Amazon.Com Inc

Etsy, Inc.

Fiverr International Ltd.

Microsoft Corp

Qualcomm Inc

I sold my starter position in $AMZN because:

- I'm no big fan of Jassy's leadership
- I don't really care about the e-commerce side too much and so really when I put things side by side, I care about Gaming, Ads, Streaming, Subscriptions, Cloud Computing

When you think about it, $MSFT has all of that with way better leadership (IMO), consistently beating expectations, not so vulnerable to macro environment and way better optimized for cash flows and profits, so instead I'll likely add to my $MSFT position there.

I sold $ETSY too, since there's positions which I have a higher conviction in, in my Gig Economy allocation, for example $FVRR.

I initiated a position in $QCOM, as planned since several weeks ago when I made a post about it.

Fair point. But I feel if you want more pure exposure to cloud computing, the way to get it is more via $AMZN than $MSFT. Also, $MSFT is quite highly valued in this environment and is already cost optimized to the perfect operating margin; $ AMZN has so much room to optimize the cost side so that the real profitability starts to show. But both companies will IMO still be great compounders in the coming years.

Rihard Jarc

Portfolio changes - update 5

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