August 2020 Performance
As they say: The Beat Goes On… I don’t know what to make of this market, but the market knows of only one trajectory and that is UP. The percentage of cash has decreased to ~ 13% of my portfolio simply because of the portfolio appreciation. I can thank Apple and Visa for a big portion of the portfolio appreciation. I did not make any changes to my core holding.
I did execute trades on some recent mergers such as Principia Biopharma, Momenta Pharmaceuticals and Aimmune Therapeutics. I played via short Puts on all of those positions. I exited Principia Biopharma and Momenta Pharmaceuticals with some small gains. I continue to maintain a short Put position in Aimmune Therapeutics. I like all of these deals as I do not see any antitrust issues and all are structured as tender offers, which should lead to quick closings. I may get back into Principia Biopharma and Momenta Pharmaceuticals.
I am waiting to deploy some cash into the upcoming IPOs in Ant Group and Airbnb. I really admire both of these companies and they should do well over the long term. Just need to see how the market prices both of these deals.
That is it for the August recap…
2020 YTD Performance = +27.1% with the running monthly returns as follows:
January +2.7%
February -6.8%
March -9.9%
April +12.3%
May +6.6%
June +3.8%
July +6.1%
August +11.8%
posted by Money Turtle @ 4:02 PM
12 comments
12 Comments:
Ant financial won’t be listed in US. How do you plan to buy it? Thanks
I’m planning on purchasing on the Hang Seng in Hong Kong. Brokers like Fidelity, Schwab and Interactive Brokers provide access to the Hang Seng.
Thanks MT, my broker IBKR offers it, but what about tax consequenses. Do we have to pay taxes in Hang Seng/China when we sell or only capital gains for us?
Fortunately, Hong Kong is very tax friendly. There are no tax on capital gains.
Thanks for that info.
What you think about buying Snowflake?.
Snowflake: I'll try to get some at the IPO. If not, then I will just wait and see if there is a better time to get in.
I think only fidelity is offering at ipo and you need more than 500k. I dont see it on td or etrade. Thanks
Yes, only Fidelity with the discount brokers.
Did you get into snow? i have a limit for 160.
I didn't receive any SNOW ipo allocation. I'm not touching it now, valuation is a bit too high for me.
SNOW was crazy too and Berkshire can't even sell for one year and they hold the most expensive company in the world..
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