BIGC

BigCommerce

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-$35.95 -70.30%
Ben's avatar
$17.6m follower assets
September review
There must be a glitch in my linked account. Some new position sizes with recent trades aren’t reflected. Namely I’ve been trying to get my VOO position closer to 20%. It’s now closer to 15% instead of the stated 10% above. Every time I get a financial wind wall I always add to VOO and drip invest the dividends.

New $TREX and $PUBM


Sells none

For the rest of the year as long as prices remain depressed I plan to add some more to the adds while also building up the new positions. I’m comfortable with $TREX in the 5-10% range. $UPST 3-5%. I have no plans to sell anything.
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My August Returns Are In!... And The Good Trend Continues
Retirement Portfolio
In August, I opened two new positions in $NET and $PCOR. I added to three times to $MKL , $TYL, $MCD, and $WM as part of my 401k DCA and added to no other positions. Another relatively quiet month. I also added to $JPM, $AAPL, $SBNY, $COST, $O, and $SBUX via DRIP. I exited $MTCH and sold 32% of my shares in $BMBL.

My retirement portfolio was down 2.54% in August but that was less than my benchmark SPY portfolio (down 4.41%) and benchmark QQQ portfolio (4.51%). I'm now down 37.40% YTD compared to my SPY benchmark at 16.52% and QQQ benchmark at 21.72%.

My best performing retirement positions YTD:
  • $SWAV is up 96% YTD
  • $EGIO is up 17% YTD
  • $WM is up 14% since I started buying a couple months ago

My best performing retirement positions in August:

My top 10 positions now make up ~35% of my portfolio. The top 6 remain in the same order of $MELI, $AAPL, $AMZN, $F, $GOOGL, and $SHOP. $SWAV jumped up from 9th to 7th after a great month with great earnings with $NVEE, $SIVB, and $COST rounding out the top 10.

Looking forward to September, I'm contemplating exiting my $SQ position. I'm turned off by Jack's comments and his insistence on $BTC.X being the be all and end all. I don't mind the crypto exposure but the Bitcoin only hardline is narrow-minded in my opinion. If you made me czar, I'd actually just have Square exit their crypto entirely and focus on what they're good at.

I'm also considering exiting $MMM in my 401k and replacing it with one of $ABBV, $BEP, $DEA, $HSY, $MKC, $MTN, $TGT, $TROX, $UNP, or $UPS but I need to research them first before deciding.

Taxable Portfolio
In August, I only added to $DT. No positions in this brokerage pay a dividend so there was no DRIP and I did not exit any positions.

My taxable portfolio had a second great bounce back month, up 9.56% after being up 13/67% in July. My benchmark SPY portfolio was down 3.64% and my benchmark QQQ portfolio was down 4.18%. I'm now down 30.15% YTD compared to my SPY benchmark at 14.84% and QQQ benchmark at 21.43%.

My best performing taxable positions YTD:
  • $TMDX is up 172% YTD for me. Wowsers.

  • $MSP with a 39.49% return YTD - RIP as is had such a great return because it was acquired.

  • That's it. None of my other 14 positions are positive. Whomp whomp.

My best performing taxable positions in August:

My top 10 positions continue to make up ~90% of my portfolio as I only have 14 positions in this brokerage. The top 10 remains basically the same with $SNOW, $TMDX, $ATZAF, $SILK, $DT, $LMND, $NCNO, $CPNG, $OM, and $BIGC.

Looking forward to September, I already added to $ATZAF as my monthly add. I don't expect to make any other moves but we shall see.
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Steve Matt's avatar
$18.4m follower assets
My July Returns Are In!... And They're... Good?
I'm still getting annihilated in both of my portfolios but less annihilated than a month ago!

Retirement Portfolio
In June, I opened zero new positions. I added to $MKL twice, $TYL twice, $MCD twice, $WM twice, and $IIPR. Relatively quiet month. I also added to $NVDA, $BIPC, $AMT, $MPW, $O, $IIPR, $NLCP, and $TSM via DRIP. I exited zero positions.

