What is on the record

A January 2022 statement, reported by a secondary source, that he had almost entirely liquidated roughly $20 million of stock and crypto holdings to wait for peak fear. A later video in which he said the recession thesis behind it was wrong on timing and that he had underestimated consumer resilience. 12

What is not

Everything a serious answer needs: the realized gain, the tax bill, what the money did next, and what the same portfolio would have been worth held through 2023. Those are Kevin’s to give and this page will carry them, labeled as his account, when he does.

The fair framing in the meantime

Selling in January 2022 realized gains at high prices and avoided part of the 2022 drawdown; staying out missed part of the 2023 recovery. Which dominated depends on when he redeployed, which is the missing fact.

In his own videos

• June 2023: he sold 99.6% of the portfolio and went 5% short the market. The sale was January 2022, by his account. 3

• March 2023: he sold everything in January 2022 and, in his words, did not buy back in at a perfect time. 4

• May 2023, the retraction video. 5

In his own videos

• January 22, 2022, the video announcing the sale as a $20 million market bet, built on a comparison to post-World War One farm inflation and the 2000 bubble’s 14-year recovery. 6

From the September 29, 2026 Q&A

Kevin’s account

About $20 million worth of stock was sold around the third week of January 2022, and this was disclosed to course members and the public on the same exact day. I also subsequently fully disclosed my repurchases, beginning in March 2022 and in November 2022 when I launched the exchange-traded fund, including the acquisition of NVIDIA in October 2022, which approximately 10x’d. 7

Question 16, the tax consequences: no idea, in his words. So the sale, the same-day disclosure and the re-entry dates are now on the record; the tax bill is not.