Transcription
I hope you are doing well. Today, I will explain exactly why I decided to sell over $45,000 worth of stock from my Interactive Broker portfolio. And in fact, I will really explain the mechanics behind it and how concretely I do this type of arbitrage. Because, by the way, spoiler alert, I reinvested a good portion of this cash into a new company. I could, well, I'll come back to it at the end of the video. In fact, effectively, first of all, what you need to understand is that the majority of people in their stock portfolios sell based on gut feeling. They don't really know why, they don't know how, they don't have a system or process in place. Well, precisely, I will really explain to you that in fact, in reality, we don't sell a company, we sell an investment thesis. Okay? And so today, it will be about Google, ASML, and Visa, okay? Google, I reduced my position. ASML also, and Visa, I completely sold out. So that represents $45,000. And indeed, when I talk about an investment thesis, I will explain it to you. In fact, a thesis over time can strengthen. In which case, you must increase your position in the stock. It can remain unchanged, you don't touch it, or it can deteriorate. And in fact, it's not necessarily about the quality of the business. You can have an exceptional business, but in fact, due to the valuation you have on the stock market compared to the scenario you initially envisioned, and even the new scenarios we have, we will do a case study on ASML with all the valuation aspects, etc., it will be exceptional. And in fact, on the other hand, if you have a better opportunity elsewhere, which was my case, it is extremely relevant to rebalance and that's what we'll really talk about today in this video. And you will see that for ASML, even if we take the new guidance from management and we take the very, very high end of the range, well, at the current level, the return we can expect is extremely low compared to another company, and that wasn't necessarily the case 6 months ago, and it was even less the case, obviously, 1 year ago.
So, the portfolio update before starting the video. I am still at 40% on what I did last week, but I have exceeded €100,000, that's in euros, okay, the account is in euros, in capital gains for the year. So that's just exceptional. Notably, the purchases of calls on Google, plus $30,000 in capital gains, and then simply the stocks I had on Google, of which I still have a large portion. We'll see it together. And by the way, this allows me, when I see this, to simply answer all the people who often tell me, "Yes, but I do ETFs, I'm very happy with that," etc. Okay, very good. But again, look at what you can do with stock picking. [Laughter] That is to say, on June 30, 2025, today is June 18, I had €265,000. Today, I have €104,000 more. And the S&P 500, how much did it do? It did 20%. So if I simply do 265 + 20% of the S&P 500's performance, my portfolio today, if I had put 100% into the S&P 500, I say 100% because look here, I have cash in my portfolio, I still have 30% cash in my portfolio despite the sale I made. Okay? That is, I always had 30% cash in this year. So I don't even have 100% invested in stock picking. Okay? Well, my portfolio would simply be at 318, that is, here, the valuation of November 11. So, in short, July, August, September, even, excuse me, October, in 3-4 months, I achieved the annual performance of the S&P 500. So all the rest, the delta between 318 and the current 370, which is approximately, at a glance, €50,000. This is solely the outperformance due to my positions, my decisions, and my competence in stock picking, and the stocks I selected over the last 300, over the last 400 days. Okay? So, that's where the real value is. Okay? And that's exceptional because €50,000 is huge. In reality, we don't realize it compared to what I could have done with an S&P 500 ETF while taking much less risk because, again, my Sharpe ratio, I detailed that in the video, a really deep dive into my Interactive Broker account where I took all the statements, we took all the statements, etc. In fact, it's just exceptional. So, in fact, my portfolio has almost no volatility since I have a cash portion. I have a portion that is very well uncorrelated in my portfolio. So yes, obviously, if tomorrow the S&P 500 crashes, my portfolio will take a hit. But in fact, we can see that, look here, the S&P 500 during the February period, it had crashed. We went from +12% to +2%. My portfolio, it just went from 31% to 31 to 29%. Okay? There. So, that's QED. I won't dwell on this any longer, but it's true that it's, well, it's really, it's really great.
