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Portfolio changes - update 7
Hello friends, I've been continuously evaluating my portfolio over the weekend and I want to share with you what my end actions/conclusions are:
- I sold $AMPL. For those not familiar, Amplitude is a leader in product and behavioral analytics which puts seemingly random data into a perspective. They compete with players such as Mixpanel or Pendo. All of those are pretty strong competitors, which on its own isn't a deal breaker, in theory all of those could win simultaneously as the space is huge. But, those insights get sent over into CDPs or Customer Data Platforms. Customer data platforms are basically a software which combines the data from all sorts of tools - like Amplitude - to create a centralized customer database containing data on all touch points and interactions with the product/service. Segment is no.1 in the space, used by huge players, acquired recently by Twilio (which I own). Now I realize that regardless of whether Amplitude, Mixpanel or Pendo wins the customer, they are likely using Twilio already for at least something and so the network effects kick in. Therefore I decided to play this space through $TWLO which is more diverse and not focused on just one product, but instead has a lot of functionality and owns the top player in the CDP which is where that data from Amplitude and others comes from anyways. So I'll have exposure. I just prefer that upper layer over the end layer.
- I spent basically the whole day yesterday trying to understand $SNOW better, evaluating their first mover advantage when it comes to data evolution in cloud vs legacy, their relationship with SMBs and overall the culture of the company. I'm very impressed and the company fits a lot of my checkmarks. Frank maybe isn't the most visible CEO out there, but I somewhat admire his laser focus on innovation, not getting too comfortable with yourself, ... basically pushing the limits at all times. Both $MDB and $SNOW fit many of investing themes I build my portfolio around and give me an exposure to broad set of customers, even better so to those just scaling up whose success will be reflected in the amount they pay to those because of their usage based pricing. $PLTR does something similar, but their Data Mesh is way more early in the process and Palantir overall has way less clients (although more capitalized) than those two. These 3 companies I believe are the best of breed when it comes to anything data. In conclusion, I essentially dismissed Snowflake due to the valuation since the listing, I knew something but not nearly as much as I do today. Now that I'm better informed I decided to add this one into my portfolio. This no doubt is a very HQ company!
- I also added more shares of $PATH today as I believe this is an incredible opportunity to load up more shares of this incredible beast!
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