Portfolio PRs

PORTFOLIO UPDATE MARCH 17TH 2026 Buys: $NOW $MELI $TTD $ADYEN Sells: $NOW $NU It’s been an incredibly fascinating first quarter to start the new year (not technically finished I know) with the SaaSpocolipse continuing as well as a stellar earnings season in my opinion, which I really enjoyed following. These two events as well as many other nuances have led to multiple intriguing opportunities for the long term investor, so much so I’ve felt almost spoilt for choice, it’s not an exaggeration to say I feel like I’m suffering with mild decision overload right now which is funny because I’m sure my buying decisions really don’t require as much thought as I’ve been allocating recently. I’m sure that’s something we’re all guilty of at times. Since the last update was published I started a position in ServiceNow which I then sold within probably 6 weeks, which I’ll explain why. I also sold my entire NU bank position. Regarding buys, I increased my allocation to The Trade Desk and MercadoLibre significantly, doubling my position in both. I also increased my Adyen holding by 20%. Of course we also made deposits into the account each month. Buying and selling $NOW This is actually a really simple one. I saw (and still do see) ServiceNow as a great opportunity long term at the current price point. I wrote a promising deep dive on the company and then actually decided to start a position just before earnings. I entered the stock at $129 and then sold at $120 about two weeks ago. So it’s a small loss, it’s much of a muchness to be honest. It doesn’t even need covering but I’ll always promise and provide transparency here. The only reason I sold the position was because I see multiple other interesting buying opportunities emerging within my portfolio with companies I hold a stronger conviction and understanding towards. Naturally because both conviction and deep understanding take time to develop and strengthen, I felt more comfortable and importantly, more excited to allocate that capital towards other positions. I was struggling to justify a new position when I saw so many opportunities within my current holdings. It’s funny because the problem is I haven’t fully yet decided where that capital is going to be deployed, so today it sits at a 4% cash position whilst I ponder over the coming days. I’m contemplating between deploying it into more $UBER, $NFLX, $SHOP, $DUOL, $ONON, $META or $AMZN. Gun to my head I'm thinking a split between $NFLX & $SHOP Rolling NU into MercadoLibre I sold my entire $NU position for a gain around 30% which is nice but the amount of time I held shares of Nu it did underperform. I made this decision because I view MercadoLibre $MELI as arguably the best opportunity on the market today for long term investors. I actually really like NU as a business and as an investment but I simply get excited by MELI so much more. I could have certainly sold a business of arguably less quality than NU in order to scale my MELI position but that would have left me with portfolio exposure to Latin America north of 15%, which isn’t something I’m comfortable doing right now. As MELI grows as I predict, paired with me continuing to buy shares over time, that’s a reality which may likely happen but there’s no rush to jump in so heavily right now. I believe it’s quite simple. While it’s true that MELI and NU serve slightly different fintech purposes and each can flex unique strengths, MELI is the superior business by almost every metric. I’d argue the majority of investors holding both businesses would agree. With MELI, you aren't just buying a bank, you’re getting multiple top tier businesses that intertwine to create a powerful flywheel effect. You have the marketplace, a fintech arm and an unrivalled logistics network. This is all supported by high potential verticals like advertising which is growing at 60%+, memberships and streaming. While NU is the dominant fintech play today, Mercado Pago is closing the gap with speed. When you factor in MELI's ability to easily onboard users through the marketplace, it’s not just feasible, it's likely that they surpass NU in fintech users over the long term. At the same time their success “off-platform” is proving Mercado Pago isn't just an in-house' tool anymore thus proving it can win the open market. This is before we even mention the huge data advantage the marketplace gives them to underwrite loans for the credit business, unlike Nu. Finally, while NU has a respectable moat, it is ultimately a digital one. The logistics infrastructure MELI has built is a massive, physical, hard asset moat that competitors simply cannot replicate at scale as we’ve seen with Amazon here. At the current valuation MercadoLibre is just too good to ignore. $TTD I used some of the ServiceNow money plus my monthly deposit to double my position in $TTD. Granted the position was one of my smaller holdings in the first place, then it had a horrible drawdown so after doubling up and of course averaging down my TTD position is still sub 5%. I don’t believe this needs a massive explanation, It’s more likely I talk about TTDs current situation in depth in the newsletter but I do believe the business has become extremely misunderstood and pessimism has simply gotten out of hand, I believe we’ll look back at TTD in the twenties as a great opportunity years from now. I doubled the position at $29, I did want to buy at $23-$25 but I was waiting for the deposit to hit and annoyingly missed the run, but that’s completely fine. Why? Because when you have a thesis and conviction you shouldn’t let 10%/20% or more swing scare you out of potential decade long investment. I still think $TTD is undervalued so I won't miss the forest for the trees. Sadly No PRs to report in the portfolio, In due time we’ll get back to all time highs and then of course surpass that, however on another note we did hit a great PR on my morning run today, so at least Portfolio PRs can report one PR🙂 House keeping ~ Funnily enough I’ve decided to change the name on the platform once again so after going by everydaystocksx for approximately 2 years my new name lasted about 2 months which is funny, I prefer this new set up. I’m pretty casual on social media so a casual name made much more sense. I also plan to talk more on other topics which I’m passionate about, because why not. Plus who really cares, it’s an X name lol but this one should deffo stick moving forward.

