I usually consider portfolio reports as just fluff....I fondly call them "portfolio porn". However, your portfolio report is one of the very few (1 or 2) that I actually look forward to and read diligently - because you do not go into way more technical detail than needed (snore zzzz) and you don't dwell on past "glorious" performance from pre-2019, 2020 and 2021. (ever since I started investing in 1st grade, my portfolio has risen one million x!...insert mini me emoji here).
I like your focus on what is relevant - this year and the now and just the right amount of info to truly understand what is going on with your companies.
Thanks for the kind words. I try to keep the focus on the businesses rather than allocations or returns but realize both those things matter to readers for context. I mostly list them to stay consistent since the immediate replies usually ask for them if left out.
Hi Novice...I noticed you trimmed your already small pos in SNOW to something even smaller. At this point, it hardly seems "needle moving" in your port. Are there concerns or did you just want to further top off S and ZS? Thanks for the update!!
I was lucky enough to add some shares on the last dip to $114. I decided to trim them back when the stock jumped up to $150 in just a few trading days. That and Snowflake staying flat since while others have risen has pushed it down a bit.
From a business standpoint SNOW is the company I have the least conviction in right now, which is why it's our smallest allocation. Its strategic bet a couple quarters ago to pass cost savings on to customers and forgo some revenue in hopes of increased workloads unfortunately ran right into an economic contraction. In my opinion, that's the major reason management was forced to keep the full year guide basically flat last quarter. If those increased workloads get pushed out further, we could see something similar this quarter particularly with a very tough Q3 comp coming up. With SNOW still expensive relative to others, I'm willing to wait until I see more proof. I'll detail more of what I'm looking for with SNOW for subscribers prior to earnings later this month.
I hope that answers your question. Thanks for asking.
Understood...thx for the reply. Definitely a big risk on their strategy of playing it forward so to speak...although, there is the "half full" way of looking at this too. Basically, as a way of cementing some good will with enterprise clients by lowering their costs of using the platform in the hopes of payoff down the line when things get less restrictive by incentivizing more compute usage with the ever expanding weed growth of data. Yes, it's a risky bet and can completely understand your stance here of needing to see how this plays out...I'm of the mind to trust Slootman here thinking that he saw this contraction coming in the early days and took this road to cement some large enterprise relationships. Time will tell, looking forward to your pre-earnings commentary.
I usually consider portfolio reports as just fluff....I fondly call them "portfolio porn". However, your portfolio report is one of the very few (1 or 2) that I actually look forward to and read diligently - because you do not go into way more technical detail than needed (snore zzzz) and you don't dwell on past "glorious" performance from pre-2019, 2020 and 2021. (ever since I started investing in 1st grade, my portfolio has risen one million x!...insert mini me emoji here).
I like your focus on what is relevant - this year and the now and just the right amount of info to truly understand what is going on with your companies.
Much appreciated, my friend.
Thanks for the kind words. I try to keep the focus on the businesses rather than allocations or returns but realize both those things matter to readers for context. I mostly list them to stay consistent since the immediate replies usually ask for them if left out.
Hi Novice...I noticed you trimmed your already small pos in SNOW to something even smaller. At this point, it hardly seems "needle moving" in your port. Are there concerns or did you just want to further top off S and ZS? Thanks for the update!!
Hi Michael -
I was lucky enough to add some shares on the last dip to $114. I decided to trim them back when the stock jumped up to $150 in just a few trading days. That and Snowflake staying flat since while others have risen has pushed it down a bit.
From a business standpoint SNOW is the company I have the least conviction in right now, which is why it's our smallest allocation. Its strategic bet a couple quarters ago to pass cost savings on to customers and forgo some revenue in hopes of increased workloads unfortunately ran right into an economic contraction. In my opinion, that's the major reason management was forced to keep the full year guide basically flat last quarter. If those increased workloads get pushed out further, we could see something similar this quarter particularly with a very tough Q3 comp coming up. With SNOW still expensive relative to others, I'm willing to wait until I see more proof. I'll detail more of what I'm looking for with SNOW for subscribers prior to earnings later this month.
I hope that answers your question. Thanks for asking.
Understood...thx for the reply. Definitely a big risk on their strategy of playing it forward so to speak...although, there is the "half full" way of looking at this too. Basically, as a way of cementing some good will with enterprise clients by lowering their costs of using the platform in the hopes of payoff down the line when things get less restrictive by incentivizing more compute usage with the ever expanding weed growth of data. Yes, it's a risky bet and can completely understand your stance here of needing to see how this plays out...I'm of the mind to trust Slootman here thinking that he saw this contraction coming in the early days and took this road to cement some large enterprise relationships. Time will tell, looking forward to your pre-earnings commentary.