Individual Investments

Stocks in our US technology portfolio

The strategy driving our selection of investments is that we invest in the essential infrastructure of the internet: if we assume that the internet is a foundation of the future, what are the critical components of that foundation? We invest in companies (eg GAFA) that provide those key components. This is a long term strategy, and therefore we’ve never sold any of our investments – except for Linkedin, which was acquired by Microsoft in Dec 2016.

AAPL: Apple   AMZN: Amazon   EBAY: Ebay   FB: Facebook   Alphabet: GOOGL and GOOG
LNKD: Linkedin   PYPL: Paypal   TWTR: Twitter   V: Visa   VMW: VMware

Outcomes: Share price performance

  • Alphabet (Google) GOOGL
    • On 10 Aug 2015 Larry Page announced a new operating structure for Google, in which Google will become Alphabet, but will continue to trade on NASDAQ as GOOGL and GOOG Announcement
    • Initial investment: 25 Oct 2010: $612.00*
    • 2x achieved: 25 Feb 2014.
    • 3x achieved: 28 Apr 2017.
    • Record high price: 8 Jun 2017: $1,987.69. Opinion
    • As of 3 Apr 2014 Google shares were split through a 1:1 issue of Class C non voting shares for each Class A voting share. For the record, the close price of Google before the split (as of 2 Apr 2014) was: $1,120.71.
    • For the purposes of this page, our reinvestment prices (totalling $1,143.24 as of 3 Apr 2014) are:
      • Class A shares (GOOGL): $573.39
      • Class C shares (GOOG): $569.85
    • Class A (voting) shares GOOGL
      • Initial investment: 3 Apr 2014: $573.39
      • Record high price: 8 Jun 2017: $1,004.28. Opinion
    • Class C shares GOOG
      • Initial investment: 3 Apr 2014: $569.85
      • Record high price: 5 Jun 2017: $983.68. Opinion
  • Apple AAPL
    • Initial investment: 21 Oct 2010: $44.14 (adjusted for 7 for 1 split)*
    • 2x achieved: 2 Apr 2012.
    • 3x achieved: 23 Feb 2015.
    • Record high price: 12 May 2017: $156.10. Opinion
  • Amazon AMZN
    • Initial investment: 20 Jan 2011: $190.90*
    • 2x achieved: 26 Nov 2013.
    • 3x achieved: 19 Oct 2015.
    • 4x achieved: 1 Aug 2016.
    • 5x achieved: 12 May 2017.
    • Record high price: 8 Jun 2016: $1,011.34 Opinion Opinion
  • Ebay EBAY
    • Initial investment: 24 Aug 2012: $19.92 (42% of $47.33) after PYPL split
    • As of 17 Jul 2015, Ebay has split off Paypal as a separately listed entity, with one share of PYPL allocated to each shareholder in Ebay.More
    • Ebay’s closing price on 17 Jul 2015 was $66.29. The opening stock prices on 20 Jul 2015 were:
      • EBAY: $27.90 (ie: 42% of $66.29)
      • PYPL: $38.39 (ie: 58% of $66.29)
    • Record (post split) high price: 8 Jun 2017: $36.14
  • Facebook FB
    • Initial investment: 13 Sep 2012: $20.75 (AUD 19.987)
    • 2x achieved: 3 Sep 2013.
    • 3x achieved: 31 Jan 2014.
    • 4x achieved: 20 Mar 2015.
    • 5x achieved: 26 Oct 2015.
    • 6x achieved: 28 Jul 2016.
    • 7x achieved: 24 Apr 2017.
    • Record high price: 8 Jun 2017: $154.71. Opinion Opinion
  • Linkedin LNKD
    • Initial investment: 23 Mar 2012: $97.00
    • 2x achieved: 12 Jul 2013.
    • Record high price: 26 Feb 2015: $270.76. Opinion
    • Exit: 7 Dec 2016: Microsoft acquired Linkedin for $196 per share in cash. We exited this position at just over 2x (+102%). In AUD terms the gain was +180%

      LNKD
      ^ Linkedin (LNKD) from IPO to acquisition by Microsoft (MSFT) Chart: Yahoo Finance
  • Paypal PYPL
    • PYPL was established as a separate listed entity on 20 Jul 2015 More
    • Initial investment: 20 Jul 2015: $38.39
    • Record high price: 21 Oct 2016: $44.15. Opinion
  • Twitter TWTR
    • Initial investment: 30 Apr 2015: $39.00
    • A small investment, currently well below initial investment. Opinion Opinion
  • Visa V
    • Initial investment: 3 Mar 2015: $68.95 (adjusted for 4 for 1 share split)
    • Record high price: 17 Mar 2017: $90.24 Opinion
  • VMware VMW
    • Initial investment: 1 Feb 2012: $91.00*
    • Record high price: 3 Apr 2012: $114.53.
    • A small investment, currently just below initial investment. Opinion