JULY was a VERY POSITIVE month!! First very solidly positive one in a long long time! While it ended more positive than many others, my overall portfolio has been yo-yoing in the same range for a couple months, it just so happened the end of the past few months were in the down part of the yo-yo. So while it LOOKS a lot better (and it feels better), my portfolio is still within the same range.
One interesting thing… the past couple earnings seasons, I was excited, thinking we’ll see a reversal… this report, I’m not excited about. We’ll see I guess. haha.
July June May April Snowflake 25% 25% 23% 19% ZScaler 21% 22% 22% 20% Data Dog 15% 16% 20% 20% MongoDB 13% 13% 11% 12% Crowdstrike 11% 10% NEW Cloudflare 8% 8% 10% 11% SentinelOne 7% 6% 13% 12% Bill <1% <1% 5%
I didn’t make many moves this month. I did re-buy a tiny tiny tiny amount of BILL. I really like them long-term but am hesitant due to the macro and the fact that they’re so exposed to SME. I’m also a bit uncomfortable with them as its a bit more outside of my area of comfort (I’m a techie). So I’m much more comfortable with the likes of Snowflake & MongoDB.
FF Random Thoughts about what I’d like to see this month:
DDOG - I think they will decelerate, how much and how slowly are the big questions. They’re so down though that I don’t really see much downside. Leverage numbers look great and improving. I want to see solid revenue growth in addition to overall infrastructure monitoring % of revenue go down (currently around 62%). This will indicate good things in other modules. I also am curious to know if they’re still selling the security to current customers or if they have a GTM strategy and are closing deals based on the security module(s).
IIRC, this quarter we should start to see some $$ from R2. Someone correct me if I’m wrong. In addition to this, I want so hear about D1 & the preview progress of it. These are secondary though to wanting to learn about progress in Zero Trust security. Still waiting on FEDRamp? How much is the security area growing? Would like to hear if they are closing customers based solely on their Zero Trust.
Really interested in hearing about the macro impact on SME. Also, how will the increased ORGANIC revenue impact things?
Interested to hear if they are seeing the expected additional workloads added as a result of cost savings from improvements. Seeing progress in some of the promised mega workloads moving over. Might the cost savings in Snowflake of those workloads be expedited by the Macro?
Also want to hear more supporting evidence of the mission critical nature of their business. I think a lot of investors don’t necesarially believe this yet and more proof will asuade a lot of folk.
They teased buying more companies…
I want to see evidence of continuing to have stabilized their growth.
They teased buying companies… We already heard about 1
IMO, they guided the MOST conservative of our companies; providing a lot of detail in the last call on what they saw in Europe and what they expected to follow in the US. Interested in this overall. Interested in how they performed against this much lower expectation.
Expecting this impact to lower Atlas to 70s growth.