Overall Performance:

Year-to-Date Performance:

Not a fun year so far to be leaning into enterprise software as markets indiscriminately panic about AI disruption and the futures for all of these companies. I remain confident that I've picked winners, and will obsessively focus on the fundamental signs that consistently confirm whether I'm right or not. I am staying the course and slowly accumulating shares of great companies at large discounts. I'm optimistic that I will be rewarded for these decisions over the coming years, and I have no prediction for exactly when that will happen. That's why I continue to buy in small pieces to take advantage of better prices, while deeply respecting the fact that irrational markets (for software specifically) can always get more irrational. It's a balancing act that has served me well in the past, and one that I will continue to practice during these chaotic times.

Today's buy actually wasn't in software. I boosted my stake in ONON by 9%. The quarter was great, and their leadership is sustainably growing this business in a way that preserves brand quality and elongates the runway. They're not chasing low-quality growth. They're not unsustainably boosting store count or saying yes to every wholesale partner. They're fixated on controlled proliferation, while still delivering constant currency growth well over 20%. With all of that and a 15x EBITDA multiple (growth multiple is a little below 0.8x), I want more shares. I've been extra picky here to preserve flexibility for software accumulation, but I think it is time for me to add.

*the order of the names in these lists below is meaningless.

My holdings that are performing & compellingly priced where I'd accumulate into modest multiple contraction:

My holdings that are performing & compellingly priced where I'm happy with what I own:

Uber fits into this grouping. I love the name being around 4% of holdings as autonomous vehicle sectors develop and evolve. I am confident in owning it, but I want to see my bullishness proven out over the coming quarters and don't want it to be a top 5 holding while that happens.

My holdings that are performing & expensive where I'd accumulate into meaningful multiple contraction:

Watch List:

"If you were starting a portfolio today, what would it look like?"