☢️ The Atomic Portfolio

Skin in the Game. This is not a model portfolio. This represents my actual capital deployment. The strategy is simple but not easy: Identify a few exceptional “survival assets” with widening moats, buy them at rational prices, and do nothing for a long time.

Concentration Strategy: I do not believe in diworsification. The top 3 positions account for ~55% of the total equity.

Last Updated: December 30, 2025

/// TERMINAL_ACCESS: GRANTED
/// PROTOCOL: ATOMIC_MOAT_V.2025
/// STATUS: HIGH_CONVICTION

+--------+----------------------+--------+----------------+
| TICKER | ASSET_NAME           | ALLOC  | CLASS_TYPE     |
+--------+----------------------+--------+----------------+
| $MELI  | MercadoLibre         | 27.1%  | FORTRESS [CMD] |
| $SE    | Sea Limited          | 16.0%  | FORTRESS [LTS] |
| $FFH   | Fairfax Fin.         | 11.7%  | INSURANCE_FLT  |
| $INPST | InPost SA            | 09.8%  | MONOPOLY_EU    |
| $DUOL  | Duolingo             | 09.0%  | COMPOUNDER     |
| $ROOT  | Root Inc.            | 08.7%  | DEEP_VALUE     |
| $INOD  | Innodata             | 05.7%  | ASYMMETRIC_BET |
| $TMDX  | TransMedics          | 04.3%  | GROWTH_ENGINE  |
| $DVYSR | Devyser Diag.        | 04.1%  | NORDIC_MICRO   |
| $NODE  | Nodebis App.         | 03.6%  | NORDIC_MICRO   |
+--------+----------------------+--------+----------------+
| CASH   | Dry Powder           | 00.0%  | DEPLOYABLE     |
+--------+----------------------+--------+----------------+

>>> TOTAL_POSITIONS: 10
>>> CONCENTRATION_TOP_3: 54.8%
>>> END_OF_LINE_

How I Select Assets

I am not a trader. I am a business owner. To enter the Atomic Portfolio, a company must pass a rigorous stress test based on three core pillars:

1. The “Survival” Moat

I look for businesses that get stronger when the world gets harder.

Pricing Power: Can they raise prices without losing customers?
Scale Economies Shared: Do they give value back to the customer to widen the moat (Costco/Amazon model)?
Mission Critical: Is their product a “nice-to-have” or a “must-have”?

2. Asymmetric Risk/Reward

I hunt for situations where the downside is capped, but the upside is exponential. This often happens in:

Spinoffs & Special Situations (where forced selling occurs).
Misunderstood Turnarounds (where the market hates the stock, but the data shows a pivot).
Regional Monopolies (companies dominating in Poland, SE Asia, or Latin America, ignored by US investors).

3. Time Arbitrage

Wall Street competes on milliseconds and quarters. I compete on decades. My edge is patience. I am willing to look foolish in the short term to be right in the long term. If the thesis is intact, volatility is not risk—it is opportunity.

🛑 The Sell Discipline

I sell only under three conditions:

Thesis Drift: The reason I bought the company is no longer true.
Valuation: The price becomes irrationally detached from reality (Bubble territory).
Better Opportunity: I find another “survival asset” offering significantly higher compounded returns.