Now, I will also have to blur the new position I have taken, which I will talk about again at the end of the video. So, I'll do a little cut, or no, it's fine, I can blur it directly like this. So, I'm going directly to Google. So, here is Google, indeed, as you can see, here, on June 15, so today is June 18, I sold 50 shares. No, excuse me, not the, yes, on June 15, I'm confusing it with the dividend part. I sold 50 shares at $370 for $16,000. Okay. Then there's the ASML part. ASML. So, I had bought them around €600. Today, we are almost at €1,000, €700, and similarly, I sold half. Okay, so I sold 13 for €21,000. Okay? So, what I have left, well, what I still have is €21,000, the other half on ASML, and another €50,000 on Google. It's all a question of weighting again. Google represented 18% of my portfolio, today it represents 12%, which is still, obviously, a very, very good position in my portfolio. But remember, when I was doing portfolio updates, of my portfolio, about 8 months ago, and I still had the two deep-in-the-money calls on Google Lips in my portfolio, in fact, I had a total exposure of 400 shares in Google. So, in my portfolio, that made, that made more than 35-40% of the portfolio on Google. But again, that's how you achieve overweighting, well, excuse me, outperformance. And here again, at the current moment, when I'm recording the video, well, when you look at my portfolio, in fact, Parex is how much? It's €49,000. So, the huge weighting on Parex with 103% capital gains. Then, I have Ratingcom, the entire passive part of my portfolio, so with a purchase price that is just exceptional. Here, it's $48,000. So, we already have almost €100,000. Okay. Then, Google, well, I still have $154,000, so we are at $150,000 here. Okay? And then the ASML part, I had $40,000, now I only have €21,000. In fact, we really see the concentration of my portfolio. But again, I know these companies perfectly. Parex, I know the risks, the opportunities, the valuation perfectly. Ratingcom, it's the same. And again, that's exactly what I keep repeating in my YouTube videos. You must be extremely demanding, and you must place number 1 attention on your valuation, at what price you will buy your business. A person, we will see it together, who buys ASML at the current price, in fact, unless something that is within the realm of possibility happens, the performance on ASML will still be significantly reduced. Okay? And on this, I draw a parallel. Myich Pabray often said to compare the difference between a football player and an investor, it's that both, well, in fact, they have opportunities that come to them. A football player, well, when the ball comes near the goal, he has to score, okay? And even if he's poorly positioned, he has to shoot, he has to aim. So, if he scores, great. If he doesn't, well, too bad, it continues. An investor, on the other hand, when he sees an opportunity, he is not obliged to invest. He is not obliged, as Wet would say, to fire a shot. Okay? He is not obliged. So, if you are poorly positioned, if all the stars, so to speak, are not aligned, you are not obliged to invest, and you must wait, and you must invest only when you are sure of yourself, when you have a huge opportunity. Okay? Which gives, look, I don't take many positions, I take very few, but every time I do, it's companies I'm almost sure about. Yes, it could have continued to fall, okay? The valuation at which I buy Rating companies, the value at which I bought them, I had a guaranteed 8% return, I don't know where I was signing, it was exceptional. Parex, it's the same, I had almost a 20% annual return at the price I bought it at, it's exceptional. Google, it's the same at $100, and then I bought more at $150. Same for ASML currently at €600. And precisely, that's why we're going to do the valuation study right now. So, I'm going to go directly here before to put back a bit of what happened with the company. In short, indeed, the net booking part exploded. Okay. So, the business, well, we went from 5 to 13, but again, it's very cyclical, this booking part for ASML, but here, in fact, it has also expanded, which is that now we have visibility on the business until 2027, okay? So, that's really very, very cool. Okay. And based on this principle, I did something super simple. I went and took the guidance they gave in the Investor Presentation and which they reconfirmed for Q2 2026, namely the guidance between, well, 44 in the low end of the range, okay, their guidance was 44 billion in revenue in 2030, and their high end is 60 billion. They have reaffirmed it again. Okay? Regarding the gross margin, they had a gross margin in the negative scenario of the low guidance at 56% and in the optimistic scenario at 60%. So, in fact, I simply took the current price of ASML