Be it the 2022 effect (of many prior big gains dwindling) or the current size of the company and the expectations increasing every day, for some of the bigger positions, I'm trying to focus on the balance between achieved IRR vs my perception of forward looking Risk/Reward. /END

$ETSY at 85 (05/25) - Growth is understandably slow post COVID, but I like the mktplace nature of the biz as long as they keep their sellers happy. $SE at $60.50 (05/26) - I like the growth vs profitability shift in E-Commerce & FinTech. Looking fwd to see if Gaming picks up.

$MTCH at 33.25 (05/05) - Appeared cheap to me even considering the slowdown in Tinder and acquisitions during COVID. Looking fwd to see if the new Mgmt invests in the right areas.

Only sale this year has been $NVDA at $389, after acquiring it thru out 2022 for avg prices of $168. It is very unlike me to sell a great Company that's executing and that too after holding for less than an year.

I haven't added as much so far in 2023 (compared to 2H'22). Early May was interesting but optimism seem to have taken over the markets in the last few weeks. Not complaining as positions bought over the last yr have recovered nicely - like $NVDA $MDB $AXON $MELI $META...

Only buys so far this yr (all adds to existing positions ,not recs) are $ZS at $86.50 (05/02) - Under $90 was very attractive for me. $ABNB at $106 (05/12) - Co really high up in my list when it comes to competitive position, Financials and general multi-yr outlook.

This cycle certainly taught me a bunch of lessons on the importance of selling discipline - monitoring fundamental, financial and Portfolio reasons and exiting when a holding isn't justified anymore. Separate thread on the updated lessons sometime soon.

Too many things that kept me away from Twitter over the last few months. I missed contributing and learning from many awesome folks here. 👏 Let me slowly start, by sharing these few fav slides of mine from an old Pat Dorsey article.

@RihardJarc Congratulations Rihard! Wishing you guys the best for the journey ahead!

-can maintain a LT perspective when everyone's concerned about the next 12 mos -focuses on the operating results and balance sheet strength of their Businesses (within their circle of competence)

Wishing you the best in navigating the markets in the months ahead. 👍

-can handle volatility, and be patient in buying slowly the next one year might continue presenting them with opportunities to buy some really strong Cos at attractive prices that are not always available.

For a particular type of investor, falling/grinding markets doesn't have to mean all doom and gloom. For an individual investor -who doesn't have to deal with ST benchmarking/redemptions -is still in accumulation phase with many years of investing ahead

If things get really bad in certain sectors in the next 2-3 qtrs, below are some sectors I'm eyeing for NEW positions (not recs) Housing: $HD $POOL $SHW $TREX $NVR SaaS & Payments: $ADSK $INTU $SNOW $HUBS $BILL $ADYEY

Medical Devices : $ILMN $MASI $DXCM $IDXX $TMO Financial Services : $MCO $SPGI $BR Others : $CPRT $DHR $HEI $SPG $MTN $RACE

$SQ : Before the crash, it was X shares at avg price of $78. Now it's 2X shares at avg price of $83. Adding to $ABNB, $NVDA $AMD $ZS $ETSY and added smaller chunks to many more existing positions.

Just adding a snapshot for buys over the last two months (few ppl always suspect that you could be faking). Note that these are not recs at all.

$MELI : Added at $680, first add to the position since 2014. $META : Added at $92, first add to the position since 2016. $AMZN : Added at $95, first add to the position since 2018.

Still here.🙋‍♂️Just got busy with some non-investing aspects of my life over the last few months. As painful as 2022 was, it also gave me an oppty to slowly add to existing or new pos at prices I expect to fondly look back on few yrs down the lane. Few examples (not recs) ⬇️

$MDB : Before the crash, it was X shares at avg price of $208. Now it's 5X shares at avg price of $226 $AXON : Started in 2022 with multiple adds, with current avg of $120 $ALGN : Before the crash, it was X shares at avg price of $210. Now it's 2.5X shares at avg price of $222

✅Common Stocks And Uncommon Profits : Philip Fisher https://t.co/uuPrK4vj2R ✅The Most Important Thing : Howard Marks https://t.co/GaaL41Cyra

✅Quality of Earnings : Thornton O'glove https://t.co/VzUA3zew5d ✅Irrational Exuberance : Robert Shiller https://t.co/NASEtIPRS4

✅The Innovator's Dilemma : Clayton Christensen https://t.co/dnlxym6jam ✅The Little Book That Builds Wealth : Pat Dorsey https://t.co/09I8KESot5

3⃣ Buffett FAQ. Answers to a range of questions/topics on "What would Buffett do?". Compiled from their Shareholder letters and responses in other forums over the years. https://t.co/bKuhfQs4PW

5⃣ 60 Years of the best from Buffett's Annual shareholder letters. An incredible effort and compilation by @investing_city 👏 https://t.co/zHctcTGZS4