PORTFOLIO UPDATE +267%

Full Review of Every Position in the Portfolio & Recent Trades

Since the last update I finished deploying the cash position we had built into META, NVDA, CBRS, and MU. The portfolio is now 11 positions, fully invested, with cash at essentially zero.

The lifetime numbers as of yesterday’s close:

• Total return since inception: +267%

• CAGR: 40%

• 1-year return: +103%

• YTD return: +56%

• 1-month return: +8%

• S&P 500 over the same period: +88%

That’s roughly 179 percentage points of cumulative outperformance against the index.

Today’s email has three sections.

First, a rundown of what actually happened at each company over the past couple of weeks, including a few stories that didn’t come from the companies themselves but matter a lot to what we own.

Second, the memory selloff, because it’s the single biggest thing affecting the portfolio right now.

And third, why META, AMZN, and NVDA are now roughly 43% of the portfolio combined, and why I think the market is making an obvious mistake by ignoring them.

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Where the Portfolio Stands

Yesterday’s close:

MU at 19%. $937.00, cost basis $1,000.82, down 6%.

META at 17%. $656.73, cost basis $602.05, up 9%.

AMZN at 16%. $247.31, cost basis $221.88, up 11%.