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Project $1M: February Was Much Ado 'Bout Nothing

Mar. 05, 2018 6:01 PM ETBIDU, BKNG, CELG, TCOM, MELI3 Comments

Summary

  • February was much ado about nothing for Project $1M.
  • Priceline, Mercadolibre, and Baidu all had strong showings.
  • Like a broken record, Celgene continues to be a major disappointment.

For all of the volatility of February, overall monthly performance for Project $1M wasn't much changed. After a strong performance in January, February was far more sedate, but with marked ups and downs through the month. What was notable in February was that the volatility in the markets in general was magnified and amplified in Project $1M specifically.

Volatility is something that this portfolio has seen in spades since its inception. A cursory look at the comparison versus the S&P 500 below shows the notable presence of major movements in monthly performance compared to the index. What is also notable is that while Project $1M certainly has had far more volatility than the S&P 500, by far, the overall trend has been steady and positive movement higher since inception.

The volatility is not much of a surprise to me. I am running a much more concentrated portfolio than the S&P 500. I have fewer than 20 components, compared to the S&P 500's 500. Further, my top 10 positions account for more than 50% of the portfolio value. I'm also very heavily invested in technology positions in my account.


Priceline (Booking.com) rediscovers its mojo

After last November's unceremonious sell-off, Priceline rediscovered its mojo and definitively put to rest any suggestions that it has gone ex-growth. Priceline (BKNG) delivered revenue growth of ~19% year over year, comfortably surpassing market estimates, and saw its stock rise some ~6% post earnings announcement. Booking Holdings was the largest positive contributor to Project $1M performance in February, and the position was up some 9% for the month. In recognition of the fact that the Bookings.com portal is now the largest overall contributor to the business, Priceline has renamed its business Booking Holdings.

I still believe that the investment thesis behind Booking Holdings is still very

This article was written by

Integrator profile picture
15.93K Followers

I am an investor who is focused on disruptive businesses that are transforming industries lead by visionary leaders with substantial skin in the game. I have spent nearly 20 years in a formal capacity in various investment banking and corporate advisory roles, having attained my MBA with a concentration in finance. This led me toward a path in Venture Capital and working with entrepreneurs building new technology businesses, and I have had the opportunity to not only invest in a number of amazing privately held businesses, but also play a meaningful role in growing several of these early stage enterprises as well. I am now focused on applying my lens of private market disruption and leveraging secular tail winds to the public markets. This was a journey which I started with my public Project $1M portfolio series and which I have deepened with my marketplace service, Sustainable Growth

Analyst’s Disclosure: I am/we are long ALL STOCKS MENTIONED. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (3)

c
You stated you keep a cap on Chinese investments; what is that cap?
PJ-Garden Lady profile picture
I’m sitting in the negative with Celgene, & wish it would stop tripping itself up. Once upon a time there were a lot of investors who believed in this company. I’m trying to, don’t plan on selling what I have yet.
kstar1 profile picture
Great update. Thanks for sharing. I'm thinking of adding to my Celgene position. Long term it still looks promising
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Related Stocks

SymbolLast Price% Chg
BIDU--
Baidu, Inc.
BKNG--
Booking Holdings Inc.
CELG--
Celgene Corporation
TCOM--
Trip.com Group Limited
MELI--
MercadoLibre, Inc.

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