Global markets navigated a turbulent path in November 2025, marked by the historic U.S. government shutdown that extended beyond 40 days before reaching resolution. Despite these headwinds, deep value opportunities continued to emerge across international markets. The Perfect Stock portfolio, grounded in Benjamin Graham’s principles of asset-based value investing, delivered strong results with several holdings posting double-digit monthly gains.

Key Performance Highlights:

Central Puerto (Argentina) surged 76.75% on the month
Sun Hung Kai Properties advanced 14.67% amid Hong Kong property market recovery
Subaru Corporation gained 18.87% on strong operational performance
Swatch Group rose 16.15% following positive Swiss-U.S. trade developments
Portfolio maintains disciplined approach with companies trading at significant discounts to tangible book value

Global Economic Overview

Market Backdrop: Relief Rally Emerges
November 2025 proved to be a pivotal month for global equity markets. Following weeks of political gridlock in Washington, the U.S. Senate advanced a funding bill on November 9 to end the longest government shutdown in American history. This development triggered a powerful relief rally across international bourses, as investors who had been sitting on the sidelines rushed back into risk assets.

The shutdown, which began on October 1 and lasted approximately 40 days, had created significant economic drag. Roughly 750,000 federal employees were furloughed, another 2 million worked without pay, and airlines were forced to cancel thousands of flights to comply with Federal Aviation Administration staffing restrictions. Food assistance programs for millions of Americans hung in the balance. Markets had priced in worst-case scenarios by April, but as those fears failed to materialize, equities bounced back sharply through the fall months.

The resolution of the shutdown coincided with improving technical conditions across global markets. Corporate earnings continued to beat expectations, particularly in Europe. Inflation remained relatively benign as higher prices for tariffed goods were offset by disinflation elsewhere. Interest rates showed signs of stabilizing after the volatility earlier in the year.

However, beneath the surface, significant structural shifts continue to reshape the global economic order. The era of U.S.-led globalization may be giving way to strategic decoupling and a focus on national security. Trade policy has become weaponized, with export controls, investment screening, and industrial policy now standard tools in the geopolitical toolkit. New trade patterns are emerging that bypass the United States entirely. With the U.S. accounting for only about 15% of global goods trade, the other 85% may offer more promising opportunities for investors willing to look beyond American shores.

Regional Market Analysis

United States: Political Resolution Sparks Year-End Rally Hopes
The U.S. market entered November burdened by the weight of the prolonged government shutdown, but sentiment shifted dramatically as the month progressed. The Senate’s procedural vote on November 9 to advance a continuing resolution triggered a broad-based rally. The S&P 500 gained 1.54% that day to settle at 6,832.43, while the Nasdaq Composite surged 2.27% to finish at 23,527.17. The Dow Jones Industrial Average climbed 381.53 points, or 0.81%, to end at 47,368.63.

Economic Conditions: The U.S. economy continues to outperform relative to other developed markets, though the shutdown acted as a measurable drag on growth. Consumer sentiment deteriorated more than anticipated, with the University of Michigan survey showing particular concern about the potential negative economic consequences of the extended federal impasse. Job market conditions for young college graduates have notably worsened compared to prior periods.

One concerning development: dismissals accelerated sharply in 2025. In the first 9 months of the year, 946,426 jobs were cut, representing a 55% increase over the 609,242 dismissals in the same period of 2024. The Department of Government Efficiency (DOGE) accounted for roughly one-third of these cuts. Additionally, AI-related job dismissals are accelerating, with 17,375 jobs eliminated due to AI implementation through September, including 7,000 in September alone.

Sector Performance: A rotation away from high-flying technology stocks characterized much of November’s trading. After concerns about artificial intelligence valuations dominated sentiment in early November, investors showed more discernment between tech giants. The Nasdaq posted its worst weekly performance in nearly 7 months at one point, falling almost 3%. However, as the month progressed and the shutdown neared resolution, risk appetite returned.

Energy stocks received a boost when the Trump administration added metallurgical coal to its list of minerals deemed essential for the American economy and national security. The Department of Energy announced $100 million in funding to refurbish and modernize existing coal-fired power plants, providing support for domestic coal producers.

Portfolio Holdings Performance: U.S. holdings in the Perfect Stock portfolio showed mixed results during November’s volatility.

