Telescope Investing

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$NET · Cloudflare

My position from Mar 2021 to Dec 2024 · 2 buys and 3 sells · sold out · Cybersecurity

$50$100$200$50020222023202420252026BuySellMy average costAfter I sold
What the pick did
1.6×
The stock in pounds, while I held it; 1.5× in dollars
S&P 500, same time1.8×
What my money did
2.1×
Pounds back (sold, still held and dividends) for every pound in, after costs
Sold · all of the money in2.1×
S&P 500, same buys and sells1.4×

Every decision

  • 9 December 2024Sold

    Egregious valuation, reminds me of Nov 2021. Operational income negative, non-GaaP claims are adjusted for SBC which is very material. DBNR is down to 110%. My only hestitation is the Workers AI initiative which I like, but this is way over-priced right now so I think prudent to exit it entirely rather than trimming

  • 8 December 2023Sold

    Negative ROIC, not really a massive FCF generator, seems like a maturing business, unclear why they've making this so hard for themselves. Quite expensive valuation. I'm going to reduce my position from 2.1% allocation to 1.5% allocation

  • 9 November 2022Bought

    No note

  • 24 November 2021Sold

    Tidying portfolio and building cash position for dividend portfolio. Too overexposed at current valuation

  • 2 March 2021Bought

    No note

On the podcast and in writing

In percentages and multiples, as one portfolio. Past performance is not a guide to future returns. Nothing here is financial advice, and I may buy or sell at any time.