Amazing. Stock went over my price target yesterday. I sold half at $65.70. Now my #3 position behind SQ and NVDA, still 7%. The 7% is a “hold”. At $72 I would lighten again. I think the momentum crowd are crowding in. Just my feeling, not analytical.
I’ve also recently sold TWLO, BEAT and MITK and added to NTNX, ANET, TTD and NTES (Netease), and rebuilding SHOP. But, more selling than buying so setting on, gasp, 28% cash.
I have SQ (11%), NVDA (11%), LGIH (7%), SHOP (5%), FB (5%), ANET (5%), TLND (4%), NTNX (3%), TTD (2%), VEEV (2%) and INST (1%). Then I have 13% in nine of the 30-odd Phoenix 1 portfolio and the remaining 1 to 2% in the long tail.
I think I’ll keep at least 10% cash and add to the above holdings, plus maybe HUBS. My intent was to have 50% in Phoenix 1 and between cash and P1 that is 41%… What has happened is as I compare my conviction for those companies I’ve listed against the P1 I have shifted more and more away from P1. ANET is calling for an add but I build somewhat slowly and I added some last week.
The cash is certainly high right now, but frankly, if I hadn’t had a good cash cushion I wouldn’t have been psychologically able to build up the positions in SQ, NVDA, SHOP or even taking LGIH to the 24 or 25% position it was.
Thanks to all who share so much on these and other companies.