Bear's belated Nov 2020 portfolio update

Even though I’ll call this my November review, these are my significant positions as of today, December 4. My portfolio is up 310% this year. Never thought I’d say that.

CRWD 21.7%
DOCU 16.4%
ZM 11.7%
NET 10.7%
ETSY 7.0%

No other position of mine is more than a 1.5% allocation.

CRWD When I last reported on Oct 30, CRWD was at $123.84 per share. Today it closed at $167.26. Their last quarterly report was this week on 12/2, and it was incredible. Not only did it justify the price run up, but I haven’t sold a share. This one is growing like almost nothing else, with no signs of significant slowing. I’m happy with a 20%+ position.

DOCU When I last reported on Oct 30, DOCU was at $202.25 per share. Today, $243.22. Their last quarterly report was yesterday 12/3. It was not only fantastic, but their revenue has accelerated now for two quarters straight. Leading indicators like billings are also excellent. They didn’t add quite as many customers as last quarter, but they added 73,000, which is almost 3x as much as they added in the average quarter during 2019. Some may worry this one will slow down too much post-pandemic. But they’re still speeding up! If you’re done with DOCU, please sell me your shares.

ZM When I last reported on Oct 30, ZM was at $460.91. Today, $410.01. ZM reported this week on 11/30, and I was hoping for sequential growth trends to be closer to what they looked like in Q2. Instead, sequential growth was closer to where they were at in 2019. I don’t think they’ll slow down too much more, but they’re a much, much, much larger company now. Hypergrowth might be difficult. I still want to own ZM for the foreseeable future, but at a lower allocation. A large position to be sure, but not 20%+.

NET When I reported on Oct 30, Cloudflare was at $51.97. Today, $77.35. This company is doing some really exciting things. And they, like Docusign, are accelerating growth. But Cloudflare has a lot more momentum and so more is expected. I won’t be selling a single share, but it’s tough to buy more at these levels.

ETSY On Oct 30, Etsy was at $121.59. Today, $155.03. Etsy gets very little respect, and I think is seen as something in between an online flea market and an online Pier One – neither excite the market. I think:

  1. distribution is as important as product, and
  2. their product isn’t knick knacks, it’s their buyers and sellers
    I believe Etsy’s high margin business is providing a marketplace where people like to buy and sell – and where many go first to buy and sell certain types of items. Because they are such an unpopular stock, I see the expectations as very low, and I think they are likely to outperform. I see this as a free roll – in other words I think they’re near their floor, but have lots of upside.

Sorry for the abbreviated review. I’ve been busy. I might try this format out sometimes. We’ll see. Hope everyone is doing well.


Last month’s review:…


Bear you normally carry a lot of cash is that the case this month? Just calculating ~68% of portfolio represented.

1 Like

I noticed you didn’t mention anything about Shopify. Did you end up getting out of Shopify in November (and if so any reason why as the story seems to still be strong)?

Thank you