In my “What Makes a Great Investor" thread, I mentioned using both sides of your brain. Bridging quantitative and qualitative

To add, I think having an interdisciplinary skillset is an underrated asset; studying not only finance and accounting but tech, psychology, history, etc.
Society trains us to be specialists in certain things. From a young age, we're asked what we want to be when we grow up and are expected to have an answer (choose a major in college), which will determine our career, without getting any actual real-world experience in said field
In controlled environments like chess, the 10,000-hour rule often does hold true.

However, the real-world does not function this way, and it often rewards those who are agile, creative, and able to form connections across domains that those with narrower experience sets cannot.
In the natural world, the most successful species are also the ones that are most adaptable, the "generalists": rats, cockroaches, and of course, humans

The ones that depend too much on one food source or habitat have gone extinct as they could not adjust to climate change, etc.
The same applies to companies themselves, we look for ones that are antifragile, that can not only survive in chaos but thrive in it.

These ‘generalist’ companies oftentimes have significant optionality, a culture that rewards experimentation, and a large TAM.
When the top management consulting firms came to do interviews at my school, few were hired. The main complaint was that everyone sounded the same, everyone was trying to apply the same frameworks to each problem.

When all you have is a hammer, every problem is a nail.
The real world does not function like this, that's why a lot of firms like to ask ‘Fermi Problems’. Questions like "how many windows are there in Manhattan" are impossible to answer. No one has all the information, but we do have enough disparate facts to make an educated guess.
If you don't acknowledge human biases and trade off emotion then you're going to be in for a rough time regardless of your stock picks.

Also, although history doesn't repeat, it does rhyme, so understanding the past can help you to imagine how things can play out in the future.
Likewise, if you don’t understand the products your companies sell, the competition, or industry, then you probably shouldn’t be investing in them regardless of the numbers.

The most important criteria I look for in companies is whether they have durable competitive advantages.

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More from @richard_chu97

17 Sep
Whoever is selling / at these levels hasn’t been paying attention.

Read this transcript. I’ve been adding hand over fist and haven’t been this excited about a position in a while.

seekingalpha.com/article/437470…
One health plan executive thinks that working with TDOC is no longer a choice, but a competitive necessity Image
Is there a National Healthcare Systems opportunity? The Singaporean government recently announced a partnership with Apple where they will pay citizens monetary rewards for staying healthy via the Apple Watch. This is an incredible validation of what Livongo is trying to achieve Image
Read 7 tweets
11 Sep
Besides $AMWL and $SNOW, another IPO I’m really excited about is JFrog $FROG

It’s a DevOps platform that enables organizations to securely and continuously deliver software updates across any system.

Here’s a quick summary of its platform, market, financials, and competition:
As every company is becoming a software company, it has never been more important to have a fast and secure software release cycle. DevOps enables this by integrating the planning, coding, building and testing done by devs and the deploying, operating, and monitoring by operators
While tools like Git, Docker, or Gradle address certain segments of DevOps, the bridge between developers and operators is increasingly difficult to build and manage at scale. This is where JFrog comes in, enabling a category called Continuous Software Release Management (CSRM).
Read 11 tweets
3 Sep
The $TDOC + $LVGO merger created the undisputed leader in telehealth but with the industry still in its early innings, finding who will occupy that second spot can pay off big

And if there’s anyone who can do it, I think it will be Amwell $AMWL: sec.report/Document/00011…

(THREAD)
Put simply, you can think of Amwell as the “Shopify” to Teladoc’s “Amazon”.

Unlike TDOC which mainly focuses on employers, Amwell helps health systems and plans embed telehealth within their existing user interfaces under their own brands.
Their platform consists of the Home line (provider-to-patient telehealth interactions at home) and the Hospital line (provider-to-provider telehealth interactions, or provider-to-patient, in an inpatient setting). They also sell kiosks and carts which can extend clients’ reach.
Read 13 tweets
31 Aug
My portfolio as of Aug 31, 2020:

$LVGO + $TDOC – 39.5%
$CRWD – 14.6%
$DDOG – 10.3%
$ZM – 7.7%
$API – 6.1%
$ROKU – 5.4%
$FSLY – 4.5%
$AYX – 4.2%
Chainlink – 2.6%
$TWLO – 1.7%
Cash – 3.4%

Performance:
+176.1% YTD
Initiated: TDOC, TWLO
Added: API, FSLY, LVGO, DDOG
Trimmed: AYX, ZM
Sold Out: GH, WORK
Before getting into my portfolio, as many of you know, I started at @SagaPartners this month, we have similar investment philosophies and focuses, and I have really been enjoying it so far.

That being said, although I assist with research and ideas, my views are purely my own.
Read 16 tweets
14 Aug
created a frictionless video-conferencing product that made it ubiquitous in a post-COVID world.

But when video is everywhere, differentiation comes not from having it but what you do with it, and that’s where shines

Great article by @OslundJJ

medium.com/@joslund/unbun… Image
“Companies like Zoom that achieve massive growth and ubiquity lose one important competitive advantage: the ability to focus on a particular user… Zoom has become the lowest common denominator that works for everyone, yet it is not perfectly suited for anyone.”
@StackInvesting’s article captures Zoom’s potential here: softwarestackinvesting.com/considering-pl…

They have an app marketplace that offers integrations within third-party apps like Slack, as well as an SDK to embed Zoom into apps but it isn't meant to be used to build standalone apps on.
Read 6 tweets
6 Aug
Thought both $ROKU and $FSLY earnings were fine and will be holding my position in both.

Some initial thoughts:

I liked Roku's account and streaming hours growth, stabilizing platform GMs, and don’t mind the platform revenue deceleration considering the poor climate for ads
I liked the margin improvements in $FSLY – GMs improved from 55.6% to 61.7% and achieved positive EBITDA for the first time

Forward guidance pegs them at 51% growth for the next quarter, a similar 6% beat would mean 60% growth, a slight deceleration from the 62% growth this qtr
Existing customers are spending more which is great (DBNER of 133% -> 137%) but they are relying more heavily on enterprise customers to drive that growth, but customer growth is decelerating.

Here’s the QoQ growth for enterprise:
Q3'19 - 12
Q4'19 - 14
Q1'20 - 9
Q2'20 - 7
Read 4 tweets

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