The Freedom Investor Newsletter — Q3 2025

Quick Stats Snapshot

📈 Portfolio Performance (Q3 2025): +18.43%

🧠 Risk Score: 5

🤝 Copiers: 645

💰 AUM: $2.21M

⏳ Years on eToro: 8

💬 “When liquidity expands, markets rise.”

This quarter proved that principle once again.

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1️⃣ Welcome Note – The Start of Something Bigger

Hey everyone — welcome to the very first edition of The Freedom Investor Newsletter.

I’m Tony Mai, an Elite Popular Investor on eToro and one of the most-copied investors in Australia.

My mission is simple: to help everyday people escape the grind and build real wealth through transparent, long-term investing.

Over the past eight years, I’ve built a seven-figure portfolio on eToro by following one unshakable belief:

💬 “When liquidity expands, markets rise.”

It’s the principle that’s guided me through every market cycle — from the chaos of COVID to the AI boom we’re witnessing today.

When I first started sharing my trades publicly, it wasn’t to build a following.

It was to build accountability.

I wanted to prove that long-term conviction beats short-term hype.

Now, seeing hundreds of people copy my portfolio is humbling — but it’s also proof of something bigger:

When investors share conviction, they build freedom together.

This newsletter is an extension of that mission. Each quarter, I’ll share:

• What’s driving the markets

• How I’m positioning my portfolio

• Key lessons from my results

• And the mindset that keeps me consistent through every cycle

No hype. No gimmicks.

Just clear insight, transparency, and a roadmap to financial freedom.

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Q3 2025 — Conviction Over Noise

From July to September, markets reminded us that staying calm pays off.

• Gold broke records as investors rushed for safety.

• Bitcoin pushed higher on institutional demand and anticipation of ETF flows.

• AI and tech stocks dominated earnings season, leading most of the index gains.

Meanwhile, uncertainty around the Federal Reserve’s rate-cut timing kept volatility alive — testing the patience of even seasoned investors.

But those who stayed invested through the noise were rewarded.

By holding firm to my strategy and avoiding emotional trades, my eToro portfolio finished Q3 up +18.43%, outperforming major benchmarks.

💬 “Conviction pays when others hesitate.”

Q3 wasn’t about luck. It was about clarity, liquidity, and discipline.

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2️⃣ Macro Lens – What Drove the Markets (Q3 2025)

If the first half of 2025 was about waiting for clarity, Q3 delivered it — and the market responded with conviction.

The biggest driver this quarter was the Federal Reserve’s first rate cut since 2024, trimming 25 basis points in mid-September.

It wasn’t a surprise — markets had priced it in for months — but it confirmed what investors needed:

the tightening cycle was finally turning.

That shift in tone reignited confidence across equities — especially in AI, tech, and growth names that thrive when borrowing costs fall.

Earnings season reinforced that optimism:

Over 80% of S&P 500 companies beat expectations, with earnings growth averaging 8% year-over-year.

Corporate America wasn’t just surviving higher rates — it was adapting.

Cash-flow discipline, margin management, and cost optimization helped fuel stronger-than-expected results.

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Liquidity Rotation

As liquidity improved, capital rotated quickly:

• Growth stocks led the charge.

• Value and cyclical names lagged.

• Small caps finally caught a bid for the first time in months.

Gold’s surge showed that while sentiment improved, caution still lingered beneath the surface.

Globally, the U.S. outperformed most regions.

Europe and Asia lagged as sticky inflation kept central banks hesitant to ease.

That policy divergence pressured the dollar but boosted USD-denominated asset returns.

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My Positioning

My portfolio leaned directly into this environment:

✅ Overweight high-conviction growth plays with strong balance sheets

✅ Avoided chasing stretched cyclical rallies

✅ Trimmed weaker defensives post-summer run

Crypto wasn’t a major focus — but my Ethereum (ETH) position surged +71% on institutional accumulation and ETF buzz.

It was a bonus — not a driver — of returns.

💬 “When policy, liquidity, and earnings move in sync — the path of least resistance is higher.”

Q3 proved that clarity is the ultimate catalyst.

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3️⃣ Portfolio Performance Snapshot – Q3 2025

Transparency has always been core to how I invest.

If I ask others to copy my portfolio, I owe them full visibility — the wins, the misses, and the lessons.

For Q3 2025, my eToro portfolio ended +18.43%, comfortably ahead of major benchmarks.

The result didn’t come from luck or timing — it came from discipline and conviction while the market rewarded patience.

After months of consolidation earlier in the year, liquidity returned, and we were ready.

