Overall:

Year-to-date:

I boosted my stake in Axon this morning by 22%. I continue to be very impressed with the company and was pleased with everything I heard in my recent chat with their team. I also continue to be patient on accumulation due to the multiple remaining deservedly stretched. I've been waiting for the ~$400 level to add again (35x EBITDA; 1.25x growth multiple), and it's close enough to do so.

I think the company has earned a premium multiple through elite performance and multi-year visibility. I am comfortable accumulating more shares here in a way that leaves more room to keep averaging in if this name keeps getting cheaper.

For more information on why I am so bullish on this investment case, please refer to my most recent earnings review here, or my deep dive here.

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*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 & expensive where I'd accumulate into meaningful multiple contraction:

I don't consider SoFi expensive (it's cheap in my view), but I am accumulating shares in this company more slowly than I normally would due to the various cracks forming across private credit.

Watch List:

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