Cheap or Nah?

A comprehensive look at Passport valuations...

May 08, 2025

∙ Paid

This letter reads WAY better in your browser than in your email - so do yourself a favor and click on the title above to read it that way.

Today I break down a trade in the Pinecone Passport Portfolio (beating SPX by 17.6% YTD) and introduce my valuations sheet that shows the average PE inside every country ETF as well as each country’s benchmark stock market’s actual PE. The interesting part is where some of them diverge a lot due to construction (and some just bad ‘average’ math of course). I wanted to start sharing this periodically for those that care about both country ETFs and value even if only a minor overlay in your process.