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These were small, very speculative positions I opened in late 2020/early 2021. They bombed and frankly I'm just tired of seeing them in my portfolio. My original theses are certainly busted and I'm not worried about missing out on meme stock pumps for realized value in 3 years. I'm ready to move on.
$GAN total return: (87.4%)
$SPY total return: (4.5%)
$QQQ total return: (14.8%)
$FUBO total return: (33.3%) - Note this return is better than what Commonstock says because I sold half my shares for a 50% gain in February 2021 before Fubo plummeted.
$SPY total return: (4.1%)
$QQQ total return: (6.7%)
$GRWG total return: (81.8%)
$SPY total return: 2.8%
$QQQ total return: (7.7%)
Good riddance from my portfolio.
I'm feeling the same about Soluna $SLNH
There's definitely something psychological about seeing a thesis busted holding every time you open your portfolio.
I respect you taking the hit and moving on. I've been having issues with the sight of $SQ in my portfolio. I had them several years ago and sold them in 2020 for a gain. However, I got wrapped up in the hype (lesson learned) and bought $SQ at just about the top last year and obviously that's not going well right now. There wasn't much of a thesis to this one, just stupid FOMO really lol. I am currently waiting for it to come back up (a little bit) so I can sell and allocate the funds to other current positions.
@acb123 Funny you mention SQ. I've gone back and forth on whether to add to my position or exit it entirely for several months now lol. I hate the leadership of Dorsey and his Bitcoin-only approach. However, the non-Bitcoin segments are absolutely flourishing. It certainly helps that I bought at $44 in Nov 2017 and added another 50% more shares at $38 Dec 2017 and eventually sold 1/3 of my shares at $133. I recouped my initial cost basis so now it's all gravy.
I see it trading at 2x trailing sales and 1.7x forward sales and I know their gross margin is awful but it's awful because Bitcoin. It broke 40% in 2019. If I ignore Bitcoin, how do I not add? But how can I ignore Bitcoin? Argh! lol
And compounding that dissonance is the question of— what if bitcoin goes on a massive run again sometime in the next four to five years? You don’t have to believe in bitcoin to know that it could create a great selling opportunity at some point in the future (who knows when).
Definitely helps to have had a low entry. I also started my initial position in 2018
@interrobangbros Lol Its tough! Bitcoin is really hard to ignore because it could very well become an integral part of society. I don't know much, but when I see the Bitcoin and Ethereum tickers shown alongside the DOW, S&P and NASDAQ tickers...it makes me feel like Ethereum and Bitcoin are here to stay. But who knows!
It can sometimes be a relief to just cut losers out of the portfolio, even if they are small position. I sold $PLBY a month or two back, and it fell another 50% since I sold it.
I appreciate your foresight to cut losses when a thesis no longer holds. I've been having the same thoughts on $ETSY even though it is a small position for me, I think it would be best to sell and allocate the funds to my existing positions.
@joeyhirendernath $ETSY is an interesting one. I actually hold and am still quite bullish. Still I’d no $SQ for me (if you saw my other conversation here). I bought real, real high lol. $212, again at $185, and once more at $141. They may not be World-beaters but I think there’s still a place for them to return to 20-30% rev growth & slow and steady GMV growth. I like the FCF and net profitability, especially in this market environment. A recession could definitely be a problem but I’m Team Soft Landing so fingers crossed. That’s a jumble of thoughts as I try to keep the baby from falling on her face lol.
Would love to hear what your thesis was and how it busted.