My Top 10 Portfolio Holdings for 2026

Group 1: Market Overview - The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite have seen year-to-date gains of 14%, 16%, and 20% respectively as of December 12, 2025 [1] - The focus of investing should be on future opportunities rather than past performance [2] Group 2: Investment Strategy - The company has increased cash reserves for future investments while maintaining a long-term focus on 36 positions, with the top 10 holdings accounting for over 81% of invested assets [3] Group 3: Company Highlights - SSR Mining: The stock has gained 219% year-to-date, driven by rising gold and silver prices and potential reinstatement of its environmental license at the Copler mine [5][6] - Teva Pharmaceutical Industries: The company is shifting focus to high-margin drug development, with the drug Austedo expected to generate over $2 billion in sales for 2025 [7][8] - iShares 0-3 Month Treasury Bond ETF: This ETF is used to manage cash reserves, offering a yield around 4% compared to a negligible yield on uninvested cash [9][10] - Meta Platforms: The company has significant ad-pricing power and closed September with approximately $44.5 billion in cash, on track to generate over $100 billion in cash from operations in 2025 [11][13] - Bank of America: The bank has been a long-term holding, facing challenges from recent Federal Reserve rate cuts but still generating profitable loans [15][16] - PubMatic: Positioned well in digital advertising, with connected TV ad growth exceeding 50% year-over-year and positive operating cash flow [17][19] - First Majestic Silver: The company has seen profit projections rise due to higher silver prices, but management struggles with mining costs have led to a reduction in holdings [21][22] - Pinterest: The platform has reached 600 million monthly active users and has potential for improved monetization, with a forward P/E ratio of 13 [24][26] - PayPal Holdings: Despite stalling active account growth, payment transactions per account have increased by 41%, and the company has initiated a quarterly dividend program [29][30] - Alphabet: The company maintains a dominant market share in internet search and is expected to see growth from its Google Cloud platform, particularly with AI integration [31][33]