I boosted my Alphabet and Coupang stakes by 11% each. As telegraphed earlier this week, this was funded via a small deposit; I continue to allocate the emergency fund cushion as deals get more compelling. That cushion is worth roughly 5% of holdings and I am willing to allocate all of it if things get volatile enough. Slow & steady.

Alphabet trades for 19x forward EPS with a 13% forward 2-year EPS CAGR expectation. I envision upside to those estimates given continued cost-cutting, strong cloud momentum and a weakening U.S. dollar. I think the existential threat to its search business is overblown, as assumed gains from others have not made a dent in that segment’s growth trajectory. GenAI is proving to be highly incremental to query volume and is also monetizing at similar rates compared to legacy search. YouTube and Cloud (and soon Waymo) are also elite businesses. Its full-stack AI approach is a compelling one in the pursuit of compute efficiency, data availability & distribution.

My most recent Alphabet earnings review can be found here.

Coupang trades for 60x forward EPS, with a 92% forward 2-year EPS CAGR expectation. Every product and geographic expansion is working very well, as the company takes more market share, finds more exciting growth vectors and delivers a margin explosion. The founder-led, customer-delight-driven team is high quality and quite capable. I expect a long, long runway of margin accretive compounding here and also expect that to be rewarded eventually.

My most recent Coupang earnings review can be found here.

As I talked about earlier in the week. It is not time to emphatically call a bottom and go all in. And? I do not think it is time to panic either. I am more than happy to keep carefully accumulating shares of increasingly cheap companies on the way down.

Here’s my updated portfolio & performance: