Market Performance & Outlook - Q3 saw major averages rise, with the S&P up 7%, NASDAQ up 105%, Dow up 45%, and Russell up 11% [2] - The rally is expected to continue, but not necessarily at the same pace as Q3 [2] - US XUS is performing even better, with some stocks like Santandere up 130% year-to-date [3] - Over half of the portfolio is up over 20% year-to-date, with financials like Goldman and JP Morgan performing well [4] Portfolio Adjustments & Strategy - Goldman is up 70% and JP Morgan is up 50% over the last 52 weeks, leading to trimming positions and adding to Berkshire [5] - Berkshire is viewed as insurance, providing a safety net in case of an economic slowdown, with a large cash pile for potential deployment [6] Individual Stocks & Sectors - UBS includes Amazon and Disney on their highest conviction calls list [7] - Disney needs to regain momentum through earnings, particularly from streaming growth including ESPN [8] - Apploving is on the list, with skepticism built into the stock price despite revenue growth [12] - Snowflake, a software name related to AI, has performed well year-to-date and is differentiated in the AI software conversation [13][14] - Mastercard is a long-term holding, with potential opportunities related to stable coins [15] Fintech & IPOs - Wealthfront, a robo advisor, is going public after VCs have been invested for 13 years [17] - Robo advice has become a commodity offering, with limited unique value proposition [18][19] - Wealthfront's business model is primarily a customer acquisition cost (CAC) business [19] - Despite a hospitable tape for fintech investments, the potential for Wealthfront as a great investment is uncertain [20]
Trade Tracker: Amy Raskin buys more Berkshire