October 2025 Markets Review
S&P 500: +2.27%
NASDAQ: +4.72%
October was generally a strong month at the start and end of the period, with the caveat of an extremely brutal drop on 10th October following Trump’s millionth round of tariffs on China.
Ultimately, the TACO trade played out and the market rebounded strongly after, reaching new all-time highs again just 10 trading days after the outburst.
My view is that as long as we have Trump in the White House, things will be volatile and sharp drops are to be expected. This is why I advocate against all forms of leverage, margin, and options.
Yet, Trump’s primary objective is for the market to continue going up. He has proven this consistently with his actions. Hence, my bias is for this rally to continue into the end of the year. That said, I have some concerns which are reflected in my positioning that I will discuss later in this article.
Portfolio Performance (Since Inception)
(Portfolio Inception Date: 27th October 2023)
Portfolio: +235.18%
S&P 500: +65.33% (Outperformance: +169.85%)
NASDAQ: +91.24% (Outperformance: +143.94%)
Portfolio Performance (YTD)
Portfolio: +43.19%
S&P 500: +16.3% (Outperformance: +26.89%)
NASDAQ: +23.54% (Outperformance: +19.65%)
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I post several articles per month, ranging from extensive 50-60 pager deep dives on the most interesting businesses I can find, to shorter articles on valuations, market musings and specific verticals/geographies.
In the past month, I shared several articles with subscribers: a Deep Dive on Shift4 (FOUR), a watchlist of high-quality businesses, Rubrik’s valuation model and a free article that you might find interesting:
In the next few segments, I discuss my general thoughts on the market, performance, portfolio allocation and portfolio changes.