I boosted my PayPal stake today by 10%. The review isn’t ready, but I’ve read through everything and wanted to share this decision as soon as I made it. The earnings review will cover all of the details from this morning’s report and will be sent today (along with SoFi). As that will walk through, I thought this was a strong quarter for a company showing clear signs of a fundamental turnaround and trading at a dirt cheap multiple.

I’ve had to be immensely patient with this name and it has been among the worst performers in my portfolio. But? I will grow impatient if financial results deteriorate. Not as those results improve and the stock doesn’t respond. That’s when risk/reward improves and that’s when I lean in. For now, I will leave it there. Much more information coming later today.

I also boosted my Chipotle stake by 20%. As I said in the review, I’d start nibbling around 35x forward EPS. It’s right there; simple as that.

The two charts below are the same. The primary source is just hard to read.

Annualized Performance since Inception:

Year-to-Date Performance: