Lately, I’ve found myself in an interesting space—one where I’m not actively chasing investments. Instead, I’m letting ideas come to me while quietly reassessing my process. This pause has given me the chance to reflect more deeply, and one thing has become clear: I’m at my best when I’m focused on the process, not just the outcomes. There's something inherently satisfying in the discipline, the research, and the intellectual journey that investing provides.
Passion as a Compass
Passion in work isn’t just about liking what you do—it’s about being energized by it, feeling aligned with your values, and finding meaning even in the mundane. That’s the kind of connection I strive for in investing. It's not always exciting, but when it resonates with who I am, it feels purposeful.
In the short term, I’m far less concerned with fluctuations in stock prices and much more interested in the intrinsic value of the businesses I hold. A few companies in my portfolio are feeling the pinch from economic softness, and that might last longer than I originally expected. Still, I see this as a temporary phase. In fact, a prolonged downturn could benefit many of these businesses by allowing them to expand market share as weaker players struggle. The value story remains intact.
A Tumultuous April
April was rough for the Chinese market. Manufacturing slowed down, export figures slipped, and recession fears intensified, largely due to escalating trade tensions between the U.S. and China. In response to the Trump administration’s tariffs—some reportedly reaching as high as 145%—China didn’t hold back. Tariffs of up to 125% were slapped on American goods, and Beijing also restricted exports of key rare earth elements, added U.S. firms to its “unreliable entities list,” and even launched antitrust probes into companies like DuPont.
This kind of policy back-and-forth rattled investors, leading to cautious behavior and sharp market declines. In April alone, my portfolio dropped 3.62%. It wasn’t fun to watch, but it wasn’t surprising either.
📌 Reader tip: If you're investing in global markets, especially in politically sensitive regions like China, always account for policy-driven volatility. It’s less about predicting it and more about understanding how your business might navigate through it.
As of mid-May, there’s been some softening of tensions. The U.S. and China agreed to lower tariffs to 10% for a 90-day period. While this is a positive step, the broader trade conflict remains unresolved, and markets continue to react to the uncertainty.
My Only Move
April was largely quiet for me on the action front. I made one move—adding to a position in REI 0.00%↑ whose leadership I admire for their long-term mindset. They’re preparing for tough times, including low oil prices, with a calm focus on emerging stronger when the dust settles. That kind of resilience matters to me.
The rest of the time? I spent it with a paintbrush in hand, watching layers dry-metaphorically speaking.
The more I study commodity markets, the more I’m inclined to set them aside in the “too hard” basket. Prices are driven by factors so global, complex, and sentiment-driven that it makes it simply too hard for me.
Closing remarks
As I wrap up this month’s reflection, one quote stays with me:
Pain is inevitable, suffering is optional.”
In both life and investing, we don’t get to skip the tough parts. But we do get to choose our response. I choose to focus on meaning, growth, and resilience. More than numbers or portfolio wins, it's the stories, the failures, and the learning that leave a lasting impact.
If you’re in a reflective mood, I highly recommend reading Don't Believe Everything You Think by Joseph Nguyen. It’s a quick but profound read—just over 100 pages—that gently challenges our assumptions and reminds us how powerful our thoughts can be in shaping our reality.
Thanks for being here and reading Chop Wood, Carry Water. If you enjoyed this post, feel free to share it. And as always, I’d love to hear your thoughts—what are you learning lately?