Where I’ve been and where I’m going

Where I’ve been and where I’m going.

For a little history, I started this board about nine years ago after having become semi-famous (or notorious) after the Westport incident. Westport was a company that was being lauded on this website, and became a favorite of many people. It was selling at about $32 at the time. I pointed out that it had losses that were well more than 125% of revenue, and only had gross margins of about 28%, so that it would have to more than quintuple revenue before gross profit could give it a chance of just breaking even. But even with five times as much revenue they wouldn’t break even, not even then, because with five times as much revenue their operating costs would be way up too. And besides, it was only growing its revenue at 15%. It was impossible to ever break even! I was hated on the Westport board for denigrating everyone’s favorite, but the price kept dropping and people were “doubling up at a better price.” (I just looked at the current share price and it is 67 cents.) Anyway, after this, friends encouraged me to start a board of my own, and it has grown to this.

In my end of April report I said that I was working on making changes in my portfolio, so here I am.

I have had a successful career investing for many years. You can read about the first 34 years from 1989 through 2022 on my Knowledgebase Part 1. (Since I can edit it, I brought my annual values up to date earlier today). From 1989 to 2022, inclusive, is a lot of time for compounding to accumulate. As of the end of 2022, I had a 1745-bagger on my entire portfolio (even after subtracting the horrible 2022 losses). That’s not 1745%, that’s a 1745 Bagger. Take into account though that we’ve been living on my stock exchange earnings since I retired 27 years ago in 1996. It was our only source of income for everything from food to housing to clothes to trips to college expenses for my daughter, to theatre tickets, to vacations, to summer home, etc. While the gains compound to a 1745 bagger you have to take into account that large amounts were taken out each year so the money isn’t anything like that.

A number of people were very skeptical when I first said I had made 30% per year in ordinary markets. Some even implied that I must be lying, that even Warren Buffet couldn’t do it. (But he was investing billions of dollars, like piloting a battleship instead of a speedboat. He had to buy whole companies, for God’s sake!).

The year 2018, for example, was a slightly down market. The S&P was down 6.6%, and the Russell 2000 Small Cap Index was down 12.5%, but my portfolio was up 71.4%. Others on this board, following the principles that we discuss, were up even more. And it wasn’t magic. I’d been transparent and given all my positions and their relative size each month, and basically told you exactly what I was doing.

Stock picking does work (obviously). Especially if you are lucky, as I must have been. Some people say you can’t beat the market in the long run. They are wrong.

Please note: I wrote in the 2015 edition of the KB that it’s a lot harder to make great returns as the amount you are managing gets larger. I explained that I can no longer get in and out of a stock position on a dime as I could when my portfolio was a tiny fraction of the size it was then. I just can’t be as nimble as I was, and I said that I would be very happy now if I can average 22% growth per year instead of 32%.

Well, in the seven years of 2016 through 2022 inclusive, since I wrote that, I grew to 611% of what I started with. I compounded at just under 30% even with the horrible 2022. Again, I really don’t think that is a realistic expectation going forward.

During all those years that I was investing I mostly invested looking for growth, EPS, PE, and PEG ratios, and looking for special companies. Then in about 2017, I, and the others on the board, found SaaS stocks, who sold a perpetual subscription to software that became inbedded in the customers company and that was serviced in the internet/cloud. The SaaS companies thus had the advantage that when they got a new customer the revenue was not only here this year, but was here next year too, and the year after, and the year after that, etc. Not only was the revenue there, but it grew from year to year as the customer bought more bells and whistles or used the softwware for more of its company. It was like magic! Many of these SaaS companies were growing revenue at rates almost never seen before, like 50% to 150% per year. And they had gross margins of 60% to 90%!!! But because money spent on getting more revenue paid off in revenue forever, many of these companies spent as much as they could on growing as fast as they could and the heck with profits, they could always get profits in the future when they cut back on spending.

At first these companies were relatively undiscovered and selling at relatively normal EV/S ratios in spite of the huge advantages mentioned above, but then the stock prices took off, partly because of revenue increases but also because of increases in valuation. People from all over began reading our board and investing in the stocks just because we were. At one point, a poster on our board found an obscure statistic that no one had ever heard of on one of our companies, and two hours later a Wall Street Analyst changed his rating on that company, citing that statistic. Obviously he had been following our board.

All of this kept pushing the stock prices up, and up, and up, but it was hard for me and others to decide to exit, as the prices kept rising. For instance, in 2020 my portfolio was up 233% (to 333% of what I started the year with, more than tripling), and then in 2021, by Nov 9th, it had risen 93% ytd again, almost doubling, on top of the rise the year before. Now 333% times 1.93 equals 643%, so I had almost six and a half times what I had started with less than two years before! Up 543%! It was heady stuff! The smart thing to have done was to have taken a lot of the cash out and left the rest in to keep growing. I took some out, but I wish I had taken out more. I was slow to react to the accumulation of factors which piled up on our companies.

Because then came the inevitable slowing of growth that came with our companies getting larger (the so-called Law of Big Numbers), so that the lower percentage annual revenue gains could no-longer support the huge valuations. This was followed by a Russian invasion of a neighboring company, in which all of Western and Eastern Europe got involved, and a subsequent cut off of oil and natural gas from Russia to Europe, meaning an inflationary rise in the prices of oil and gas, with almost at the same time the worst pandemic that the world has seen in 100 years, with container ships bottled up in Chinese ports and subsequent shortages all over the world with more prices rising, and then the Fed raising interest rates at a pace never before seen in the history of our country (supposedly to fight inflation), pushing the country into an incipient recession. All of this caused the stock prices of our companies to plunge.

I admit that I was slow to react to all this, hoping naively that these excellent companies would resume their rapid growth and that all would be right with the world. I was wrong! But I have pivoted more recently. I’ve added to the cash I had permanently removed from active investing in the past, so that the proportion of my total funds that is in stocks is getting smaller and smaller. I decided that once I have enough money to get along for the rest of my life (my wife andI are pretty old), there’s no reason to risk it, and I have varied the kind of companies I’m investing in as well. If I look at the funds that I have with my broker, 36.4% of the total is in cash or equivalents. And then if I add in funds that I have in cash or equivalents elsewhere than with my broker, about 47.2% of the total is in cash or equivalents. I realize that we are probably close to the bottom, and this isn’t such a good time to be in cash, but who cares, I have enough of both, and if the investment part goes up it’s just gravy.

Here’s what my portfolio looks like now, today. I plan start lending much more of my attention to PE, EPS, FCF, etc.

I have five positions between 12.6% and 11.4%. Here they are in that order. As you can see, Monday and Sentinel are my traditional SaaS companies while Global-e, Enphase and Samsara are part of my pivot (although you could consider Samsara as a non-traditional SaaS) .






Then there’s a gap, and then I have four positions between 8.6% and 7.5%: Cloudflare is the only traditional SaaS company. Aehr and Trade Desk are part of the pivot. Thanks to StockNovice for Aehr, which seems to me to be a very interesting prospect.

Trade Desk


Aehr Testing


Then there’s another gap and then I have two more positions between 4.4% and 2.8%. These are Telsa and Transmedics. Thanks to Smog for Tesla. Tesla remains Off Topic for the board though, not because it’s a bad company, but first because discussions of it always become contentious and seriously argumentative, and secondly because Tesla tends to fill up the entire posting and crowds all our other companies out. That’s just the way it is. It’s like arguing about religion or politics. I mentioned it for completeness and I do currently plan to keep my position small (about where it is).

I hope that this has been helpful. I’ll welcome comments.



Hey Saul, good stuff.

The question I have is about Snowflake and Cloudflare…are you keeping them to see what happens in next few quarters? I’ve seen you cut and run on other stocks, but interested in why you kept smaller positions here.
Personally, I have a longer horizon, by a bit, than you appear to have. So, while I cut some NET, it is still in the category of second largest holdings for me. SNOW I have, but I am not even sure why other than I read a lot of positives about it at one time.
Hey, if you really want to pivot, SHOP just had a great earnings release today. :slight_smile:


Hi buffy, well if you look back just a month and a few days to the end of March, Snow was a 24% position and Cloudflare was 16%… so where they finished today, at 9% and 7% seems to me like greatly reduced positions. Not ready to abandon Snowflake, but disappointed with Cloudflare…


Online retail is going to be with us for a very long time and Shopify has a great business model. The best news for investors is that the price has come down to earth. All time chart:

Denny Schlesinger


Thanks buffy and Denny for the news on Shopify. It explained to me why my big position in Global-e was up over 8% yesterday. I had looked for any company specific news to account for it, but no press release, no conference presentation, no SA articles. It was the good news from Shopify, not only in the same field, but they have a partnership with them.


