Conor's avatar
$13.1m follower assets
My $DOCS trades
I added $100 to $DOCS. Follow me if you would like to see how @brianstoffel and @brianferoldi are doing on their Commonstock portfolio!

In my personal account I added or started new positions:

Taxable account

Added to $VOO
Started $CANO
Started $TMHC
Started $SEMR
Started $WBA
Started $CWBHF
Started $AMLP

ROTH IRA

Added to $AVUV
Added to $QQQM
Added to $VNQ

Pretty busy Monday for me!
SLT Research's avatar
$10.1m follower assets
New Position: Long $SEMR
We were bullish on $SEMR after our analysis of the company in February this year. However, the stock was trading close to our target price and given the macro-economic environment and especially its impact on the valuation of tech stocks, we decided to wait before initiating a position. The stock is down c.34% since the publication of our analysis.

We believe the current price represents an attractive opportunity to buy a fast growing company with a strong secular trend and a large TAM. We have been gradually buying shares over the past few weeks.

We would be happy to hear your thoughts. Full analysis below for those interested.
Brian Stoffel's avatar
$46.8m follower assets
Purchase #8: One many haven't heard of -- SemRush $SEMR
This week was @brianferoldi 's turn to pick a stock. He chose a small player that many haven't heard of, but that we both already own: Semrush.

Here are the details:
For starters, this is a TRUE small cap stock

We love the mission for this SaaS company -- which aims to give functionality and observability to all aspects of a company's digital marketing strategy.

It combines first and third-party data to help companies reach the customers they need/want to reach

While customers are expensive to acquire, they tend to be recession-resistant and create predictable streams of revenue

When it comes to the moat, we consider:

  • Network effect: weak, from gathering data
  • Switching costs: stronger, thanks to multiple tool usage
  • Brand value: weak, but we hear it's the go-to
  • Counter-positioning: Specifically, this is against Facebook and Google, who obviously have more data, but do so in walled gardens.

This graph helps add credence to those switching costs. Very healthy 127% dollar-based net retention

When it comes to results, there's a lot to like. Growth has been brisk, net income losses are very minor, and the company is free cash flow positive!

We also appreciate leadership: this is a founder-led team that gets great reviews and has TONS of skin in the game.

We also think the past serves as proof that there's lots of room for optionality. While the total market Semrush is after isn't all that big, it still has a very tiny part. We'd never invest in hopes of an acquisition, but we wouldn't be surprised to see this rolled into a bigger player at a later date.

How has the company done as a stock? Surprisingly well given the fate of most 2020/2021 IPOs

What about risks? Of course, there's competition. And despite being well of its highs, the stock is still expensive. But the real risk is geo-political: the company was founded in Russia, by two Russians. And despite being headquartered in Boston, it had hundreds of key employees in St. Petersburg. Management recently decided to pay for them ALL to be relocated. There's 15 million in one-time costs, and about 15 million in recurring costs for higher salaries once they're relocated. That stings, but we definitely believe it's the right decision

The most recent quarter showed the company beating across the board

Not only that, it raised its outlook for the year, coming in ahead of estimates

Overall, the company scored very well for both Brian and I.

Moving forward, we're going to keep our eyes on these four things

So what do you all think about this? We've gone pretty far outside our more well-known investments with this one. We'd love to hear feedback, especially if you have experience using Semrush tools -- or those of a competitor.
"When it comes to this week's pick, I think you guys have..."
46%"Found a diamond in the rough"
53%"Tried too hard - I'm passing"
43 VotesPoll ended on: 06/15/22
$SEMR's tiny TAM
This is a comment on the Semrush video by the Brians. If the TAM Is only $16B, that puts a very tight cap on possible growth. Is $16B an accurate TAM estimate?
Beaten-down 2021 IPOs
I love avoiding new initial public offerings for their first couple of earnings reports as a publicly-traded company -- but even more so, I love revisiting them after this 6-12 months.

Life as a newly public company is rough as expectations from analysts are wonky, and management is adjusting to a new lifestyle of increased scrutiny.

With this in mind, here's a list of 2021 IPOs I'm watching that have traded down since going public.

$RSKD Riskified -74% | $PATH UiPath -67% | $COOK Traeger -66% | $BIRD Allbirds -65% | $MQ Marqueta -64% | $CPNG Coupang -62% | $OLO Olo -56% | $COIN Coinbase -53% | $APP Applovin -51% | $EXFY Expensify -44% | $USER UserTesting -42% | $BMBL Bumble -42% | $WRBY Warby Parker -40% | $AFRM Affirm -39% | $WEBR Weber -37% | $NU Nu -31%| $RBLX Roblox -30% | $SEMR SEMrush -27% | $FIGS FIGS -27% | $MNDY Monday -13% | $DOCN DigitalOcean -11% | $CFLT Confluent -8% | $GLBE Global-e Online -6% |

Curious to hear what you all may like the most from these?

Out of this list, four are part of my Core 34 group of holdings that I aim to add to the most here in 2022.

Have a good weekend, friendly humans.
With of the four from my core 34 do you like the most?
42%Coupang
31%Roblox
15%DigitalOcean
10%Global-e Online
19 VotesPoll ended on: 05/02/22
Samuel Meciar's avatar
$16.9m follower assets
Sam's portfolio review
Hello CommonStock, I saw multiple posts from my fellow colleagues sharing their portfolios, explaining their intent and seeking feedback from the community. I believe this is a great place to share knowledge and learn, we all have something to gain one from another, so I thought it'd be a great idea to do my iteration of this concept.

Here's my portfolio:

To put things into a perspective, I'm 19yo student whose mission is to invest in a great tech businesses that change our life for the better.

My portfolio is built around these themes:

  • 5G
  • AI
  • AR/VR
  • Blockchain Technology
  • Cloud Computing
  • Cybersecurity
  • Creativity
  • Digital Commerce
  • Digital Advertising
  • Digital Education
  • Fintech
  • Gaming
  • Gig Economy
  • Internet of Things
  • Modern Enterprise
  • Robotics
  • Renewable Energy
  • Streaming
  • Semiconductors
  • Telehealth

My portfolio therefore consists of mainly high growth, disruptive technology companies. A simple reason why is that I know technologies the best from all sectors and I believe its a very diverse approach in order to catch most of our civilized world progress as those technologies pretty much are used across sectors, whether we talk agriculture, mining, etc. The goal of the portfolio is to invest in great companies who I can let run for years to come which can eventually secure me an earlier retirement 😃

I like to invest in:
  • software companies primarily with an expected growth of greater than 15% over a few years out, so basically there's a greater chance they can outperform the market even without a multiple expansion
  • companies with a great culture and great ratings from employees across Glassdoor/Comparably
  • founder-led mission driven companies with significant insider ownership
  • companies producing FCF or at least those who I believe will produce FCFs in the future
  • leaders in their respective sectors (so the best of bread)

It's worth mentioning that I plan to make some changes to my portfolio soon, so this isn't a final look, and so to make this clear, I plan to:


------------------------------------------------------------------------------------------

I'm looking forward to hear your thoughts, suggestions and answer your questions, if there are any 😃
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Samuel Meciar's avatar
$16.9m follower assets
Hot seats
As Q1 earnings arrive, I have my set of holdings I'll cut or will be looking to cut depending on the performance and results posted by those... I was thinking about a bit of a consolidation in my corporate enterprise allocation, and decided to:


There seems to be nothing wrong with those names, I just thought like there's a pretty substantial overlap between them and so I decided to cut some and strengthen those other names.

And then on the other hand I have $DOCU -- I'll be really closely watching the execution of Agreement Cloud, as this is a substantial part of my thesis and they seem to have some problems there for a couple of quarters already... If I'll see just another underperformance on that part I'll be selling for $ADBE or one of the other names I want to add to my portfolio but yet didn't buy any.

Secondly, there's $ZM. Still a leader in this market, but I'm seeing some evolution of competitors in this pretty competitive space, and so I'll be closely watching what they have to say about the competition and put their numbers into a perspective. Will decide then what to do.

Notably, I'll be looking to listen to $OKTA's earnings call to see the effects of their breach and how they answer questions on their reaction to the fact.
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