July and August – a crazy time for my portfolio! Tesla had a huge run-up due to their strong Q2 2020 performance and also news of their 5-for-1 stock split. I’m sitting on a nearly 200% gain but I have zero intention to sell as I have a very strong conviction to hold it for the long-term (and regret for not buying more during the Covid-19 pandemic!). For those who are interested, I highly recommend checking out Tesla Daily and Chicken Genius Singapore who summarise Tesla’s development into short videos / podcasts for easy consumption.
I sold my entire shares in ProShares Short S&P500 ETF at a small loss of US$700 as I do not see the S&P 500 going into bear territory anytime soon. Instead, I have bought into 2 tech ETFs, QQQ and XLK, as it is quite clear from the Covid-19 pandemic that technology stocks are here to stay and dominate the economy.
In terms of the strategy to dollar-cost average, I am very pleased with StashAway’s performance thus far. It has been a great platform for me to stay diversified in an effortless way. Therefore, I have increased my monthly contribution to S$1000, up from S$500.
All in all, my current net worth is at S$189k, ahead of my 2020 personal finance goals. Based on my current projections, I am on track to hit the S$200k milestone by end of 2020. Let’s hope there is no severe second wave of Covid-19, but I am, in any case, ready with my cash reserves if it comes.