My investments are considered pretty conservative. Think grocery stores, tobacco companies, some tech. But my annualized (before tax) return since starting in 2008 is >20%. That’s driven by buys in fall 2008, BP oil spill, COVID, 2023 banking crisis.

So 1) buying very cheaply, even if it’s got some tarnish on it, and 2) concentration lead to alpha. BUT, taxes mean you can never sell the big ones; you just have to use them as collateral. My AAPL cost basis is <$7; help me get a DeFi loan cheaper than from my broker!

@puniaviision Bigger thing is the discount to LTV. AAPL is great, but my SPTN (grocery story just bought for 50% pop this month) didn’t get full credit as collateral. My community banks even less so.