidays. Sincerely, Lisa Wharton. Actually, Lisa, I love the general parts and examples you’ve given as neat. It’s pretty amazing that you just sold a couple of these huge holdings and now there is no general system in some conditions and gained service in some others. I especially love your parts about Tesla and what an emotional rollercoaster it was. Most 100 plus baggers, which Tesla was for me, will maintain these slides, plus their setup doesn’t seem right now, I’m developing now, I don’t know, the label is basically based mostly on the slides. Isn’t it now now isn’t it now isn’t it all about math numbers. Lisa, you talk about an emotional burden that might have remained bottled up.
I admit that without a doubt, but stay invested and love the lessons learned from the experience. First you figured out it was Tesla, but with this podcast, you’re sharing lessons that others can hear and maybe just teach them. I love your level of layering to express your phrasing and making the layers stand out. What you are really saying is simply too many of us all on or off. Things are cloudy or white. Now there are no shades of gray, and yet, now I am developing, I do not advise that it is stupid. Here or not now, it is huge to gradually with what we are doing. When I introduce a sell-off of huge assets usually derived from or now not bought too huge, I correct to sell off in pieces and items. Is now now not now now is not all or nothing. I also rarely deal with thirds, which I did in the early days when we started The Motley Fool with my fashion AOL inventory. At first, I didn’t feel completely confident in the company, so I took my money, which I had exchanged once to put money into it, and divided it into three. Over time, I put in one-third, one-third, one-third to develop more confidence. Yes, layering and layering is a tool to support sentiment control and help with exposure to certain companies. Your story is one of persistence and resilience. I constantly love listening to these experiences that come from the fact that many of us are developing now now not maintaining this experience but. Some of the fairly younger investors who have been paying attention to us this week, quite a few of us who may be new to investing, haven’t been taught about these items, haven’t been taught about the presence of inertia. We’ve heard about how huge the inertia is and quite a few problems that exist, but for some reason people are now developing and now they don’t assume that the stock market is going to be the solution to their detriment, I am and so are you helping to illustrate the huge the benefits of it.
Congratulations on your success and thank you for reaching out. I wish you a very happy holiday, a very happy fresh 300 and sixty-five days. To the mailbag of rule breaker number 5, Vince Graneri. Always great to hear from you, Vince. Thank you for this account. Hi David. Since 300 sixty five days includes a shutdown or now not, it is important for investors to review their portfolio, evaluate the performance of their stocks, do some tax planning and shut down for the unknown 300 sixty five days ahead. Effectively put, Vince. As you generally remind us, these statement styles will also be valuable in an individual’s profession and existence in general. You’re right, Vince. agree Actually break fast. One third of my focus in this podcast is investing, one third industry, and one third existence. Everyone is dependent and bottom line is what wins investment, wins industry and wins existence. Getting into the addiction of being a great investor helps you as fundamentally in your profession and in your existence as nicely, and thank you for putting it in the system you just did. Vince continues, “That’s what makes this December mailbag so special, because now or not, there’s a long way between investment, industry and existence. I happened to come across your Besties podcast, which is especially difficult for me, although I suppose it turned into a once very enthusiastic to peek optimism with Invoice Burke, who hit the lead ever to achieve.” Vince assures: “I insist that I listened to 1 and all.” By the system I have something I like here, the 497th week in a row of this podcast. Wow. Thanks, Vince. Anyway, it points to my optimism with the Invoice Burke podcast from these 300 sixty-five days as the one Rule Breaker podcast I’ve ever accomplished that he’s served time for a long time and again, which brings us to Vince, who writes, “After listening to all the best songs on your record, I started arguing with myself, optimist versus realist.
For example, Rand Stagen’s insistence that his clients make a long-term commitment to his company. Obviously, what consultant wouldn’t need a guaranteed long-term gig? I hear that I serve an expensive deal when it comes to time and money when it comes to expensive business transformation initiatives in the companies I’ve worked at. Most did not retain a lasting effect. He morphed into the once-corporate model of a long-running Survivor TV account, aiming to outwit, outplay, and outlive the agent switch. Maybe that’s why I left the corporate world over twenty years ago to start a maintenance company. Still,” Vince continues, “I argued that each person in each of these corporate transformation initiatives presented an opportunity for me and others to learn something and, in general, a lot of questions about ourselves and those around us.