I didn’t chase the rally.

I simply stayed invested in companies delivering real growth and strong forward guidance.

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Top Performers of the Quarter

Alibaba (BABA) +56%

After years of neglect, Chinese equities finally caught a bid as Beijing boosted policy support.

Alibaba’s rally was driven by buybacks, restructuring, and stabilizing consumer demand.

💬 “Conviction through pessimism pays off.”

SoFi (SOFI) +50%

With the Fed turning dovish, fintech came alive.

SoFi’s profitability and consistent member growth made it a standout — showing that quality disruptors thrive even in uncertain times.

Tesla (TSLA) +46%

Anticipation around Robotaxi and Tesla’s AI roadmap reignited the narrative.

Markets began viewing Tesla as a platform company, not just an automaker.

My early conviction paid off as the breakout gained momentum.

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Laggards & Lessons

Not everything fired — and that’s okay.

Some defensive and healthcare names lagged as capital rushed into risk assets.

Even strong fundamentals can get overshadowed by sentiment.

💬 “Patience is a double-edged sword — it tests you before it rewards you.”

There were moments I considered trimming positions in August, but macro context and conviction kept me steady.

In liquidity-driven markets, the biggest mistake isn’t staying patient — it’s getting shaken out too early.

Position sizing also proved crucial.

A few smaller laggards reminded me why diversification matters — they didn’t drag performance much but reinforced discipline.

The key takeaway:

💬 “It’s better to participate imperfectly than to sit out completely.”

Staying diversified while leaning into winners smoothed volatility and protected against emotional decisions.

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Big Picture

Q3 reinforced my philosophy:

Patience compounds. Timing misleads. Conviction wins.

Performance strength came not from chasing new ideas, but from sticking to the right ones.

In a market full of noise, consistency remains the real edge.

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4️⃣ Sector Spotlight – What’s Working Now

Every cycle has its leaders — the sectors that absorb liquidity first and signal where confidence is returning.

In Q3 2025, three themes stood out:

⚙️ Artificial Intelligence (AI)

💳 Fintech

🌏 China Tech Rebound

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1. Artificial Intelligence: The Engine of Growth

AI remained the market’s heartbeat this quarter.

From semiconductor giants to software disruptors, investors continued to price in the transformative potential of automation at scale.

Earnings were strong not just from Nvidia, but also Tesla, Palantir, and cloud service providers — all second-order beneficiaries of the AI surge.

What’s changed in 2025 is perception:

💬 “AI isn’t a theme anymore — it’s infrastructure for the next decade.”

The leading companies aren’t just growing revenue — they’re reshaping industries.

My exposure stayed consistent and deliberate.

I avoided speculative micro-caps and focused on cash-flow-generating innovators with durable moats.

That focus on quality within innovation continues to deliver sustainable returns.

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2. Fintech: From Survival to Expansion

For nearly two years, fintech fought a headwind of rising rates.

In Q3, the tide finally turned.

With the Fed’s first rate cut in September, digital lenders and neobanks found breathing room again.

SoFi was the clear standout — its fundamentals improved, deposits grew, and profitability strengthened.

💬 “The market rewards companies that endure the storm and emerge leaner, not louder.”

Broadly, fintech re-emerged as a liquidity trade — thriving when capital flows faster and borrowing costs ease.

This quarter marked that turning point.

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3. China Tech: Conviction Through Pessimism

After years in the penalty box, Chinese equities finally showed signs of life.

Alibaba’s +56% performance captured that shift.

Policy support ramped up, regulatory tone softened, and global investors began to re-evaluate China’s tech giants — not as risk traps, but as deep-value growth plays.

Holding Alibaba through its darker periods taught me a timeless truth:

💬 “Macro pessimism often hides micro opportunity.”

Markets overprice fear and underprice recovery.

This rebound doesn’t mean China’s issues are gone — but it shows how conviction and patience can turn pain into asymmetric reward.

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A Broader Lesson

Across AI, fintech, and China tech, one pattern repeated:

💬 “The best opportunities appear when liquidity returns, but conviction is scarce.”

Investors who wait for perfect clarity usually miss the early compounding phase.

That’s why my portfolio stays anchored to structural trends with long-term tailwinds.

When policy, liquidity, and innovation align — these sectors become the engines that pull the market forward.

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5️⃣ Inside My Portfolio – Transparency & Lessons

Numbers tell part of the story — but the real insight lies in why those numbers happened.

Behind every position, there’s a thesis, a timeframe, and a discipline designed to keep emotion out of the equation.

