Monthly Investment P/L: +HK$526,000

Needless to say, just a super spectacular month for investment returns!

Mostly coming from the outperformance of gold, but US stocks did quite well as well.

BTC is actually really lagging, more below.

Current Portfolio:

HKD/USD cash: 4.73% (5.09%)

USD stocks: 35.68% (33.81%)

Bitcoin (USD): 48.04% (40.92%)

Gold (USD): 68.12% (64.61%)

YEN cash: 4.66% (3.31%)

JPY shorts: -61.23% (-47.74%)

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Kept increasing the leverage as mentioned in another post, quite aggressively this month.

Gold went up a lot on its own so I was just basically using the “extra liquidity” to buy up stuff. Mostly bitcoin and MSTR.

MSTR is really lagging and BTC isn’t doing great. But as mentioned also in the other post, I think that will change in the next few months.

US Equity

Great month for US equity, QQQ up 7% for the month. TSLA went nuts with 30%+ gains. GOOGL was also a real out-performer with the DOJ case dropped.

basically +10% across the board for the month, which is insane considering a +10% for any given year would have been decent.

Anyway I have outlined in another post, I think this is not a local top yet, and stocks should have maybe another +10-15% to go before a local top (per Tom Lee).

And in any case, US stocks has underperformed gold anyways, so with gold as my “cash” there is always extra liquidity to buy more.

Gold

Holy crap. that’s all I can say.

+12% for the month. HKD300k+ gain for my position.

Totally overheated at this point, but I am not cutting any position since I am levering up.

Instead I just won’t buy, and buy a LOT of BTC/MSTR with the allocation.

Crypto

Definitely the most disappointing asset, although up for the month, but just gaining back some losses back from Aug.

Have chopped sideways for a few months, arguably for the entire year as the previous 108k ATH was hit Dec 2024 and it’s now only 114k 10 months later.

Nevertheless, the sentiment has shifted to fear (where as the 108k ATH last Dec was extreme greed), so there has been a lot of shaking out these several months and I think a solid base has been built for the next leg up … the leg up that we’ve been waiting for many months.

Another way to look at it though, it’s a gift to have more opportunities to buy BTC at 80-120k levels this year. I would imagine the next leg should have support around 140-150k and 110-120k is going to look dirt cheap a few months from now.

USDJPY

Same old same old.

Weak USD, weak yen, cancel out each other for a stale USDJPY.