I am pretty confident that Upstart can ride this out and make any necessary adjustments to its models in the long run, but not confident enough to keep it as my number one position. So, painful, though it was, I sold a third of my Upstart shares at 119 and put the proceeds into DDOG (now number one) and SNOW.
I welcome debate over my decision.
Hi philiproth, since you asked for comments, I’d have to say that your decision makes absolute sense. I agree that having UPST as your largest position is too risky, and see nothing wrong with the companies you moved the money too. My only caveats are one, you should have done it sooner, and two, you picked the two companies that have declined the least from their highs (DDOG and SNOW), as of yesterday’s close. Maybe that was intentional, looking for strength, but there are some that are down lots more for no reason.
Best,
Saul