Overall:

Year-to-date:

I boosted my Axon stake by 38% today. I will continue to accumulate shares of this company as the multiple contracts. And I will continue to do so patiently, as it's still somewhat expensive. At today's price, the forward earnings multiple is around 50x and the EBITDA growth multiple is just over 1x. I think this company is thriving and healthy in every sense. Their recent quarter was elite and my recent conversation with their team was encouraging. I will keep using this sharp correction to build out this newer position. I have not lost an ounce of faith in this investment case.

I trimmed my Cava stake by 25% to fund part of this purchase. There aren't many opportunities to take profits in current markets. This is one of those opportunities, with the price nearly doubling from the lows, and estimates not really moving much. The multiple is therefore expanded considerably and has modestly deteriorated risk-reward for this name compared to the rest of my holdings. Specifically, Cava trades for 52 times forward EBITDA and an EBITDA growth multiple of roughly 2x. I continue to like the investment in the team, but wanted to harvest some profits to create more flexibility for today's purchase.

In terms of remaining cash availability, I have a deposit coming this week from the aforementioned decision to pause accelerated student loan repayment for my fiancée. That is worth roughly 1% of total holdings. I will continue to remain motivated and opportunistic when it comes to creating more cash availability to keep accumulating names, if Mr. Market keeps punishing them.

*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?"