📊 The Pond Tracker | Jan '26
Performance Review & Active Theses
Good Sunday afternoon, dear reader.
Today, I am doing something I haven’t done until now: publishing the performance of the investment theses I’ve shared on this blog. I’ve held back for two main reasons:
Conviction cannot be transmitted in a thesis, no matter how extensive or well-justified it may be. It is only achieved through two paths (or a necessary mix of both): the authority of the source and, above all, doing the hard work yourself. When I speak of conviction, I mean seeing a 20% drop and using it as an opportunity to buy. Therefore, this blog only aims to highlight interesting ideas to encourage the latter and, over time, with successful theses and a bit of luck, generate the former.
The performance of individual theses can differ greatly from a portfolio’s return. You might have averaged down during dips or trimmed gains, assigned different weights to each idea, or even incorporated stocks without a full thesis.
For me, both reasons remain gospel. However, with 2 years under our belt and nearly 500 subscribers, I hope I’ve earned enough authority to publish this without feeling “imposter syndrome.”
Starting now, I will use Sundays at the end of each month to publish the following dashboard with relevant updates and a brief summary of each thesis’s status.
I’ve included a poll below to see if you find this format interesting. If you have any suggestions for improvement, please leave them in the comments.
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DISCLAIMER: All the information provided in this document is purely informative and does not constitute a buying recommendation (according to Spanish Law Article 63 of Law 24/1988, of July 28, on the Stock Market Regulator, and Article 5.1 of Royal Decree 217/2008, of February 15). DuckPond Value Research is not responsible for the use of this information. Before investing in a real account, it is necessary to have the appropriate training or delegate the task to a duly authorized professional.
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Love it!
Really appreciate the transparency here. The distinction between thesis performance and actual portfolio returns is crucial but oftern overlooked in investment writing. Most people conflate the two and end up disappointed when their results don't match. Publishing this trackerhelps set realistic expectations about conviction vs execution.