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  • Writer's pictureIshfaaq Peerally

Value Investor loses 65%

Justin Dopierala of Domo Capital has been one of the best-performing value investors in recent years. In 2022, he lost 65%. Let's try to understand what happened to avoid the same mistakes.

Justin Dopierala was one of the early investors in GameStop $GME and one of the first to predict the GameStop Short Squeeze. That's how I learned about him. Another great investment that he made was UNFI $UNFI and I got the idea from him.

In 2022, however, he lost 65% and now his portfolio is underperforming the S&P 500 $SPX500 since inception in 2008.

Here's what went wrong according to me:

1. The gains on GameStop caused a big influx. of capital to his fund, and he had to invest with pressure.

2. Overconcentration.

3. Regression to the mean. We should not expect investors who are making 30% or more a year to keep doing it. Warren Buffett has returned 20% per year with Berkshire Hathaway $BRK.B which is great.

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