and I hypothesized that we would have in 2030 the high end of the guidance. That is, a revenue of 60 billion, a gross margin of 60%, and a net margin that slightly increases between 35% and 38%. This gave me, for example, a net profit of 21 to 23 billion. Currently, we have a net profit of how much? 11 billion. So, that's indeed a doubling. So, that means that we would go there, not to make 18% or 15% per year, but more than 20% per year until 2030. So, a real acceleration to reach the high end of this guidance. Okay. So, that's what I did. Then, what did I do? Well, I simply took the current price of €1,650 and based on the exit P/E ratio we would have in 2030, what is the annualized return I would get from it compared to the current price? Well, it's very simple. If ASML in 2030 trades at 35 times earnings, I make 3% per year. If ASML in 2030 trades at 30 times earnings and is, and is at the very high end of the guidance with net profit doubling, etc., margins, etc., etc., I make 0% per year. Look at the price we are at currently. We have a P/E ratio of 60 currently. We have the most expensive P/E ratio in ASML's history. I bought it at 25 times earnings literally 1 year ago. When I say 1 year, it's literally 1 year ago. I bought ASML literally 1 year ago. In 1 year, the guidance has not changed, except that now we are targeting the high end of the guidance, but it's still the same. Okay? The company hasn't changed. And the stock price has increased by 188%. I don't know if you realize. And this too, if I can't, if this isn't an argument for stock picking to show you that even with huge companies, there are total inconsistencies. Look at my portfolio, it's full of inconsistencies regarding the companies I bought, Google. How is it possible that I could buy Google at almost 15 times earnings? How is that possible? How is it possible that I could buy ASML at 16 times earnings? Everyone knew about it. It was the same quality of business. Okay? And so these are companies that have increased by 200% almost in the year. For ASML. There. So, okay. So, that's for the scenario of the very high end of the guidance. That is, the most optimistic scenario, I sat down, I took a pencil. It took me literally half an hour, an hour to do the calculations, to review the investor day to review the guidance, etc., and finally review the, okay. Optimistic scenario, that's what it gives me. And in fact, indeed, to make 6% per year, it would have to trade at 40 times earnings in 2030 in the high end of the guidance. Again, if we reach the high end of the guidance, I think that indeed the multiple may not remain at 60 times, well, 65 times earnings as today, but well, we can very well indeed be at 40, at 40, at 40 times earnings. So, that's the optimistic scenario for ASML, I'm at 6% per year. Okay. Now, what happens if we are just in the middle of the guidance? That is, here, indeed, we have an acceleration for ASML, but in fact, in 2027, for example, next year, or in 2028, in 2 years, we start to have a slight slowdown. That is, for example, the American economy slows down a bit, the semiconductor sector slows down a bit. We slow down a bit, which means we are not at the very high end, we are just in the middle of the guidance. It's not catastrophic. In such cases, 52 billion in revenue, middle of the guidance, 58% gross margins, net margin of 34%. Here, we are at earnings per share of €46. Okay? And in such cases, if we trade at 30 times earnings, because ultimately there might be a repricing, okay, an adjustment of multiples, well, I'm at -4%, I have negative performance. It's immediately less pleasant. That is, at the current price, if you have a middle of the guidance, well, in fact, you are losing money over the next 4-5 years on ASML. It's not necessarily what is most interesting for an investor. And now, if we have a scenario, well, obviously negative, pessimistic, that is, where, indeed, in 2 years, 3 years, well, we have a recession in the United States or something like that, which means that or that the hyperscalers, Google, etc., realize that capex investment is less profitable than expected. In short, we have the scenario, the famous negative scenario, and in such cases, we are at the low end of the guidance. Okay? Well, here, even at 40, even at 40 times earnings, it's -2%, and again, if we are at the low end of the guidance, ASML will never trade at 40 times earnings. We will trade rather at 25 times earnings, and you make -12% per year. There, that's at the current price based on the three scenarios for ASML's guidance. Now, now, I did the same thing, but based on the price at which I bought it at €600, based on my P/E. Again, we had the same guidance. Look a bit at the price at which I bought it. Well, if we had the negative scenario, so indeed