What a roller coaster of a year it’s been on the stock market.

First off, I want to apologise for my absence. It’s been quite a bustling time, both in the markets and in my personal life, filled with travel, disruptions, and all those little things that tend to shake up the daily routine.

I’ve been busier than ever, more active than usual in markets. From the market’s nosedive on liberation day to the skirmishes between India and Pakistan, and now the ongoing conflict between Israel and Iran, the stock market has certainly dealt its fair share of blows to investors this year.

Personally, I’ve ramped up my trading activities significantly, rebalancing my portfolio as needed and lightening up where I see fit. I’ve completely sold off all my US stocks and currently have no exposure to the US dollar. This isn’t because I believe in doomsday scenarios for US exceptionalism or fear the collapse of the dollar—it’s simply that I see more value elsewhere.

At the moment, I am focused solely on trading and investing in Australian equities (ASX) and Indian equities (NSE). I’m managing two separate small-cap portfolios that are relatively concentrated. This marks a noticeable shift in my investment strategy, as I typically cast a wide net to find the best-in-class micro-caps or small-caps worldwide.

However, amidst all this chaos, concentrating on these specific markets has allowed me to compound my capital more effectively. I’m not spreading myself too thin or becoming susceptible to the constant whims and swings of other markets.

The stock market has gyrated significantly in 2025

There’s been a significant revival in Uranium, and my investments in this sector have doubled since their lows. Indian equities initially dipped due to border conflicts but have made a strong comeback. Following the sell-off on Liberation Day, I capitalised on the S&P 500’s low point, took a large position, and exited my position about a month ago. Markets worldwide continue to reach new heights.

While valuations are stretched, I don’t believe we’re in bubble territory just yet. With the unpredictable antics surrounding Trump, including many twists and turns along the way, the situation remains fluid. Tariffs seem to go on and off like a light switch, and the same goes for discussions about war. This constant back-and-forth creates significant uncertainty and volatility in the markets.

I’ve decided to concentrate on the ASX and NSE, which are markets I’m familiar with. Geographical diversification is important, but I prefer not to overextend myself. My exposure to Indian equities offers access to rapidly growing emerging markets that are less correlated with other regions. In contrast, the ASX functions as a more traditional market; if the US sneezes, it tends to impact other markets like Australia, Japan, Europe, and London, making it more correlated with developed economies.

How is it going so far?

This strategy has paid off, and I plan to maintain my focus primarily on these markets. Sometimes our investment approach may not resonate with others, but it has to make sense to us. The Indian equities market is ripe with opportunities, although there’s a considerable risk of encountering underperforming stocks.

Currently, I’m managing two portfolios, each containing 10 to 20 stocks, concentrating on my five best ideas. This will be my approach moving forward. Being a global investor can be quite challenging, especially when it comes to navigating different markets, geographies, and currencies. That’s why I decided to hone in on what I know best.

Do I miss out on opportunities? Not at all. There are plenty of multibaggers to be found across different exchanges. When searching for these small-cap multibaggers, the criteria tend to remain consistent, regardless of the exchange you are on.

🤐 Less noise and more focus in the stock market..

Trump has been a constant presence in the headlines, capturing media attention daily. When I keep an eye on the markets and the economy, it’s crucial to gauge the general sentiment—whether it’s “Risk On” or “Risk Off.” This indicates whether smart money is flowing into or out of equities.

This year has been exhausting, filled with so much noise that it has worn people out. Consequently, the markets have gone through wild fluctuations. Sentiment can shift in the blink of an eye. Trump plays the game skillfully, posting messages of doom and gloom, announcing tariffs, and making various claims just before Friday’s close. The weekend allows the markets to stew, leading to dramatic movements on Monday, either way.

There’s a lot of market manipulation happening right before our eyes, compelling us to tune it out. This year has presented significant challenges, from concerns about war to tariffs and rising geopolitical tensions—the market seems uncertain about which direction to take.

Sometimes, a solid investment thesis can get knocked off course by an unforeseen event, such as a new tariff or a threat, like imposing high taxes on pharmaceutical products. On the flip side, there are developments that can work in our favor, like Trump’s nuclear push, which sparked interest in uranium.

This unpredictability makes it tough to invest based on thematic ideas.

Diligent investing is always necessary, but it’s even more critical in such a volatile global landscape. Disruption is everywhere—Europe, Asia, the U.S.—with ongoing conflicts, retaliatory measures, and uncertainty all around. The media thrives on this chaos, fueling the uncertainty further.

For me, this has led to a decision to tune out entirely. I’m indifferent to what happens in the U.S. or what Trump announces, especially given my narrowed focus in the investment world. While it’s true that broader market sentiment can seep into all markets, I’m finding better value in uncrowded ideas that are less affected by macro-level events.

I think many investors I know resonate with the sentiment of being “sick of seeing it.” At some point, the market tends to move on and becomes less influenced by Trump’s announcements, inflation discussions, rate talks, or war rumours. I believe we might be reaching that point now.

Currently, I’m not zeroing in on Europe, Japan, or broader Asian markets, nor on the U.S. If I come across a compelling idea, I’ll certainly do my due diligence; however, my primary focus will remain heavily on India and Australia. The India fund is already up 14% YTD, and while Australia hasn’t hit double digits yet, I’m optimistic that it will soon as I continue to build my positions.

🌯 Wrapping up…

I’m excited to get back to posting regularly, whether it’s sharing my thoughts on investments, detailing my holdings and research, or diving into various market insights. Taking a break to reflect and adjust my strategy has allowed me to hone in on a few key areas in my life moving forward. Instead of writing daily blogs and chasing clickbait on the latest market happenings, I completely tuned out for a while.

Now that I have a clearer sense of direction, I’m ready to articulate my focus more effectively. While I’m zeroing in on specific markets, my criteria for small-cap stocks remains unchanged. I’m on the lookout for high-quality small-cap compounders, and the metrics I typically rely on to guide my “initial” due diligence.

I am looking forward to the second half of the year, and looking to achieve another 20% CAGR year of returns…time will tell.