My retirement portfolio was up 13.09% in July. However, I'm still down 35.84% YTD and my month-by-month YTD is as bad as growth investor's portfolio returns could look.

Shoutout to my best performing retirement positions in 2022 so far:
  • $BMBL with a 35.80% return YTD
  • $SWAV with a 32.35% return YTD
  • $TYL with a 31.41% return YD

And a look at my best retirement performing positions in July:

My top 10 positions continue to make up ~33% of my portfolio. $MELI's great July brings to back to the top spot followed by $AAPL, $AMZN, $F, $GOOGL, $SHOP, little known and rarely mentioned $NVEE, $COST, my baby $SWAV, and $SIVB.

Looking forward to August, I'm still considering opening a new position in either $TTD, $TWLO $SONO, $NET, $NTDOY, and after this recent fall, $ROKU.

Taxable Portfolio
In June, I only added to $ATZAF. No positions in this brokerage pay a dividend so there was no DRIP and I did not exit any positions.

Similar to my retirement portfolio, my taxable was up 13.67% in July but is still down 36.60% YTD and the month-by-month is also still abysmal.

Shoutout to my best performing taxable positions in 2022 so far:
  • $TMDX with a 110.75% return YTD
  • $MSP with a 39.49% return YTD - RIP as is had such a great return because it was acquired.
  • $SILK with a 8.10% return YD

And a look at my best performing taxable positions in July:

My top 10 positions continue to make up ~90% of my portfolio as I only have 14 positions in this brokerage. The top 10 remains basically the same with $SNOW, $TMDX, $ATZAF, $SILK, $DT, $LMND, $NCNO, $CPNG, $BIGC, and $OM. Those other 4 positions must be truly awful performers (indeed they are).

Looking forward, I'm undecided which position to add my monthly DCA to. Leaning towards $DT or buying the dip on $OM.

Alternative Investments
I've begun putting some money into Fundrise, Landa, and StartEngine. It's too little to even bother with showing returns and a lot of the stuff is illiquid but I wanted to at least catalog what I'm investing in.

Fundrise
I haven't really dove into yet. I've just been dumping money into it since April and letting them allocate into their Flagship Real Estate Fund. I'll look at their other portfolio options when I get some extra time.

Landa
I've been putting a very small amount of money into Landa each month since April just to play around. I've bought shares in 5 properties and seen some miniscule dividends. It's an interesting foray into real estate and I will probably continue adding to it. The current list of properties I have shares in are:

  • 1394 Oakview (GA)
  • 4474 Highwood (GA)
  • 729 Winter (GA)
  • 8662 Ashley (GA)
  • 24 Ditmars (NY)

StartEngine
This is probably my favorite of the 3 and also the most risky by far. StartEngine allows angel investing in non-public companies. The odds of investments going to zero must be incredibly high while the odds of them ever making it to a publicly traded company incredibly low. That's why StartEngine will remain a very small portion of my portfolio.

I currently am invested in:
  • 3i Tech - "3i Tech Works builds engagement solutions to increase customer loyalty and drive revenue for small and medium-sized businesses. Our integrated platform aims to even the playing field for brick-and-mortar retailers and restaurants by providing them the best digital tools to connect and engage with mobile customers."
  • Future Cardia - "We are Future Cardia (Oracle Health, Inc.) - Bringing you a tiny insertable cardiac monitor for a long-term heart failure monitoring solution to disrupt the $5B market and to set the stage for Connected Implants. Our approach is a simple 2-minute office procedure that brings simplicity, accuracy, high compliance for long-term monitoring, and existing insurance coverage."

I having approved but not yet finalized investments in:
  • SapientX - "We have created a voice assistant powered by AI (artificial intelligence) that can interact with users as if it were their best friend. Today, we are working with companies that make cars, appliances, smart home devices and vending machines to voice-enable a new generation of products."
  • POPS! Diabetes Care - "We have developed and commercialized a revolutionary AI self-care platform for diabetes management. Our mission is for people to take ownership of their diabetes through simple technology, and we have people in all 50 states and Australia using Pops."
  • Kari Gran - "Kari Gran Skincare is a pioneer in the rapidly-growing clean beauty business, headed by passionate female founders disrupting the category with differentiated products targeting an underserved market; women 40+ experiencing dry skin due to menopause. We know the stresses and challenges that come with dry skin, but more importantly, we also know the solution."

