After a volatile September with +6,2% the stabilization continued in October. My portfolio rose to 40.233 € and increased by +2,80 % slightly weaker than the NASDAQ 100 (+6.95 %)but still solidly in the green. While the major indices were driven by big tech, my portfolio once again showed strength in niche and future themes. ⚙️

1. performance & comparison 🚀

There was a moderate recovery over the course of the month: while the markets initially fluctuated, momentum returned towards the end.

With +2,8 % my portfolio remained below the NASDAQ 100, but performed better than broader indices such as the FTSE All World (+4.45 %) and DAX (+4.11 %) stable.

Particularly positive: the continued consolidation following the tech rallies of the previous months.

2. my savings plans & allocation 💶

My focus remains clear: managing liquidity and making targeted use of opportunities.

Since October, my new savings plan has been running on the Euro Overnight Rate Swap ETF (€ 500 per month) - as a flexible, interest-bearing "cash parking space" with daily liquidity and currently over 3.9 % return p.a. This allows me to keep capital ready to invest in quality shares in the event of setbacks.

3rd top mover in October 🟢

The month was led by IREN $IREN (+1.17%)
(+25,8 %)which once again benefited from the massive demand for computing power for AI. Also Snowflake $SNOW (-0.53%)
(+22,8 %) also made strong gains as investors increasingly focused on data-driven platforms again. The VanEck Uranium & Nuclear Energy ETF (+18.5 %) $NUKL (-0.72%) rose significantly, driven by the ongoing global reassessment of nuclear energy as a stable and low-carbon energy source. Geopolitical tensions and supply bottlenecks provided an additional boost. While American Lithium (+15.4 %) was supported by positive industry news. Also CrowdStrike $CRWD (+0.58%)
(+14 %) also impressed with strong demand in the cybersecurity segment and Datadog $DDOG (+2.52%)
(+12,2 %) benefited from robust cloud spending by large companies.

4th flop mover in October 🔴

On the losing side was Ferrari $RACE (+0.87%)
(-17,1 %)which was burdened by profit-taking and a more cautious outlook after a strong summer quarter. Tomra Systems $TOM (-2.04%)
(-15 %) corrected after weaker volume growth, while Rheinmetall $RHM (+0.06%)
(-14,1 %) suffered from geopolitical uncertainty despite a high order situation. Also Novo Nordisk $NOVO B (-1.28%)
(-6,8 %) also fell further as regulatory risks surrounding GLP-1 once again came into focus. BYD $1211 (-0.86%)
(-5,9 %) was volatile, weighed down by price pressure in China, while even Berkshire Hathaway $BRK.B (-0.39%)
(-2,7 %) closed slightly in the red.

5. conclusion 💡

October showed: Rotation instead of rally. Techs with real profitability are gaining momentum again, while overheated stocks are consolidating.

With the overnight ETF, I am deliberately building up a strategic "interest rate anchor" in order to remain flexible in the coming months.

My focus remains clear: Quality, liquidity and long-term scaling.

❓ Question for the community:

Which stock surprised you the most in October - positive or negative?

👇 Write it in the comments!

$BNTX (-1.05%)
$ON (-2.88%)
$HIMS (+3.1%)
$PLTR (+2%)
$O (+0.26%)
$8058 (-0.06%)
$7974 (+2.44%)
$BP. (+0.67%)
$BOSS (-2.98%)
$SWK (-1.68%)
$SPOT (-1.11%)
$N1CL34
$UBER (-0.24%)
$CPRI (+0.28%)
$SHOP (-1%)
$RACE (+0.87%)
$HOG (+0.91%)
$HTZ (+1.84%)
$PFIZER
$UPST (+2.52%)
$ANET (-1.53%)
$PINS
$TEM (+2.65%)
$AMD (-0.67%)
$SMCI (+2.15%)
$RIVN (+3.89%)
$BYND (+0%)
$KTOS (+2.64%)
$CPNG (-0.03%)
$BMW (-0.84%)
$NOVO B (-1.28%)
$FRE (-0.11%)
$ORSTED (+0.48%)
$AG1 (+0.56%)
$EVT (-0.4%)
$CCO (-2.64%)
$DOCN (+6.2%)
$LMND (+2.18%)
$SONO (+2.11%)
$MCD (-0.53%)
$HOOD (+4.53%)
$QCOM (+1.54%)
$FTNT (+2.03%)
$FSLY (+2.61%)
$HUBS (+3.69%)
$ELF (-1.14%)
$ARM (+0.96%)
$SNAP (+1.21%)
$DASH (+0.39%)
$APP (+2.26%)
$AMC (+0.45%)
$ZIP (+3.08%)
$FIG (+0.94%)
$LCID (+0%)
$DUOL
$UN0 (-0.83%)
$CBK (+1.27%)
$DEZ (-0.41%)
$ZAL (-2.26%)
$HEN (-0.88%)
$MAERSK A (+0.76%)
$HEI (+0.2%)
$CON (-0.09%)
$AZN (+1.55%)
$ALB (+0.67%)
$MRNA (-2.87%)
$QBTS (+2.23%)
$WBD (+4.42%)
$LI (+1.69%)
$RHM (+0.06%)
$DDOG (+2.52%)
$RL (-0.78%)
$OPEN (+6.07%)
$ABNB (+0.99%)
$PTON (+0.8%)
$MP (-4.22%)
$TTD (+2.18%)
$STNE (+2.1%)
$SQ (+1.6%)
$GRND (-1.65%)
$IREN (+1.17%)
$AFRM (+2.37%)
$CRISP (+0.03%)
$RUN (+5.21%)
$7011 (+1.8%)
$DTG (-0.12%)
$HAG (+1.81%)
$DKNG (+0.96%)
$LAC (-2.47%)
$KKR (-0.39%)
$PETR3 (+0.41%)
$CEG
$WEED (+0%)

