Portfolio Update #11 (10/18/2023)

Current holdings and allocations, and reasons behind recent buy / sell / hold decisions.

Update #11 (10/18/2023)

Given recent price movements and observations with CDLX and CVNA, I wanted to provide a Portfolio Update.

Additionally, I have found these updates a good place to discuss high-level items going on with the businesses, rather than doing in-depth separate updates of Research Notes. This is the 11th portfolio update (see past updates here).

Discussion items today include:

• Thoughts on CDLX’s Price Decline

• Current and Future Actions

• Revisiting Past Thoughts

• Current Allocations

• Returns

• Summary of Recent Allocations, Prices, and Actions

Thoughts on CDLX’s Price Decline

With CDLX decreasing 35% since the last Portfolio Update (and a little more while writing this + over 40% at the end of last week), some have wondered it there were any reasons for the decline.

Company-Specific Negative News

Below is a list of the negative public company-specific news (not macro related) that I have heard over the last month (since 9/14) with the stock decreasing 35%: