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@interrobangbros
Steve Matt
$12.6M follower assets
"Many investors fear holding stocks during bear markets. They should really fear not holding stocks during bull markets." - Brian Feroldi | Earnings season is my second favorite season, right after winter.
32 following142 followers
Silk Road Medical ($SILK) drags down the entire medical technology industry (?)
Yes, Silk Road Medical, the formerly $500MM company that is now a $250MM company, fell 50% today and dragged down medical technology titans such as Boston Scientific, Medtronic, and Intuitive Surgical.

Silk Road Medical lost $250MM in market capitalization and in turn took $5 billion from $ISRG, $4 billion from $BSX, and $4.5 billion from $MDT, just to name a few.

I'm happy to be opportunistic. My Q4 update will have some more details but I was very happy to add to my positions in $SWAV (down 4.7%), $INSP (down 11.2%), and $NARI (down 12.3%) today.

Q3 and YTD recap
Q3. Yikes, particularly for my taxable portfolio.

IRA Portfolio (heavily weighted towards growth)

Purchases:
$NARI - New position at $65.25/sh. Post on it here.
$CROX - New position at $97.38/sh. I unfortunately didn’t have time to write a post on it.
$BNTX - Added 42% more shares at $97.20/sh
$MRNA - Added 41% more shares at $99.00/sh
$PSNY - Added 39% more shares at $4.21/sh
$PCOR - Added 16% more shares at $64.70/sh
$PGNY - Added 12% more shares at $40.74/sh
$DDOG - Added 14% more shares at $85.75/sh
$CRWD - Added 13% more shares at $146.34/sh
$NET - Added 16% more shares at $64.78/sh
$CHWY - Added 21% more shares at $28.68/sh
$DOCS - Added 32% more shares at $22.31/sh
$BROS - Added 19% more shares at $30.81/sh
$COST - Added 13% more shares at $545.65/sh. I wrote about why here.

DRIPs:

Sells:
$MQ - I had added 46% more shares in March just based on how far the stock had fallen and how valuations seem compressed. I sold those shares in August for a 19.5% gain and, to be honest, I’m less enthused about owning any shares. The concentration risk with $SQ has dramatically increased (78% of revenue in Q2), the highest it’s been in at least 3 years. They renewed with Block but reporting indicates Block used their leverage and Marqeta got far less favorable terms. It’s all leaving a sour taste in my mouth. I haven’t exited the position yet but I’m not far from it either.
$NVDA - Sold 30% of my shares to bring my investment back to my original cost basis. Nvidia could go bankrupt tomorrow and wipe out my remaining shares and this would still go down as one of my best investments in total dollars.
$U - I am done with Unity and John Riccitiello and the rest of that management team. To remove the emotions a bit, I’ve decided to sell my position in 8 equal lots, with each sale occurring on the first weekday of each month over the next 8 months.

DRIPs: $IIPR, $NLCP, $AAPL, $COST, $F, $HD, and $NVDA

401k Portfolio (heavily weighted towards stable, dividend paying companies)

No more purchases since self-directed brokerage contributions are ending at my employer. All my contributions now go into $FXAIX.

My combined IRA and 401k returns along with my benchmarks returns:
Quarterly
Me - (6.25%)
$SPY - (3.38%)
$QQQ - (4.20%)

YTD
Me - 13.86%
$SPY - 12.31%
$QQQ - 26.10%

5 best performing positions YTD
$NVDA - 254.3%
$UPST - 235.0%
$DKNG - 158.8%
$FSLY - 134.1%
$IOT - 102.8%

5 worst performing positions YTD
$SIVB/$SIVBQ* - (99.6%)
$PSNY - (56.1%)
$CHWY - (54.6%)
$BIRD - (54.1%)
$TRUP* - (53.2%)

As I said in my Q2 recap, cash being my 2nd largest position would not last. Cash now my 4th largest position after opening my positions in $NARI and $CROX. Cash is now 3.8%, down from 6.6% at the end of Q2.

My top 10 positions are ~37% of my IRA/401k portfolio, with $MELI remaining at the top at 8%.

Taxable Portfolio
Purchases:
$MNDY - Added 25% more shares at $161.00/sh
$SDGR - Added 11% more shares at $36.39/sh
$SILK - Added 29% more shares at $20.65/sh

DRIPs: None

Sells: None

My taxable returns are:
Quarterly
Me - (26.83%) - Ahhhh, the joys of having a small, very risky growth company portfolio.
$SPY - (2.37%)
$QQQ - (1.92%)

YTD
Me - (19.22%)
$SPY - 8.31%
$QQQ - 21.89%

3 best performing positions YTD
$DT - 22.5%
$NCNO - 21.0%
$MNDY – 13.7%

3 worst performing positions YTD
$SILK - (73.1%)
$DMTK - (63.5%)
$ATZAF - (49.8%)

Alternative Investments
Fundrise: Don’t know if you’ve heard but real estate is having a moment. My Q3 return in Fundrise was (5.28%) and my YTD return is (10.52%). My overall annualized return is (10.41%).

StartEngine: I currently have angel investments in:

  • 3i Tech
  • Future Cardia
  • SapientX
  • Kari Gran
  • Boxabl
  • Rentberry
  • Innovega
  • Fanbase
  • Uncle's Ice Cream
  • Sparket
  • Autocase
  • Truleo

None of those companies re-raised at new valuations so my Q3 return was 0.00%. YTD, my return is 1.62% as Future Cardia re-raised in Q1 at a 47% share price increase. Overall, my StartEngine annualized return is 6.92%. These are all paper gains that I cannot recognize until a merger, acquisition, IPO, etc. So far in the 18 months I’ve been participating in angel funding, that has not yet happened. However, none of my investments have gone bankrupt yet so woot to that!

Summary
In totality, Fundrise and StartEngine make up ~2% of my overall investment portfolio, my taxable brokerage makes up ~6%, my 401k brokerage makes up ~11%, and my retirement brokerage is the remaining 81%.

I currently have the following position counts:
IRA Brokerage - 62 positions. Of these, I actively track 45 positions. The other 18 are considered core holdings that I’m comfortable following just on the periphery throughout the year and doing an annual review when the 10-K releases.
401k brokerage - 22 positions. Of these, I actively track none of them. They are all core holdings that I’m comfortable following just on the periphery throughout the year and doing an annual review when the 10-K releases.
Taxable brokerage - 11 positions. Of these, I actively track all of them. None are considered core holdings.
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Big props for the methodical way you sell out of a stock ($U).
It's a good way of doing it for a stock price that's not tanking, but you've decided that you're done with the business.
Neither of us have the patience to do that. Once we're done with a business, it's gone. Depending on the circumstance, it can be a non-optimal way of doing it, but we have no patience for continual managerial incompetence or obvious value-destroying behaviour. We don't want the stock to hang around and stink up our portfolio of businesses. There's also a feeling of "satisfied contempt" when you kick a bad stock out of your portfolio, even if it is for a loss. We hit the sell button with the utterance "You suck, GTFOH" ! Our stock analysis and decisions can be measured and relatively non-emotional ... but once we make a decision, our actions can be full of emotions lol !
+ 2 comments
Tinder ($MTCH) announces Tinder SELECT, a $500/mo subscription plan
One "feature" of Tinder SELECT is subscribers can choose whether to show or hide a badge on their profile that says they are a SELECT subscriber. My first thought was at least 90% of the subscribers would opt to hide that badge because paying $500/mo for a dating app is insane and super cringe and few would want to show that to the dating pool. Then I thought about all the people that may use the SELECT badge to try to show how important and rich they are so I can't think of a better reason the polling option exists.
What percent of Tinder SELECT subscribers will choose to show their SELECT badge?
33%<10%
16%10%-25%
33%25%-50%
16%>50%

6 VotesPoll ended on: 9/30/2023

Given that Tinder Select is an exclusive invite-only tier for less than 1% of Tinder users, I'm going to assume if you take up the offer and you're paying $500 per month, you really want to advertise the fact that you are part of that "select" group.
I just asked my young Gen-Z niece who uses Tinder regularly about it and she says Tinder tries to put the super-hot people behind a paywall lol ! This is all way outside my wheelhouse.
+ 2 comments
Every time I see Unity ($U) is in the news
I'm going to begin opportunistically selling my position with the intention of no longer holding any shares by the end of Q1 next year. I can't wait to exit this company in full.
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Question for the Koyfin users
Does anyone know how to add a trendline or average line to charts? For example, if I'm looking at the TTM P/S over the past 10 years, I want to have a line pop-up that shows the average P/S over those 10 years. I hope I'm explaining this well. I know YCharts has a feature like that. I'm hoping Koyfin does too and I just haven't been able to find it.

Acquired Podcast S13E2: Costco
What a banger of an episode and it made me realize I don't own enough Cotsco shares. I already spend exorbitant amounts of money with Costco. Why not spend even more on shares? I started buying in early COVID 2020 around $311/sh and added again in August and October 2020. I added once more in Mar 2023 but I need more. Now I have a standing rule that any time $COST falls into a 10% decline from ATH, I'm adding shares. That's it. That's the rule.

So I just added 13% more shares at $540.02/sh.

No, I didn't buy shares only because of a podcast. I know Costco is priced at a premium right now by almost any metric you can look at. I'm unconcerned. The moat they've built is one of the largest I can think of. Management is exemplary. And international has barely been touched. They have 153 warehouses outside of the US and Canada. They have so much room for methodical expansion. Whenever I hear questions like "Which company would you want to hold for 20 years if you could never sell?", Costco has to be up near the top.

Also, I just ordered myself a Kirkland Signature sweatshirt because how did I not already have one? I already have bought shoes, dress pants, joggers, jackets, and socks from Costco but how how how did I not own a Kirkland Signature branded sweatshirt? Rectified!

www.acquired.fm
Costco | Acquired Podcast
The complete podcast (and transcript!) of Costco’s history and current business strategy.

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