With the beating I’m enduring in my healthcare positions, I might need to go back to my last profile pic. I’m just taking it; haven’t changed a thing.

When you talk about any crypto/BTC my eyes glaze over & I think less of you. l've never purchased a lottery ticket & l've never owned a digital coin/"asset"—because I'm not an idiot. I always reserve the right to change my mind, but we're just not there yet.

Payday hit: •figure left-over from Jan.; leaving predetermined cash buffer in chking •subtract predetermined budget number from after-tax pay •add up, sweep to brokerage •1/3 to wife’s Roth IRA #$VEA, 1/3 to my Roth IRA #$IMBBY, 1/3 to joint taxable (split: cash #$VMRXX & ex-US stock ETF) 1 of 2

Tell us more, JD.

Saylor’s cost basis is $76K #$MSTR

“Insider sale-to-buy ratio at highest level in 5 years” “Hedge funds have also tilted defensively.” (Bloomberg

Describe your Bluesky account in a single image:

Given the level of illegal & abusive acts perpetrated by a significant number of extremely wealthy & influential people—what are the odds that this man was murdered in an attempt to bury the truth? I want numbers, people.

Inheritance? 😂 This was the house my parents rented when I started grade school (400 sq ft). That shed-like addition is where I slept on the floor. I didn’t own a bicycle. I was seven. I’d peel my clothes off & dive for lures—so I could fish in the creek. My current net worth is $2M & growing.

So...l've heard box office sales have been the best anyone has ever seen.

The administration continues to rock the boat—after hours, the night before UNH reports. #$UNH #$CNC #$MOH

What specific exposure to metals are you currently holding? DMs open. aluminum copper silver gold etc.

Biases (Cognitive Bias Mitigation) Read from the original source… If you’re serious—you have to wade through such documents. READ all 6 slides—then read the whole paper. National Library of Medicine NIH, National Center for Biotechnology Information incredibly interesting points…

“the frequency of correctness does not matter; it is the magnitude of correctness that matters” choose probable, asymmetric wins cut losers fast average up ignore hit-rate frequency of correctness is a loser’s lie magnitude is it Babe Ruth struck out a lot—but when it connected… link👇🏼

For being so f stupid, he sure was smart.

6 months #$BTC -24% #$ETH -19% “Store of value” You could literally own everything else in the world & do three times better. #$VT +10% …& earn nearly a 2% divi …& own something real If you don’t have money to burn, it might be time to stop playing around.

Some numbers from my “active” IBKR taxable brokerage acct: 1 Month dollar returns: $14,376.00 • ending yesterday • realized & unrealized • Top contributors: #$DSCSY #$MOH #$NVO #$CNC Return since inception (Apr. 4 ‘25): +73.87% (ending today) 10 positions, from 23%-1%, 56% healthc, 5 countries

The Economist: “Europeans expected a diatribe, but in Davos Donald Trump was almost conciliatory. He demanded "right, title & ownership" of Greenland, but abandoned tariffs, ruled out force & later hailed a new "framework" and a possible deal.” Biggest ‘TACO’ in history.

#$MOH Moon Capital adds Molina Healthcare Q4 ‘25. Their bull case I cut from their fund letter (January). (4 slides, my highlights) (disclosure: long MOH shares, 23% of portfolio)

#$IBKR pretax net income +25% pretax margins 79% customer accounts +32% customer equity +37% daily average revenue trades +30% declared a dividend: $.08 per share This is a global, slightly cyclical, growth compounder. I’m up 73% since Apr. ‘25. This is one to never let go.

One I was thinking about today, in the context of being more AI-proof (proprietary data): Verisk Analytics #$VRSK (haven’t followed in a few years) I went digging & found this…

Informational vs Behavioral: “These mispricings are particularly prevalent in mega-cap stocks…” “…subject to massive passive & factor flows, owned by institutions constrained by mandates, benchmarks, & career risk, & constantly exposed to narrative reinforcement” (slides h/t F Vanlangerode)

(for new entries) There’s no need for me to suffer because I’ve announced my support for an idea. Being too early is the same as being wrong. I’m not “the collector of great business”, not an oracle—I’m here to make money. If they aren’t into me yet, I kick‘em to the curb. #$ADBE #$CSU.TO

fyi. I don’t do automatic follow-for-follow. I look for investing content in your feed & if you interact with my posted stock content. I add real people—who are obsessed w/ the markets.