I also have an approved but not yet finalized investment in a signed edition Banksy artwork, Laugh Now.
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Steve Matt's avatar
$18.4m follower assets
My May Returns Are In!... And They're Not Great (Still).
As I said in April, my horizon remains 20+ years out. I see my portfolio getting pummeled right now and generally don't care. I only see opportunity.

Retirement Portfolio
In May, I added to $ABNB, $BIPC, $CHWY, $CRM, $CRWD, $DDOG, $GLOB, $JPM, $MMM, $MPW, $O, $OKTA, $PEP, $PGNY, $PLD, $PUBM, $SHW, $SWAV, $TROW, $U, $UPST, and $ZS. I also added to $AAPL, $COST, $JPM, $O, $SBNY, and $SBUX via DRIP. I exited $SMG and $XYL.

May saw my retirement portfolio retreat by 6.86%, bringing my YTD fall to 37.36%, easily getting beat by $SPY, $QQQ, and $VTI.

I'm still learning this new investment software so my all-time performance below is only through the end of 2021.

It's safe to say QQQ is beating me by at least a couple hundred bps through May 31, 2022. I'm certainly still trouncing SPY though.

My Top 10 holdings by current market value make up ~34% of my portfolio.

Taxable Portfolio
My taxable brokerage is ~10% of my total investments. It's also much more speculative (early stage medtech is a big portion). In May, I added to $SILK, $BTC.X, and $ETH.X. Nothing in my taxable brokerage pays a dividend so no DRIP. I didn't exit anything either.

May saw my taxable portfolio retreat by 9.67%, bringing my YTD fall to 42.22%, easily getting beat by $SPY, $QQQ, and $VTI.

My taxable has gone through 3 different iterations over the past 13-ish years. You can see there was no holdings around 2013 and again around 2017 as I sold out of all positions for different life reasons. The beginning to 2013 iteration was the "I don't know what the fuck I'm doing, let me buy random companies I know with no research and pray" phase. Thankfully it was a bull market and I got lucky. The 2014 to 2017 iteration was "I nailed it last time. I'ma do that again but also play with options as well" phase. You can see how well that worked out.

This iteration is actual research with a what-can-this-company-be-in-a-decade being my main thought. This approach is why I don't mind seeing my this portfolio getting whooped. None of the positions in this portfolio are core holdings, which means I follow them quarter-by-quarter via 10-Q/K, press releases, general news, etc. I have my finger on the pulse and the underlying businesses are performing as I hoped or struggling by with bright spots (looking at you $DMTK, $LMND, and $BIGC).

(Note: I didn't lose almost all my money in 2015 but I can't figure out why the software is calculating it that way. 2015 was a bad year in the taxable portfolio but not that bad. Hopefully I have it corrected for my June update).

My Top 10 holdings by current market value make up ~90% of my portfolio.
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Steve Matt's avatar
$18.4m follower assets
$BIGC $MTCH $ABNB Earnings: What I'm Looking For
BigCommerce Holdings, Inc. ($BIGC) - Reporting Monday (5/2) afternoon
This company has not treated me well. I first began buying at ~$111, not too far from their all-time high. It has been a slow, steady march downwards. I added at $102, $94, $69, and $58. I'm currently down ~78%. Woof. BigCommerce is currently on my Sell WatchlistI need to see some marked improvement in expenses, FCF, and accelerating growth.

Here's what I'll be looking for:

  • Management guided for $277.6MM FY revenue at the midpoint and $63.5MM in Q1. That FY revenue growth isn't good enough for me. It would be a deceleration of growth (60% in 2019, 36% in 2020, 44% un 2021) to 26%. I want to see a hefty Q1 revenue beat. Show me management sandbagged guidance, which I'm ok with.
  • Net Profit Margins and FCF went in the wrong direction in 2021. FCF in particular, I'd like to see movement towards being consistently FCF positive.
  • ARR and Enterprise ARR growth at >40% and >65%.
  • Account growth >20%
  • ARPA > 25%
  • Would be awesome if management started providing NRR on a quarterly basis instead of just annually.

