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Rockleppard! Congrats on the portfolio returns! Good job. I'd like to add my perspective here.

Beth's entire article was written for traders rather than investors. Very similar to the business news TV channels. Not my cup of tea.

I consider a "trader" to be someone who is moving in and out of different positions every few days without any real concern for how the company that is underlying the ticker is actually performing. I disagree that this article was written for traders because her most recent articles (sell TTD, buy ROKU and ZM) mirror the same moves I took a month earlier.

As we were moving into April I thought that I should move some of our stock positions so we could take advantage of the COVID and eventual post-COVID world. That meant that I would be selling companies that would be most impacted by an economy where many small businesses would be failing and many people would have their spending capital constrained. This meant I should sell consumer facing firms. So I sold MasterCard, Square, and The Trade Desk. Bear in mind: I think these are outstanding companies that will be successful for many years after I am gone. But if they are going to be dead money for the next 6 months, or year, or two years, I should be able to move those investment dollars to companies who are more likely to profit during that time.

The second half of this exercise was to identify those companies that might benefit from the new reality of less going out and socializing and more staying at home and working from home. This pointed to Zoom and Roku (new positions for me) and more shares of Okta. I think these firms have proved that they can do well outside of a COVID world, but it also seems like they should perform well in it.

These trades were made April 8 and all of the shares were inside IRAs. So if I'm wrong at least I won't have to pay taxes too.

So you may not agree with Beth, and with the returns you're pulling in you have certainly earned that right! But adjusting your portfolio to take advantage of the pandemic does not necessarily mean you are a trader, even if you have to sell The Trade Desk. (FWIW, I only sold 10% of our TTD, still #5 in our portfolio, so we're good!)

Take care.

Jeb
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