“Novo Nordisk A/S' #$NVO stock is trading higher on Friday as the Wegovy (semaglutide) pill hit 3,071 U.S. prescriptions in the first four days after its launch, Reuters noted, citing IQVIA data.” trading +9% today position 13%

#$UNH #$CNC #$MOH “will clear a major policy overhang for the group”

#$NVO Added on drop this morning. Cost basis $52.57. “Mike Doustdar also noted that Novo has completed 100+ deals & partnerships over t/ past 5 years, but admitted t/ co has historically been too inward-looking... 1/2

(thoughts) One way to continually move forward & adjust when things eventually don’t go as planned—is to keep expectations low. Stay mildly paranoid; remember that you operate while knowing very little.

My job has been bumming me out, but my portfolio destroyed the index today & I certainly was not wrong about this… ($MOH 23% position)

A short explainer on a strategy for a late-stage Market. “Dogs of the Dow”

Imperial Brands $IMB.L $IMBBY 387,241 shares repurchased for cancellation

$CNC Centene Corp: “Deepens Medicaid Strategy With Cityblock Partnership in Illinois”

U.S. House passed bill to renew healthcare subsidy for 3 years. $MOL shares up (& others) in relatively light volume after bell.

Good time to dust this off & hold it up for a moment.

Let a couple positions go; not confident about my entry point. A “trading” habit… (if I didn’t tick the bottom, or if I sense cont. weakness, I take a small loss & wait) - $ADBE _ $CSU.TO Healthcare positions showing strength.

2025 Returns: 58.66% (inception) 4/3/2025 - 12/31/2025 (acct transfer) currently: 14 stocks, 9% cash long only no derivatives no margin relatively high turnover fundamental analysis 4 slides: portfolio, benchmark, relative risk, time period to benchmark (2024 1YR results: 36.9%)

New “Lex Investor” profile pic for 2026. I document my process, resources, float ideas & share my portfolio. I’m a grown man with a family who taught himself to invest. I’ll be sharing & tracking net worth, returns & challenges along the way. Cheers 🥂 to all of you—in 2026.

$MOH thesis: simplistic

$IMB Imperial Brands

Burry just published his bull case for $MOH. I can’t read it—because I’m not a paying reader. Get after it, Cassandra—it’s my largest position.

2025 Some receipts. How I interpreted this year—& how, directionally, it worked. First slide is where we are now 🇺🇸(h/t Aaron Sojourner) Where do we go from here? I’ve no idea, but no big changes for me, yet. Keeping my healthcare, ex-US baskets & nicotine. 1/2

My turnover has been high—& maybe that’s okay. “Peter Lynch had 300% turnover per yr. in t/ early yrs. of t/ Magellan Fund. Joel Greenblatt had similar turnover […]. Even Warren Buffett’s public co. port. ranged between 50-100% turnover per year during his first three decades…” (Ian Cassel)

Happy Holidays, my friends🎄 I’ll continue learning as 2025 winds down. We’re all fully aware this is a one-way ride—so take chances, but also remember there’re others that are or will count on us, so choose wisely. Two cute little elves know me all too well🎄

🎄Where things are… At the end of 2025 I’ll share what I’m holding. I‘ve been trying to use my best judgement, take reasonable risks & heavily question the Market’s choices. I’ve no idea where the market is headed—I’m 16% cash. Cheers🎄

$NVO up 6.6% currently Oral weight loss drug approved. Outperforms the competitor. The price was right. (long: 6% in “active”, >5% in two retirement accts, green)

Pin it—& share who I should add… bsky.app/profile/lex-...

$MO Altria Yesterday, the FDA authorized the marketing of six Altria-owned “on! PLUS” nicotine pouch products. not currently appreciated nicotine pouch ramp 7.3% divi a total-return bet

Got a Santa List? Lex 🎁 Expectations Investing Poor Charlie’s Almanac 100 to 1 (Phelps) Antifragile (Taleb) Buffett/Munger Unscripted Atomic Habits On Complexity (Morin) Art of Contrary Thinking (Neill) Courage to be Disliked (Kishimi, Koga) How to Make Your Brain Your Best Friend (Barr) ?? 📚

$PM Philip Morris International 3.8% dividend 21.5 PE 1 YR stock appreciation 21% (S&P 12.9%) (heads up) Ex-Divi Date: Dec. 26 Payment Date: Jan. 14 1/2