this scenario, well, at the price at which I bought it, it gave me at 20 times earnings, 4% per year. It gave me a positive return of 4% per year. At 30 times earnings, I even had, in the low end of the guidance, 12% per year. Median scenario, at which I bought it at 20 times earnings, it gave me 8% per year. Okay? And in the high scenario, and in fact, this is the one that is happening, well, at 40 times earnings, it gave me 26% per year. Okay? That's approximately what we've had, indeed. That's approximately, well, that's approximately what we've had. And the figure that summarizes the entire thesis and everything I'm explaining to you about ASML is that the low scenario for the price paid at €600 compared to today, well, it gave me a forward P/E of 16. The high scenario, okay, at the ASML price of €600, if the bull case materialized, I would have, in total, a forward P/E on my price, well, of €600 in 2030, of 11 times earnings. Whereas today, to make 0% return on ASML, if the bull case happens, ASML must trade at 30 times earnings. If we have the median scenario and I want to make zero times, well, I want to make a performance of 0%, then ASML must trade at 36 times earnings in 2030. Okay? Indeed, 36 times median, look, here, median scenario, 35 times, 1% per year, so 36 times would be 0% per year. There, that's QED. So, in fact, indeed, ASML's performance at the current price, well, there, it's simply rotten. So, the problem is, well, what will you reallocate this capital to? So, I have already found a company where I have, I have, I have reinvested, where I haven't put all the capital, that's why I still have 21, well, €21,000 in ASML, but again, ASML is an exceptional company, and look, it's up 1.20% today, because it can very well go into euphoria and have ASML, well, on the, on the two trillion market cap. Nothing would surprise me anymore. Okay, it's possible. But as an investor, again, we must look at the value of what we are buying. And the value of ASML, we know that. That's what I explained to you just now. The price of ASML. After, yes, the market can double again, there's no problem with that. But in the long term, we want to perform relative to the value of the company, not relative to the speculation the market might make on it. Okay? So, again, that's very good. Market speculation means that, well, in fact, we've had a thesis repricing in one year, which now takes the scenario I had set for 2030, well, I've taken 50% of the capital gains. I've reinvested, I've reinvested that into a company that, in my opinion, in the base case, the company I bought will give me 15% per year based on its valuation. Whereas here, in the base case, I'm at -1% per year. So, the cash I reinvested, I'm putting it into another company where I go from -1% to the limit of negative on ASML with the money I have, to +15%. And in the bull case of the company where I put, here, money, I'm at 25% per year. Okay? So, here, in my opinion, it's really relevant to make this rebalancing and to take my profits on ASML. That's ASML, again, it's very, very brief. Then Google. In fact, Google is even simpler. Google. Why did I buy Google? What was the initial thesis? Well, I bought Google here because everyone was selling this company. In fact, there were really two steps. There's the step here 2023-2024, and then the step here 2025. The 2023-2024 step is simply because it was an exceptional company. But AI was exploding, with at the time it was ChatGPT, okay, OpenAI arrived, and everyone was saying, well, Google's search is dead, and it's unfortunate, Google's search, we're talking about something that represents a good part of Google's revenue. If I remove everything else, you see, search is 234 billion in Google's revenue compared to a current revenue of, I'm rounding, 400 billion. So, that is, search is almost 50% of revenue. So, we were saying, okay, well, there's potentially 50% of Google's revenue that could decline and be cannibalized, eaten up by the AI part. So, that's really a bear case. That was the number 1 fear. How did the market react? That's also the question. Well, the market, in fact, reacted by trading, before 2023, at 35 times earnings, at its lowest, 16 times earnings. There, so the market, the multiples collapsed. And the question to ask was, okay, if we remove search, we hypothesize that search makes less money. Google's revenue, its turnover, is halved. Okay? Well, in fact, we already had a valuation that had been halved, that had been divided by 2. So, in any case, it already took into account the most negative scenario. So, it already took that into account. And on the other hand, the scenario where, in fact, search doesn't impact us negatively, well, that was a scenario that would have led to a thesis repricing, and that's exactly