($) Q3 2023 Letter: Sideways Market Continues with More War

"War is always bearish on money.” -- Philip Fisher

Welcome to our first-ever quarterly investment performance deep dive letter. To new and old readers alike, a friendly reminder of who we are: at Interconnected, we run a long/short equity portfolio that is laser-focused on investing in the “picks and shovels” of the interconnected global digital AI economy. I draw on my technology business operator's experience and geopolitical antennas to bring an edge to how we assess a tech company’s rhythm and prospects in a constantly changing world.¹  Internally, we like to say, “we can’t time the market, but we can time companies.”

Here is our Q3 2023 and cumulative 2023 performance, and comparisons to three relevant benchmarks. 

1  My past experiences include: senior leadership position at GitHub (the world’s largest developer and open source technology platform, now owned by Microsoft), a unicorn database startup, early stage VC, and the White House and Department of Commerce during the Obama administration. I studied law and computer science at Stanford; international relations at Brown. 

2 Through September 30, 2023.

Top holdings in alphabetical order (as of September 30, 2023):