what are you selling today?

[Spekulatius]

Sold my last lot of PKE. Worked reasonably well.

[rkbabang]

1/3 of my Apple and Amazon.  Just raising some cash.

 

[Spekulatius]

Reducing PROSUS / PROSY.

[formthirteen]

Sold $SGE and $ALX (RIP NYC )

https://quickfs.net/company/SGE:LN

Edited September 3, 2021 by formthirteen

[lnofeisone]

Sold by ABNB. Just raising $. 

[Spekulatius]

Sold BMRN on disappointing trial results near the high of today. Made some money ,but has underperformed the market.

 

[Spekulatius]

Sold remainder of my Vivendi VIVHY today. Worked out better than expected, more than a double.

[gokou3]

WFC

[Spekulatius]

Sold MRK pre market.

 

I get the oral COVID-19 pill, but is it really a gamechanger? The study looked good, but sample size was small.

Interesting enough, in message boards, some claim that Ivermectin works better. I guess soon, we have something for everyone.

[Gmthebeau]

Raised alot of cash, sold AMZN, MSFT, GOOG and many others.

[E. Nashton]

Sold out of TD and WFC positions (initiated in the last two years). Still hold a sizeable position of BAC...holder since 2012 with small tranche sells along the way sprinkled with a few buys as well. 

[nwoodman]

TSLA 

[Pistachio_Lawyer]

Sold SRG 

[Spekulatius]

Sold half my FAF. I am getting a bit concerned about higher interest rates.

 

Edit - sold my 9988.HK (Alibaba) tonight ~17% loss.

Edited October 20, 2021 by Spekulatius

[backtothebeach]

Sold short 2 (two) shares of TSLA after hours at $1221.50.

[Spekulatius]

Sold my $QLYS. Unfortunately only a starter position.

[Value_Added]

42 minutes ago, Spekulatius said:

Sold my $QLYS. Unfortunately only a starter position.

Curious about your exit?   I’ve got it on my list to begin research as it seems to be a solid compounder by the numbers.  Did the story change or your research find something to deter you?

 

Thanks

[Spekulatius]

12 minutes ago, Value_Added said:

Curious about your exit?   I’ve got it on my list to begin research as it seems to be a solid compounder by the numbers.  Did the story change or your research find something to deter you?

 

Thanks

QLYS is solid, but it looks a bit expensive for the low teens growth it has. I bought it early this year on the dip after the LT CEO left. It gained ~45% for me, so has performed better than I expected. I had it in my IRA so no tax friction either.

 

I know, I know  - let your winners run is the mantra, but I try to stick to my valuation framework and rather keep turning more rocks. In the past, I would not even have bought a stock like this, so either I have learned something, or Mr Market has been very kind. It's probably a little ,bit of both.

Edited November 5, 2021 by Spekulatius

[Value_Added]

54 minutes ago, Spekulatius said:

QLYS is solid, but it looks a bit expensive for the low teens growth it has. I bought it early this year on the dip after the LT CEO left. It gained ~45% for me, so has performed better than I expected. I had it in my IRA so no tax friction either.

 

I know, I know  - let your winners run is the mantra, but I try to stick to my valuation framework and rather keep turning more rocks. In the past, I would not even have bought a stock like this, so either I have learned something, or Mr Market has been very kind. It's probably a little ,bit of both.

What in your valuation framework has changed that enabled you to find this as a buy during their dip?  Do you look strictly at multiples and adjust your entry price to a higher multiple based on how good the business is?  It obviously worked out great for you.  I came across QLYS a while back and found it too expensive (at face value based on a quick and dirty valuation without any real due diligence) so I didn’t research further.  I added it to my crash list and I plan to begin researching it soon.  I love getting insight from others’ methodologies in an attempt to better my framework.  I’m relatively new to this so I’m trying to be a sponge and narrow down what works for my brain.

[Spekulatius]

30 minutes ago, Value_Added said:

What in your valuation framework has changed that enabled you to find this as a buy during their dip?  Do you look strictly at multiples and adjust your entry price to a higher multiple based on how good the business is?  It obviously worked out great for you.  I came across QLYS a while back and found it too expensive (at face value based on a quick and dirty valuation without any real due diligence) so I didn’t research further.  I added it to my crash list and I plan to begin researching it soon.  I love getting insight from others’ methodologies in an attempt to better my framework.  I’m relatively new to this so I’m trying to be a sponge and narrow down what works for my brain.

Yes, I buy this based on multiples basically. My valuation works includes looking at FCF yield and looking at comps, Then I look at it qualitatively to make sure there are no red flags.

In Qualys case, I found a fairly profitable software company operating in a niche sector with not that much competition growing in the teens. I bought it at a below 9x P/S multiple when it temporarily sold off due to some soft quarter and the long term CEO leaving to health reasons. I felt it‘s buyable but not extremely cheap, so I just bought a starter position. I actually had an opportunity to buy it even cheaper but missed the very narrow window of opportunity so just kept my small position.

 

The way I look at it with a low teens organic grower, with a 45% return in less than a year, I got 3 years worth of growth in one year and that’s a good deal from Mr Market.

If the stock had gone up just 15%, I would have kept it because I feel the intrinsic value has gone up by a similar amount, so there would have been no reason to sell in that scenario.
 

Anyway, that’s just my operating framework. 

[Value_Added]

59 minutes ago, Spekulatius said:

Yes, I buy this based on multiples basically. My valuation works includes looking at FCF yield and looking at comps, Then I look at it qualitatively to make sure there are no red flags.

In Qualys case, I found a fairly profitable software company operating in a niche sector with not that much competition growing in the teens. I bought it at a below 9x P/S multiple when it temporarily sold off due to some soft quarter and the long term CEO leaving to health reasons. I felt it‘s buyable but not extremely cheap, so I just bought a starter position. I actually had an opportunity to buy it even cheaper but missed the very narrow window of opportunity so just kept my small position.

 

The way I look at it with a low teens organic grower, with a 45% return in less than a year, I got 3 years worth of growth in one year and that’s a good deal from Mr Market.

If the stock had gone up just 15%, I would have kept it because I feel the intrinsic value has gone up by a similar amount, so there would have been no reason to sell in that scenario.
 

Anyway, that’s just my operating framework. 

Makes a lot of sense and thanks for sharing.

[Spekulatius]

Reduced $AZO - gone from my IRA's. Worked very well.

[formthirteen]

Sold AER yesterday.

[backtothebeach]

Sold the portion of Fairfax that was above what I really want to own longer term.

 

Probably too early, but the thesis when not being able to resist averaging down about a month ago was that a 15-20% bounce was almost certain to happen at some point. The bounce happened. Trying to be more disciplined and not allowing thesis creep.

[Spekulatius]

FRFHF for a quick gain.