Peabody Energy Corporation (BTU) declined 1.68% for the month but remains up 47.07% year-to-date. The coal producer reported better-than-expected third quarter results on October 30, with robust seaborne thermal coal and Powder River Basin shipments driving performance. The company announced a quarterly dividend of $0.075 per share payable December 3. Benchmark raised its price target from $23 to $32 while maintaining a Buy rating. The Trump administration’s supportive stance toward coal, combined with surging electricity demand from data centers, positions Peabody favorably despite near-term price pressures.

Assured Guaranty Ltd (AGO), domiciled in Bermuda but focused on U.S. municipal bond insurance, gained 8.71% in November, though it remains down 1.59% for the year. The company trades at 0.72 times tangible book value with a 1.51% dividend yield.

Ingles Markets Inc (IMKTA), the North Carolina-based grocery chain, advanced 4.14% for the month and is up 14.59% year-to-date. The company continues to benefit from its low-cost operational model and strategic real estate holdings in growing southeastern markets.

Genco Shipping & Trading Ltd (GNK) gained 11.08% in November and is up 29.43% year-to-date. The dry bulk shipper continues to generate strong free cash flow, supporting its 5.77% dividend yield.

Movado Group Inc (MOV) rose 8.40% for the month, though year-to-date gains remain modest at 1.67%. The watch manufacturer and retailer trades at 0.85 times tangible book value with a robust 7.48% dividend yield.

Johnson Outdoors Inc (JOUT) declined 3.66% in November but remains solidly positive for the year, up 24.86%. The outdoor recreation products company has benefited from sustained consumer interest in fishing, camping, and diving equipment.

NACCO Industries Inc (NC) surged 21.84% in November, extending its impressive year-to-date gain to 66.35%. The company’s diversified operations in coal mining, minerals management, and specialty retail continue to generate strong returns.

Friedman Industries Inc (FRD) gained 6.52% for the month and is up 39.23% year-to-date. The steel processor and distributor continues to benefit from domestic infrastructure spending and reshoring trends.

Europe: Cautious Optimism Amid Political Headwinds
European markets rallied alongside U.S. equities in November, with the pan-European Stoxx 600 closing 1.4% higher on November 10 as the U.S. government shutdown appeared to be nearing resolution. Major bourses participated broadly in the advance, with nearly all sectors in positive territory.

The U.K.’s FTSE index hit new record highs during the month, rising over 1% in several sessions. Germany’s DAX advanced 1.7% on November 10 and continued its upward trajectory through mid-month, gaining 1.1% on November 12. France’s CAC 40 rose 1.3% on November 10 and added another 0.9% two days later. Italy’s FTSE MIB delivered particularly strong gains, jumping 2.3% on November 10 and surpassing its 2007 peak to reach its highest closing level since 2001.

Economic Backdrop: Europe is practically stagnating, with the German economic locomotive continuing to sputter. Business confidence in the U.K. fell to its lowest level since January 2023, with rising costs, falling orders, and continuing labor market challenges cited as key issues. The decline in confidence likely reflected businesses’ immediate reactions to announcements in the Autumn Budget.

The European Central Bank may have completed its easing cycle for now, though risks mount for a cut next year if conditions deteriorate further. Despite increased tariffs, corporate earnings kept growing and beating expectations, especially in Europe, providing fundamental support for equity prices.

Portfolio Holdings Performance:

A P Moller-Maersk AS (AMKBY), the Danish shipping giant, gained 5.08% in November and is up an impressive 29.78% year-to-date. The company trades at 0.65 times tangible book value with an attractive 8.35% dividend yield. Global shipping rates have stabilized, and Maersk continues to benefit from its integrated logistics model.

Bollore SE (BOIVF), the French conglomerate, declined 0.73% for the month and is down 7.86% for the year. Trading at just 0.52 times tangible book value with a 1.69% dividend yield, Bollore represents one of the portfolio’s deepest value opportunities. The company’s diverse operations span logistics, communications, and energy storage.

Porsche Automobile Holding SE (POAHY), the German holding company with significant stakes in Volkswagen Group, surged 12.20% in November and is up 21.39% year-to-date. Trading at an extraordinarily cheap 0.33 times tangible book value, the stock offers a 5.07% dividend yield. The company benefits from any improvements in European automotive demand while providing downside protection through its substantial asset base.

The Swatch Group AG (SWGAY), the Swiss watchmaker, jumped 16.15% in November following reports that Switzerland appeared close to clinching a deal with the U.S. to lower tariffs. The stock is up 26.91% year-to-date. Switzerland’s luxury sector saw strong gains across the board, with Richemont advancing 2% and the overall SMI index rising almost 2% during the relief rally. Swatch trades at 0.81 times tangible book value with a 2.44% dividend yield.

