In short: BOUGHT (American portfolio) — $500 at the next market opening, price $296.5. "We are increasing our exposure to small caps." Already the largest position at 21.8% and the best performer in that book at roughly +67%; this is its fourth purchase (Dec 2023 at $212.8, Mar 2024 at $224.6, Oct 2024 at $242.7, Feb 2026 at $277.32). Adding to the biggest winner rather than rebalancing away from it.
A plain, cheap fund holding a broad basket of smaller American companies. It is already the largest position in the model portfolio for US-based readers, at about 22%, and the best performing one, up roughly two thirds since it was first bought in December 2023 at $212.80 — it now trades near $297.
This month's $500 goes into it again, which is worth noting as a behaviour: rather than trimming the winner to rebalance, the addition goes to the position that has already worked, because the reasoning behind it — smaller companies are unusually cheap relative to large ones — has not changed. Adding a fixed amount every month means the purchase price is whatever the market offers on the day.
In short: Held, not transacted this month. The largest position in the American ETF portfolio at 21.8%, expressing the "size: the smaller the better" factor. Four purchases between December 2023 and February 2026, now +34.67%, +27.60%, +18.05% and +3.32%.
In short: Disclosed holding, not re-rated. The largest position in the American book at 22.7% and its best performer at roughly +44%. Four purchases: December 2023 at $212.8 (+20.44%), March 2024 at $224.6 (+14.11%), October 2024 at $242.7 (+5.57%) and February 2026 at $277.32 — the last of which is marked at $256.25 for −7.60%, the book's only losing line alongside the second Tema purchase.
In short: BOUGHT — $500 at tomorrow's open, stated price $278. The American half of the small-cap add, taken on the 25-year-wide valuation gap ("Small Caps: 32% cheaper than large caps"). The fourth purchase of this line: December 2023 at $212.8 (+30.35%), March 2024 at $224.6 (+23.51%) and October 2024 at $242.7 (+14.27%), all now marked at $277.35 — so the add is at the highest price of the four, into the cheapest relative valuation.
VB owns a broad slice of small American companies at very low cost. The $500 added here is the fourth purchase of this line since December 2023, and it is bought on a relative-value argument rather than a forecast: small companies are about 32% cheaper than large ones, a gap that has not been this wide in 25 years, and that used to run the other way — smaller companies traded at a premium from 2004 to 2020.
One honest tension sits inside the issue. The essay spends most of its length arguing that a plain small-cap index is the wrong way to express this, because it includes too many unprofitable businesses — and then the money goes into a plain small-cap index anyway. The previous three purchases are up 30%, 24% and 14%, and this one goes in at the highest price of the four.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.