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"Everyone has a plan until they get punched in the face." - Mike Tyson
After a two month hiatus, it feels great to be back on Commonstock. Growth stocks declined by 30%+ in the past two months, I sat out and bought more $COIN $AMPL $DOCU $ASAN $BTC.X
I've seen this happen before in Q1 16 and Q4 18. Growth stock multiples contract, people freak out, and the paper hands are on display.
I still don't know if I made the right moves, but humbly I went back to fundamentals and re-underwrote what I own. Key learnings:
- There's only so many great opportunities out there. I only want to hold my 10 best ideas (I still own too many names at 15-20). If I am going to spend this much time, energy and risk, I better be in my best conviction ideas. Otherwise, I don't win enough when I am right (bad), or I would have been better off buying an index fund (the right option for most).
- I highly suggest folks check out "Nothing but Net" by internet equity research analyst Mark Mahaney. One helpful insight: tech stocks move 1/3 based on Macro, 1/3 based on Sector, 1/3 on Fundamentals. I overindex on fundamentals too much (I need to know what I am buying and need to pay more attention to sector - ever look at the multiples of Healthcare SaaS vs Marketing SaaS?). I can't control Global Macro and just need to be mindful here.
- The Commonstock community has a ton of great research. I am glad to be back :) Cheers to 2022!
Welcome back! I joined after you left (I assume) so nice to see a new face :)
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