Barratt Redrow PLC (BTDPY), the U.K. homebuilder formed through the merger of Barratt Developments and Redrow, gained 1.80% in November but remains down 3.83% for the year. The company trades at 0.89 times tangible book value with a 4.57% dividend yield. The U.K. housing market faces headwinds from elevated interest rates, but Barratt Redrow’s strong balance sheet and land bank provide a margin of safety.

China and Hong Kong: Signs of Stabilization

China and Hong Kong markets showed resilience in November, with the Hang Seng Index rallying 1.55% on November 10 to close at 26,649.06. The Hang Seng China Enterprises Index gained 1.9% while the Hang Seng Tech Index advanced 1.34%. Over the past month leading up to mid-November, the HK50 climbed 3.52% and was up 35.04% compared to the same time last year.

Economic Conditions: Fresh inflation data provided encouragement to Chinese equity investors. China’s CPI rose 0.2% year-over-year in October, marking a turn from deflation, while producer price deflation narrowed to 2.1%. The improvement, though modest, signaled that Beijing’s stimulus measures may be gaining traction.

Hong Kong Stock Connect and Shanghai-Shenzhen Stock Connect average daily turnover reached 125.9 billion yuan and 206.4 billion yuan respectively in the first 3 quarters of 2025, both hitting new 9-month highs and representing increases of 229% and 67% from the prior year period. This surge in cross-border trading activity demonstrates growing investor interest.

The Chinese government pledged to loosen monetary policy in 2025 and take a more proactive approach to its fiscal policy. Policymakers are trying to support growth without fueling asset bubbles, a delicate balancing act. However, China’s October trade data showed a modest year-over-year decline in exports, reinforcing concerns that global demand remains sluggish. Exports to Japan declined 5.7% while exports to South Korea fell 13.1%. Exports continued to grow to the European Union, Latin America, Africa, and Southeast Asia, albeit at a slower pace.

China’s export industry is shifting from lower to higher-valued products, with exports of cars and technology growing much faster than exports of lower-valued products such as apparel. However, Chinese exporters are cutting prices to move products. In October, the number of cars exported rose 25% while the value of exported cars rose only 17%, meaning the average price of an exported car declined sharply.

Property Market Recovery: Hong Kong’s property market showed clear signs of recovery in November. Sun Hung Kai Properties successfully priced its Cullinan Sky phase 2 development at 29% higher than phase 1, indicating strong market demand. Hong Kong property prices rebounded 4% from their bottom, supported by lower interest rates following U.S. rate cuts, rising rental yields driven by strong rental demand, and decreased selling pressure in the market.

Portfolio Holdings Performance:

Sun Hung Kai Properties Ltd (SUHJY) delivered the strongest performance among Hong Kong holdings, surging 14.67% in November and extending its year-to-date gain to an impressive 46.76%. The stock hit new 52-week highs during the month. CLSA upgraded the company from Underperform to Outperform, significantly raising its price target to HK$110.00 from HK$63.60.

The upgrade followed strong sales momentum across multiple projects. All 160 units of a new residential project in Tuen Mun sold out on a Saturday in early November, buoyed by a recovering stock market and low interest rates. Two new residential projects drew buyers on Sunday, with the company reporting brisk sales. The property developer trades at just 0.48 times tangible book value while offering a 3.59% dividend yield.

CLSA forecasts a 5% property price increase in 2026 and expects leading developers like Sun Hung Kai Properties to benefit from this market turnaround. Analysts note that Hong Kong property prices have rebounded 4% from their bottom, supported by lower interest rates, rising rental yields, and decreased selling pressure. Sun Hung Kai Properties, as Hong Kong’s largest developer, stands to be a primary beneficiary of any sustained recovery in the real estate market.

Yue Yuen Industrial Holdings Ltd (YUEIY), the Hong Kong-based footwear manufacturer, gained 13.30% in November but remains down 1.58% for the year. The company trades at an attractive 0.72 times tangible book value and offers an exceptional 8.73% dividend yield. Yue Yuen continues to navigate the challenging retail environment while benefiting from its manufacturing scale and brand relationships.

