Many investors try to play trends. Whether 3d printing several years ago, or ecommerce, or telehealth or edge networks. It pays to look at trends. It pays to have theories about “where the puck is going.” I have theories about ZM and DOCU and others.

But here is the crux of the matter: The numbers have to match the theory. That’s the backbone of how I have learned (from Saul) to invest. Don’t hope things change. Don’t bet on the trend to overcome the performance.

That’s why I’m not interested in a complicated story like TDOC, and why I’ve trimmed FSLY (and may very well sell out as Saul did). I’ll check back in on them if/when they start putting up the results (again).