Summary
I’ve been very busy with building several new start ups these past few months so I have had little time to contribute to the board or post updates.
My background
Entrepreneur, ex-founder of SaaS & marketplace business, exited, now founder of horseplay.ventures, sendtrumpet.com, joinsequel.com angel investing & building other startups.Tweeting here:
https://twitter.com/andrewwebster11
Performance
2022 > -55%
2021 >21%
2020 > 209%
2019 > 41%
September 2022 -55%
Septemnber 2022 Portfolio
| SNOW | 20% |
|---|---|
| NET | 20% |
| S | 17% |
| BILL | 13% |
| DDOG | 9% |
| Crypto | 9% |
| CRWD | 8% |
| Cash | 5% |
SOLD
Like most of the board, I got out of MDB after earnings, the numbers were simply not good when running a 6-8 company portfolio. I will continue to watch them as I expect the growth to return with better numbers.
I also sold out of GTLB after a nice little run. I’m still on the fence with them, it bothers me that they have strong competition from GitLab but I will continue to study them as management were extremely bullish on the last call and devops could be an area that is protected in budgets when the big recession comes in 2023.
BUYS
I’m back into BILL - more below.
I topped up SentinelOne considerably, as well as more SNOW.
My companies
SNOW
I was mightily impressed with their Q2 earnings. I won’t rehash what has been expertly analysed already from the board but management have given us a lot of confidence that they will be able to maintain the hyper growth well into 2023.
NET
The consistency, the leadership, the innovation, and the upcoming improved operation margins are the main factors that maintain NET as a top tier conviction.
S
A very strong earnings, one of very few still delivering other worldly revenue growth. As long as they keep that up, I’ll be keeping my position size large because their market cap is small and they have potential to deliver some serious alpha in the next few years.
BILL
I got out earlier in the year as I felt the story was complicated and they could start to see some slowdown with their SME exposure. Q2 earnings however showed they have made some very good acquisitions, they are still delivering some big numbers and being in payments, a fundamental service for companies, they could continue to weather the recessionary storm ahead so it was enough to convince me they deserve a spot with my high quality performers.
CRWD
I’m starting to wobble with CRWD. There are a few amber flags that suggest they could be moving into the 40-55% range next year. On the other hand, they are clearly a leader, this should be an industry that is fairly well insulated but competitors are on their tail…
Watch List
MNDY, MDB, GTLB, ZS
Appreciation to those on the board who keep sharing their insight and wisdom despite these very tough times.
Andrew
Previous updates
July 2022 - https://discussion.fool.com/horseplayandrew-update-july-2022-35151215.aspx
June 2022 - https://discussion.fool.com/horseplayandrew-update-june-2022-35144562.aspx
April 2022 - https://discussion.fool.com/horseplayandrew-update-april-2022-35103074.aspx
March 2022 - https://discussion.fool.com/horseplayandrew-update-march-2022-35087836.aspx
Feb 2022 - https://discussion.fool.com/horseplayandrew-update-feb-2022-35063061.aspx
January 2022 - https://discussion.fool.com/horseplayandrew-update-jan-2022-35041935.aspx
December 2021
https://discussion.fool.com/horseplayandrew-update-dec-2021-35017366.aspx
November 2021 https://discussion.fool.com/horseplayandrew-update-november-2021-34990723.aspx
October 2021 https://discussion.fool.com/horseplayandrew-update-oct-2021-34969504.aspx
September 2021 https://discussion.fool.com/horseplayandrew-update-sep-2021-34947486.aspx
August 2021 https://discussion.fool.com/horseplayandrew-update-august-2021-34923396.aspx
July 2021 https://discussion.fool.com/horseplayandrew-update-july-2021-34892984.aspx
June 2021 https://discussion.fool.com/horseplayandrew-update-june-2021-34868753.aspx
May 2021 - https://discussion.fool.com/horseplayandrew-update-may-2021-34848966.aspx
April 2021 - https://discussion.fool.com/horseplayandrew-update-april-2021-34822483.aspx
March 2021 - https://discussion.fool.com/horseplayandrew-update-mar-2021-34795071.aspx
February 2021 - https://discussion.fool.com/horseplayandrew-update-feb-2021-34766031.aspx
January 2021 - https://discussion.fool.com/horseplayandrew-update-jan-2021-34739645.aspx
December 2020 - https://discussion.fool.com/horseplayandrew-update-dec-2020-from-london-uk-34709793.aspx
November 2020 - https://discussion.fool.com/horseplayandrew-update-nov-2020-from…
October 2020 - https://discussion.fool.com/horseplayandrew-update-oct-2020-from…
September 2020 - https://discussion.fool.com/portfolio-update-from-london-uk-sep-…