what happened. So, that is, I bought something with a 50% discount. The bull case also materialized. That is, well, Search delivered growth. If I remove only search, it's 13% over the last two years and 15% this year. We have an acceleration of search. Okay. So, we've really had growth, and then all the rest, if I show you the subscription part, look, we have 17% growth, and if I show you the cloud part, here, the cloud part, in fact, here it's a double catalyst. Let me explain, we have 37% growth over the last two years, 44% growth this year. We went from 26 billion to 66 billion. And every euro of cloud revenue, well, in fact, is 1 euro, and 1 euro also of increasingly important profit, since our operating margin went from 11% to 32%. We really have a leverage effect that is just enormous on this segment. In short, the company is exceptional, and the stock price, indeed, well, it went from 100 to 300, almost 400, it multiplied by 4. Okay, and realize, it's over the last 3 years, the number 1 company in my portfolio. It was my biggest conviction in my portfolio, it was Google. Okay? Well, today, we simply have a company that no longer has the discount we had compared to all other companies. That's why I chose this company, Google. Precisely, it's because, as you've understood, due to all these factors, we had significant discounts. Okay? Well, now, we no longer have this discount. Now, it trades at 27 times earnings, and above all, it's no longer the same company, and that's also what changes the thesis, it's that Google was a company, so, well, that printed cash. Today, it's still a company that prints cash, but it no longer generates it. It prints cash, but in fact, in the process, this cash goes back into reinvestment. So, in fact, this cash is no longer there. It is, it is, it is volatilized. Which means that, indeed, currently, if I take the net free cash flow after stock-based compensation, in fact, we have a free cash flow of, well, 28, 38 billion. Even if I take the previous free cash flow, it's 48 billion. Well, for a company at almost 4.5 trillion, that's 1%, here, 0.87% return on free cash flow. And will I start to take the net profit? Because the net profit is also there, look a bit, there are people who really think Google's profit has increased by 44%, but again, it's an accounting effect. There's a valuation they had that made them gain 35 billion, but that was added instantly to free cash and cash from operating activities. There is no 44% increase in Google's profit, far from it. Okay? We have an increase in the same way as revenue, okay? So, if we start doing additions and subtractions on Google's cash statement, well, we have 174 billion in TTM cash from operations. Really, this is cash they printed. This is cash they printed. Okay? It's really the cash they printed. Okay, very good. How much did they reinvest? Cash from investment activities - $167 billion. Okay, so here, in fact, there are [laughter] 8 small billion left in the process. That has volatilized. Then, what did they do regarding cash from financing activities? So, here, they only had 8 billion left. Okay, they bought back $30 billion worth of shares. So, here already, they have a deficit of how much? $22 billion. Okay. Here already, we go from a company that prints, well, $174 billion to here, and a loss of -$22 billion. Then, they paid a dividend of $10 billion. So, here, we continue to increase the loss, -$32 billion. Then, they had financing, etc., -$13 billion. So, hop, wait, hop, I'll put it back like this. So, -13 billion. So, here, they are at -$45 billion. Okay. And then they borrowed $62 billion, so +$62 billion, and here we go back to positive $17 billion. But in fact, we see well, it's a company that is in total economic switch and is moving into capex mode. It will certainly work. That's why I'm keeping 12% of my position in it. But it is in no way the company I bought at the time at 16 times earnings with massive cash generation. That's no longer the case at all. Okay? So, that's why, in this sense, yes, I found a better opportunity, and I was quick to put my cash into it and reduce my weighting in Google. After, if you have, so to speak, if you are an investor who invests globally, who does stock picking only on S&P 500 companies, okay, and who has a portfolio, roughly tech, like most people unfortunately, well, in fact, in short, what I mean is that if you don't have the opportunities that I might have, or if you're not in small caps, in energy, that sort of thing, well, in that case, indeed, I think Google, along with Microsoft and Meta, remains the three best opportunities in the S&P 500 right now. Okay? With everything I've told you, because, well, if we switch to number 2 and we look here, you see, at the ratios, we indeed have, as you can