Table of Contents
A detailed Netflix earnings review will be published tonight.
a. Portfolio & Performance Updates
Overall Performance:
Year-to-date Performance:
b. Today's Changes
I boosted my Zscaler stake by 18% today. I continue to think this is a high-quality and durable compounder with plenty of room for operating leverage. I think AI will be a net accelerant for their broad security platform and they're already off to a good start there. Agents will not remove the need for sound security platforms like this one... they will augment these platforms and their value. That's how I think. And? The valuation continues to get cheaper while the company keeps performing. At 36x forward FCF and ~24% multi-year FCF growth, I am ready to add another piece. I will continue to slowly inch in if the company keeps performing and the name gets cheaper.
More information on why I'm fundamentally bullish:
For a review of the company's latest earnings report, click here.
For a review of the company's latest investor conference, click here.
c. Portfolio Management Strategy
*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:
Amazon
Meta
Mercado Libre
Zscaler
DraftKings
Starbucks
On
ServiceNow
Nu
Coupang
Axon
My holdings that are performing & expensive where I'd accumulate into meaningful multiple contraction:
SoFi
Lemonade
Shopify
Cava
I like what I own in Uber right now. I want it to be sized right where it is. That balances my optimism in their AV positioning with my respect for all the uncertainty and how rapidly things are evolving.
Alphabet
My hot seat – holdings that are NOT performing & need to do better if I'm going to stick around:
The Trade Desk
Watch List:
CrowdStrike (would love to re-enter at some point)
Sea Limited
"If you were starting a portfolio today, what would it look like?"
8% Alphabet
8% Amazon
8% Meta
8% Mercado Libre
6% Zscaler
6% ServiceNow
5% Nu
5% Coupang
5% DraftKings
5% Starbucks
5% Lemonade
5% SoFi
4% On
4% Uber
4% Cava
3% Shopify
3% Rubrik
2% Axon
2% Trade Desk
4% cash
d. Updated Holdings