All in all, I'm concerned. I think the odds of having sold my shares and incurred a substantial loss are much higher than of BIGC bouncing back to a market-beating position.

Current position:
Total cost basis: 4th highest in my portfolio (ugh)
Time since first buy: 1.66 years
Number of purchases since: 4
Annualized return: (62.6%)
Annualized $SPY return: 10.0%
Annualized $QQQ return: 3.9%

Match Group, Inc. ($MTCH) - Reporting Tuesday (5/3) afternoon
I'm hoping for a swipe right earnings report (terrible dad joke).

Here's what I'm looking for this afternoon.

  • Keep growing revenue at >20%. I like my companies non-401k companies growing >20% or with that part of their public lives clearly in front of them. Match grew last year by 25%. More of that, please.
  • GPM has decreased each of the last 3 years. Turn back towards improving margins.
  • Management recently changed some of the KPIs they report. They now provide Payers and Revenue Per Payer (RPP). We only have data from Q2, Q3, and Q4 for 2020 and 2021. I expect we'll get Q1 2021 along with Q1 2022. Regardless, Q2-Q4 in 2021 was only growth of 15% in Payers and 8.1% in RPP. That isn't good enough for me. Those numbers need to show improvement, especially since they are the numbers management is choosing to report now.

I've begun to lose my interest in following Match. If that trend continues for me, it'll either need to become a Core Holding, a company that I don't feel I need to follow closely (not likely) or a sell candidate. Sometimes you don't need a thesis to break to sell a stock. Sometimes, you just lose interest. Time is valuable and can be better spent elsewhere.

Current position:
Total cost basis: 59th highest in my portfolio
Time since first buy: 3.17 years
Number of purchases since: 3
Annualized return: 7.9%
Annualized $SPY return: 11.6%
Annualized $QQQ return: 18.1%

Airbnb, Inc. ($ABNB) - Reporting Tuesday (5/3) afternoon
This is one of my highest conviction positions. It terms of total cost basis, it's 6th highest and I'm actively looking to get it in the top 3. It's also close to becoming Core Holding for me, which basically means I would stop reading the press releases, 10-Qs/Ks, etc. and follow it less closely. I just want to make sure the thesis remains on sound footing for a year or so after the pandemic finally ends.

Here's what I'm looking for this afternoon:

  • Exceed Q1 guidance of $1.445B at the midpoint.
  • GPM >73%
  • Keep minting FCF
  • Growth of Nights & Experiences Booked (N&EB) >10%
  • Gross Booking Value (GBV) growth >15%
  • GBV/N&EB rate >$167

I just want to see Airbnb continue its current trajectory, which means keep firing on all cylinders.

Current position:
Total cost basis: 6th highest in my portfolio
Time since first buy: 1.32 years
Number of purchases since: 3
Annualized return: 0.5%
Annualized $SPY return: 4.3%
Annualized $QQQ return: (4.5%)
BIGC put a whooping on me too. I’ll probably jump in if they surprise to the upside though.
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Steve Matt's avatar
$18.4m follower assets
The Coming Week in Earnings
Woooo boy, this week will be fun for my portfolio.

Monday (5/2)
  • $BIGC^ (On my Sell Watchlist)

Tuesday (5/3)

Wednesday (5/4)

Thursday

Friday

Anything with a ^ indicates I read the 8-K and 10-Q/10-K and track their financials along with KPIs on a spreadsheet I have.

So basically, this will be me next week...
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Added new #stock to portfolio

100 shares of $BIGC

BIGC serves MM and enterprise co's with open SaaS ecomm platform. 🏋️product/market fit with their customizable and open solution that integrates with existing business systems...

(2/2)

Offers ease of use and completeness like $SHOP does, but more suited for advanced needs of larger customers. Accelerating rev📈& near 52 week lows, Losing more $$ than many like but are investing in R&D and international growth
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