Notes

IPO Candy Rundown – 9.22.2021

We’ve already had four deals price this week with another 10 on tap. As a reminder, our Current IPOs sheet is updated every Monday (free) and has a link to the roadshow downloads (for annual subscribers.) Toast (TOST) is one I love but it priced way above the revised-higher range at $40 and will trade…

Keep Reading

Sportradar and SportsTech

Sportradar (SRAD) provides critical infrastructure across the sports entertainment industry. This one is going into our portfolio.

Keep Reading

IPO Candy Rundown – 9.13.2021

The Fall season kicks off with 10 deals scheduled for this week. It’s a good lineup in terms of quality. Companies are definitely asking investors to pay up with valuations a little hard to justify in some cases. Here is our rundown of interest and we note a tiny one at the end that may…

Keep Reading

Making sense of Duolingo (DUOL)

I’ve got a soft spot for this company. It’s great software and the management team is rooted in my alma mater, Carnegie Mellon. We were having a family discussion last night over how extremely powerful gaming companies have become in getting people hooked into spending hours of their precious intellectual energy collecting cookies or exploding…

Keep Reading
Whirly lollipop on orange background.

June Portfolio Update #3 of 4

With this update we add three mini-themes: cannabis, crypto, and sports betting to the mix along with the stocks we are using to play those trends over time. TLDR; Adding MAPS, DKNG, and COIN. Cannabis Cannabis should not be a Schedule 1 substance. It’s proven to be an important therapeutic and now that commercial interests…

Keep Reading
Whirly lollipop on orange background.

June Model Portfolio Update #2 of 4

After cleaning up the whole portfolio in part #1 it’s time to start adding some themes and stocks. TLDR; The time for “XR” is now and were adding: Bentley Systems (BSY), Roblox (RBLX), Corsair (CRSR) and Matterport (GHVI) which join Unity (U) and Agora (API) under this thematic category. What we call “XR” which we’ll…

Keep Reading
Whirly lollipop on orange background.

June Model Portfolio Update #1 of 4

TLDR; 12 kept, 12 eliminated – Keeping SDGR, SWAV, GSHD, WK, HUBS, ARLO, AVLR, U, API, TWLO, DOCU, FTHM and eliminating FVRR, MRNA, PINS, TDOC, SFIX, SVMK, PLAN, ONEM, CDLX, RKT, TMDX, W Keepers Twilio (TWLO) – This is one of our longest holdings. In 2017 we published Time to Buy Twilio and never looked…

Keep Reading

Duckhorn Wines (NAPA)

The wine business has come a long way in the past few decades. Back in the 1980s, I was an investor in Edna Valley Vineyards and I learned that equity investors don’t do very well in the wine business. The investment was still a good one only because of their annual “shareholder event” which featured…

Keep Reading

Restaurant Chains go Online with Olo

It’s been chaos for restaurants over the past year. We’ve seen the rise of DoorDash (DASH), GrubHub (GRUB), and Uber Eats (UBER) to address the acute need for widespread food delivery. Longer-term this is just a huge catalyst to re-engineer the business. Once menus are online it’s simple to just use a QR code for…

Keep Reading
Whirly lollipop on orange background.

Mytheresa Aims High

We’ve had a few “luxury retail” e-commerce companies come public including FarFetch (FTCH), TheRealReal (REAL) and most recently Poshmark (POSH). Although the latter feels a little more like an “eBay for clothing” than a real luxury retailer. Mytheresa is positioned at the very high end of this market in terms of both the products they…

Keep Reading