@DividendDynasty Poor previous management ruined the business through short term incentives. Whether this team can turn it around who knows, thing is why be interested in $NKE when you have opportunities like $ONON in the space who are thriving and they’re at a more attractive valuation

What the hell happened to $NKE 🤔 If you invested $10,000 into Nike 5 years ago, today that investment would be worth $3,530 down 64.7% 🔴 Is there any hope for $NKE shareholders here?

I’ve been thinking about $GRG.L myself a fair bit recently. My thoughts are, great shareholder yield & even improves if management turn on some buy backs here. Solid Moat, don’t even think that’s a discussion. Low cost business model with great runway for pricing power above inflation. Obviously suffering right now with the reinvestment phase but cash flowing directly through the tills is still growing and that operating margin is expanding. Once the new stores & distribution centre is complete, profits/ margins go back to previous highs and likely surpass them which would likely drive $GRG back to the historical PE north of 20x

How do you rank conviction within your investments? It’s an interesting thought experiment because allocation can’t be a truly accurate representation of long term conviction

Analysts & Investors alike fixate on short term margins & EPS believing that’s best for the business. Prioritising the customer experience is what’s truly best for the business but few understand 🤷‍♂️ Defer profits, reinvest back into the business for the long term, prioritise the customer experience, maximise scale rinse and repeat. Operating leverage eventually shows and by then the moat can never be eroded This is why I like $AMZN $COST $SPOT $NFLX $WISE $MELI $HIMS etc etc

I think Spotify is culturally the closest business to Amazon in the world in terms of how they operate. Daniel Ek was a huge factor in my thinking, as for CEOs I think he’s great, one of the best around. Obvs that’s changed now so we’ll see how the Co-CEOs work out. I also believed Spotify had a wider moat (arguably I still think it does, I think it’s tough one, I am torn today) Let’s just say I believe out of all the memberships within a household, Spotify is the last one people would cancel. I also think Spotify is more dominant in their arena (audio) Versus Netflix In streaming and then we’re talking significantly more users on $SPOT than $NFLX but when you run a free product Vs Paid that’s understandable. But 750M Maus is incredible, closing in on 1B before 2030. I thought Spotify had more optionality long term than Netflix with Podcasts/ visual, Audiobooks, courses, being a market place between content creators, artists and fans and most importantly advertising. I still think there’s an argument there but as of today $SPOT has been underwhelming within advertising, whereas $NFLX is thriving. I own both, I’ve held $SPOT much longer but ultimately I think both are great businesses 🙂

@PortfolioPRs Really curious to hear. Why did you originally think $SPOT was better. That’s not a take I’ve heard often.

