The First Opportunity

Never Forget The Lessons Already Learned

Happy New Year!

My friends,

A new year gives us a clean slate.

An opportunity to begin fresh.

To learn, grow, and prosper not only in our portfolios, but throughout our lives.

That is our focus.

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The Lesson That Matters Most

Last year reconfirmed a lesson that has stood the test of time.

It pays to be positioned right and then remain that way.

As long as the price action cooperates.

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What Last Year Required

The playbook finished up +87% in 2025. That result did not come from constant activity.

It came primarily from three decisions.

First, we avoided the trap-door correction early in the year by taking defensive action when price required it.

Second, we bought very aggressively once price began to indicate the first quarter correction was ending.

Third, and most difficult, we remained right and sat tight, staying leveraged long as stocks trended higher.

For weeks.
For months.
For most of the year.

That meant giving price the benefit of the doubt, even when fear and noise tempted us to abandon our strategy and sell too soon.

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What Made the Difference

The edge was focus.

Price action came first.

Above expectations, predictions, bias, or opinions.

Most mistakes do not come from lack of information. They come from distraction. They come from doing too much, too often. They come from reacting to too many things that do not matter. They come from predicting, rather than observing.

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The First Opportunity

The first opportunity of the new year is for us to build on that lesson. Again.

Stay focused on price.
Stay prepared.
Do less, but do it better.

Taking advantage of one or two big opportunities a year is often all that is required to achieve outstanding performance. The work is in staying ready, managing our risk in the meantime, and having the discipline to remain patient while price cooperates.

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My Commitment

After 22 years of The Kirk Report, I am embarking on a whole new opportunity through this newsletter to share everything I know to help you.

This will not be about more information. It will be about clarity. It is about sharing hard-earned wisdom. Each opportunity designed to help you learn, grow, and prosper.

We will do this the same way we always have.

By respecting price.
By managing risk.
By remaining patient.

One opportunity at a time.

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“You don’t need to make many investments to do very well. You just need to make a few good ones and avoid the big mistakes.” - Warren Buffett