In Q3, I made fewer moves than usual — by design.

When conviction is high and markets align with your thesis, the smartest action is often inaction.

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💬 “You don’t need to predict every move — you just need to be positioned when the move happens.”

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Conviction Over Activity

It’s easy to mistake being busy for being productive in markets.

Many traders feel the urge to react every time volatility spikes or headlines hit.

But long-term investors know the best trades often come from holding, not flipping.

Q3 reinforced that patience is a strategy.

When my core positions — Tesla, SoFi, Alibaba, Palantir, and Nvidia — began gaining momentum, I didn’t chase new setups or diversify unnecessarily.

I let liquidity do the work.

This is the cornerstone of my philosophy:

💬 “Conviction compounds faster than capital.”

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Portfolio Adjustments and Rotations

While the core remained intact, I made small, deliberate rotations to align with liquidity and fundamentals:

• Trimmed defensive exposure that underperformed as risk appetite surged

• Added slightly to fintech and AI positions where earnings momentum was strongest

• Maintained a small but high-conviction allocation to Ethereum (ETH)

Each adjustment was pre-planned, not reactionary.

The goal wasn’t to outguess the market — it was to align with where capital was flowing next.

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Lessons Reinforced

These were the four key lessons that shaped Q3:

1️⃣ Less is more. You don’t need 50 positions to outperform — you need a handful of the right ones, sized correctly.

2️⃣ Liquidity drives everything. Once you understand capital flow, you stop overreacting to noise.

3️⃣ Conviction is earned, not guessed. It’s built through research, patience, and experience — not social media hype.

4️⃣ The best hedge is preparation. Plan your downside before chasing the upside. That’s how I maintain a risk score of 5/10 even while delivering growth.

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Transparency Matters

Transparency will always be non-negotiable for me.

Every trade I make is visible in real time on my eToro profile (@tonishiii).

That visibility builds accountability — and accountability builds trust.

My goal isn’t just to deliver returns.

It’s to show how those returns are made — so others can learn, grow, and build their own freedom.

💬 “Discipline doesn’t restrict you — it protects you.”

Q3 reminded me that winning quarters aren’t built on perfection, but on discipline, conviction, and patience.

As we enter Q4, my focus remains unchanged:

Stay consistent. Stay liquid. Stay ready for opportunity.

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6️⃣ The Freedom Investor Mindset – Lessons from the Quarter

Every quarter tests something different.

Sometimes it’s your patience.

Sometimes it’s your conviction.

And occasionally, it’s your ability to do nothing while everyone else panics or chases trends.

Q3 tested all three.

When markets started surging in August, I saw familiar behavior:

people buying late, exiting early, and repeating the emotional cycle that keeps most investors stuck.

💬 “Discipline isn’t about being right — it’s about staying rational when everyone else isn’t.”

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Lesson 1: Conviction Is Built Before the Storm

Conviction doesn’t appear when markets turn green — it’s built during the quiet months when nothing works.

That’s when you study, test, and prepare.

By the time volatility hits, your conviction should already be earned, not improvised.

This quarter’s success came from preparation, not reaction.

When liquidity returned and growth stocks broke out, I wasn’t scrambling — I was already positioned.

💬 “You don’t rise to the level of the market; you fall to the level of your preparation.”

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Lesson 2: Patience Isn’t Passive

Many mistake patience for doing nothing — but real patience is active.

It’s the space between knowing your plan and letting it play out.

There were days when I wanted to take profits early or rotate into laggards that looked cheap.

But experience taught me that markets reward conviction, not curiosity.

💬 “When you’ve done the work, the best move is often to do nothing.”

Patience is a position too.

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Lesson 3: Detachment Creates Clarity

The hardest part of investing isn’t analysis — it’s emotion.

Fear, greed, and FOMO destroy more portfolios than bad research ever will.

That’s why I focus on emotional detachment:

no headlines, no predictions, no drama.

When you detach, you see markets for what they are — a reflection of liquidity and psychology, not morality.

You stop taking red days personally. You stop chasing green candles.

You start thinking like an investor, not a participant.

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Lesson 4: Consistency > Perfection

People often ask for my “secret.”

There isn’t one.

It’s showing up every day — through both euphoria and drawdown.

You don’t need to predict the next crash or rally.

You just need to follow a system that keeps you in the game long enough for compounding to do its job.

💬 “Perfection is overrated. Consistency is undefeated.”

This quarter wasn’t validation because of returns — it was validation of process.

Freedom isn’t built overnight. It’s built trade by trade, habit by habit, quarter by quarter.

