Hinterhaus Productions/DigitalVision via Getty Images Navan: A major disruptor in Business Travel and Expense Management Navan (NAVN) is a fairly recent IPO-it went public at the end of October 2025 at $25/share. Despite a strong quarter that was announced last month, with results well above expectations and increased guidance, the shares are selling 30% below the IPO price…
The market presented some opportunities this morning that I have reacted to. In particular I added to the position in Pagaya which got hit a bit because of the misguided proposals of President Trump regarding interest rates. In addition, Figma shares were down despite positive brokerage comments. I continue to add to the positions in…
The market has been quite volatile today, at least in terms of our high growth portfolio. We have (hopefully) taken advantage of the volatility and made some trades. Overall, the trades wound up reducing our margin balance by $660, and the balance now goes to $738,612. There were, in aggregate7 transactions today. In the interest…
After 3 days of relative decent performance in the software space, the paradigm seen last August continued today. That is despite numerous indications that the enterprise software space had a fairly strong Q4. We bought 1000 shares of Navan in the high growth portfolio as a starter position. Part of the reason we made this…
ServiceNow: A post-holiday special, on sale for the first time in years! ServiceNow has been one of the most reliable growth companies in the SaaS software space. It is led by one of the most respected and experienced software executives, Bill McDermott. Since 2016 when the company went public, revenues have grown from $1.3 billion to about $13.2…
PM Images/DigitalVision via Getty Images Pure Storage: Sitting in the penalty box-the refs got the call wrong I am a long time investor in and recommender of Pure Storage (PSTG). I have owned a position of various sizes for literally 7 years at this point. But it has been almost 18 months since I last wrote…
We made two small additions to the high growth portfolio. We bought another 300 shares of Pure Storage at $67.44. This cost $20, 240 and brings our holding in Pure to 3000 shares. That is a weight of 9.92 in the high growth portfolio. And we bought 100 additional shares of Arista bringing our holding to 200 shares. We…
We have made some changes in the Income/Stability portfolio this morning. Shares of Oracle have fallen yet again-this time due to a story in the FT relating to the company’s planned data center in Michigan. Oracle, as has been detailed recently, does not own the land and the buildings of its data centers. It leases those from…
The market is once again suffering through a bout of what I might describe as bubble mania with aggressive selling of AI shares. In addition, the results of Netskope, while objectively very strong and better than anticipated, have seen some selling interest as well. Apparently issues with regards to Broadcom’s projected margins have somehow been readthrough…
Dear Subscribers: The editors at SA requested that I make some substantial changes to the article that I sent out last week. It proved to be far easier to write a new one than to try to deconstruct and reconnect an article. There are some updates and changes, but the thesis is the same. I liked…