Daniel Shvartsman

Performance Disclosures - Middle Coast Investing The performance disclosures for Middle Coast Investing, including discussion of calculation, use of net returns, and more.

I talked up my two biggest portfolio adds - $CPAY and $GOGO - plus a bunch of situational stuff we have added ($HI, $BHF, $AL, and $TFSL).

Performance disclosures here.

Best of luck for the rest of the year!

middlecoastinvesting.com/performance-...

Excel table showing Middle Coast Investing performance in Q3 - 9.6% in U.S. portfolios and 10% in core U.S. portfolios - vs the S&P 500 (7.8%), Russell 2000 (12%), S&P 600 (8.7%), and Nasdaq (11.2%). Also shows European portfolio performance (5.5%) vs. Euro Stoxx 50 (4.3%) and DAX (-0.1%). Many other figures, including performance dating to 2020.

Here's our performance table:

$DALN, $AAPL, $SCS, $ATRO, $LYFT, and $ECG keyed the winner side, while $PTLO, $PGR, and $LULU were the main detractors.

Performance Disclosures - Middle Coast Investing The performance disclosures for Middle Coast Investing, including discussion of calculation, use of net returns, and more.

I talked up my two biggest portfolio adds - $CPAY and $GOGO - plus a bunch of situational stuff we have added ($HI, $BHF, $AL, and $TFSL).

Performance disclosures here.

Best of luck for the rest of the year!

middlecoastinvesting.com/performance-...

Excel table showing Middle Coast Investing performance in Q3 - 9.6% in U.S. portfolios and 10% in core U.S. portfolios - vs the S&P 500 (7.8%), Russell 2000 (12%), S&P 600 (8.7%), and Nasdaq (11.2%). Also shows European portfolio performance (5.5%) vs. Euro Stoxx 50 (4.3%) and DAX (-0.1%). Many other figures, including performance dating to 2020.

Here's our performance table:

$DALN, $AAPL, $SCS, $ATRO, $LYFT, and $ECG keyed the winner side, while $PTLO, $PGR, and $LULU were the main detractors.

Middle Coast Investing Letter Q3 2025: Artificial Intelligence, Natural Caution - Middle Coast Investing The third quarter was a very fortunate one for Middle Coast Investing. Our collective portfolio rose ahead of the S&P 500 and is ahead of our benchmarks year to date. Buyouts of four portfolio compani...

It's quarterly letter season, and I'm happy to share Middle Coast Investing's!

We had a strong Q3, with the fortune of several buyouts and a few stocks jumping as keys to the quarter.

I start the letter, though, with thoughts on using and investing in AI

middlecoastinvesting.com/middle-coast...

Ed, not a close follower of nor investor in Nvidia, but they're almost definitely not calling the mark-to-market gain revenue. They also back the unrealized gain in CRWV out of their non-GAAP earnings, which is what they're benchmarked against by analysts.

GAAP requirement to recognize the gain.

I also did an update post $SCS buyout, and the combined $HNI-$SCS entity. Free log-in set up required, I believe.

This is the sort of merger that probably doesn't get through Lina Khan's FTC; consolidation of 2 of the top 4 players in a $10B+ industry. Fwiw.

investmentcut.pro/cash-in-or-h...

<Takes a big inhale>: Happy Gilmore 2 is just an echo of Don Quixote part 2, with the fictional character stepping into a world that knows him and eggs him on, heightening the hero's del....

<gets trampled by a nag of a horse>

I updated on my TripAdvisor $TRIP position for The Investment Cut (run by a friend and former colleague), and how the Starboard 9% position fits into the thesis.

Between that and $DALN agreeing to a buyout, good start to Q3 for Middle Coast Investing.

investmentcut.pro/assessing-tr...

Performance Disclosures - Middle Coast Investing The performance disclosures for Middle Coast Investing, including discussion of calculation, use of net returns, and more.

The post has winners, losers, and changes, while this link includes my performance disclosures.

Stay safe out there! More 'fun' ahead, one way or another. middlecoastinvesting.com/performance-...

Table showing Middle Coast Investing Portfolio performance in Q2 2025 vs. the overall market. S&P 500 is up 5.5% year to date, and the Russell 2000 is down 2.5% (as of June 30th); our overall U.S. portfolios are up 3.9% and our core U.S. portfolios are up 7.5%. Our European portfolio is up 18% vs. the Euro Stoxx 50 at 8.3% and the DAX at 20.1%.

My performance is here.

Apple hurt the overall performance, while the core portfolios were doing even better, relatively, until a June earnings bump or two.

Performance Disclosures - Middle Coast Investing The performance disclosures for Middle Coast Investing, including discussion of calculation, use of net returns, and more.

The post has winners, losers, and changes, while this link includes my performance disclosures.

Stay safe out there! More 'fun' ahead, one way or another. middlecoastinvesting.com/performance-...