I don’t follow SHOP that closely because it is a TMF style LTBH for me, but I attribute the massive pop to their getting rid of the logistics arm they were building, not to the quarterly performance per se. I thought MELI had the better numbers.

I will have to take another look at GLBE.

“On May 3, 2023, Shopify entered into a definitive agreement to sell the majority of our logistics business, including the people, technology, and services related to these operations, to Flexport, a leading tech-driven global logistics platform. Shopify has been building a world-class logistics solution that is port to porch – giving merchants speed, flexibility and affordability, all with a simple, seamless integration into the Shopify tools they already know and rely on every day. This transaction will take the logistics solution Shopify has been building and place it in the hands of a trusted and mission-aligned partner Flexport.”



I’ve been here since Westport. Engaged in 1yrPEG with likes of Sketchers. I wrote up the demise of that approach as it was widely discovered and the p/e continued to rise as the p/e increase went from over 100% down to 30’s. I was reluctant to follow you into concentrated hypergrowth and SAAS, But, I gradually shifted and sliced off cash in 2020 and 2021. I got greedy and went mostly invested right in the last days of the great bull and I am back to earth. I am 81. We are still very comfortable and we did several important things. We spent money. Enjoyed it in pursuit of community service and investing in other’s projects that we deem worthy. We went to significant cash in early 2022 and have been redeploying the last 6 months. I have 30 stocks. The largest position is BILL at 6.2% (up 14% today as I type this) and that got large when I had shares put to me after a bad earnings report. I have 5 of your stocks making up just 12% of the portfolio.

What I want to say is that I view your shift as a reasonable (o.k., a bit tardy, but not as bad as my timing)… a reasonable response to the market’s catching up to this method, a repeat of before. There is some “chirping” on other boards but I view this as almost a victory lap. The pilgrim returning home, with his shield–not on it (mixing the themes a bit). I’ll admit that I did not welcome the posting restrictions here, but I do understand the problem being addressed.

So just saying congratulations and thanks for the journey. Back to lurking.



Saul, I wanted to take a moment to thank you from the bottom of my heart for sharing your investing expertise with the world. Your results as an investor, with a 1745 bagger on your portfolio, speak for themselves. But what’s even more impressive is your willingness to share your knowledge for free, helping aspiring investors like myself learn and grow. I have learned so much from you about investing that I can’t put it into words.

But what impressed me most was when I stumbled upon an interview with you from 2011. When asked about your proudest achievement, you replied, “Having 30 years of marriage to one woman.” It’s refreshing to see someone who values personal relationships and success outside of their work, and it’s clear that your values and perspective on life have played a role in your success as an investor.

Thank you again, Saul, for sharing your knowledge and wisdom with us. You are a true inspiration, and I feel honored to have learned from you.



Hey Saul, first off congratulations on an amazing investing career and run for the last few years teaching many, many people your philosophy and “in the moment” thinking. It was a privilege to follow along.

I know it’s not over but this sounds like a little bit of a Semi-retirement post. And it makes total sense. Once you feel like you have everything you need, the goal should be shifting to making sure you don’t lose what you have instead of making more.

As for your shift in investment aim, I have been wanting to make a post about the same topic for quite a while but didn’t want to go off-topic here (although I believe I alluded to the subject perhaps a year or more ago).

Let me start by saying, I have been on this board for a long time, perhaps not the very beginning but through most of it and it has been quite a ride. But to me, the interesting part is that it was a process of change. As you say, you started from a PEG type of growth stock search. You looked for stocks that were growing faster than thier PE would suggest, perhaps because of a new product, perhaps because of a ramp up in growth. You would buy after the growth started ramping and got out at the first real signs of a slowdown. Quite the effective strategy, and I think it had served you for many years. To my understanding that was the way you made the vast majority of your profits over the years. In fact, you basically tried to quantify this method in the knowledge base early on. One good example of this was sketchers, which you rode to a very nice gain and then eventually moved on. A tennis/running/comfort shoe company. Nothing spectacular. Just a company that was on a run for a couple years. Very nice.

And you had a good following. But then the SAAS revolution came along and to your total credit, you understood it before the vast majority of the investing public did. You bet early and big and your following took off AYX comes to mind where you just came out of nowhere and said you put something like 20% of your portfolio in it and screamed from the rooftops to buy it or at least why you did. And you found others. So many that you started to put out generic posts about the beauty of the SAAS model.