Most investors believe that successful investing means choosing the right shares to find the right stocks.

The truth is that it is about thinking correctly.

What separates successful investors from the crowd is not a secret information advantage

but the ability to to think beyond the first level.

This is called: Second-Order Thinking.

🩺 First-order thinking - the reflex

Most market participants act according to the obvious:

➡️ "Interest rates are rising - so I'm selling tech."

➡️ "Profits are falling - so the stock is bad."

➡️ "The company is growing - so I have to buy."

This is first-order thinking - linear, reactive thinking.

Logical in the short term, dangerous in the long term.

Why?

Because the stock market is not a math problem, but a dynamic system.

What seems "logical" today is already priced in tomorrow.

First-order thinkers trade according to headlines.

Second-order thinkers think in causalities.

🔁 Second-order thinking - the difference

Second-Order Thinking asks:

👉 "And what happens after that?"

👉 "How does the system change as a result of my assumption?"

👉 "What are the side effects if everyone makes the same decision?"

It is thinking in second-level consequences - not in effects, but in subsequent effects.

When interest rates rise, first-order thinkers think:

"Bad for tech - rates are falling."

Second-order thinkers think:

"In the short term, yes - but in the long term, inefficient competitors disappear.

Market leaders survive, become more profitable and their moats grow."

This way of thinking requires patience, scenario competence and intellectual humility.

You don't know what will happen will - but you understand what can happen.

📈 Practical examples from the real world

🇳🇱 ASML

First Order: "Export restrictions harm demand."

Second order: "Less competition → pricing power increases."

🇨🇳 BYD

First Order: "Price war destroys margins."

Second Order: "Economies of scale eliminate weak manufacturers. Market shares increase."

🇺🇸 NVIDIA

First Order: "GPU shortage jeopardizes growth."

Second Order: "Shortage strengthens technological supremacy. Competition loses out."

🇩🇪 Rheinmetall

First Order: "Geopolitical crises = short-term boom."

Second Order: "Structural armament + defense budgets for decades."

Second-order thinkers recognize:

Market mechanisms are feedback loopsnot one-way streets.

🧩 The psychological dimension

Second-order thinking contradicts human intuition.

Our brain looks for quick answers and clear connections.

But markets are systems with feedback loops.

Actions generate effects that trigger new actions.

Those who think in the first order act on the basis of emotion:

⚠️ FOMO, fear of loss, seeking confirmation.

Those who think in the second order act on the basis of structure:

🧠 cause, effect, consequence.

That is the reason why Patience and perspective are the rarest but most valuable edges on the market.

⚙️ How to train second-order thinking

✅ Ask yourself: "And what happens after that?" Not what the market knows today - but what it does not yet understand.

✅ Simulate counter-scenarios: What if the opposite happens? What would that mean?

✅ Analyze reactions: How do customers, competitors, politicians, central banks react to events?

✅ Accept complexity: Not everything is linear. Sometimes a negative impulse leads to growth in the long term.

✅ Observe market feedback: Recognize how narratives evolve - not just data points.

Second-Order Thinking is not a method -

it is a mental attitude.

📊 Conclusion

The best investors don't think, what happens -

but what happens next.

They see cycles where others see headlines.

They understand cause and effect - not emotion and noise.

Second-Order Thinking is the art,

not being smarter than others,

but thinking differently than the majority.

💬 Community question:

When was the last time you talked about the second level level of your decision -

and how has the result changed?

$ASML (-0.87%)
$1211 (-0.86%)
$NVDA (-0.82%)
$RHM (+0.06%)

Hello,

I have recently sold some individual shares again to take profits.

My portfolio has changed somewhat as a result, particularly in terms of individual stocks. Among other things, there are now some stocks with small amounts, which I will increase again.

Unfortunately, I still have a few skeletons in my closet that I can't get rid of.

For example $PARRO (+2.39%) or $3NGL (+3.32%)

Shares like $BNTX (-1.05%) I unfortunately bought too high.

What would you recommend? Wait until I get out without a loss or continue investing to compensate for the loss with an increase in value?

