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No. of Recommendations: 1
you do this a lot - and it is appreciated
I really haven't sold or bot anything of consequence last Q
though I sharply reduced my intl exposure (no call there - I just didn't want to own it)
i did sharply sell down some of my preferreds which like last year already seems like a mistake

did sell a few under 1% -
PAYX most recently (2% payroll growth; pressure on margins; latest acquisitions dilutive to growth - I made too many excuses for it and should have moved to rid myself of it 10% ago)
I trimmed GOOG higher but also added FB higher so...

top 5 are
unh
goog
ice
gib
csu-t

I am somewhat indifferent to all for now in terms of looking to add
tend to trade more around the EPS reports
and I'm at the position sizes I don't really want to exceed

--

lots and lots and still more cash though - as has been my pattern for a while
at least now that cash earns some return

--

yeah, cramer just did a bit on NFLX where he was saying - in effect - that those who do discounted cash flow models are entirely missing the point - I am REALLY, REALLY, REALLY struggling with valuation on many names because of this - esp. w/CRM's recent purchase

https://www.barrons.com/articles/salesforce-bulls-explain-th...
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That noise you just heard was the proverbial valuation ceiling for public SaaS companies shattering into a million pieces. We wrote it above, and we'll note it again. Salesforce.com just paid 12x 2019 revenues for Mulesoft. Do not confuse our belief that Salesforce overpaid for Mulesoft with our more fundamental opinion that the asset makes perfect sense for Salesforce. We think it's okay to hold both opinions. Without knowing exactly how this situation played out just yet, the nature of today's mid-day leak (leading to share of MULE finishing the day up 27% at $42.00) leads us to believe there was a multi-party bidding war that Salesforce figured it had to win.
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