Portfolio Updated

7/28/2026

First, a quick thank you. Bearstone has picked up quite a few new subscribers, and I appreciate every one of you supporting this publication.

Here is what to expect going forward. I publish four articles a month: this portfolio update covering all of my positions, two additional paid articles, and one free article. This piece sits behind the paywall, but between the monthly free article and generous paywall placement in some of the paid pieces, you will have plenty of information to judge whether a $300 investment is worth it. Bearstone pushes annual only by design. This publication is built on long-term thinking, and that is exactly the kind of paid subscriber community I want to foster. If you are ready to jump in, hit that subscribe button.