Thread by @saxena_puru

1) Portfolio summary - Dec-end

$ADYEY $AFTPY $BAINF $BIB $CRWD $DKNG $DOCU $FUBO $LSPD $MELI $OKTA $OZON $PINS $PLTR $ROKU $SE $SHOP $SKLZ $SNAP $SQ $STNE $TRIT $TWLO $VRM $YNDX

Return since 1 Sep'16 -

A/c +548.08%
$ACWI +54.85%
$SPX +73.02% ...

2) CAGR since inception (1 Sep 2016) -

Portfolio +55.23%
$ACWI +10.80%
$SPX +13.77%

YTD return -

Portfolio +354.42%
$ACWI +14.33%
$SPX +16.26%

Contd...

3) Biggest positions -

1) $BIB 2) $SE 3) $MELI 4) $BAINF /4477 Tokyo 5) $SKLZ

Commentary -

During the month, I sold out of a few of my over-extended, richly valued companies and bought shares in a few rapidly growing, more reasonably valued companies....

4) The valuations of some of my software companies had become too rich (even for my taste) and after huge rallies within a matter of weeks, I decided to book my gains in $DDOG $SNOW and $U

In order to lower my portfolio's valuation multiple, I invested in high growth companies..

5) in the international markets such as Japan, Russia and Singapore.

In Tokyo, I bought shares of Base Inc. which is an exciting ecommerce/payments/software business which is led by its founder. In Russia, I invested in $OZON and $YNDX which are rapidly growing, fairly valued..

6) businesses in promising industries.

Ozon is an exciting ecommerce business whereas Yandex is the dominant search/ride hailing business run by its founder. According to my assessment, both are currently trading at pretty reasonable valuations.

Over in Singapore, I took..

7) a starter position in $TRIT which is a fintech/blockchain platform for the commodities trading + trade finance space.

I'm still not fully convinced about this business and am currently discussing this with a few contacts in the commodities trading industry. Depending on...

8) my findings, I may either keep or liquidate this position.

Over in the media space, $FUBO got a ton of attention in December! First, a number of bullish Wall Street reports drove the stock up 500% in 2 months. Thereafter, several bearish reports cut it in half! ...

9) Despite all the excitement, the stock is still up almost 180% since its listing and I'm patiently waiting to see how this story will play out.

Finally, during the month, $VRM bottomed out and unless the management screws up with execution, it is likely the worst may have..

10) been discounted.

Turning to my overall holdings, I'm of the view that my portfolio is still somewhat overvalued (some holdings are very richly valued) but in a world of QE/ZIRP, I guess valuation is in the eye of the beholder.

The major central banks are buying assets...

11) and they have made it clear that the ongoing QE will continue until the economy gets back on track.

I don't have a crystal ball but suspect that the asset buying will probably continue until the end of 2021. If this is the case, am of the view that risk assets will...

12) continue to stay buoyant (although there will be normal corrections/fluctuations along the way).

If history is any guide, the next major pullback in risk assets (yes, bitcoin/crypto are also risk assets) will take place either just before or when the Fed's balance-sheet...

13) stops growing. Accordingly, I'm watching that very closely.

As far as my portfolio goes, this year was remarkable and I'm very grateful and happy with the result!

Unfortunately, 2020 was a very challenging year for most and many people suffered (emotionally, financially..

14) and physically) due to COVID-19. Millions of people also lost a loved one due to this awful virus.

My heart goes out to them and I hope 2021 is a much better and happier year for everyone.

Happy New Year 🙏