Anhui Conch Cement Co Ltd (AHCHY), the Chinese building materials giant, declined 0.39% in November but maintains a solid 29.05% year-to-date gain. Trading at 0.80 times tangible book value with a 4.28% dividend yield, Anhui Conch stands to benefit from any pickup in Chinese construction activity driven by infrastructure stimulus.

Hello Group Inc (MOMO), formerly known as Momo, declined 0.07% in November and is down 5.17% for the year. The social networking company trades at 0.76 times tangible book value and represents a pure play on Chinese consumer technology. The company continues to evolve its platform to compete in China’s dynamic social media landscape.

Japan: Volatility Followed by Recovery
Japanese equity markets experienced heightened volatility in November before recovering alongside global risk assets. The Nikkei 225 hit a low of 49,640.56 on November 8 following concerns about artificial intelligence valuations, but rebounded sharply to close at 50,911.76 on November 10, up 1.26% for the session. Over the past month, the Nikkei climbed 8.55% and was up 31.33% compared to the same time last year.

Political and Economic Backdrop: Japan’s new Prime Minister Sanae Takaichi solidified her government by striking an accord with Japan’s Innovation Party after losing the support of the LDP’s longtime junior partner, the Komeito Party. The new government, coupled with uninspiring economic data, kept the Bank of Japan on the sidelines regarding interest rate increases. Markets responded predictably: the yen weakened sharply in October (almost 4%), and Japanese stocks rose dramatically. The Nikkei’s 16.6% rally in October was the largest monthly advance since October 1990.

The yen hovered around 154 per U.S. dollar in November, easing versus the dollar as investors priced in improved odds of a U.S. government reopening and digested fresh Bank of Japan commentary. Many BOJ board members see the next rate hike as plausible if wage momentum holds, but the central bank emphasized the need to avoid acting prematurely.

The Japanese government is expected to unveil a significant stimulus package, which could influence domestic cyclicals, capital investment, and consumer-facing shares. The package is part of a broader “Bold” stimulus effort with increased spending focused on AI, semiconductors, and shipbuilding.

Market Dynamics: Technology and AI-linked stocks led the Nikkei’s rebound after an earlier selloff. SoftBank Group lost as much as 14% on November 5 amid the broader drop in Asian AI-linked companies but recovered in subsequent sessions. Advantest, Disco, and Furukawa Electric also experienced volatility before stabilizing.

Portfolio Holdings Performance:

Kyocera Corp (KYOCY) gained 4.03% in November and is up 35.98% year-to-date. The diversified electronics and ceramics manufacturer trades at 1.01 times tangible book value, essentially at book, with a 2.53% dividend yield. Kyocera’s exposure to semiconductors, electronics components, and industrial tools positions it well for the ongoing technology cycle.

Subaru Corp (FUJHY), previously known as Fuji Heavy Industries, surged 18.87% in November, building on its strong 30.17% year-to-date gain. The automaker trades at just 1.04 times tangible book value with a 3.43% dividend yield. Subaru continues to benefit from strong demand for its SUV lineup in North American markets and maintains one of the industry’s most loyal customer bases.

Dai Nippon Printing Co Ltd (DNPLY) gained 4.15% for the month and is up 23.90% year-to-date. Trading at 1.09 times tangible book value with a 1.51% dividend yield, the company is a leading provider of printing, packaging, and information solutions. DNP has successfully diversified beyond traditional printing into high-value applications including electronics components and pharmaceutical packaging.

Rohm Co Ltd (ROHCY), the semiconductor and electronic components manufacturer, declined 4.23% in November but maintains an exceptional 52.54% year-to-date gain. The company trades at 0.85 times tangible book value with a 2.45% dividend yield. Rohm’s exposure to automotive semiconductors and power management solutions positions it for long-term growth as vehicle electrification accelerates.

Rest of Asia: Divergent Paths
Asian markets outside of China and Japan showed mixed performance in November. South Korea’s Kospi recovered strongly, jumping more than 3% on November 9 to lead the Asian recovery rally after the prior week’s tech-driven selloff. The index had fallen over 2% on November 5 as chip heavyweights Samsung Electronics and SK Hynix posted losses.

Thailand’s stock market is set to rebound in 2025, driven by expansionary fiscal policies and large-scale infrastructure investments. Potential rate cuts by the Bank of Thailand and the reintroduction of the Vayupak Fund could boost spending, market sentiment, and liquidity. Tourism, retail, cloud computing, data centers, and fintech are expected to benefit from economic stimulus measures and digital transformation.