I could go on but the point I am making here is that the SAAS revolution was just a small portion, albeit very successful portion of your investing career. For those who have only been here for a couple or three years, there can be a belief that SAAS is the answer. It is not. It was incredibly profitable when it was misunderstood, but that is both no longer the case and I would also say that the runway for these companies is a little more bumpy. The competition has increased, there are more companies and they are all competing for similar IT dollars. I understand the products are different, and some are critical to the operation of a company but almost by definition, these software sales could not continue at the high double and even triple digit growth rates. There has to be a limit to these expenses for companies.

So here you are not quite seeing the returns from the SAAS companies and very smartly (in my opinion) diversifying a bit away from a 100% SAAS portfolio. It is worth paying attention to the change you are making. Not a small one for someone who made 6x in 2 years on his money. Not many people would have the fortitude to make that move.

To me, what that says is that the world may have gone back to some degree of normalcy. You won’t (easily anyway) be able to make 150% / year on your money. In fact, there will be some bad years. Investing isn’t easy, despite what had occurred here for a short period of time (short, in terms of an investing career anyway) and if you are disappointed by a 15% or even 20% year, I believe you will be headed for trouble (talking to others here, not Saul).

Life goes on, I keep learning and now I need to decide how my portfolio should look going forward. I am certainly not saying dump SAAS. But at least for me, I want to make sure that I don’t have too much of my portfolio in any one sector of the market if I want to keep my risk down.

Finally, for a specific stock discussion, Saul, I must admit that I wasn’t entirely surprised by your shift in investing focus. I would have expected it even sooner. But I was surprised that I didn’t see you add PANW to your portfolio when you did shift. I saw and liked the TTD addition and the TSLA add, but PANW seemed to fit you bill exactly. The SAAS portion is growing faster the CRWD, the firewalled portion is growing nicely and spewing a ton of cash, both earnings and free cash flow. Any thoughts or have you just not looked at it?

Anyway. Sorry for the long post but wanted to express both my appreciation and make sure the younger crowd didn’t miss the significance of the shift.

I hope I didn’t misrepresent or over generalize too much for one post.


Hi Saul,
Thank you for your posting on this topic.
I have been trying to follow your method for past 2-3 years.
May be my timings were all wrong, but I have seen a mini-success only, but am willing to continue following because it all sounds logical.
Where I am having difficulty is where i have to make subjective decisions.
For example, in hindsight we can see that we could have sold at the highs.
But at that time, how could one have decided that without knowing what is going to happen next? How could one assess the impact of wars, threatening recessions, etc? Are there numbers or formulas for quantifying them, so that we can confidently say that the market is going to tank, so get out?
Not sure how many could have quatitatively predicted that the market is going to zoom back in the midst of corona shutdowns.
Currently your pivoting makes me think that when the market starts becoming normal then SaaS could become well priced again, so the pivoting is probably till that time only. I am not sure whether that is your intention.
When there is discussion about revenue growth being good but not very good, I get confused about whether the price of the stock is proper enough for the reduced growth. Will it go up if next qtr there is a slightly better performance, or will it tank? It all depends on what the investors think and we don’t have a way to know what they think. So it make me wonder whether I should sell/reduce my holdings.
But then how to quantify how much to reduce the holding?

It is these things that make me feel less confident in any kind of investing, whether SaaS, or other.


Value is dead" or “growth is dead” statements often appear when there is a significant shift approaching. Regardless of any statement, investment is nothing more than growth and value. Growth is what companies give us, while value is what we choose.

The PEG ratio clearly tells us not to buy when it exceeds 1, but what are the better valuation metrics for unprofitable companies in investments? We use EV/S or P/S to evaluate unprofitable companies, but is the high EV/S compared to revenue growth rate reasonable in 2020 and 2021?

Let’s take Shop as an example. In 2020 and 2021, Shop’s EV/S exceeded 60, and revenue growth was 86% and 57%, respectively. How much and how long does it take for this valuation to return to a more reasonable level if we buy in at such a valuation? Perhaps we can prevent this by increasing our cash position when there is a collective overvaluation, and then investing when the valuation returns to a slightly reasonable level.

Just a little thought.


I tried that. Problem was that I got my 30-40-50% cash position from Sep-Oct 2021 all back in by early December. It saved me a little but looking back it’s negligible. It was too hard (for me) to wait until valuations had really come down. After seeing PS ratios of 60+, low 40’s looked pretty good. Yes, you could be more absolute about this, but I really think the answer is…(and I’ve contemplated this for a long year+ now)…

I think the answer for anyone without current income (or whose income is a tiny part of your overall portfolio value), is to take money out as a “win” and never put it back in. Live off it for years, and let the portfolio do what it will. If the portfolio shrinks, that’s ok…you built it up before – you can do it again, and meanwhile you have money on the side that’s not at risk of getting swept away in a market downdraft – we never know how long they will last or how low things will go.

