YTD return - 66.1%
UPST - 24.9%
DDOG - 14.9%
LSPD - 12.7%
SE - 9.6%
MNDY - 8.2%
CRWD - 7.8%
ZS - 7.5%
NET - 6.2%
ZI - 5.1%
DCBO - 2.2% (NEW)
Watchlist - Amplitude, Global-E, Affirm, Docu, Roku
UPST - 676%
DDOG - 80%
CRWD - 34%
SE - 78%
NET - 159%
LSPD - 46%
ZS - 62%
ZI - 49%
MNDY - 108%
DCBO - 20%
Summary: It was a nice month, as my Portfolio was up mid-Oct over 70% but finished the month up 66%. I’ll try not to repeat too much from all the wonderful writeups so this one will be short.
UPST (Upstart) - Upstart had an up and down month. After hitting an ATH of 390 it bounced as low as 314 late in the month. I took advantage of the dip to pick up some more shares. Kudos to JohnWayne and others on the board. Traffic, reviews, and the faster than expected adoption of the Auto Market all look good and I expect blow out earnings with strong sequential growth and a large forecast raise.
DDOG (Datadog)- It was nice to see Datadog unleash a slew of new products during it’s annual DASH event including Continuous Integration Visibility, Network Device Monitoring, Session Replay, and Datadog Apps. I’m hoping to see growth continue to accelerate come 11/4.
LSPD (Lightspeed) - Despite the recent short-seller attack and the acquisition risks of this stock, the numbers are just too strong for me not to go big. FUD, FUD, FUD. I kept adding and it’s now become my 3rd largest position.
SE (Sea Limited) - Some very strong news from the company has kept me holding a large position, despite this being a $195B company. Shopee announced its forays into several key e-commerce markets including India, France, Spain, and Poland. These have also been important markets for Amazon and Alibaba. Sea Limited has never been afraid of competing against strong incumbents. It unseated Lazada on its way to claiming the throne in Southeast Asia. It has also been driving hard against MELI in LatAm with a lot of success.
MNDY (Monday.com) - I love this stock, the numbers, and the product, well I have some doubts. I’m skeptical of project management software because there is so much competition but I’ll hold strong as long as the numbers tell me so.
CRWD (Crowdstrike) - I did some trimming as revenue growth looks to be slowing to the mid-60’s or so and there is some threat from the competition such as S1 and Palo Alto Networks. The tailwinds for the sector is strong, so hopefully Crowdstrike can catch some of that gust for a while.
ZS (Zscaler)- They expanded their partnership with Crowdstrike and continued to expand their footprint with the Dept of Defense so it looks solid going into earnings season. My biggest worry with Zscaler is that it’s not profitable and it’s operating margins have seen some decline so it’s something to watch.
NET (Cloudflare) - In Sept I cut my position down to 2% but started adding back after a slew of product releases. Part of me got FOMO for not going bigger on such a large run-up. The bull thesis is that NET can keep growing 50% plus for years on end due to it’s continual TAM expansion. It is trying to create the 4th public cloud and is also taking on e-mail security. They also have a lot of room to monetize their edge computing (edge). I’ll need to see how the earnings call comes out to see how these products will actually produce revenue and justify the SKY HIGH valuation. I don’t obsess on valuation and I never sell because a stock went up but I do do a reasonableness check on valuation from time to time. NET will have to show a lot on the earnings call to justify these kind of expectations.
ZI (ZoomInfo) - I’m looking forward to the earnings call this afternoon. Given the amazing FCF margins for this stock, I think the momentum could really be given a push if they produce.
DCBO (Docebo) - I took a small position in Docebo in early October. It’s only a 3B market cap and I’m still getting to know the company so the earnings call will have to impress to keep me on the hook.
They did announce two new products to its multi-product learning suite, Docebo Connect and Docebo Flow.
Docebo Connect enables customers to seamlessly connect Docebo to any custom tech stack, making integrations faster and more effective. “Getting your Learning Management System to work with the rest of the products in your existing tech suite is a huge pain point experienced within the L&D industry,” said Andrea Lorenzon, Senior VP of Product at Docebo. “There is often legacy software in their existing stack that can create integration challenges. With Docebo Connect, our customers can eliminate those challenges, seamlessly connect learning technology to their other essential systems, and put the focus back on their learning strategy.”
This release also coincides with Docebo Flow, a product that incorporates learning into the daily flow of work by delivering training alongside their most-used enterprise applications. “From enabling customers, to training frontline employees on the spot, Docebo Flow creates an ‘always-on’ learning culture that every company needs to build for the future,” said Lindsey Davison, Head of Product Marketing at Docebo.
No update in March (I had the COVID)
No update in June (I was moving)