India and Southeast Asia remain bright spots, benefiting from supply chain diversification and domestic demand. Market returns in 2025 are expected to be strong in these markets, supported by stable macroeconomic conditions, robust GDP growth, and supportive government policies.

Portfolio Holdings:

Deswell Industries Inc (DSWL), based in Macau, declined 5.76% in November but maintains a remarkable 56.63% year-to-date gain. The manufacturing services company trades at an extraordinarily cheap 0.56 times tangible book value with a 5.55% dividend yield. Deswell provides plastic injection molding and electronic products assembly services primarily for customers in the industrial and consumer sectors.

Latin America: Argentina Leads Regional Gains
Argentina continued its remarkable market performance in November under President Javier Milei’s pro-market reforms. The broader MERVAL index advanced strongly, building on its exceptional year-to-date performance of over 1,000% in local currency terms.

Portfolio Holdings:

Central Puerto SA (CEPU) delivered the portfolio’s most spectacular monthly performance, surging 76.75% in November. The Argentine power generator is up just 2.83% year-to-date in dollar terms, but this masks the extraordinary volatility and opportunity in Argentine equities.

Central Puerto released its FY 2024 and Q4 2024 earnings report during the month, showing resilience amid significant regulatory changes. The company faced multiple remuneration updates for non-contracted power generation throughout 2024-2025, with increases ranging from 1.5% to 6%. Key developments include a new contingency plan offering additional remuneration of $2,000 to $2,500 per megawatt for critical power units and permission for thermal generators to manage their own fuel starting in March 2025.

The company made strategic investments in mining-related projects, including a 27.5% stake in 3C Lithium’s Tres Cruces project and increased participation in AbraSilver to 9.9%. Central Puerto also signed a purchase agreement in August to acquire 100% ownership of the Cafayate Solar Project, an 80 MW solar farm in Salta Province, reinforcing its commitment to renewable energy.

A significant infrastructure project is underway with YPF Luz to develop a power transmission line in northwestern Argentina, with estimated investments between $250 million and $400 million. The company holds over 20% of Argentina’s private energy market, with long-term, dollar-denominated contracts ensuring stability even in volatile macroeconomic conditions.

Central Puerto trades at 1.49 times tangible book value, the highest multiple in the portfolio, reflecting the market’s recognition of Argentina’s improving business environment and the company’s strategic positioning in the power sector.

Other International Holdings

Scorpio Tankers Inc (STNG), domiciled in Monaco, gained 15.30% in November and is up 29.25% year-to-date. The product tanker operator trades at 1.05 times tangible book value with a 2.56% dividend yield. Global refined product shipping rates have remained supportive, and Scorpio continues to benefit from its modern fleet and strong operational performance.

Fresh Del Monte Produce Inc (FDP), based in the Cayman Islands, rose 11.40% for the month and is up 15.10% year-to-date. The global fresh produce company trades at 1.11 times tangible book value with a 3.08% dividend yield. Fresh Del Monte operates integrated production, distribution, and marketing of fresh produce, with particularly strong positions in fresh-cut fruit and vegetables.

Danaos Corp (DAC), the Greek container shipping company, advanced 12.53% in November and is up 21.83% year-to-date. Trading at an exceptionally attractive 0.48 times tangible book value with a 3.59% dividend yield, Danaos represents one of the portfolio’s deepest value opportunities. The company operates a modern fleet of containerships on long-term charters to major liner companies, providing stable cash flows.

Meren Energy Inc (MRNFF), the Canadian oil and gas producer, gained 2.88% for the month and is up 1.96% year-to-date. The company trades at 0.98 times tangible book value while offering a substantial 8.67% dividend yield.

Portfolio Construction and Valuation Metrics
The Perfect Stock portfolio continues to adhere to strict Benjamin Graham value investing principles. The portfolio’s 27 holdings represent a truly global opportunity set, with positions spanning North America, Europe, Asia, Latin America, and other international markets.

Valuation Discipline: The portfolio maintains an average price-to-tangible book value ratio of 0.88, representing a meaningful discount to net asset value. This provides a margin of safety consistent with Graham’s teachings. Individual holdings range from deeply discounted opportunities like Porsche Automobile Holding (0.33x tangible book) and Danaos Corp (0.48x tangible book) to companies trading closer to book value that offer other compelling characteristics such as dividend yields or growth prospects.

