One sentence, for the rationale behind each of my position, at the times they were first purchased:

1) $FB ($251): Market underpricing the assets of the company, underestimating the potential of commerce, and the tobacco effect, with A* management.

2) $MTCH ($143): I have overpaid thus far, but slow burn tailwinds from online dating growth, particularly in the East, with long runway for ARPU growth still to come.

3) $TWTR ($32): Cheapest asset between FB, SNAP, PINS, with the potential of value-unlock from added revenue diversification, durability, and eventual acceleration, leading to a shift in sentiment. (This has now happened)

4) $SQ ($63): Suspected lock-down and re-open play with payments and seller services playing the weighing scales, and general bullishness of payments. (Was already a long-term hold of PYPL and wanted more exposure)

5) $PYPL ($89): At the time, this was a business growing double digit, with a solid BS, healthy FCF, and I adored the management. Was bullish about digital, wanted exposure, never anticipated crypto or the super-app. (Was mid-2018)

6) $SBUX ($57): Starbucks at $57 in March? No-brainer imo. China expansion was a bug factor, and I like having a couple stalwarts in my portfolio.

7) $AAPL ($56): At the time, I was buying the narrative of the gradual pivot from hardware to services, or rather the shifting composition. Remains to be the case today, 3 years later.

8) $GOOGL ($1,480): had wanted to buy for some time, and was fairly valued at the time (imo) for the assets you were acquiring. I like monopolies.

9) $PTON ($62): Great management team, and an under-appreciation from the market of what PTON were attempting to create in the HF space, as well as a hardware to subscription story. Still playing out.

10) $GDDY ($73): Quite simply growth at a reasonable price, despite competitors growing faster, with most likely superior offerings, a unique digital asset imo.

11) $RDFN ($61): Tiny starter position whilst I continue to do research.

12) $CELH ($49): Tiny starter position whilst I continue to do research, and a growth story which is expensive to read.

13) $IAC ($235): Unique structure, excellent management that I feel safe giving my capital to, diversified portfolio of businesses, valued reasonably, stream of new interesting business exposure.

14) $SE ($119): Expensive (i did think this at 119), but a potential monster across SEA, that looked set to be generating upwards of $20B by FY23/24, so i felt it was a pretty solid bet the valuation would be earned.

15) $ETSY ($216): With margin expansion, a growing installed base, wider adoption as a result of cov, and international expansion still to come, i seeked exposure to a smaller commerce player with brand power. Digital commerce is young.