This article is excerpted from a letter by MOI Global instructor Michael Shearn, portfolio manager of Compound Money Fund, LP.
One of the biggest mistakes we made in 2017 was under-allocating to Shopify, Alibaba and Arista Networks. We knew they were bargains due to their growth prospects but were just not ready to pay high multiples. We allocated from 2.5-4 percent of the portfolio to each of these positions because our hope was that we could buy these holdings at lower prices in the future. This didn’t pan out and these positions went on to increase in price 2-4 times from our initial purchases.
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