($) 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):