If you aren’t actively changing your opinion on topics then you’re not really evolving as an investor. For a good few years I thought $SPOT was a superior business to $NFLX. For the past several months I’ve changed my mind on that. That’s just one example of many situations. Being humble enough to change your mind will take you far in this game.

$COST could double earnings tomorrow & half that PE ratio but then they’d be a worse business. This is why you can’t just look at PE/FCF for Costco ( & many other businesses)

I’m not sure who needs to hear this but >20% revenue growth for the next 10 years isn’t easy and if your reverse DCF suggests this then that’s not cheap It can certainly work but that’s not cheap…

$NFLX understand the price/value ratio better than almost anyone. This is what they live by. Price raises aren’t random, they’re very intentionally timed. Netflix users are still getting far more value than they pay for, as shown below on a content cost basis it’s a better deal I can’t see the price raises effecting churn in the slightest

It’s refreshing seeing there’s still some investors who realise $TTD is an elite tier company. The disrespect on this name recently has become comical.

@jzrdan Yeah that’s definitely a fair way to put it. I think the same, they’ll most likely come out in a stronger position compared to the market but if you’ve got to spend years worrying about surviving now to potentially thrive later, is it really worth it.

@PortfolioPRs I don’t think it will get “crushed” and may even benefit if others in the industry don’t survive. That doesn’t mean it’s going to be an easy road back to previous levels. Unfortunately, it feels like a period of survival as opposed to growth… for now.

Any UK investors have any thoughts on Wetherspoons here?

@FinanceTiger Own $ADYEN, owned $NU for a good few years and I like $WISE. Interesting chart but I wouldn’t say all those businesses are fair comparisons versus each other

Which ones do you own?

Yeah I think it’s hard but it’s interesting. I think it’s obvious the industry is getting crushed by all the factors you mention but whether Spoons get crushed is a completely different question. I think due to how they operate there’s a reasonable chance they come out fine & then the competitive landscape is essentially non existent. Scale economies shared businesses is probably my favourite business model, but realistically there’s easier opportunities around

Great if you’re looking for short-medium term trade as I do think it’s got room to run even from here. Long term, the business is being crushed by increasing rates, wages, energy costs etc so it’s difficult to see where it will be 5-10 years from now. They are however, the best in the business at what they do. They also own a lot of the property they have their pubs/restaurants in so there is a sense of security there.

Any interest in Ferrari here at 30x earnings? $RACE One of my favourite high quality businesses, worthy of a place in any portfolio. It's tempting me as a easy set & forget buy.

One key thing about buying stocks is understanding things are rarely ever as bad or as good as the market makes out. When you master this, calm temperament becomes so easy. For example $HIMS & $CRWD were never going to be sued into bankruptcy like people said, so I was comfortable holding my shares, even buying more. On the flip side that growth company you love probably isn’t worth 20 plus times sales, no matter how good the story sounds. Of course there’s always exceptions to the rule

What’s one business you just wouldn’t touch regardless how cheap the stock got?

@FluentInQuality 25% of the port today 🤝

The $UBER valuation is laughable. The market is pricing in 7% Y/Y free cash flow growth for the coming 10 years. Their free cash flow is exploding. Even in my most bearish case, 10% growth is expected. Analysts expect 18% in the same period... Significantly undervalued.

Get the job done today boys @Arsenal 🔴 ⚪️

@wealthmatica Uber has an incredible moat, the membership & AV success will strengthen it further. Today if I say 5/5 is the strongest moat you can possibly have, I think $UBER is at 4/5 heading into 5/5

I think $UBER has a wide-MOAT... - $2B ARR Ads-machine. - 13.5B trips of real-time 1P DATA. - Network: +200 million monthly users. - Sticky product: Gen-Z completely addicted. Change my mind. $UBER