1)Portfolio Update May-end -
$ADYEY $AFRM $CFLT $CRWD $DDOG $DLO $GLBE $GTLB $LILM $MNDY $NU $OKTA $QS $S $SHOP $SOFI $SNOW $TOST $TWLO $ZI
Return since 1 Sept '16 -
Portfolio +420.00% (33.21%pa)
$ACWI +57.39% (8.21%pa)
$SPX +90.35% (11.85%pa)
Contd...
$ADYEY $AFRM $CFLT $CRWD $DDOG $DLO $GLBE $GTLB $LILM $MNDY $NU $OKTA $QS $S $SHOP $SOFI $SNOW $TOST $TWLO $ZI
Return since 1 Sept '16 -
Portfolio +420.00% (33.21%pa)
$ACWI +57.39% (8.21%pa)
$SPX +90.35% (11.85%pa)
Contd...
2) YTD return (2022)-
Portfolio (-)34.97%
$ACWI (-)12.98%
$SPX (-)13.30%
Biggest positions -
1) $AFRM 2) $SNOW 3) $DLO 4) $CFLT 5) $NU
Contd...
Portfolio (-)34.97%
$ACWI (-)12.98%
$SPX (-)13.30%
Biggest positions -
1) $AFRM 2) $SNOW 3) $DLO 4) $CFLT 5) $NU
Contd...
3) Commentary -
May was an especially bad month for growth stocks as many names got smoked post-ER!
A number of my companies announced pretty decent returns but they got badly hit due to soft guidance. Furthermore, $ARKK which has already crashed, didn't go down as much...
May was an especially bad month for growth stocks as many names got smoked post-ER!
A number of my companies announced pretty decent returns but they got badly hit due to soft guidance. Furthermore, $ARKK which has already crashed, didn't go down as much...
4)...as my holdings, so my hedge didn't work well and I ended up with a big drawdown (my worst month - ever).
A concentrated growth portfolio is prone to wild swings, in fact volatility is the price of admission...if it was easy, everyone would be doing it!
Despite my...
A concentrated growth portfolio is prone to wild swings, in fact volatility is the price of admission...if it was easy, everyone would be doing it!
Despite my...
5)...awful month, my portfolio has compounded in excess of 30%pa since retirement (5.75 years) versus ~11%CAGR for $SPX and even lower for $ACWI so am pretty satisfied with its progress.
With the benefit of hindsight, I should've waited longer before re-investing in my...
With the benefit of hindsight, I should've waited longer before re-investing in my...
6)...preferred stocks, but earlier this year (when I was scaling in), I had no idea they'd decline by 70-90% from their ATHs!
A big lesson going forward is that I must remain more patient when re-investing and not try and catch "falling knives". In this business, early = wrong.
A big lesson going forward is that I must remain more patient when re-investing and not try and catch "falling knives". In this business, early = wrong.
7) Given that (last autumn), I repeatedly warned about the end of QE and the looming bust, my big portfolio drawdown is disappointing ---> I should've done way better.
In any case, the past 6 months have proven yet again that "long term investing", "buy & hold",
never sell"..
In any case, the past 6 months have proven yet again that "long term investing", "buy & hold",
never sell"..
8)...are nonsense, and what matters is how much you are left with after the completion of the full stock market (liquidity) cycle.
The past few months have taught me a fair bit and I'll be keeping these lessons firmly in mind.
Liquidity drives markets; never fight the Fed.
The past few months have taught me a fair bit and I'll be keeping these lessons firmly in mind.
Liquidity drives markets; never fight the Fed.
9)...In terms of the markets, IMHO we are currently experiencing a relief rally (bear-market bounce) and am of the view that the bear-market low lies ahead.
When this relief rally shows signs of exhaustion, I will defend capital and try to profit from final leg down.
THE END.
When this relief rally shows signs of exhaustion, I will defend capital and try to profit from final leg down.
THE END.
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