Portfolio Update 02/15/2026 - Market Rotation 🔄

Baffling Market Divergences

This period was a nice surprise: my portfolio was up +1.27% since the last update, while SPY was down -1.51% over the same window.

What’s been most puzzling is the way the market’s been pulling in opposite directions at the same time. Consumer staples have been surging so aggressively that their valuations are starting to look tech-like, while a lot of SaaS has been getting punished — a bit of a “SaaSpocalypse” that caught plenty of investors (me included) off guard. It’s the kind of regime shift that makes you question your priors.

Holdings remain unchanged with one exception: I tweaked COIN or Not to make it a bit less idle when bitcoin momentum goes missing — which, given the prolonged downturn, has been more often than not lately.

On a separate note: tax season is approaching. It’s a ritual I never look forward to. Still, I’d much rather write a larger check because of realized gains than hope for a refund born of losses. That’s a trade I’ll make every year.

Here’s to frictionless filings — and markets that eventually make sense again.🤞