We've reached the end of the first half. The portfolio launched near the end of Q1, and we've since put just over half of the starting dry powder to work. What follows is a walkthrough of every holding, where each one stands, and where I plan to take it from here.

I'm happy with the current setup. Most of the portfolio isn't moving with the market, and that's by design. In a bull market, staying defensive and holding a large cash balance means giving up some near-term upside. But the real money is made buying high-quality businesses when they're beaten down, limiting the downside along the way and capturing the recovery when the cycle turns.

This isn't contrarianism for its own sake. As Warren Buffett has famously said, "You can't buy what is popular and do well." So the place I look is out-of-favor industries, and today that means payments, software, and health insurance. Health insurance was left for dead a year ago, and the rebound is already heavily rewarding the names bought into that weakness. All that being said, if a flash crash or black swan ever pulls popular names into deep value, they get scooped up too, but a strong market keeps that opportunity set narrow.

Every position was purchased while it was on the operating table, trading at a real discount to its own history with a margin of safety underneath. If the market corrects, these should fall less. When the cycle turns, they should lead. I won't guess where rates go or whether there is a looming market crash. That's a waste of time. As a reminder, the goal is to buy high-quality businesses that are easy to understand, hard to displace, priced below what they're worth, and built to compound for decades.

Disclaimer: This is not financial or investment advice. I'm sharing my personal investment decisions and reasoning for educational and informational purposes. Always do your own research before making any investment decisions.

Below the line: The six figure portfolio revealed. All ten positions with real weights, where each one stands today, and exactly what I plan to do with every single one.