1) One year ago today, I pitched $LVGO as my top 2020 pick.

Without a formal background in finance at the time, I knew I needed to build a track record.

That thread and the SA article that followed, not only helped me kickstart my Twitter journey but also led to my current job. https://twitter.com/richard_chu97/status/1211483366622683137

2) Could it have gone the other way? Absolutely.

LVGO was down 34% from its IPO debut 5 months earlier and had largely traded sideways.

There was no indication of the 476% run it would make in the 8 months that followed. But there was no other stock that I was more confident in

3) At a time when we had thought SaaS had been “discovered” by the crowd, here was this business growing revenues at 148% with 75% gross margins, visionary management, no public competition, a massive TAM, and a SaaS-style business model trading at a two-year forward P/S of ~5x.

4) Why was it so undervalued? I believed the market misunderstood this company. Unlike an established industry like cybersecurity, where it was easy to size the market and you could refer to industry reports by firms like Gartner, there were no public comparables quite like LVGO.

5) Digital health is also nascent, and being at the intersection of two industries, healthcare and technology, meant that it often flew under-the-radar.

I still think many are underestimating the growth potential of this sector which is why I’ve focused so much on it recently.

6) Today, with multiples for high-growth companies at all-time highs, I don’t see any set-up quite as good as $LVGO last year where there was such an asymmetric risk/reward.

That doesn’t mean there aren’t still great opportunities, and I will share a thread on my 2021 pick soon.