A Brief 2-Week Update - interesting times.

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Since so much has happened in the last two weeks, since I wrote my End of April summary, that I thought I’d give a brief two-week update.

After 4 months and 6 trading days, I’m currently UP 46.3%.

The average of the five market indexes that I follow is DOWN 14.6%.

My current positions are:


**Crowdstrike   		23.0%**
**Alteryx			20.8%**
**Zoom			20.4%**
**Datadog		        18.9%**
**Okta			15.2%**
**Coupa			 1.8%**

Please remember that if a position has moved down a few percent it’s probably because other positions moved up more than it did, leaving it with a smaller percent of my portfolio.

I sold out of Roku during the week that ran from Apr 27 to May 1.
I added Coupa mostly on Monday of this week, May 4, and a little on Tuesday May 5.
Any changes in the other positions were just little adjustments around the edges.

Yes, I realize that being up 46.3% in the middle of this pandemic, without using any leverage, is surreal, but it is what it is.

Hope that this update was of interest.

Best

Saul

A link to the Knowledgebase for this board is in the Announcements panel that is on the right side of every page on this board.

For some additions to the Knowledgebase, bringing it up to date, I’d advise reading several other posts linked to on the panel, especially “How I Pick a Company to Invest In,” and “Why My Investing Criteria Have Changed,” and “Why It Really is Different.”

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Great performance! You rarely make mistakes even you call COUP sold out in April. I think I made a lot of mistakes especially during COVID 19 period. This is why we need to not time to market. But I still think we need to cautious about how post COVID era affected our SaaS company like AYX this time.

Thanks Saul, very helpful.

Rick

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Hi Saul,

I was wondering if you have given any thoughts on LVGO? They are growing faster than pretty much any of the companies discussed here (besides maybe Zoom) and the profitability is improving extremely fast as well. On par with alot of the top SaaS stocks.

I guess it is not a pure SaaS business due to the hardware component they have, but they have other characteristics of a SaaS company. (High gross margin, recurring revenue, high retention, etc)

My apologies if you have given comments on it and I missed it. Just wondering if you were ever interested or if anything turned you off and would like to hear your thoughts.

Bnh

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Saul, you are probably one of the greatest investors alive. You said your long-term return is about 27-28% a year, but obviously in the last few years you have completely crushed those numbers.

It certainly helps that you aren’t investing billions and billions. I think Jim Simons Rennainsance fund has averaged about 35-40% a year. They have $10 billion I think, and capped it at that amount. So, they understand that at some point, too much capital makes it much harder.

As far as the volatility. that is tough to judge. Obviously, you have big swings. And, you admitted to being down over 50% in 2008. But, so was Buffet in 2008 (in his BRKB stock) and Gates in 2001 (in his MSFT) was probably down 70-80%. Tons of people (especially the founders of companies) have very focused portfolios that endure big swings. So, I’m not sure how to look at the volatility and compare that to the overall return.

But, no matter how one looks at it, you are truly one of the worlds best investors. We are all lucky to learn from you. Thnx for all you do.

Best

Dave

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