Portfolio Update

[Andrew Stepner]

As said in November on the "Switched from 100% Long to 0% Long" email thread, I was wrong to be bearish and I have now switched back to bullish. So I wanted to update what I have added and subtracted:

Subtracted:

$SHY/$IEI - sold treasuries due to my macro thesis being wrong. (I have a little left but as soon as I need the cash for something else I expect to dump it all)

$TSLA Puts - Big loss. Living to fight another day. Still long term bearish but short term catalyst doesn't seem to be there. Mistake was not realizing that small positive earnings beat would have big upside within the narrative.

Covered shorts on $SWK and $DE - Due to my macro thesis being wrong.  

Trimmed:

Reduced short on $MAT - Still short, but I want less overall short exposure since I think the market goes higher.

Reduced short on $NFL - I still think they run into trouble with US saturation, a pricey valuation, as well as Disney+ competition. I want to be short into earnings later this month, but I want less short exposure overall.

Reduced short on $BOX - I think they have really tough competition from Microsoft Onedrive, but I do want to lessen my short exposures.

$GLD - Trimming since I'm back to being ok with being long stocks. But keeping some as a hedge.

$CMG - trimming and prepared to exit depending on the price action.

Added:

$VTI - want some generic long exposure for the time being as I start to add back individual stock longs.

$GOOGL -  seems cheap and perpetually performing above expectations  

$FB - seems cheap and an overly negative narrative

$AMZN -  perpetually performing above expectations  

$CNSWF Constellation Software - perpetually performing above expectations. Classic platform compounder situation.

$MSFT - perpetually performing above expectations

$BMY.RT ($BMY") - CVR contigent right connected to 3 drugs. Based on various likely catalysts to help push it up along the way. Small position due to binary nature. Let me know if you want more info.

Waiting:

$DELL - still my best single idea. The problem is just that the catalyst is seemingly 12-18 months away. I am holding and waiting to add a ton later. Happy to discuss this one more too.

Watch List:

I am back bullish, so back to looking for stocks to get long. Especially interested in stocks where I feel like I already "missed it".

Stepner

[Andrew Stepner]

I have done an occasional portfolio update on different threads. This is not the most recent but it has the cleanest subject line so I'll reply back on this one:

I am still philosophically long as I mentioned last on another thread. Here's what I own:

Reduced:

$GLD - Took gold from 30% of my portfolio down to 5%. I'm not certain why it has been declining. I do worry that it's recent decline is from bitcoin displacing gold's status.

Closed my last real short in $CACC, Credit Acquisition Corp. 

Long:

$DELL - Has done well as spinoff of $VMW gets closer but still seems undervalued pending that catalyst. Partially short $VMW as "hedge" as part of the trade.

$MGNI - renamed from $TLRA. Sort of a sell side version of $TTD. Magnite has done quite well lately.

$GRBK - Core holding of Greenlight albeit they trimmed it a lot in January. I added to Green Brick before earnings, they went down in afterhours but have since recovered to be up. I really like the story and the sector and getting real estate exposure.

$BHF - Core holding of Greenlight. Brighthouse Financial.

$GLRE - Greenlight itself which I am reliably told is undervalued. Risk is that it stays that way.

$GRPN - Economic recovery and business turnaround story. Groupon has done really well lately.

$FB - Facebook seems cheapish and an overly negative narrative. I wonder if their huge investment in AR/VR is valuable or not. But overall I expect them to continue to execute well.

$JETS - temporary exposure to airline recovery (ETF)

$BMY.RT ($BMY") - Marked to zero but now turning into a shareholder lawsuit. Much intrigue on that front.

Watch List:

Bitcoin. I personally find it dumb but I think I want to own it on a long term "greater fool" theory. I am also consider whether to swap any of my GLD into BTC.

$GOOGL/$AMZN - Past holdings I still like.

Stepner