Weekly Reviews / 9 June 2026

Week 14 Summary

ASML was sold for a realised profit, Google was re-entered near the planned level, gold was added as a hedge, and the main lesson was staying disciplined after a strong market move.

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1. Snapshot Item Figure / comment Week 13 account value Around £2,007 Highest point in Week 14 Around £2,023 Account value at review Around £1,979.98 Starting value £1,999 Cash after Week 14 trades Around £283.65 Main realised trade Sold ASML for a realised profit of £40.59 Main new buy Bought Google at $359.90 and added one SGLN share Pending order One SpaceX share at $140, not filled yet

Week 14, for the most part, felt really good. At the start of the week the portfolio was strong and it went up to around £2,023, which was the highest point of the week. It then came back down, which is annoying, but I do not see it as the account falling apart. It felt more like the market cooled off after a strong move. The account is now around £1,979.98 on the working valuation, which puts it slightly below the £1,999 starting value. I obviously want to get it back above the starting value, because protecting the original capital is still the main priority. But I also think the account is still very close to where it needs to be, and the decisions this week were made for clear reasons rather than just reacting emotionally. This was an important week because I actually followed through on plans I had already spoken about. I got back into Google around the level I wanted, I sold ASML to lock in a strong profit, and I added another share of gold to increase the hedge. So even though the final account value came back down, I think the week was positive from a discipline point of view.

2. What I am learning from The Intelligent Investor I am reading The Intelligent Investor at the moment and it is definitely having a profound impact on my investing journey. The biggest thing it is teaching me is discipline. It is making me think less about trying to win every single week and more about protecting capital, being patient, and not getting pulled into whatever the market is doing on that day. The main lesson I am taking from it is that markets can become emotional and overexcited. When everything is going up, it is very easy to feel clever and start believing that prices will just keep rising. I do not want to fall into that. I still believe in AI, technology and strong businesses, but I also do not want to confuse a strong long-term theme with a market that has no downside risk. That is part of the reason I was happy to take profit in ASML and build up cash. I am not saying I can perfectly call the market, because I cannot. But I do think markets may go down a bit over the next week, and I would rather have cash available and a stronger hedge than be fully exposed after a very strong run.

3. Main changes this week Google The best part of the week was getting back into Google at around $359.90. I had been waiting patiently for Google to come back closer to the level I wanted, and this week the opportunity finally arose and I took it. I feel good about that because it was not a random trade. I had already said I wanted to buy Google if it came down towards the $360 to $365 area, and that is exactly what happened. I did not chase it higher. I waited, kept the cash ready, and then bought when the price came to me. I do not want to put all the cash into Google at once. Hopefully Google continues to go down over the next couple of weeks, because if it does then I can continue to buy gradually at better prices. That would be the ideal situation. ASML I sold ASML to lock in the profit and raise cash. The position was up around 30%, and the CSV shows a realised profit of £40.59. In my view, that was a good trade all in all. I do not see the ASML sale as a mistake. I had already written to Dad that I was going to do it, and then I followed through. The reason was simple: ASML had had a very strong run, I wanted to protect the gain, and I wanted more cash available in case the market pulls back. ASML is still a great company and I still like the long-term AI infrastructure theme, but I do not think selling a position for around a 30% gain is something to apologise for. It gave us a realised profit and improved the cash position, which matters when the main rule is still capital protection. Gold / SGLN I also bought one more share of SGLN. The gold position was down around 14%, so buying one more share helped average the position down slightly and increased the hedge in the portfolio. The reason for buying more gold is that I think if markets start to go down, gold has a chance of moving the other way or at least giving the portfolio some protection. I know it has not helped much recently and it has been frustrating, but the point of the position is hedge protection, not excitement. I do not want to just keep buying gold blindly because it is down. But this one extra share made sense to me because I wanted more protection while markets feel quite stretched.

4. How the market felt this week The market felt strong at the beginning of the week, and that is why the account reached around £2,023. But later in the week it came back down, which reminded me how quickly sentiment can change. A strong start to the week does not guarantee a strong finish. I still think a lot of the market is being driven by enthusiasm around AI and large technology companies. That has helped us a lot in positions like ASML, QQQA, VUAG, Meta and the earlier Microsoft trade. But it also means the portfolio can become exposed if that same trade starts cooling off. That is why I wanted to raise cash and increase the hedge rather than just assume everything keeps moving up. I still want exposure to quality companies, but I do not want to become careless just because the market has been strong recently.

5. Current positioning after Week 14 The portfolio is now a bit more defensive than it was last week. We have more cash, we have more gold, and ASML has been sold. That means we have slightly less exposure to the semiconductor side, but more flexibility if the market gives us better prices. The main priority is still keeping the account around or above the starting value. The account slipped below it again by the end of the week, but it is still close. I think it can come back above the starting value if the stronger holdings recover and if I stay disciplined with the cash. The strongest part of the process this week was that the trades were written down and had reasons behind them. That matters because the account is meant to be run properly, not just randomly buying and selling whenever I feel like it.

6. Pending SpaceX order There is also a pending order to buy one share of SpaceX at $140. This has not gone through yet, so I am not counting it as part of the portfolio. If it does fill, it should be treated separately from the core positions because it is a speculative opportunity, not a safe core holding. My honest view is that SpaceX is obviously vastly overvalued compared with its current revenue. I understand that. But if it opens around $135, with the valuation people are talking about around $1.75 trillion, I think there is a chance it could run hard in the first week because of the excitement, the small amount of shares available, and the strength of the SpaceX brand. I personally think it could move towards a $2 trillion or even $3 trillion market cap early on if demand is strong enough. That does not mean it is guaranteed, and it does not mean I should get carried away. It just means I see it as a small speculative trade with a lot of hype and momentum behind it. The important thing is position size. One share at $140 would be small enough that it does not put the whole account at risk. If the order fills, I need to write down the reason straight away and make sure I do not let excitement around Elon, space and the IPO story turn it into an emotional trade.

7. Position notes Holding / area My view Google Back in the portfolio at $359.90. This was the cleanest decision of the week because it followed the plan. ASML Sold fully and locked in £40.59 realised profit. I am happy with this decision because it protected a strong gain and raised cash. SGLN / Gold Added one more share for hedge protection and to average down a position that was around 14% down. Cash Cash is now around £283.65, which gives more flexibility if markets pull back. Meta Still a high-quality company in the portfolio. I am not worried about the business. VUAG and QQQA Still important because they give broad market and Nasdaq exposure without relying only on individual stock picks. Rheinmetall Still needs watching because it has been one of the weaker positions and I do not want one holding to become a long-term drag. Symbotic Still volatile. I like the automation idea, but it needs to be monitored properly. Realty Income and NextEra Still not exciting, but they add balance and are more affected by rates and defensive-stock sentiment.

8. Main lessons from Week 14 Patience worked with Google. I waited for the price I wanted and then acted when the opportunity arose. Taking profit in ASML was the right decision for this week because it locked in a strong gain and raised cash. The Intelligent Investor is making me think more seriously about discipline, valuation and not getting carried away by a strong market. Gold is not meant to be exciting. It is there as a hedge, and the extra share was about protection rather than chasing upside. Cash is valuable, but only if I stay patient and do not force it into random trades. SpaceX is exciting, but it needs to stay small and speculative if the order fills.

9. What I want to watch into Week 15 Whether the account can get back above the £1,999 starting value. Whether Google keeps falling and gives me another chance to add gradually. Whether the market pulls back after the strong run in AI and technology names. Whether gold starts acting more like a hedge after the extra SGLN share was bought. Whether Rheinmetall and Symbotic keep weakening or start stabilising. Whether the SpaceX order fills, and if it does, whether I stick to the written reasoning and keep the position small. Whether I can keep communicating trades clearly and not slip into impulsive decisions.

10. Overall conclusion Overall, Week 14 felt good even though the final account value came back down. The account reached around £2,023 earlier in the week, which felt strong, and then pulled back to around £1,979.98. That is below the starting value, which I do not like, but it is still close enough that I think the account can get back above it. The most important thing this week is that I think the process was good. I got back into Google at the level I wanted. I sold ASML for a strong realised profit. I added one more share of gold to increase the hedge. These were not random trades, and that is the main difference between this week and just reacting to the market. My main priority is still to protect the account and get it back above the starting value. I do not want to chase the market just because AI and technology have been strong, and I do not want to put too much money into SpaceX just because it is exciting. The right approach going into Week 15 is to stay disciplined, keep cash available, add to Google only if the price gives me a better opportunity, and keep thinking like an investor rather than someone just trying to win every week. Week 14 Summary | Portfolio Review