We are the easiest to necessarily originate from this. What we gained turned into a once unquestionable revelation of size greater than contributed, optimism, fragile though turned into once, and a sensitive flame to be nurtured turned into a once highly effective starting obvious switch. Looking for services in 2024, I saw how it is. I took the opportunity to learn more about myself and others and committed to enacting more of this in 2025 and supporting others in doing so. I could ramble on and on, but let me close as I started with my recollections of funding. I’ve been a fool for over twenty years, and for most of those years I’ve started listening to just about every piece of dumb advice. In 2021, I stumbled upon owning just over 650 shares and turned into a once-holder of the Gardner-Kretzmann Continuum Solution Spherical Papers in the Over 60 Division, at 10 plus. As I have turned into a once upon a time approaching retirement, I am mute and closer, hopefully, optimistic that it has turned into a once upon a time to maintain a closed more active role in stock picking, even assuming that my intense portfolio beat the market due to Motley Fool review and my asset allocation suggestions. My new purpose once changed to cut the number of positions from 650 to something more manageable, 75-80, crashing into two portfolios, one hot on development coming from Develops now they are not trying to survive their resources and quite a couple on dividends, arising from I would rather trade the earnings from my job.
I am interested in documenting at 300 and sixty-five days of termination that my portfolio now has 85 positions, a crash of 39 development and 46 dividends. We have not, we may not now maintain the resulting position with our The Motley Fool. We wish you and our team the happiest of holidays and a healthy, tickled and optimistic Fresh 300 and sixty-five days.” Signed, Vince Graneri. Effectively, Vince, thinking about the stress between optimism and realism, trying to create quite a few contexts of love transforming the company, realistically, we shouldn’t be too optimistic about two-day workshops that might serve to and briefly replace our company culture.Despite the undeniable fact that I am with Rand Stagen, it needs real and wants time to happen.
But now don’t fix this context of the company’s transformation, Vince, but also your private investment and when to be optimistic and when to be reasonable. I have an optimist who buys every chance the Motley Fool says acquire, and what’s his bet? I have it actually works. I correctly told the story of the draw that works. Lisa, I’ve said one before you, but now not every person has the money or time or interest in saying yes at every opportunity. We know that after yelling yes at every opportunity, we’ll gain entry into the inappropriate stock market a third of the time, and you also want you to agree with that. As a fellow rule breaker, I know you are vulnerable. I make it available per week. This is the right mindset to be an investor in the path of your existence. But there is some tension between the optimism and the realism that 300, sixty-five and three days the market is down. I’m developing now that I’m not advising that there’s a big disagreement between being an optimist and being a realist when it comes to termination. I have a phrase that we conventionally declare to be a rational optimist, and it mixes them up. It reminds me of Matt Ridley’s wonderful e-book, The Rational Optimist t. A couple of quotes come to mind as I recently changed clothes and tried to serve over this e-book.
It’s prevalent, Ridley most constantly says, while you’ll be rational and nicely looking for history, you can’t attend, now don’t be optimistic. Try to be an optimist, because there is a good chance that you will reverse the enormous progress we have sustained in the last century, in the last five centuries, in the last 5,000 years. You insist on admitting it and saying it with the help of many of these generations, the people who lived at that time thought that all the problems were diminishing, that the problems were getting worse for their younger people. But, again and again or now now not now now was not the case and this is a rational search for history. I will quote directly from his e-book. Ridley might be expansive on the assumption that tips are mixed with quite a few tips. It talks about how tips are born in addition to multiply with quite a few tips and progress results. I will quote correctly here.
He writes: “The history of the modern world is a history of meeting, mixing, mating and mutating advice. The explanation that financial development has accelerated so much in the last 200 years is correct down to the fact that clues could be encountered at an unprecedented rate.” Again, this is a sensible question-seeking. I also advise an optimistic question-seeking. Any other Ridley’s quote, says: “The mistake of the pessimists is to think that the considerations of the sphere will remain unsolved, which follows from the fact that they now carry out, not knowing how to solve them. But here it must be abandoned the fact that alternative proposals generally consist of meeting advice and improving each other.” Each of these quotes, according to the system, once again, from Matt Ridley’s Rational Optimist.
Factual, a little bit of extra thought for you Vince as you put together for 2025. I love that you share your hot foot and rationalize that 650 inventory portfolio. Quietly keep the Gardner-Kretzmann continuum ratio above one, great for you, but in this a balanced and focused system that you could only maintain if you acquired it for some development and for some income. I’m here again or I’m not now, that’s the topic of this podcast. Or not now, that’s the theme of December 2024 right here when the thinking breaks at the 300 and sixty-five day portfolio level. You’ve taken a portfolio that contained piles and piles of stocks that turned into once perfectly fine, but made it more manageable for you as you cycle forward into the next phase of your existence toward retirement. You’ve made a portfolio that you know is undoubtedly significantly higher coming from 80 companies, you may possibly keep acquired 570 others that you now now now do not support. I’ve done quite a few pieces on the six principles of the Rule Breaker Portfolio.