The investors who win aren’t those who chase.

They’re the ones who endure.

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7️⃣ Looking Ahead – My Outlook for Q4 2025

As we head into Q4, markets sit at an inflection point:

optimism is rising, liquidity is improving, but uncertainty still lingers beneath the surface.

It’s a familiar setup — the kind that rewards discipline and punishes complacency.

The big question going forward:

👉 Does this rally have room to run?

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The Macro Setup

With the Fed’s first rate cut behind us, focus shifts to how far and how fast the easing cycle goes.

Historically, the first cut often marks the start of a new liquidity wave — bullish for risk assets — but the path is rarely smooth.

The Fed will move gradually to avoid reigniting inflation.

Still, even a cautious easing path changes the market’s psychology:

borrowing costs fall, valuations stretch, and risk appetite returns.

💬 “That’s the environment I thrive in — not because I chase it, but because I’m already positioned for it.”

Liquidity drives cycles — and right now, it’s finally moving in the right direction.

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Bitcoin: A Timed Trade with Clear Targets

For Q4, I’ve made a deliberate move: allocating around 10% of the portfolio to Bitcoin.

Here’s why:

In both the 2017 and 2021 cycles, Bitcoin reached its peak roughly 526 and 548 days post-halving — just 22 days apart across two completely separate cycles.

If that rhythm holds, history suggests a potential peak around mid-December 2025.

📈 My plan:

Exit the position at $150K or by mid-December 2025, whichever comes first.

This isn’t speculation — it’s pattern recognition grounded in macro liquidity.

Clear entry, clear exit, clear conviction.

Whether it plays out perfectly or not, this trade has defined rules.

That’s how you trade confidence — not emotion.

💬 “Preparation turns probability into opportunity.”

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Tesla: The Long-Term Giant in Motion

While Bitcoin may grab headlines, Tesla continues to anchor my long-term vision.

Elon Musk’s proposed $1 trillion performance package is bold — but ambition is Tesla’s DNA.

If achieved, it implies a market cap near $8.5 trillion — roughly $2,500 per share.

This isn’t a one-year trade. It’s a decade-long transformation — across energy, robotics, and AI.

For me, it’s not about hype.

It’s about vision backed by innovation — and Tesla remains one of the few companies capable of compounding at global scale.

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Positioning Into Year-End

By year-end, I’ll continue refining the balance between upside exposure and downside protection.

As my copier base grows and I manage millions in AUM, risk management becomes as important as return generation.

Heading into Q4, my focus includes:

• Implementing layered portfolio hedges for volatile assets

• Keeping liquidity buffers ready for early-2026 volatility

• Introducing new drawdown controls for capital preservation

💬 “Protect capital first. Grow it second.”

That’s how true financial freedom is built — not by chasing, but by enduring.

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Summary Outlook

Heading into Q4, I see an environment of cautious optimism.

Liquidity is back. Earnings remain resilient.

AI, Bitcoin, and innovation themes are attracting capital again.

But my edge isn’t prediction — it’s preparation.

If markets consolidate, I’ll treat it as opportunity.

If they rally, I’ll ride it with discipline.

💬 “Liquidity is back — but discipline decides who keeps it.”

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8️⃣ Final Word – Stay the Course

If Q3 was about conviction and patience, Q4 will be about execution and protection.

The last few months proved again that markets reward preparation over prediction.

We’ve built strong momentum heading into year-end — but the goal now is to preserve gains, manage risk, and prepare for 2026.

I’m deeply grateful to everyone who’s joined me on this journey — the growing community of investors who value long-term freedom over short-term hype.

We’re not just managing portfolios.

We’re building a movement — one grounded in transparency, trust, and time in the market.

💬 “The real goal isn’t to beat the market — it’s to own your time.”

That’s what The Freedom Investor stands for:

Investing with purpose, so your money works for you — not the other way around.

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Join the Journey

You can join me on eToro — it’s free to create an account.

👉 Click here to join.

Once inside, you can watch me trade in real time, follow my updates, and see how I manage the portfolio — all transparently, with no paywalls or gimmicks.

💡 It’s completely free to learn and grow alongside me.

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Stay Connected

🌐 Website: thefreedominvestor.com

📱 Instagram: @thefreedom_investor

💼 eToro: @tonishiii

Thank you for being part of the first-ever Freedom Investor Newsletter.

This is just the beginning.

💙 Stay focused. Stay patient. Stay free.

—

Tony Mai

Elite Popular Investor | The Freedom Investor

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