My portfolio as of Dec 31, 2020:

$TDOC – 39.4%
$ROKU – 13.0%
$CRWD – 11.6%
$GDRX – 8.0%
$TTD – 5.6%
$DDOG – 5.6%
$ZM – 3.7%
$PTON – 3.4%
$HMI – 2.7%
$HAACU – 1.3%
Chainlink – 1.3%
$DRIO – 1.2%
$SSPK – 1.0%
$NET – 0.9%
$MMED – 0.7%
Cash – 0.6%

Performance:
+209.2% YTD

Initiated: $SSPK, $HAACU
Added: $GDRX, $ROKU, $HMI
Trimmed: $ZM, $TDOC, $CRWD, $MMED

The views I share are purely my own.

1) December was a strong end to an incredible year. In many ways, the environment this year has been perfect for my companies and I was fortunate to be positioned in the right stocks at the right time.

I don’t expect the same performance from the same high-flyers in 2021.

2) That being said, I’m very pleased with my results in such a crazy year. A big component of that came from not timing the market and sticking to my investment philosophy.

Hindsight is 20/20 and although decisions seem obvious now, few were able to predict how things played out

3) The biggest lesson I learned this yr was to tune out the noise and focus on my companies

While macro factors like interest rates, elections or unemployment can affect my companies in the short-term, rarely do they change my LT thesis so I try not to let it impact my decisions

4) With SaaS multiples at all-time highs and tough comps given the COVID bump, I’ve increasingly been allocating to more fairly valued names outside of SaaS and trimmed some $ZM in the process. I also trimmed a tiny amount of $TDOC and $CRWD to diversify a bit into $GDRX.

5) In hindsight, my decision to concentrate so heavily in $TDOC post-merger hurt my returns but I’m more confident than ever in its ability to outperform in 2021.

I’ve released a Seeking Alpha write-up on $TDOC under @LucaCapital yesterday: https://twitter.com/LucaCapital/status/1344399381894725634?s=20

6) $GDRX saw a bump this month after Hedgeye named it a best idea and said that investors are “underestimating the market by an order of magnitude”, I agree

GDRX also expanded its subscription offering with cheaper telehealth visits and free mail order (why I haven't bought OAC)

7) $HMI is a Chinese smartwatch maker with ambitions to leverage its data to become a healthcare platform. They formed 26% of global smartwatch shipments in 2019 and are profitable. I’m very bullish on the future of wearables for health monitoring. Huge upside if they can execute

8) $SSPK is a SPAC merging w/WeedMaps

h/t @SebidsCap/ @this__is__shiv

It’s a two-sided marketplace for cannabis with over 10M MAUs. You can think of it as similar to Yelp on the consumer side and a combination of SHOP/SQ on the business side

Nice thread: https://twitter.com/plantmath1/status/1341038371070734336?s=20

9) It's cheap trading at 11.5x next year's revenues at 95% gross margins and 22% EBITDA margins while forecasting a 40% sales CAGR through 2023.

It seems to be underearning as it is not charging any take rate on its $1.5B GMV, an opportunity federal legalization would open up.

10) Stay tuned for when I release my top pick for 2021 as well as our year-end letters and performance for @SagaPartners and @LucaCapital

My top pick is not necessarily the name with the most upside, but rather the one I’m most confident can produce >40% returns

Happy New Year!