Bear's Portfolio through Feb 2020

My 2020 Portfolio Performance YTD as of

Jan +23.79%
Feb +26.86%

Previous Month Summaries
Dec 2016 (contains links to all 2016 monthly posts):…
Dec 2017 (contains links to all 2017 monthly posts):…
Dec 2018 (contains links to all 2018 monthly posts):…
Dec 2019 (contains links to all 2018 monthly posts):…

Jan 2020:…

New 2020
January - PINS
February - none

Sold 2020
January - none
February - HUBS

My Current Allocations

NOTE: The month and YTD figures are off a bit, as I didn’t capture this snapshot until mid-morning on the first day in March.

Ticker	Curr%	Buy/S	Mo Ch	YTD Ch
AYX	20.9%	0%	0.5%	40.0%
CRWD	16.7%	-4%	-4.5%	17.0%
ESTC	13.0%	-17%	7.2%	8.1%
DDOG	7.7%	-26%	-4.2%	17.2%
SMAR	7.4%	0%	-5.2%	2.3%
SQ	6.1%	0%	9.5%	30.7%
MDB	3.6%	-33%	-10.6%	11.3%
ZM	2.6%	-33%	37.5%	54.2%
PINS	2.4%	100%	-13.3%	2.4%
LVGO	2.2%	0%	6.1%	2.3%
options	0.6%			
cash	16.6%			





HUBS - I sold after the large run-up post earnings. I thought they were fine, but not worth a 10% spike. Now that it’s pulled back, I’d consider repurchasing at some point…but there are more exciting things to buy presently, plus I’m fine holding cash right now.

Added to or Trimmed

PINS - Doubled my small position. As I said, earnings report was encouraging, and I may add more.

ESTC - Trimmed on the earnings bump. I’m not seeing any reason to sell. I’m reluctant to buy back because it’s already such a large position, but if it falls low enough, I will.

DDOG - Trimmed a bit opportunistically. No reason to sell yet, but I still think there’s no rush to fill out a large position. Hard to wrap my head around this as a $13 billion company, but ZM is well over $30 billion, so…

ZM - Trimmed my small position. Seems to me ZM is in a Coronavirus bubble. It pulled back some Friday, but it just doesn’t seem like a good time to buy. The bull side of the case tends to be that it is the Amazon of video chat…I’m not sold on that narrative. I love the numbers they’re putting up, but I’m not convinced they’re going to accelerate, or even maintain for more than the next few quarters.

MDB - Trimmed during the run-up to $180+. Then it came back down, and I’m considering adding back. Not a high-confidence position, though, so I’ll probably just wait and see what earnings bring. Looks like Retirementdough did the same:…


It’s nice to see our stocks holding up better than most in this panic. Maybe it’s because they were just down recently and the market isn’t keen to give us such a fantastic opportunity again? Maybe it’s not that at all. Doesn’t really matter. Either way, we’ve got some great companies here!


“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” - Attributed to Albert Einstein