Table showing Middle Coast Investing Portfolio performance in Q2 2025 vs. the overall market. S&P 500 is up 5.5% year to date, and the Russell 2000 is down 2.5% (as of June 30th); our overall U.S. portfolios are up 3.9% and our core U.S. portfolios are up 7.5%. Our European portfolio is up 18% vs. the Euro Stoxx 50 at 8.3% and the DAX at 20.1%.

My performance is here.

Apple hurt the overall performance, while the core portfolios were doing even better, relatively, until a June earnings bump or two.

Middle Coast Investing Q2 2025 Letter: All Better Now? - Middle Coast Investing The last three months have been noisy ones, both in markets and the world at large. For all that, those months left U.S. stocks at all-time highs. Our accounts also did well, not dropping as much as m...

Happy to share my Q2 letter for Middle Coast Investing.

Markets have more than recovered since Liberation Day, but I suspect more heavy stuff is to come

I talk about the positives and negatives out there, my portfolio, and a few position changes:

middlecoastinvesting.com/middle-coast...

An old pillow(?) with economy written on it in front of an antique stove.

Vibe check

I got to watch about five minutes of NBA Finals game time while in an airport, which was enough time to make four puckered lips ‘oof’ faces after Pacers shots (two threes and two McConnell shots).

One possible benefit of AI in search is to kill a lot of the worst SEO practices (longer articles padded with fluff, redundant headers, the use of the 'breaking news blog' format that divorces headline to content connection), though, really, it will probably get worse in some way.

So plenty of stars in these three episodes but damn if Valencia doesn’t look good again.

YouTube video by A Short Investing Guide The Stock Market 5: How Are We Back From Liberation Day?

With the market finishing above April 2nd levels Friday, I decided to break a video format back out.

I hit:

• 3 reasons that might explain the recovery
• 2 things investors should keep in mind.

Summing up to The Stock Market 5, a new weekly (?) video series:

www.youtube.com/watch?v=GmWK...

Pancetta eggs onions potatoes half sandwich with peanuts cake with salt in background.

Cremaet (burnt coffee and rum)

Friday esmorzaret/almuerzo

My tongue was salt pickled by the peanuts for hours.

The true star of episode 6 of Andor is Valencia.

I wrote an article about Trip Advisor ($TRIP), in which I own shares, and which in theory could be pretty affected by the whole 'nobody wants to travel to the U.S.' thing, which is real.

Here are the questions I have before next week's earnings.

seekingalpha.com/article/4780...

The S&P 500 and Nasdaq are up since the beginning of April (Russell 2000? Not so fast).

We should be careful about slam dunking based on market prices. The market is going to market.

Plenty more bumps ahead, because that's who's in charge. I don't know what's going to happen.

Prepare and hope.

Street clock in Valencia showing 12:33, for a photo taken six hours later, that could only be posted another 90 minutes later, due to the peninsula wide power outage.

Photo taken at 18:26…

1Q'25 Middle Coast Investing on #$ECG, #$SON

More fund letters here:
lettersandreviews.blogspot.com/p/4th-quarte...

Performance Disclosures - Middle Coast Investing The performance disclosures for Middle Coast Investing, including discussion of calculation, use of net returns, and more.

I should share my performance disclosures here.

Also, wishing you luck, and stay safe out there! I suspect there are a lot more ups and downs in store for us all.

middlecoastinvesting.com/performance-...

A table showing our Q1 portfolio performance vs. key indices. U.S. portfolios were down 3.7% vs. the S&P 500 being down 4.6%; our core portfolios were down .7% vs. that S&P number and 9.8% for the Russell 2000; our European portfolios were up 9.2% vs. 7.2% for the Euro Stoxx 50 and 11.3% for the DAX.

After the macro stuff, I review our quarter - down, but a little better than the market - and discuss over a dozen stocks we either own, added, or sold in the quarter.

At the end of the day, there are always problems on the market.

This set of circumstances is unique, but so was 2020 and 2008.

Middle Coast Investing Q1 2025 Letter: Before And After The Liberation Day Crash - Middle Coast Investing After a bumpy but not terrible Q1 for Middle Coast Investing, and a Liberation Day crash to start Q2 that has been bad for everyone, one of my favorite movie quotes comes to mind. The movie is Vision ...

I finally sat down long enough amidst everything to write my quarterly letter.

I'm a stockpicker, but start off with macro stuff because (gestures)

• The predictable volatility
• The surprising indifference
• The unpredictable slapdash decision-making
• How we're adjusting

Have a read below:

Love to reduce economic activity and tax receipts to reduce the deficit…double negative math is unstoppable.

I just can't believe* we're doing the whole 'sectors move on tweets' thing again.

*I can wholly believe it. It's just, not even history repeating as farce. SIgh.