1) Portfolio summary - June-end

$ADYEY $AYX $COUP $CRWD $DDOG $DOCU $ETSY $LVGO $MELI $NOW $OKTA $PINS $ROKU $SE $SHOP $SQ $TTD $TWLO $VRM $WORK http://9923.HK"> http://9923.HK 

Return since 1 Sept & #39;16 -

Portfolio +255.69%
$ACWI +24.48%
$SPX +42.81% ...
2) CAGR since inception (1 Sept 2016) -

Portfolio +39.28%
$ACWI +5.88%
$SPX +9.75%

YTD return -

Portfolio +155.75%
$ACWI (-)8.09
$SPX (-)4.04% ...
3) Commentary -

June was an incredible month for my portfolio and it surpassed all my expectations!

In fact, the entire first half of this year has been surreal - first, the epic March-crash which played out perfectly for my hedging strategy by putting cash in my pocket)...
4)...near the bear-market lows (which I invested at depressed prices) and then, this equally epic rally which just shows no sign of fizzling out!

I don& #39;t know about you but there is no way I could have predicted this year& #39;s price action, which is why I stopped using my...
5)...crystal ball a long time ago. And I have no clue what the market will do tomorrow, next week or next month - all I know is that my trend filter is currently flashing UPTREND but that can change anytime.

In terms of my portfolio, June was a busy month...
6) I sold out of $ESTC (too tough for me to understand), $FB (mature + too many issues), $WORK (disappointed by Q1 results and increasing competition) and I invested in $NOW, $OKTA , $ROKU , $VRM and http://9923.HK"> http://9923.HK  (try out position)....
7) Finally, on the back of rising COVID-19 cases, I dumped all my rentals (which were from the most heavily impacted, sensitive sectors).

Going forward, I& #39;m pretty comfortable with my current holdings but getting concerned about the sky-high valuations of some of my companies..
8) I& #39;ll repeat - it is *not* normal for large cap companies to double or triple within 3-4 months and at some point, this will end badly. However, with the Fed& #39;s pedal to the metal and speculative juices flowing/resurgence of day traders, the party might continue for a while....
9) If my assessment is correct, the SaaS sector has now become an incipient bubble - it& #39;ll probably get bigger but I am fairly certain that the 5-year forward returns won& #39;t match the past 5 years& #39; returns.

This may not be the popular opinion but this is how bubbles form...
10) (a) Great disruption based story (b) excellent fundamentals (c) long growth runway - all extrapolated into eternity and discounted in the here and now.

Look, I& #39;m not smart enough to know how far the rubber band will stretch but am experienced enough to know that at some...
11) ...point, it& #39;ll snap and disappoint the latecomers.

For my part, I& #39;ve recently trimmed some of my over-extended/over-valued holdings and invested the cash in $NOW , $ROKU and $VRM (which appear more reasonably valued to me).

If this insanity continues, I might be forced..
12) to trim even more and allocate that cash to more sanely valued holdings - despite what you might hear; trees don& #39;t grow to the heavens.

Finally, in terms of the economy, I continue to feel that ecommerce, fintech and software will grow for years so this is where I& #39;ve...
13)...focused my investments.

All these sectors have become necessities (utilities on steroids); they save both time and money for both companies and consumers and their customers use these services often - good enough for me.

I hope this update was useful.

The end.
***ERROR***

I& #39;ve made a mistake in my portfolio holdings (1st Tweet of this thread) - I no longer own $WORK in my portfolio and do own $ZM - silly oversight, should& #39;ve been more careful.
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