2025 was a year of extreme valuations and narrow breadth which made performance challenging
SPY was up 18% and TQQQ was up 35%.
Below are the relative performances of the various versions of Stars and 3 major asset managers of $15 trillion.
Stars – 40% TQQQ. 7
Stars – 20% TQQQ. 3
Stars – 10% TQQQ. 2
Berkshire Hathaway. (6)
Blackrock. (11)
Blackstone. (26)
The bitcoin variation of Stars will contain 3.3% bitcoin in 2026.
Berkshire Hathaway is a value investing approach. Blackrock has a large holding of bitcoin. Blackstone is an alternative investment approach focusing on private markets and real estate. Berkshire Hathaway has a weighting in the S&P of 1.8%. Blackrock and Blackstone each have a weighting of 0.2% in the S&P.
SPY is up 18% which is considerably above its 15 year average of 13%. The volatility of TQQQ is half its normal. The top 10 holdings of TQQQ are half that of SPY.
The 40% TQQQ version of Stars outperformed the average of the other 3 investment companies by 21 percentage points. Once again model based investing way outperformed stock picking.