Now, I’m not going to advise this right here, but for anyone who ever missed that podcast I did almost four years ago, now on January thirteenth, 2021, I’m introducing my six Rule Breaker Portfolio Principles. . Vince, I have presented these, relevant thinking, relevant principles that lead to relevant actions. I applaud your stupid hot foot and your considerate and strategic management solution, which is now not just because of your wealth, but as you say, your career in the industry and your existence derived from these subjects are also connected. Actually, Vince, thank you for bringing and Happy Fresh 300 and sixty-five days to the Grenaris right here in 2025. Now the last element of the mailbag to deposit rule breakers is now not correct for this podcast, but for the 300 and sixty-five days at hand . One Dave to 1 other, as Dr. Sue, there are definitely too many Daves, but Dave Smolko, thanks for this account. Dear David, I’m basically a long-time member of the Fool, subscribing to your first funding letters in 1993. I’d shout that this has turned into a once-in-a-lifetime ministry in our print days, Dave. You claim you’ve actually been around us for quite a long time. Thank you.
Under no circumstances have I written to you yet, but this holiday season I am trying to say a sincere thank you to you and your brother Tom for giving me the confidence to choose inventory in my upkeep for so many years. Without the presence of Wall Avenue funding advisors, you have provided an incentive to accept the danger that has turned into a once justified and invalidate the concept to discover real development companies. My funding began in 1990, before the Motley Fool, when my father died, leaving my mother $250,000 in cash and instructions to quote, “Factual roll over my CDs and live off the interest and Social Security.” He had two CDs at a single bank, Dave writes, with several maturities, each paying around 8 percent interest. The problem turned into when interest in the CD dropped tremendously after his death. If my mother had listened to this advice, she should have stayed off the rules of these CDs and slowly broken the money balance. It will have to be long before in 10 years.
I begged my mother to believe me and allow me to destroy an even bigger financial design that would defend her most fundamental, allow it to grow just a little, and pay her some earnings in the form of interest and/or dividends. In March of 1990, after my father’s death, I turned into a once 28, CPA, but I had no genuine financing documents and I had two months to do a little analysis on what the chances were that you might possibly be likely to invest that $250,000 before CDs came of age in 1990. I spent many nights in the local college library reading sensitive’s, Commonplace, and Unhappy’s, and any e-newsletter funding I could possibly get my hands on. At the same time, I read Peter Lynch’s book, One Up on Wall Avenue, which really spoke to me and gave me the tools to review companies before I came across your newsletters. From Peter Lynch I learned about diversification and investing in what you know. I used to change into now after reading this e-book I’m not afraid to invest in my maintenance. I split the $250,000 by investing $50,000 in a 6% municipal bond, a money market legend, to give her access to about 20,000 in cash, 50,000 in an S&P index fund, 50,000 in a no-load American Century Tidy Cap mutual fund, and I divide $80,000 to be invested among five stocks of certain persons.
These five stocks were MAC, Walmart crash managementGTE and one stock that I felt was once a price change that took a risk selling a product that I pass by every day at work. It once turned into something that I knew and felt would be fundamental to all American businesses. That changed once Microsoft with your MS-DOS. In 1990 I paid Microsoft $15,000. That one choice turned into a once-in-a-lifetime change. That didn’t show today. It took about three or four years before it picked up speed. In the following years, I also adopted your philosophy of letting the winners pile up and being 100% invested in stocks. I know your brother likes to keep a percentage in cash. You were one of the two simplest of us who espoused this 100% risk-taking philosophy. Jack Bogle once turned into a real couple. As Microsoft grew, I tried to sell a small stake every 300 sixty-five days to spread it out to quite a few shares. Friends in the investment self-discipline told me that I should shut up selling Microsoft every time it went up another 50% to lock in my earnings. But my thinking once changed to why should I shut up sell inventory properly to keep it closed and maintain a study and solve something else that may develop after I’m already maintaining the same thing? There was no point in selling. Over time, Microsoft has consistently represented more than 50% of my mother’s total portfolio as it has built an extraordinary fortune. I’m optimistic that it turned into an acceptable hazard at some point, and I’m taking action now so I don’t lose sleep over it. Currently, that’s 500 bags for her portfolio. These shaped shares allowed my mother to send three grandchildren and two great grandchildren to high school. It provided three new vehicles for people’s business. Two John Deere tractors for my brother and my nephew allowed her to hang on for a few years while she turned into a once mute ready. He also shares his talent with my brothers and me.
