Portfolio Update: Dynasty Discount
My top ten positions — where I'm allocated and why
This portfolio is built on a single premise: in a world intoxicated by disruption, the greatest mispricing is permanence. While capital floods toward whatever technology promises to render yesterday obsolete, a quiet constellation of European enterprises — family-governed, fortress-financed, operating in industries where the laws of physics and human need outweigh the laws of Moore — trades at valuations that assume endurance is worthless. I disagree. What follows is the current state of my personal portfolio: ten holdings, exclusively European, concentrated in businesses whose ownership structures were designed not for the next quarter but for the next generation.
Each position reflects a conviction that the market has confused cyclical pain with structural decline — and that patience, deployed alongside families who measure time in centuries, remains the most undervalued asset in public markets.
Current geographic exposure:
