https://t.co/xtWyEOsuVn 【“Feel Nothing” Even After a ¥200 Million Loss】Kurama’s ¥100 Million Portfolio: Why 35% in Bitcoin / Okawa Tomohiro on the Blind Spots of All-World Stocks and the Diversification Benefits of “Tech × Banking,” Plus Criteria for Selling During Market Crashes [Part 2] Rakumachi #AISummary **The ¥100 Million Portfolio and the Philosophy of Diversification** 🔳 Current Asset Allocation Of the ¥100 million in assets, 42.5% is allocated to equities, 35% to Bitcoin, 12.5% to gold, and 10% to cash—90% of total assets are invested. 🔳 Reason for Starting Investing Began investing to protect savings accumulated through frugality against inflation, believing that even a 3% annual rise in prices erodes the real value of cash. 🔳 Journey to Starting Investing Saved ¥10 million over approximately two years and began systematic investments through NISA and global equities around the time of the COVID-19 market crash, continuing to invest consistently even during downturns. 🔳 Equity Portfolio Allocation 75% of equities are allocated to global stocks; the remaining 25% is split evenly (12.5% each) between the Nikkei 225 and technology-focused funds, with no time spent analyzing individual companies. 🔳 Evaluation of Global Stocks While global stocks offer the advantage of automatic rebalancing across holdings, critics argue they include low-growth countries and companies, potentially leading to passive diversification rather than thoughtful allocation. 🔳 The Essence of Diversification It’s crucial to combine assets with differing price behaviors and responses to interest rates; for example, pairing tech stocks—vulnerable to rising rates—with bank stocks that benefit from them. 🔳 Additional Investments by Country or Theme Proposes supplementing core holdings in global stocks or the S&P 500 with country-specific ETFs or thematic funds targeting high-growth nations, resource-rich countries, technology, and banking sectors. 🔳 Diversification Beyond Equities Treats equities as one asset class and combines them with gold and Bitcoin to build a portfolio resilient to financial crises or currency depreciation. 🔳 Portfolio of Hope and Fear Positions equities and tech as “hope” for growth, and gold and Bitcoin as “fear” hedges against systemic financial instability—combining both is key to stable long-term performance. 🔳 Role of Gold Gold has no issuer, boasts centuries of historical value, and is widely held by central banks—recognized as a defensive asset against equity declines and geopolitical risks. 🔳 View on Bitcoin Bitcoin has a fixed supply cap of 21 million coins and is seen as an independent store of value and payment method outside state-controlled monetary systems; however, its valuation remains challenging due to the lack of clear metrics. 🔳 Response to Price Crashes Despite experiencing asset declines of ¥10–20 million over just a few days, maintains positions due to deep understanding and trust in the underlying assets—only considers adding to positions if the original investment thesis remains intact. 🔳 Criteria for Selling (Stop-Loss) Should not sell based solely on temporary supply/demand shifts or interest rate changes; instead, sell only after confirming fundamental deterioration or collapse of the original investment rationale. 🔳 Appeal of Individual Stock Investing The satisfaction of selecting companies yourself and seeing their performance align with your analysis—beyond profits, there’s intellectual fulfillment in being right. 🔳 Limitations of Fundamental Analysis Deep company analysis demands significant time; even professional analysts can effectively monitor only about 10–20 stocks consistently. 🔳 Top-Down Investing Recommended for time-constrained investors: identify promising sectors based on global trends, interest rates, capital flows, policies, and growth themes, then narrow down to companies expected to deliver earnings growth. ListItemIcon Focus on Areas of Strength Better to start investing in individual stocks within fields you’re genuinely interested in—like AI and tech—rather than forcing yourself into complex sectors like pharmaceuticals you don’t understand. ListItemIcon Significance of Tech Investing Technological advancement and efficiency gains are likely to persist long-term; nations leading in AI and cutting-edge technologies may gain economic dominance—making continuous learning worthwhile. ListItemIcon Future Investment Strategy Plans to maintain current core allocation centered on global stocks while adding country- and theme-based investments—and gradually exploring individual stocks in AI and technology sectors.