Chang mentioned some good quantitative metrics, but maybe a more simple one was our portfolio returns. My annual gains were:


That 2020 number is not a typo and it was obvious at the time that it was going to be the best investing year I will ever have. Why worry about timing it perfectly? Sure, great gains could continue for a while – they did for much of 2021 – but for me, in 2020 it was time to not be greedy and start taking “wins” aside (out of the market forever). I could have taken out just a few percent of the portfolio’s value in the last half of 2020 (even if I had started “too early” when I was “only” up 150% YTD or something), and then done that every month or two through 2021. I might look back now and wish I’d taken out more!

For those still working and whose paycheck is a significant amount compared to your portfolio, good news: You haven’t lost nearly as much as us retired folk, and you’ve now had a year near the lows to invest. You’re getting what I would say are pretty good valuations now, and if they go lower, you’ll be buying more at even better prices! Keep buying with a portion of every paycheck for your entire career. You’re going to do great in the long run.

Thanks for bringing this topic up, @SaulR80683. Its something I wish we would have discussed more, but let’s cut ourselves some slack – we had a little tunnel vision with such exciting returns. But I’m glad we’re discussing it now!!!



It’s not about 40 looking cheaper than 60, it depends on the growth rate.

Just like MNDY, with a current PS of 10 and the company’s estimated growth rate of 33% this year (assuming the company meets its targets), I feel it’s relatively cheap. Of course, if it drops to 5 without adjusting guidance, it’s even cheaper.
If the estimated growth rate is only 10% and the P/S is 10, then there is a problem. Either the company is overvalued or the market only expects the 10% growth to be a short-term issue.

Regarding valuation, there is no absolute answer, but there are relative methods that can help us evaluate because investing is an art, not a science.


Thanks, Saul.

Quite an interesting thread for Saturday morning coffee. I believe the transparency of your thinking and willingness to share so openly are what drew most readers here in the first place. I know I was in read-only mode for several months before even thinking about trying my first recap in 2018. Though most of the returns (and losses) here the past few years have been SaaS driven, I don’t want to lose sight of the broader lessons I have learned:

  1. Build a process you can trust for evaluating any business.
  2. Only own those that meet your standards at your personal comfort level.
  3. Hold yourself accountable to 1 and 2.

Don’t get me wrong. Both the mechanics and psychology of investing are a lot harder than that. However, the beauty of this forum is I’ve always found the deeper we dive on companies, the clearer my own thought process becomes. And I appreciate the voices old and new who continue to make that happen.

I hope everyone has a good weekend.



Great post, Bear,
In reading that I have some thoughts. What you describe for people without current income is what I do, and what I described above. I take money out small amounts at a time, but permanently. I have my IRA account marked “such and such dollars permanently set aside and not to be reinvested” and I won’t reinvest that money no matter how low the market seems to go, because I want to have it available for living on, even, and especially, if the market keeps going down lower and lower.

What happened to you (taking out a 30% to 50% at the right time, but then putting it back in when the market had dropped 20% or so below the price you took it out), seems to have been because you were thinking of it as trading money rather than part of it as security money to put aside permanently.

And perhaps that was partly because you had taken so much out at once that you had “fear of missing out” when the market dropped 20% to 25% and it looked “cheap” in comparison to where it had been.

If you had a bunch of money already taken out “permanently” as I do, and weren’t thinking about that money as “investment money,” then, perhaps when you took some more out in that Sept and Oct you could have said, “This much is to add to security money and this part I might reinvest if the price drops”.

Part of the problem is that you never know how long the ups go either, and when is the right time to get out. After that crazy 2020, when you were up 319% and I was up 233%, my portfolio had almost doubled again the next year until Nov of 2021 when it started down! And I actually finished 2021 up 39.6%, tacked on to that up 233% the year before. It was a crazy time.

