Factsheet | 1Q23

1Q23 just flew by.

But I'm not eager to fly just yet.

Let's just say we are gliding slowly and smoothly, balancing the yin and the yang.

Two noteworthy developments during 1Q23 for the Mash portfolio:

First, after a gap of exactly 3 years, in late February and early March 2023, I chose to lend our capital to Uncle Sam -- locked in over 4.9% annualized yield across US Treasury Bills maturing in July 2023, August 2023 and December 2023.

And second, after a hiatus, I am finally finding some margin of safety in a few, select businesses that we would consider owning. I am deploying capital in three new positions -- each offers a different but reasonable risk-reward profile.

Overall, our portfolios remain balanced. Defensively tilted but less so than during 2022.

2023Q1_Factsheet_MashGlobal.pdf

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