see, a return on capital employed of 33%. So, we can say that the capex, the investment of 160 billion, or if we take only the capex part of 110 billion that we invested, well, this capex historically will give us a growth rate, it will generate 33%. Well, here, since it's not exactly the same investments they've made in the business, can we take the historical base? That's the first question. And even if we take 20%, for example, let's say, well, here, the capex is 100 billion, and well, I would technically be supposed to generate an additional value of 20 billion with these 100 billion invested in the future. Okay? But here again, how to say it, the problem is that investing is a game of certainty and uncertainty. That is, at the time I bought Google, the uncertainty was search, it was, it was this uncertainty. Okay? Now, the new uncertainty is, well, it's still search, in my opinion, even, it's just that the market no longer prices it, but it's a risk that could return if search starts to slow down, it's possible. Okay? Except that here, precisely, the market no longer prices it, and here the uncertainty is precisely this capex AI part, in fact, on this part, I have less, how to say it, certainty on my side, and I can't really form a clear opinion on how it will turn out, because while on the AI part globally, I was, well, I couldn't say convinced, but well, I was ready to take the bet, in my opinion, they would really come out on top, and the search part would continue to outperform, especially when we segmented it, I did it with you, the different types of queries, the type of searches we do depending on what we do with the search part, and where they really make their money with search, meant that even with the part, it would ultimately go well. But so, currently, the capex part, what I mean is that we can even have, in fact, a tree with two possible scenarios. Even the positive scenario where they continue, in fact, indeed, they have a return on investment on this capex. But what happens if they have to, even with a good return on investment, continue to reinvest, these 20 billion that they generate with this return on investment in this investment. If they have to reinvest it again in 2028, 2029, 2030, every year, year after year, well, we will never see the results. We are a bit in a hamster wheel as investors where we won't see the color of the profits. And if, frankly, the negative scenario happens, we realize that in fact, the demand is not really there, the returns on investment are not really there, then the multiple could really drop significantly. And so, it is again for all these reasons that I decided to reduce my position in Google. And if I'm talking to you about this today, again, it's linked to the objective I set for myself, to aim for 1 million euros on my Interactive Broker account in one year. Okay? So, on this too, obviously, I will add money from my own pocket. I will add perhaps about €300,000 over the year. I also have cash from the business part that I will add to my Interactive Broker account, okay? But that will still require a performance, well, I will have to deliver.
40%. So in that sense, well, it's not with SML that I'm going to get it for next year. It's not with current Google either, and it's even less with SM. If I had to bet, I think the S&P 500 over the next few years will do 5% per year, or even 0%, or even go down. Again, when you look at all the companies that have really pulled the S&P 500's performance up, when you re-evaluate these companies currently, look, we did it together. Do you think these are companies that will continue to drive the S&P 500 like this for the next 10 years at the multiples at which the S&P 500 is trading and at the valuation level we are currently at? Obviously, it can continue to rise, and I am no one, and no one can predict it, no one can know it. But on the other hand, if I have to bet again, that's the whole point when you invest, it's to tell myself no, I prefer to go for companies that are not in this segment. I made money with ASML, with Alphabet, with all these companies. But now, there are still plenty of companies like Parex. So in other industries, but small caps like that which are terribly undervalued and which are currently super interesting. And it is on these companies that I will position myself for this year. And that's why I'm starting to make this switch, to lighten my positions on Alphabet, on ASML, etc. to create a cash reserve. So, I invested €20,000 in the new company I bought yesterday. Okay. It's the beginning of a portfolio switch like this to really go for a more small-cap and more uncorrelated part, as you understood, undervalued, to seek this return. Whatever, between quotes, the performance of the S&P 500 in the future, roughly speaking.