I am currently rebuilding the portfolio. Should I add shares from other sectors or continue to follow the trend? $RHM (+0.06%)
$NVDA (-0.82%)
$Google

Goodbye drone wall - hello mobile air defense close defense. Order value 9 MRD.

Skyranger and Mantis have what it takes to become the standardized FLAK tank solution within European NATO air defence. In particular due to the 35mm Oerlikon cannon which $RHM (+0.06%) has further developed. Together with the in-house AHEAD ammunition, I can't even think about what this, together with the updates in the next few years through AI, means for the expected sales.

Rebalacing

I broke the €1 million barrier around 8 months ago.

At that time, my portfolio was valued at 80% of getquin.

Since then I have invested a little $RHM (+0.06%) and $NVDA (-0.82%) but have not made any other changes.

Due to the massive rise in the price of gold and $BTC (-1.7%) and a few start-ups in which I am invested, the portfolio has become "out of balance" (current valuation 50%).

The value has risen massively in the last 8 months. Yesterday I cracked the 1.23 M€ mark.

Would you reallocate?

Currently crypto 27%, gold 26%, start-up 21%, rest ETF and a few individual stocks

Thanks for your input.

September was a successful month - my securities account climbed to 38.827 € and gained +6,19 % significantly more than the major benchmarks (NASDAQ100: +4,94 %, S&P500: +3,19 %, FTSE All World: +3,23 %). I was thus able to clearly beat the market again. 🚀

1. performance & comparison 🚀

My portfolio benefited from a balanced mix: while individual techs performed well, other sectors provided additional stability. Particularly striking: the outperformance compared to the DAX & S&P, which were comparatively weak in September.

2. my savings plans & allocation 💶

As usual, my ETF savings plans continue to run consistently - with a focus on the solid foundation of MSCI ACWI $ACWI and World Small Cap $WSML (+0.01%). In addition, capital flows monthly into Berkshire Hathaway (B) $BRK.B (-0.39%) as a flexible, defensive allocation with optional cash flow leverage in a crash scenario.

In addition to the securities, I also invested € 180 in an original oil painting by Luciano Torsi in September - a small but deliberate step into alternative real assets. I am thus adding an aesthetic, real asset with long-term value retention potential to my allocation.

3rd top mover in September ✅

The list was headed by IREN $IREN (+1.17%) (+76%), which benefited from the strong demand for AI data centers. Also American Lithium (+36 %) also showed strength. Alibaba $Baba (+35 %) made significant gains thanks to cloud growth, in-house chip development and the rejection of NVIDIA chips. Rheinmetall $RHM (+0.06%) (+17 %) continued to benefit from high defense demand, while the uranium sector (+16 %) and Crowdstrike $CRWD (+0.58%) (+14 %) also performed well.

4th flop mover in September ❌

On the opposite side Snowflake
$SNOW (-0.53%) (-5%) lost some ground as investors became increasingly critical of its high valuation - despite solid figures. Also Mercado Libre
$MELI (-1.23%) (-4 %) also suffered from profit-taking after a strong summer rally. Keyence $6861 (-5.26%) (-3 %) and Tomra Systems $tomra (-2.8 %) corrected slightly without the fundamental picture deteriorating. The month was somewhat weaker for Novo Nordisk
$NOVO B (-1.28%) (-2.2 %), which continues to struggle with political risks and patent concerns in the GLP-1 segment. Even Berkshire Hathaway fell slightly (-1 %).

5. conclusion 💡

My September shows: Diversification pays off. Individual techs like Snowflake are correcting, but satellites like IREN and Alibaba are more than compensating for this. With the savings plan on Berkshire, I remain defensively prepared should volatility increase in Q4.

❓ Question for the community:

Which value surprised you the most in September - positive or negative?

The aerial discussion about a "drone wall" continues today. There is no technology that can protect a 2500 km long border against swarms of UAVs approaching at several points simultaneously. And twice as much against electronically hardened UAVs, ballistic and cruise missiles.

The only option is to protect single, critical targets with short-range defense and destroy the enemy's ability to attack.

When the German parliament, in particular, understands that there is no other protection, the next wave of orders for Skyranger air defense and Mantis object protection will go out. $RHM (+0.06%) go out. The cycle continues.

Over the past few months, it has been a close race between $HAG (+1.81%) and $PLTR (+2%) who would be the first Tenbagger in my depot. It has $HAG (+1.81%) become. A stock that I added to my portfolio after the IPO out of pure curiosity with a low buy-in. I found the topics of radar and sensor technology exciting, a defense manufacturer that does not fire ammunition. I didn't expect the stock to take off like this, but then came the government's entry, the war in Ukraine, etc.

There are always different views on the subject of armaments, many in the community are in $RHM (+0.06%) or $R3NK (+2.4%) invested. At the end of the day, these companies have a right to exist, whether someone wants to invest or not is up to them.

I wish you all continued good luck with your investments.