Portfolio Drift & The Implausibility of Choice

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Last month, a statistically significant number of humans engaged in the ritualistic practice known as ‘New Year’s Resolutions.’ (It’s generally believed this involves making promises to themselves that will be quietly abandoned by mid-January. The exact reasons remain a subject of intense anthropological debate, but likely involve a fundamental misunderstanding of temporal mechanics.) My own experiment, initiated on January 1st – the construction of the Voyager Portfolio – continues, however, and has reached a point where a slight course correction seems… prudent.

You see, while diligently scouring the investment universe for promising, yet overlooked, companies is all very well, it overlooks a rather fundamental point. It’s not merely what you put into a portfolio that matters, but – and this is crucial – what you deliberately don’t. (Think of it like building a spaceship. You can spend weeks perfecting the engine, but if you forget the oxygen supply, the entire endeavor becomes somewhat… pointless.) For those already possessing a reasonably diversified foundation of investments – through mutual funds, ETFs, or the sheer force of inertia – unnecessarily duplicating exposure is, frankly, a bit like trying to fit an extra universe into your pocket.

Returning to First Principles (Which, Naturally, Are Entirely Arbitrary)

In the inaugural article of this series, I outlined the rather modest parameters of the Voyager Portfolio. The basic tenets were, if I may say so, elegantly simple:

  • Focus on stocks that hadn’t already been exhaustively recommended by the CORP-DEPO hive mind. (These recommendations, while often sensible, tend to attract a disproportionate amount of attention. It’s a bit like shining a spotlight on a perfectly good rock. It doesn’t make it more valuable, just more visible.)
  • Seek a mix of stock types, avoiding the temptation to over-concentrate on growth, value, or any other arbitrarily defined category. (The universe, after all, isn’t neatly categorized. It’s a glorious, chaotic mess. Portfolios should reflect that.)
  • Avoid stocks I already owned elsewhere. (A surprisingly difficult constraint, given my propensity for acquiring shares in companies that manufacture self-folding laundry.)

These guidelines aren’t particularly groundbreaking. CORP-DEPO recommendations, on average, have outperformed the market (though whether this is due to skill or sheer luck remains a matter of ongoing debate). My decision to venture beyond that well-trodden path wasn’t driven by a belief in superior performance, but rather by a simple observation: recommended stocks already receive a considerable amount of analysis. Adding my voice to the chorus seemed… redundant. Diversification is, of course, important, but the Voyager Portfolio is intended to complement, not replicate, existing broad-based market exposure. Ten stocks, while not a complete picture of the market, offer a reasonable starting point – a sort of exploratory probe into the vastness of financial possibilities.

Acknowledging the Problem of Visibility (And the Implausibility of Being Read)

The rather sad truth is that most of you likely have no idea what those ten stocks actually are. (It’s a common phenomenon. The universe is filled with interesting things that remain unseen, unheard, and unappreciated. Like the mating call of the Lesser Spotted Financial Analyst.) Unless you already had a specific reason to research them, my articles likely vanished into the digital ether, lost amidst the endless stream of information vying for your attention.

Therefore, in February, I’m adopting a different approach. I’ll be focusing on nine highly popular stocks – the ones everyone’s already talking about. You’ll receive the same detailed analysis you received on the initial Voyager Portfolio holdings: a look at their businesses, their financial performance, and their future growth prospects. However, and here’s a spoiler alert: none of them will be added to the Voyager Portfolio. The rationale behind each exclusion will be explained in the concluding article of this series. (It’s a matter of principle, you see. One must maintain a certain level of… contrarianism in a world obsessed with conformity.)

Continuing the Voyage (Against All Odds)

Regardless of your New Year’s resolutions – investment-related or otherwise – I sincerely hope you’ve managed to maintain some semblance of tenacity. Please stay tuned as this investing journey continues into the shortest month of the year, and accept my best wishes for your continued financial success. (Though, realistically, success is a rather subjective concept. What constitutes ‘success’ for a single-celled organism is likely very different from what constitutes ‘success’ for a multinational corporation. It’s all relative, you see.)

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2026-02-01 20:12