Balance Sheet Quality: The average equity-to-asset ratio across the portfolio is 0.68, demonstrating the financial strength of the underlying companies. These are not overleveraged businesses; they maintain conservative balance sheets that can withstand economic downturns. The portfolio avoids companies with excessive debt burdens, recognizing that balance sheet strength is a crucial component of deep value investing.

Income Generation: The portfolio offers an average dividend yield of 3.73%, providing meaningful income while investors wait for value recognition. Yields range from 0% for growth-oriented positions like Hello Group to 8.73% for Yue Yuen Industrial. This income component reduces the opportunity cost of holding undervalued positions and helps support total returns.

Geographic Diversification: The portfolio’s global mandate provides protection against country-specific risks. Holdings span 17 different countries, from developed markets like the United States, Japan, Germany, and the United Kingdom to emerging markets such as China, Argentina, and Greece. This diversification allows the portfolio to capture value opportunities wherever they emerge while reducing concentration risk.

Sector Exposure: The portfolio maintains exposure across multiple sectors including real estate, industrials, materials, energy, consumer discretionary, utilities, and transportation. This diversification helps smooth returns and provides multiple sources of alpha generation.

Market Outlook and Positioning
The global investment landscape continues to evolve rapidly. The potential end of the U.S. government shutdown removes a major near-term overhang, but structural challenges remain. Trade tensions persist despite some de-escalation, the specter of higher-for-longer interest rates lingers, and geopolitical risks continue to simmer.

Within this complex environment, the Perfect Stock portfolio’s discipline becomes even more valuable. The portfolio does not attempt to predict macro outcomes or time market cycles. Instead, it focuses relentlessly on identifying companies trading at significant discounts to intrinsic value, supported by strong balance sheets and reasonable earnings power.

Opportunities Ahead: Several themes offer promising hunting grounds for deep value investors:

Asian Real Estate: Hong Kong’s property market recovery appears sustainable, driven by lower interest rates, government support, and genuine demand. Developers like Sun Hung Kai Properties trade at substantial discounts to book value while sitting on irreplaceable land banks in one of the world’s most supply-constrained markets.
Global Shipping: Both container shipping and tanker companies continue to trade at fractions of tangible book value despite improved industry fundamentals. Long-term charters provide revenue visibility while asset values provide downside protection.
European Value: European equities remain attractively valued relative to U.S. markets. Corporate earnings are beating expectations despite economic stagnation, suggesting that businesses have successfully adapted to the challenging environment.
Latin American Reform: Argentina under Milei represents a once-in-a-generation opportunity as the country dismantles decades of interventionist policies. Companies with dollar-denominated revenues and real asset bases offer compelling risk-reward profiles.
Energy Transition Winners and Losers: Both traditional energy companies trading below book value and renewable energy opportunities in emerging markets offer value propositions. The key is identifying companies with strong balance sheets that can weather the transition period.

Risk Factors: The portfolio acknowledges several risks that could impact performance:

Continued weakness in Chinese economic growth and property markets
Escalation of U.S.-China trade tensions beyond current expectations
Sharper-than-expected economic slowdowns in Europe or Japan
Reversal of supportive policies in Argentina or other emerging markets
Market appetite for risk-off positioning that indiscriminately sells value stocks

However, the portfolio’s focus on balance sheet strength, discount to book value, and dividend income provides multiple sources of protection against these risks materializing.

Conclusion
November 2025 demonstrated once again that patient, disciplined value investing can deliver superior returns even during periods of heightened uncertainty. While markets obsessed over the U.S. government shutdown, AI valuations, and trade tensions, the Perfect Stock portfolio quietly compounded value by owning high-quality businesses trading at significant discounts to intrinsic value.

The portfolio’s 27 holdings span the globe, offering exposure to recovery plays in Hong Kong property, shipping arbitrages, European industrials trading below liquidation value, and emerging market opportunities in countries embracing market-oriented reforms. Each position meets strict criteria: solid balance sheets, tangible asset backing, and meaningful discounts to book value.

As we move into the final weeks of 2025, the portfolio remains fully invested and ready to capitalize on any year-end volatility. The discipline that has guided this strategy for decades continues to identify opportunities that others overlook. In a world of overvalued growth stocks, speculative technology plays, and index-hugging mediocrity, the Perfect Stock portfolio offers something increasingly rare: genuine value backed by real assets, trading at prices that provide a margin of safety. Benjamin Graham taught that the market is a voting machine in the short term but a weighing machine in the long term. The Perfect Stock portfolio is positioned for the weighing machine to do its work.

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