I'm used criticism on my portfolio - someone said it's unoriginal. Fine, but if I'd told you that I bought e.g. $TWLO in late '19 after an earnings miss & added when mkt thought they'd get crushed by covid, you may have questioned that (as did the mkt, hence why there was oppty).

In this case, I added again after investors took profits post Analyst Day & when stock <$300 post Segment acq. These were great oppties for me to add to a biz I know well where I believed my views on LT growth & profitability were not being appropriately priced by mkt.

Takeaway isn't specific to $TWLO. It's that originality doesn't have to = unearthing obscure businesses to own, but in how you 1) "see" & monetize oppty even in a well-known biz (context & entry/exit timeline) & 2) construct your portfolio in a way that works for you (sizing).

This all ties back to points by @GavinSBaker & @yliownyc - both tremendous investors - you need to figure out what works for you when you invest. Find a system that lets you act when you believe others are making a mistake & be rational when you are making one.

My style works for me. The fact that my book has a good amount of volatility regularly tells me that the mkt has some doubts on my companies. But I am able to act in these moments bc I know what I own & I have built my portfolio in a way that makes sense for me.

Owning 10 "expensive" businesses is not for everyone. Owning 10 businesses, period - is not for everyone. And that's fine. Owning great companies when the market is mispricing their growth & holding on for the long term - that's original enough for me. Find what works for you.