As I’ve observed many others tout banner returns for 2020, time to emerge from the shadows to share my experience and express gratitude to the wonderful #FinTwit community. From both experts and novices I’ve sourced many lucrative ideas.

While a challenging year both personally and collectively, I found in investing an outlet and productive means of increasing financial freedom. I’m deeply grateful to have been in the position to capitalize on the opportunity. We as a nation clearly face a K-shaped recovery.

I’ve been investing since age 12, throughout college and into a HF career before pivoting to fintech product management and leadership. Traded through dot-com crash and GFC. Privates as well.

Core long-term portfolio is buy and hold, rarely trades. Only buys this year were early April $PKI, $WELL & $CVX. Going forward I’ll rarely mention this portfolio. Average holding length maybe 10+ years; I’d describe strategy as quality. Here are the holdings in order of size:

$AMZN (by a lot, i.e. $369 average)
$GOOG & $GOOGL ($282 average)
$AAPL
$MSFT
$DHR
$ABT
$FDX
$HON
$DIS
$NVDA
$WTM $BRK.b $ABBV $TJX $CL $PKI $REGN $AL $SPOT $LOW $PFE $NSRGY $WELL $CVX

After a liquidity event late spring I started a separate portfolio as a new vintage. 90% cash heading into September but close to fully invested now. Diversified across a lot of names but up beyond my wildest dreams. Everyone’s a genius in a bull market.

While they say not to time the market, I do take a lot of macroeconomic factors and timing into account. I like to buy when it feels like there are margin calls. I waited agonizingly for dips, which started in Sep. I bought aggressively heading into the election.

While this was a nerve wracking time, with the outcome of the election and the vaccine announcements I felt optimistic, like much of the market, that much tail risk was off the table.

While the Fed is printing I believe we'll see massive liquidity towards equities, largely to offset the depreciating dollar. In this environment growth or the prospect will continue to command absurd premiums and extreme sales multiples supported in lieu of long duration yield.

That being said, I prefer not to buy them while overextended. I’ll be closely watching the first and second derivatives of the Fed balance sheet, which I think will remain favorable for up to another year.

Despite my experience with systematic strategies employing stat arb and tons of data, I decided to go entirely discretionary with a melding of top-down and bottom-up. I am targeting long term trends and themes in growing markets.

I pick securities in companies with dominant advantages or IP that is likely to confer such advantage. While I am willing to pay up for demonstrated high growth, I’m usually looking for where I believe such growth is under-appreciated, along with a path to earning power.

I look closely at TAM, management, financials and filings but admit I’ve gotten fast and loose with modeling. I do like to take risk in unfavorable areas including macroeconomic or regulatory tangles.

While I try to wait for dips to have a comfortable cost basis, if something I just discovered has broken out of a base I might jump on it. I’m pretty comfortable holding a bag for a while, sometimes DCA’ing, as long as fundamental thesis has not changed.

The biggest themes to which I’m building exposure are what I consider growing markets of the future. I love owning quality businesses, especially when a name has exposure to multiple themes. I list my names with (loose!) thematic exposure below, followed separately by sizing:

Metaverse: $TCEHY $U $SKLZ $NTDOY $SNE $FB $SNAP $MAXR $ADSK $NEXCF $TWTR $NYT
Biotech: $ARKG $CMLF $CLLKF $TWST $SDGR $PACB $CRSP $EDIT $RPTX $NNOX $LGVW $AQB $NWBO
Fintech: $SE $SHOP $SQ $MELI $JMIA $BAINF $BABA $JD $ETSY $ADYEY $BFT $PNGAY $TRIT $PCPL $FINX

Cloud: $NET $CRM $DDOG $ADBE $TEAM $WORK $API $TWLO $FSLY $AI
Space: $SRAC $MAXR
Industrial & Semis: $NNDM $DM $MU $CDNS $AMAT $SMH $BOTZ
Defense: $CRWD $KTOS $AAXN
Real Estate: $CFII $IIPR $EXPI $BEKE $EFC
China: $TCEHY $BABA $KWEB $GDS $EH $API $PNGAY $BEKE $BZUN $JD

Inflation: $BTC $ETH $MARA $GLD $BAR $GLTR $GDX $GDXJ $SCHP $IVOL
Diversified: $TCEHY $KKR $STMZF
Transport: $TSLA $EH $EXPC $MAXR
SPACs pre-LOI: $CMLF $BTWN $AGC $SPNV $HAACU $PTK $TWCT $XPOA $DFNS
Misc: $FVRR $CMPS $HDB $QQQ $IGF $HIPS

Top holdings ranked by current position size:
$SRAC & $SRACW
$ARKG & $ARKK
$SKLZ & $SKLZWS
$TCEHY
$SE
$NNDM
$DM & $DMWS
$JMIA
$NTDOY
$BABA
$CRWD $NET $FB $SHOP $CRM $TSLA $U $SQ $MAXR $MELI $TWST $IIPR

Biggest % winner is $MARA with 2.24 avg, then $JMIA with 11.40 avg. Biggest $ winner is $SRACW with 2.03 avg. For reasons I won’t get into here, I’m literally not allowed to take a profit within 60 days of transaction. $SRAC is the biggest bet I've made since $AMZN ten years ago.

Only sales I’ve made of note are $BX (P&L flat, to increase $KKR), $PYPL (P&L flat, to increase $SQ), and $HYLN (small size but biggest loser -- whoops).

There are too many individuals to thank so sorry for anyone missed but gratitude to:
@packyM
@AnthonyOhayon
@saxena_puru
@LuoshengPeng
@RichardMoglen
@qcapital2020
@hhhypergrowth
@InvestmentTalkk
@JonahLupton
@KermitCapital
@S_curvecap
@JoeySolitro
@duckman1717
@alphacharts365

Sourcing and diligencing new ideas is hard work. I appreciate those that share and going forward perhaps I too can try to make a small contribution to a great community. I am very open minded and always welcome questions or feedback.

Always happy to discuss ideas around more debatable topics related to political economy, macroeconomics, valuations, regulations, China, EVs, SPACs, etc. Cheers