The Heretic Speculator May Month-End Newsletter
Reviewing the month of May on Heretic Speculator. The good, the bad, and the new position that I added this week (for paid subs only).
That is a wrap on May. While it might not look like it, behind the scenes this was one of the busiest months of my life. I’ve generally posted somewhere between 20-30 Heretic Speculator posts per month since November, May came in at just 13 posts - 4 of which had paywalled content. Three of those 13 posts actually came on May 2nd. So when you take out 5/2, it’s been a pretty light few weeks here on the site. While it would be easy to blame that decline in posts on my new SA marketplace or a few days of traveling that I hadn’t planned, the truth is the decline in posts this month has been by design to some degree.
My inbox has been bananas for weeks. Substack is amazing. But my subscription feed is becoming really difficult to keep up with. I’d imagine that’s probably something many of you are also experiencing as more writers continue to come onto the platform. Given that, I made a real effort to go with a bit more of a quality over quantity approach to posting as this month progressed. Hopefully that helps declutter the inbox.
As far as the broad market goes, it might not feel like it, but the S&P 500 actually closed a few points ahead of where it was at the end of April.
That monthly candle is diabolical. It doesn’t feel like it was a good month because most of it was a continuation of the same red ride down from April. Before last week, the S&P was down 7 consecutive weeks. Yikes. We finally had a green week last week.
Core Crypto Holdings – May Performance
Bitcoin (BTC) -16%
Ethereum (ETH) -29%
Zcash (ZEC) -18%
Polygon (MATIC) -36%
Solana (SOL) -46%
Things haven’t been any better in the crypto market as that slide has continued. While my top 3 holdings were less than impressive, Solana really puked up a storm. All of these month over month declines are horrendous, but it is nice seeing ZEC behave more like BTC and less like the smart contract chains.
STONKS Performance
In last month’s newsletter, I mentioned that I sold out of Costco (COST) stock. Turns out, that sale was very close to the high as I liquidated a little above $590 before the selloff down to $400 ensued. If you must know, I bought back each of those shares in the low $400’s.
While every move that I made in May hasn’t paid off perfectly, the last trade idea that I shared with paid subs is doing nicely. And I’ll let you in on another STONK that I added to the portfolio this week…
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