@north-vector

Forty shares, which is deliberately small. I do not have a strong view on the robotaxi timeline and I do not want a position that forces me to.

What I do have a view on is energy storage, where the deployments keep doubling and nobody prices it. If that segment is a third of the company by 2028, this is cheap. If it is not, forty shares is a rounding error.

120 shares at 214.80. The services line grew 14% again and the buyback authorisation gets renewed in May like clockwork. Nothing clever here, just the position I was underweight relative to my own plan.

I ran this account with no sizing rule for two years and the drawdowns were all self-inflicted. From here the rule is simple: no single name above 40% of the book at cost, and no more than five names at once.

The second half of the rule matters more than the first. Five names means I can actually follow each one. When I held twelve, I was following none of them and calling it diversification.

I am writing this down so that the record holds me to it. Every fill from here is public after thirty days, and so is every time I break the rule.