Also, for these new positions, I have decided not to share them live directly on my YouTube channel anymore, as I used to do, okay? Not entirely, you will understand, you will see, I am super hyped because of what I am going to do for you, and it will be simply exceptional. You will love it. But indeed, in short, what you need to understand is that currently I will really put a focus, okay, a priority on my personal part, on my portfolio, and on investing the cash I currently have. That's one thing. So, to do this, I currently spend almost 10 hours a day on company analyses. I do almost nothing else. I spend 10 hours a day on company analyses. So, obviously, it's a huge amount of work on my part. Uh, then after that, I buy companies. I have put €20,000 into it. These are strong convictions, and as I find more, and so on. And so this work, I obviously want to benefit from it, first of all, to the members of the mentorship. So that's one thing. For example, in 2 days, the group coaching session we will have will be a 2-hour coaching example with Paul, on a complete deep dive of the company I added to the portfolio. I have already talked about it, and above all, I will have already given the thesis I have on this company. But then, why do I say first of all? Because secondly, what I will do, and this has not been done, and you will particularly love it, those of you who follow me on YouTube, is that I will do the same thing as a conference call. I tell myself, why am I telling myself, I should have thought of this before. In fact, instead of doing portfolio updates and so on, all the time, this and that, I will simply publish a shareholder letter every quarter, between quotes, okay? Of my portfolio. So all the companies I've taken, why I've taken them, what has changed, and so on. This will be available in my free school group. And then live on my YouTube channel, I will do a conference call, meaning I will give an introduction to my portfolio, and then you can ask me your questions about my companies, challenge me, and you can also go live, okay, to challenge me and ask me questions like analysts. Ah, you added this position, why did you sell the other one? What do you think about it? And so on and so on. And so, this will be on my YouTube channel publicly every quarter about my portfolio.
So, I think this is an exceptional idea, which hasn't been done, and it will also allow me to be challenged by people live on my investments. So it will be just, well, frankly, it will be great. I'm really looking forward to implementing it. So that's for the conference call part. Then, the shareholder letter part on my free school group, you will find the link in the description. And then, also on the mentorship part, all that it will bring, obviously, is that for example, on all these companies, I have reviewed all the theses I had, all the watchlists I had, and so on. There are many companies that are doing very well, but which, with the objectives I have, do not suit me, do not fit into my portfolio. Well, in fact, that directly goes to the mentorship part. All the analyses I do on interesting companies, and so on, I update all of that, and the members of the mentorship obviously have access to this watchlist, between quotes. And precisely, regarding the mentorship part, we currently have 300 people in it, and it is precisely with these people that I want to take a short break, focus on the investment part, make changes, do more group coaching, and so on and so on. Obviously, it will remain open for new people, but I will obviously limit the places. And it's not some kind of fake thing, I don't know what. In fact, it's just that I'm facing an opportunity that I've never seen, or rather, that I've never had before. It's as simple as that. Currently, if I make 100% on 300,000 or 50% on 300,000, well, in fact, that makes me 150,000 or 300,000. So yes, indeed, I make an extremely good living from YouTube, but in fact, I just want to take a short break and focus on my personal part, on my portfolio.
