I made the following portfolio transactions today using the remaining proceeds from previously discussed CrowdStrike sales:

All three adds are in response to material multiple compression. I plan to continue slowly building the new ZS and CELH stakes as (or if) that trend continues.

For Shopify, as I said in the last portfolio update article, channel checks are uniformly positive. I think its large enterprise momentum paired with high return marketing opportunities will yield profit upside over the next several quarters. While it would be inappropriate to call this cheap, a 1.8x PEG ratio for a name like this one is more compelling than it usually is… and elite companies with endless runways, strong growth and strong market share gains will not be traditionally cheap. This company is thriving.

One more note/reminder. I am self-employed with a somewhat lumpy income. For this reason, I like the idea of keeping a larger financial cushion than I otherwise would. But there’s a trade-off. As I see deals getting more & more compelling, I will readily borrow from that excess cushion with more deposits and more adding. It’s a constant balancing act. I fully plan to continue doing this consistently over time; there is an excess cushion worth about 10% of my total portfolio ready to deploy. As always, I will be slow and patient in doing so (barring a rapid market selloff). For now, the cash is sitting in a Schwab money market fund to collect interest. This is not quite dollar cost averaging, as I am reacting to market pullbacks rather automatically adding on pre-set dates. Still, it is a first cousin of dollar cost averaging. This is how I operate.