You could say you should have taken some out in 2020 when you were up just 100%, but the trick would have been to take out a little at a time and build up your permanent cash. If you had taken out 40% or 50% when you were up 100% you would have been very conflicted when the market continued to go up, and up, and up. Better, and easier on your peace of mind, to have taken out 5% at a time, at whatever pace you were comfortable with, and perhaps to have set it aside…

Hope you found this helpful,



Being retired, I appreciate this discussion a lot. One thing I have wanted to ask for some time but felt it was in the realm of portfolio management, was in regards to allocations. I do something somewhat similar but instead of pulling the money out permanently, I only allocate a portion of my portfolio to high growth stocks such as those discussed here and then move them if the balance gets to large.

I will say intent, because I similarly didn’t do a good job of it in the crazy run-up, but my intent is to keep portions of my portfolio in “high growth”, “large cap” growth”, and “dividend paying slow growth” categories.

The obvious disadvantage to just pulling the money out is the risk of the entire market going down. But the advantage is that as the high growth portion takes off in value, you are slowly moving money from the more volatile high growth portion into slower growing but much less volatile companies and then down into higher dividend companies. One cool part of this is that as the dividend portions grow, the income you need to live in comes more and more from the regular dividends which gives the peace of mind to allow the higher growth stocks run to some extent.

Then, just for accuracy and completeness and definitely off topic for this board, when I pull money I put it into laddered short term cd’s and I-bonds for further ultra safe interest income.

My question to you Saul, did you ever include dividend paying stocks in you portfolio strategy or were you always a high growth, best companies investor. I certainly don’t recall any discussion of them in your knowledge base.



Hi Big Cat,
I have never considered dividend paying stocks as an investment in my portfolio. Consider that my portfolio averaged roughly 30% per year and could often over the course of time go up or down 1% or 2% a day. Investing for 3% per year in dividends would be rather silly, it seemed to me. Besides which the company stock which I was holding for that 3% might go up or down three times that or more over the course of the year. What you describe, moving money from high growth to slow growth to dividend paying companies is just a totally different way of investing, but we all have to invest in a way that we are comfortable with. It is right for you but it wouldn’t be for me.


Hi Saul.
I figured to just reply here to not fill up the boards.

I knew (or was pretty sure) of your answer now. It was more of a question from your past as I am pretty sure your philosophies have evolved over time, just as they have with SAAS companies and now diversifying away (a little bit) from them.

But you answered my question. Me, I see them as a much lower risk stock that will still grow over time and so then I don’t have to make the harder choice of taking money completely out of the market but still reduce my risk when the growth stocks have gone up a lot!

I totally agree finding what works best for you is key so that you don’t flip flop as emotions are sometimes hard to control. Ha ha.

Thanks again.


Back on May 4th, exactly two weeks ago, I gave you a summary of how I was thinking and reorganizing. I continued making some changes and some reconsidering in the next two or three trading days but in the last week I haven’t bought or sold a share so I figure that what I have at present has some relative permanence, and I should give you an update…

To refresh your mind, here’s where I stood two weeks ago:

Now here’s where I am today. You will see that I got out of those two new small positions in Transmedics and Tesla. I also tried a tiny position in Nvidia for a couple of days but exited it too. I also exited the rest of my Cloudflare and cut down my position in Snowflake to practically nothing. And finally I added a new position back in Zscaler.

I have eight positions tightly grouped roughly between 13.5% to 10.5% in this order (top to bottom):

Trade Desk
Aehr Testing

Then I have the new position in Zscaler at about 7% and the remnants of my Snowflake position at about 1%.

In the last two weeks Monday has risen 36%, largely because of extraordinary results which have made clear that it has transformed itself into a powerhouse in its fielld.

In the same time, Aehr has risen 20%, maybe because more people have become aware of it. Global-e has risen 16%. Sentinel 21%, Samsara 15%, and Trade Desk has risen 10% .

On the other hand in that time, Bill only 4% (but it rose a lot after earnings and before I took my position), and Enphase has risen just 5%.

Snowflake rose 14% but I’m mostly out of it so I can’t take credit for that. Zscaler has risen 7.5% in the week since I bought it.

I don’t know what to make of all this enthusiasm in the face of a possible impending default, the first by the United States ever, but that’s the way it is.



WRT AEHR, could you provide a little more color on your thinking? Admittedly, I invest in the chipmakers because they are essential in today’s world and demand is growing. They are also very cyclical, however. AEHR provides test equipment for chips as best I can see. One possible thesis is that irregardless of chipmaker profitability, investing in an important part of the production process will be beneficial as demand for chips increases. Analogous to investing in nat gas pipeline companies not because the price of nat gas is going up, but because if nat gas demand goes up, the folks who move the gas will be in higher demand.