Then, well, given that my job on YouTube, on the portfolio side, well, in fact, it's the same thing, it's analyzing companies. In fact, it's just that I will have fewer people, fewer videos, so fewer people who will join us. So I will limit myself, but in fact, since I will achieve much better performance with my portfolio, well, everyone wins. And on top of that, especially the members of the mentorship, there will be 10 times more companies, and in fact, the value will almost, well, it will really, really explode. Already, it was 10 times higher than anything you could have on the French market in terms of results, in terms of depth, in terms of, well, in short, overall, the support we have, the courses we have, and the structuring we have in the mentorship. Well, here, it will be the ultimate end game. And then, anyway, it's again, like in a company when it buys another company, there are synergies that mean that all the work I do for myself is also work that is done for the mentorship in terms of companies, in terms of analysis, and so on and so on. So that's why, on this, I am rather happy, and in fact, it is 2000% aligned. For people who want to join again, well, you have the link in the description anyway, you book a slot directly, and with great pleasure, we will concretely see what we could implement on your portfolio, and so on, and how it works in detail.
Currently, in addition, well, here, I'll put myself here, the last two months have been almost entirely dedicated to my energy on the mentorship part. I redid the entire small-cap part and the entire advanced system part. So, all the small-cap part here with the annual report, conference call, all the small-cap part, and all the part that I have on the small-cap part, precisely, and it is this strategy that I will pursue, and I hope to outperform the market in the coming years. Same for the system part, that was the big work of the last few months on the mentorship part. So if you want to join the adventure, between quotes, now is the best time. You have the link in the description anyway. And also, I was thinking. What I will do is that the company I bought. Okay. So in my portfolio yesterday, I will, it will be the last time I do it, but I will do a huge 1-hour to 1.5-hour deep dive on my YouTube channel. It will come out soon, I will do it this week. That way, it seals this part, between quotes, and then it will be in the conference call part that I will do every quarter for updates. But you will see, you are not ready, because it is really, really a great gem that I found, which I think almost no one, for this one, will know. I have never presented it, I have never talked about it on my YouTube channel. Uh, well, what else could I tell you in this video? Well, yes, the third company I sold is Visa, a very small line in my portfolio. It was $6,000. So, well, $6,000 out of 370,000. Well, that's 1.6%. Do I need to justify myself for having removed a position like that? No, I don't think so. It's true that it's just portfolio cleaning. And it's especially because I have, between quotes, a good position in Mastercard. So I have $26,000 in Mastercard. It seems, I did the case study of Mastercard for you. So this is a position on which I am flat. It has not performed in my portfolio since I really strengthened Mastercard. It's okay. But well, that's $6,000 of Visa. I prefer to reallocate them to another company, to another opportunity that will, by the way, de-correlate me a bit from this tech part, Mastercard, and so on and so on.
Well, I think we're, I think we're not doing too badly. Again, you have the link in the description to apply for the mentorship. We don't bite, don't worry. You can only come out of it with a comprehensive view of your portfolio, and so on, and between quotes, at best, with a personalized coaching program and see exactly what we could achieve with you, implement with you. Again, tell yourself that out of the 300 people who joined us, the majority did not really know how to structure annual reports, do valuations. The small-cap part was very little present, the options part, we don't even talk about it. All these people now master each of these segments perfectly. And that, honestly, I would say it's priceless. If it has a price, it's outperformance. But it's exceptional. Over the next 6 months, it will change everything. Over the next 20 years, it will literally be another portfolio you will have, another dimension in which you will be. Uh, well, listen, that was all. Let me know in the comments if you are hyped by the conference call part that I will do every quarter on my YouTube channel. I think, in reality, the next one will be in a few weeks, I think for now, this part, the portfolio I have. Frankly, again, I can't wait to do that for you, and you know me, well, with my YouTube channel, business, coaching, and so on, I like to do new things all the time, really be, yes, in innovation. That's why we have such a complete program. I always add bricks. Well, permanently, all the time, all the time, it's always improving. Well, it's the same here, this conference call part, I'm hyped by the projects, and that's also what makes me happy to make new YouTube videos, new analyses, and so on and so on every time. So it was Léo. Ciao!