This article is an update of my personal portfolio at the end of 1H2025 (June 30, 2025). To say it was a volatile quarter is the mother of all understatements. Fortunately, I came out OK thanks to the fact that investors – especially in the bond market – provided guardrails for the nutty economic policies of Mr Trump. I saw the train wreck coming, but I failed to anticipate the shockingly fast recovery. You can read the gory details in this article.

The first quarter was actually quite decent for me, although the start to April has been horrible since there is nowhere to hide.

This is an update about my personal portfolio during and at the end of 1Q2024. It also discusses performance which I consider disappointing.

Since I write a lot about markets and macroeconomic topics, it is only fair that I talk about my own investment portfolio.