It now provides security to support her in long-term care. As for me, I read your Rule Breaker Rule Maker e-book when it came out, persistently received your monthly newsletters, and allowed you to choose Peter Lynch as my mentor in my decision making process. The dominant advice I purchased from your e-newsletters turned into once Middlebywhich became a 10-digger.
I also bought Netflix, but sold it after two years, which was my most attention-grabbing mistake. There were quite a few losers, but eventually the most exciting winners made the losers negligible. Right now, my most eye-catching winners are Nvidia, Starbucks, Shopify, Square, Meta Platformsand MercadoLibre. With my mother’s portfolio, after four years I sold Crash Management and provided Cisco methods in 1994, which became the 30 excavator. I sold Walmart after doubling down and switching to Starbucks in 1992, which became 41 diggers. Your philosophy has allowed me to maintain the confidence to follow through on my decisions even when companies experience stagnation or difficult cases like Microsoft, Cisco and Starbucks claim, and to gain the design of owning top companies with genuine earnings, moat, top management and all an individual on CNBC who declared the company once “overvalued.” Thanks again, your fellow Fool Dave S indeed.
What an aesthetic account to close, to close this podcast and these 300 and sixty-five days. I love what you have done for your mother, Dave, and by extension her entire family, to integrate yourself. What to hoard, hoard, hoard. How proud your father would be if he peeked that you didn’t bury your skills. No doubt you have flourished. Part of what makes this all so sweet to write, I know you, so sweet for me to read, are the instances where you objected to the files used. First, in the case of correct storage on CDs, you invested in the second draw, along with the most continuous one-third of that money in a particular person’s stock, of which five, $15,000 in Microsoft, which I calculate turned into once 6% of the situation for your mother at this level. 2nd, despite being told, as Lisa Wharton once said on this podcast, there’s a chance you might keep selling your winning inventory, using this commonly used phrase with the financial switch we want to lock in the earnings. You didn’t.
This is the ultimate system, the system you will ever introduce a bag of 500 is to keep and let the winner raise high become a 500 digger. Third and finally, you remain 100% invested in the market, general system by means of dot boost 2001, great monetary recession, 2008, ‘9. As a Microsoft shareholder, I would add that you just had to sit down with the help of Steve Ballmer, who hasn’t invented very many tags in about 10 years. Then, obviously, with the help of COVID, how nice, 100% invested the general system with help. This, Dave Smolko, turned into a once so lively account to count and thereby close the ringing in a fresh 300 and sixty-five days, explained by English speakers around the world every sixty-five days, should forget the broken acquaintance and under no circumstances come to mind. Be well aware that the lyric, or now not, is actually a proper rhetorical query. I develop now now not advise The 18th century Scottish poet Robert Burns changed into once suggested that you simply neglect broken acquaintances and undoubtedly now now not broken partners. As a change, the rhetorical question invites reflection on the value of long-term relationships and shared memories. The implicit admission is, no, the broken acquaintance should be silenced, but now it should not be forgotten. Now we should shut up, not ignore the corrupt partners or the cases we are now sharing. For this week’s podcast, there are some fresh voices like the constant and full of broken friends who now not the easiest thing to do, we don’t neglect them now, we actually keep them in mind and celebrate them. Let’s depend on what Phyllis Hoffman herself explained during the break of this podcast to share our money questions, our financial lessons with family and partners. Pay it forward. I may even rarely shout pay it forward, you may possibly be richly rewarded.
I need you, dear listener, dear friend Fool, happy holidays and an amazing start to 2025. Thank you. Thank you for these 300 sixty-five days. I enjoyed a small group portfolio reflection this week. Look next week. A fool.
John Mackey, the defunct CEO of Total Meals Market, an Amazon subsidiary, serves on The Motley Fool’s board of directors. Randi Zuckerberg, defunct Director of Market Patterns and Fb spokeswoman and sister of Meta Platforms CEO Sava Zuckerberg, is a board member of The Motley Fool. David Gardner has positions in Amazon, MercadoLibre, Middleby, Netflix, Starbucks, Tesla and Walmart. The Motley Fool has positions in and recommends Amazon, Block, Cisco Methods, MercadoLibre, Meta Platforms, Microsoft, Middleby, Touchy’s, Netflix, Nvidia, Shopify, Starbucks, Tesla, TransMedics Neighborhood and Walmart. The Motley Fool recommends Crash Management and recommends the following alternative proposals: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed in this document are those of the author and are not, as a general rule, considered to be the views and opinions of Nasdaq, Inc.