Transactions:
After a lot of internal contemplation and chatting with folks I know in the industry, I’ve decided to liquidate my 1.8% stake in Celsius. I cannot get comfortable with the idea of it paying for market share while its existing business loses ground quarter after quarter. There’s a reason why Alani, which is the hottest name in the space, sold for 12x EBITDA. These brands come and go constantly. Celsius needing to buy the latest and greatest player to reignite growth is a red flag in my mind.
I trimmed a large chunk right after the earnings report and want to focus my attention elsewhere at this point. I still think the potential is there for this company to maybe find steady growth and turn things around, but? My conviction in that happening is now too low for me to keep owning shares.
Most of that cash was allocated to the following:
25% boost to my Trade Desk stake.
10% boost to my Coupang stake.
Updated holdings & performance:
