 Good day fellow investors. As I do a lot of research I produce also a lot of videos. So there are so many videos that you can miss the woods from the trees and therefore in this video I will especially show the core of my investment thesis, the meaningful, the purpose of all those videos that I make so that you can put things much better into perspective. The topics for today are the big pictures from valuations, markets, volatility, deep research for value, long-term tailwinds, productivity, GDP per capita, one simple example, core investment approach, how I focus on business returns, look at the value, risk reward and take advantage of volatility, then what's my current portfolio position, what do I do, where do I see my portfolio going in the next year and then I'll conclude on all of the above. So I really believe this will give you a better perspective on the whole channel, on all videos and a better understanding of what I do, why I do it and how much am I exposed to a video. One video is just one part in time made that day but investing is really a process that happens over a long time. Let's start with the big picture. The big picture is pretty simple. Stocks are generally expensive, especially American stocks. The K-pratio is above 40 and that will probably lead to zero or negative returns in a decade or two. Plus we are in the late part of the economic cycle which means a recession is around the corner and we don't know what kind of a recession we will have and we are also in the late part of the long-term debt cycle where currencies start breaking. So those are the risks when investing. Now in such an environment I find myself investing which means that I have to prepare myself for whatever can happen and simultaneously achieve satisfying especially I always target great investing returns. How do I do it? I look for the places that are not over expensive, overweight that are again cheap in relation to other things and that are cheap from a business perspective and this gives me the advantage. I am not afraid to look, I don't know, in China. You have seen a lot of videos about China a month, two months ago so I look at that and then I carefully expose my portfolio to that. I bought some Chinese stocks in September as those dipped in October. I bought a little bit more and now I'm already break even on the portfolio because I take advantage of the volatility and this is perhaps what you miss on YouTube. Perhaps I make a video somewhere in August saying China is a buy but then the volatility allows me for better investment opportunities, my patience, my distribution across sectors and then I perhaps buy just a little bit later end of October of something like that. So that is always the problem with YouTube. You cannot have timely videos on whatever happened is happening out there across all sectors and what I do I put all my research into Excel tables and I carefully core follow them, adjust them when something happens, when earnings happen I see if I have to adjust my earnings model on the stocks I cover and I watch and then when the stock hits okay first buying range, second buying range, third buying range or even fourth buying range I buy more and add a little bit to the portfolio. When it hits higher levels again I rebalance accordingly. This is something unfortunately YouTube can never show. Consequently if you look at my channel or research platform you will see that I spoke about solar in May, Brazil, Argentina in July and June, China in August, September and I'm on discussing miners, gold miners, copper miners October November. So as you can see most of those sectors have been or have become relatively cheap. Argentina, Brazil were cheap now they are a little bit more expensive, China was cheap also still there and except for solar, solar was still a bit expensive in May when I looked at it but I had the research and I didn't buy anything when it crashed so that's also something YouTube is missing. I bought one solar stock but that has a different business model and that unfortunately didn't crash so I wasn't able to buy more. When I finish with gold miners and copper miners I'll do uranium, Russia and consequently I'm expanding my research, I'm expanding my views and I have the possibility to okay this is now cheap let's see into my research oh this was a good buy this was a quality business let's buy that. For example this is my table on gold miners for the first round of research overview there are 91 names on the list and from those 91 I have selected 15 that I will make in that analysis on and you will see my analysis I make I'll make a video this weekend probably on Newcrest mining and the valuation and what's my valuation of Newcrest mining which I later bring to a comparison with all the other stocks that I have made the valuation model on. So this is what I do do a lot of research across sectors that are relatively cheap or about could possibly become cheap and then invest when something gives me a business return of around 15% or more. If you look across the world you can find such business returns and as Buffett would say stock market performance is perfectly correlated with business returns on top of everything I like to take advantage of long-term structural trends long-term tailwinds that rise the tide for my stocks which means that whatever I buy if there is a rising tide they will make they will be profitable and therefore that's the tailwind for my investments for example I like to look at productivity GDP per capita potential growth and this is the table from Ray Dalio which consequently leads also to tailwinds when it comes to investing as you can see India China is growing Singapore Mexico Thailand Argentina Korea Brazil and then comes the United States Russia and then come all the European countries so I am overweight looking to be overweight to the exposure there in Asia where 4.5 billion people and what's going on and because I think Asia will be the continent of the 21st century on a specific case this is the demand supply for copper and you can see how demand is expected to grow especially as emerging markets develop but the supply coming in from mines over the next 10 20 years is declining also the average industry or grade is declining which means that it will be more and more expensive to mine copper so this is a structural positive trend over the next 10 years and that is why I am currently looking at copper miners a bit towards the end of this month but I also made some videos already so on the big picture I like to get those tailwinds and also focus on the small sectors be it copper be it solar be it something else so that is what I do and this is the bigger picture I hope it gives you a better perspective core investment approach I said investing is in businesses is key finding great businesses finding quality businesses over the long term taking advantage of the markets volatility the markets are always volatile because 99% of the people on the markets are focused on the short term and not on the long term so the best advantage we have is having a long term view on businesses which allows you to okay see this is now cheap it will be more expensive in the future that is your advantage if you can stomach the volatility volatility is an value investor's best friend further my target is 15% return from business over the long term there is usually again as I said hyperbolic discounting future returns are discounted much more by the market because they look at the short term and that's my advantage if you are willing to patiently wait in the meantime you take advantage of the volatility to gain some returns patiently wait for the unlocking of value then you'll do fine and the third pillar is of course value beating earnings cash flows book value whatever that allows me to buy more of a company if the stock price drops and consequently increase my long term returns also something that I like to do here and there is a positive asymmetric risk reward approach where okay I can lose one but I can gain five or ten and then I have some smaller portfolio exposures to such stocks which have done really well for me in the past so let's look at my current portfolio this is what I have up till now cash is 64% gold 2% latin america 8 developed markets just 2.43 base metals 7.61 china 11% and solar 4% I'm still in the building phase of the portfolio my target is to get to about 30 sectors and about 100 stocks that I cover watch meticulously and then find the best businesses to invest the goal for the portfolio is to have cash around 20 4 opportunities gold depending on the situation in the cycle latin america developed markets commodities china other asia russia a lot of sectors for me to work on and another key principle to the portfolio is I'm adding 1000 euros dollars whatever to the portfolio every month this allows me later when the portfolio will be bigger to if something gets cheaper and there is no risk of permanent capital loss to simply buy more so such a dollar cost averaging into the portfolio allows for extraordinary returns and you are actually happy when a stock drops because you're buying businesses and you can buy more so if you are interested in the details of what do I do if you want to see the big picture please check my stock market research platform the link is in the description below there is a 30 day money back guarantee no questions asked so I think it's really important to understand better this youtube channel to check what I do really with my portfolio and with my money as talib would say skin in the game so check it out if you don't like it after a month if it doesn't fit your investment portfolio criteria whatever simply ask your money back you have practically nothing to lose so it's a no risk high upside investment also to note as I do so much research as I'm adding a lot of value adding a lot of sectors adding a lot of stocks from 2019 the price of the platform will go up probably to 499 dollars per year so lock in 249 dollars per year less than a dollar per day forever for whatever I do if you buy now every year for the next 50 years that's the price for you so please please check it out to give to have a better picture of this youtube channel to conclude I hope I have given you a little bit of perspective check my stock market research platform for even more perspective and I'll try to do these videos once a month to give you a better overview of what's the point of I don't know 20 Chinese stock videos in a month on youtube thank you for watching looking forward to your comments and I'll see you in the next video