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Hi Partner 👋
I hope you are having an amazing summer.
Let’s dive into Our Portfolio Update today.
What’s going on in the markets today? And how are our stocks doing?
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Chasing Momentum
Investors seem to continue to be focused on the short term and chasing momentum.
Remember when the Magnificent 7 were the most exciting stocks in the market?
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Investors have already moved on.
Bill Ackman says the market is distracted by momentum and hype.
He sees companies like Microsoft and Meta as old-fashioned.
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The market is distracted by big IPOs.
Here are just a few examples:
SpaceX
OpenAI
Anthropic
Stripe
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Besides IPOs, the market focuses on memory stocks (manufacturers of semiconductor memory chips):
Micron
Western Digital
Sandisk
They are all up +200 to +700% this year.