I decided to do some profit taking and trim ¼ of my stake in Uber. The move was telegraphed in Saturday’s article, and the reasoning was explained as well. This has nothing to do with me growing sour on the investment case. I simply wanted to right-size my exposure and I prefer the idea of Meta and Amazon being my two largest holdings. I also want to respect the possibility that I’m wrong about how solid Uber’s autonomous vehicle (AV) positioning is. This remains a core position and I remain optimistic about its future.

With that cash, I made the following purchases:

As a reminder, my cash position does not reflect my emergency fund cushion. This cushion is worth about 12% of current holdings, and I readily borrow from it as Mr. Market throws fits & gifts us indiscriminate selling (like earlier this month). I didn’t see anything else I was overly eager to add to today. Things have been soaring higher, and so I’m ok with that 0.6% cash position, even though I typically don’t hold cash directly in the portfolio.

We’ve seen material multiple expansion across markets since August 5th. And while I do like the set up — disinflation + resilient output + full employment + monetary accommodation coming — I also don’t feel any sense of urgency to dip into the 12% cushion today. I feel properly exposed to markets & I’m fine with letting that cash sit in a money market fund. Give me a deal, Mr. Market.

CrowdStrike remains the only name on my “do not add” list, but its earnings report this week could change things. We’ll see. I’m confident that it will recover from that historic blunder and also confident that the recovery won’t be rapid. Too good of a company and too sticky of a product suite not to bounce back; too big of a mistake for the bounce-back to be immediate.

My updated portfolio (brokerage screenshot for full transparency & an easier-to-read excel sheet) & performance vs. benchmarks is included below: