Independent equity research grounded in the Munger framework. I publish my analysis on high-quality compounders so you can think like a business owner — not a ticker watcher.
Five-year track record · 27 May 2021 to 27 May 2026
The framework taught on this site has been applied to a real multi-generational family portfolio for five years. The full results, calculated on a money-weighted basis (IRR) by Sharesight Portfolio Tracker against the most relevant passive benchmarks, are below. No selective reporting. No backtests. Calculated from custodian-linked transaction records.
Family Overall Portfolio
Family US Equities Subset Portfolio
Methodology. Returns are money-weighted nominal CAGR returns (MWR), also called internal rate of return (IRR), as calculated by Sharesight Portfolio Tracker from custodian-linked transaction records over the period 27 May 2021 to 27 May 2026. These figures reflect the current holdings of the Family Overall Portfolio and the Family US Equities Subset Portfolio — that is, they measure the performance over the period of the positions held as at 27 May 2026, and are not adjusted for inflation. Benchmark figures (VT and CSPX) are computed by Sharesight on the same money-weighted basis matched to the actual portfolio cash-flow timing, so the comparison is methodologically consistent. VT and CSPX returns include reinvested dividends. Family Overall Portfolio includes all equity holdings across geographies; Family US Equities Subset Portfolio is the US-listed equity sleeve only.
MWR vs TWR — an important disclosure. Money-weighted returns reflect the actual return experienced on the actual capital deployed, including the effect of when cash was added or withdrawn. Time-weighted returns isolate investment-decision quality from cash-flow timing and are the standard for institutional manager benchmarking. The figures above are MWR, not TWR. A practitioner who happened to add capital before strong periods will have MWR higher than TWR over the same window; a practitioner who added capital before weak periods will have MWR lower. The choice of MWR here reflects what the family's actual wealth compounded at; the corresponding TWR may differ.
Statistical humility. Five years is a short period for distinguishing skill from luck. The academic literature (Fama & French, Luck versus Skill in the Cross-Section of Mutual Fund Returns, Journal of Finance, 2010) indicates that confident statistical claims about manager skill require multi-decade track records. These figures are consistent with the framework working as intended; they are also consistent with a sustained period of good fortune in a single market regime. Read accordingly.
This is not financial advice. This content is educational. It is not personalised financial advice and is not a solicitation to invest. Past performance does not predict future results. Before making any investment decision, do your own research and consult a licensed financial adviser familiar with your specific situation.
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