Portfolio Update
Portfolio Update (May 2026)
16 May 2026
I've generated a 23% CAGR over 22 years by investing in world-class companies committed to shaping a better future. Here's everything I own today: [May 2026]
⭐ = high conviction ⬆️ = bought / added ⬇️ = trimmed / sold
- $CASH - Cash - 19.6%
- $RKLB - Rocket Lab - 14.9% ⬇️
- $GOOGL - Alphabet - 13.4%
- $ISRG - Intuitive Surgical - 9.1%
- $AMZN - Amazon - 7.6% ⭐
- $TSLA - Tesla - 5.4% ⭐
- $MELI - MercadoLibre - 4.4% ⭐
- $SPACEX - SpaceX - 3.2%
- $CRWD - CrowdStrike - 2.7% ⭐
- $NVDA - NVIDIA - 2.6% ⭐
- $ASTS - AST SpaceMobile - 2.0%
- $PANW - Palo Alto Networks - 1.9% ⭐
- $IIND - India ETF - 1.5%
- $SE - Sea Ltd - 1.5%
- $IREN - Iris Energy - 1.2%
- $UBER - Uber - 1.2%
- $NVO - Novo Nordisk - 1.0%
- $TMDX - TransMedics - 0.9% ⬆️
- $ADYEN - Adyen - 0.9%
- $NU - Nubank - 0.8%
- $AXON - Axon - 0.8%
- $PLTR - Palantir - 0.8%
- $GRG - Greggs - 0.5%
- $CWEN - Clearway Energy - 0.5%
- $BEPC - Brookfield Renewable - 0.5%
- $LMT - Lockheed Martin - 0.5%
- $NKTR - Nektar Therapeutics - 0.3% ⬆️
Sold:
- $ZS - Zscaler ⬇️
- $CRM - Salesforce ⬇️
This month I started a position in Nektar Therapeutics $NKTR and added to TransMedics $TMDX. My podcast co-host @7FlyingPlatypus did a deep dive on $NKTR two weeks ago and I was drawn to their encouraging progress in atopic dermatitis, a large underserved market, and also the short-term and perhaps largely misunderstood impact of a badly structured alopecia clinical trial. I also doubled my position in $TMDX going into results last week, driven by a mix of solid financial execution and Krzysztof's technical read. Neither of these companies are a table-pounding position at this stage, but both are the kind of asymmetric ideas I'm happy to explore with appropriately sized entries.
I also exited Zscaler $ZS and Salesforce $CRM this month. Zscaler's zero-trust network access is an important category, but I'm increasingly concerned that their model may be vulnerable as AI-native security stacks evolve. With Salesforce I note the company is adapting to a hybrid billing model to combat agentic AI's pressure on the seat-based SaaS model, but Agentforce reads more like a defensive response than evidence of a durable new moat. In both cases, I'd rather recycle capital into ideas where the path to long-term differentiation feels clearer (aka, the "too hard pile").
With market exuberance of the past few days, I also trimmed Rocket Lab $RKLB once again this month. This wasn't a change in long-term conviction — I still think this is one of the most exciting companies in my portfolio — but it has once again become a large enough position that some pruning made sense from a diversification perspective. One of the constant tensions in concentrated investing is balancing conviction with position sizing discipline, and this was me trying to respect both.
I continue to believe Alphabet $GOOGL, Amazon $AMZN, Tesla $TSLA, MercadoLibre $MELI, NVIDIA $NVDA, CrowdStrike $CRWD, and Palo Alto Networks $PANW are high-conviction-at-current-valuation ideas. That doesn't mean they're risk-free, but at today's prices I feel the risk/reward is attractive relative to other opportunities I'm seeing.
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I believe in transparency and accountability, and post my full portfolio and returns every month. I also have a weekly podcast where I dive deeper into the rationale for all my trades.
This month we're doing a full review of all our 'king of the jungle' portfolio holdings, with a full bull and bear discussion on every one. To catch the latest episode search for "Wall Street Wildlife" on your podcast platform of choice, or find us on YouTube.
