September was not a good month. My portfolio has had worse, but it wasn’t good. I did make some significant changes, mostly at the very beginning of the month.
Here’s where I was at the end of August:
Aehr Testing (AEHR) 12.14%
Samsara (IOT) 11.55%
Global-e Online (GLBE) 10.65%
The Trade Desk (TTD) 10.64%
CrowdStrike (CRWD) 9.3%
Cloudflare (NET) 8.52%
Braze (BRZE) 8.34%
PureCycle Technologies (PCT) 8.1%
Pure Storage (PSTG) 7.18%
Nu Holdings (NU) 6.4%
Procore Technologies (PCOR) 6.04%
C3.ai (AI) 1.1% (Held on behalf of my brother)
NET: When @BroadwayDan did his august roundup on 9/3, he again raised the issue of believing that Matthew Prince lied in his fight with Fastly. I wasn’t entirely convinced that “lying” was the right term, but it did make me go back to run Prince through my own management screen.
To my surprise, he only has a 67% rating on Glassdoor. That’s very low for me. Not sure if I hadn’t looked before or if it has dropped, but it gave me pause. I went hunting for videos. I couldn’t find one from my gold-star interviewer, Jon Fortt, although I found a few others that didn’t inspire me.
I was just deciding that I was making too much of it when I saw the late August announcement that Cloudflare was partnering with SpaceX and Starlink. I had actually trimmed some NET on the price-pop from that announcement in August, without realizing why it had spiked.
That news is probably great news for many of you and may well be a boon to both companies. But Musk crosses a multitude of red lines that I have for my companies and it appeared to be more than just SpaceX becoming a Cloudflare customer. It sounded like Musk and Prince would be working together. My NET position, one of my two oldest, was liquidated within minutes of seeing that news on 9/5.
With a lot of that cash I gave a sizeable boost to my position in NU. They were scheduled for a keynote at the Goldman Sachs conference the next day so I wanted to get in on that. Glad I did.
RELY (Remitly): @Pavlos21 brought Remitly to the board in Sept. 2021. It was brought [back to the board in late August] of this year (Remitly Global (RELY)) by @wpr101, and with my NET cash sitting idle, I decided to take a look. Glassdoor? 99% approval. Jon Fortt? Not yet, but an interviewer who asks a lot of similar questions made me very comfortable with CEO Matt Oppenheimer in the Traction Podcast here.
Am I okay with their mission? “Remitly is on a mission to transform the lives of immigrants and their families by providing the most trusted financial products and services on the planet.” Yup. And they, too, were presenting at the Goldman conference. I used the remainder of my cash from selling Cloudflare to enter RELY on 9/6.
BRZE: My Braze position had done very well since I bought it in May. It was up 60%. But a direct competitor, Klaviyo (KVYO), was going to be smashing through the IPO doors the next week, so I sold out on 9/7. I really like the Braze CEO, but customer engagement was already a crowded space, and I figured Klaviyo might keep the stock down for awhile if not outright take share. Too much work and worry.
I sat on that cash for awhile and, as the market started giving me more down days, I took the opportunity to add to PureStorage, Procore, and a bit more to Nubank. I trimmed a very small amount of CRWD (now the position I’ve held the longest–since Feb. 2021) and pulled some money permanently out of the portfolio. Other changes in the weighting below are just from stock price action.
So my portfolio now looks like this:
Aehr Testing (AEHR) 12.19%
Global-e Online (GLBE) 12%
The Trade Desk (TTD) 11.8%
Nu Holdings (NU) 11.68%
Samsara (IOT) 10.68%
CrowdStrike (CRWD) 10.11%
Pure Storage (PSTG) 8.96%
Procore Technologies (PCOR) 8.22%
Remitly (RELY) 7.62%
PureCycle Technologies (PCT) 5.65%
C3.ai (AI) 1.03% (Held on behalf of my brother)
May October bring us better things.