📉 Week in review: portfolio −4.0% vs S&P 500 −0.8%.

Seven names. Most of them software. The tape did not care. 😬

Mon–Thu was a rate-and-oil week. 🛢️ The US–Iran conflict and Houthi moves around the Red Sea and Hormuz pushed Brent through $100 and briefly toward $110. Energy inflation showed up in PPI, then CPI printed +0.4% m/m and +3.4% y/y. 10-year yields tagged multi-year highs. Fed-hike odds for next week jumped toward ~90%. Growth and SaaS got marked down as duration. 📉

That’s the same tape that has been punishing the “SaaSpocalypse” names all year. INTU, CRM, NOW, ZS sit in that bucket. ORCL printed a strong quarter and a huge backlog, then faded into the same risk-off tape. VST is the energy sleeve that should have helped when crude ripped; it didn’t offset the software drawdown. ACM is the infrastructure name that didn’t get a flight-to-safety bid.

Friday was a bounce, not a reset. 🟢 Oil eased, CPI was close enough to consensus that the market stopped selling first and asked questions later, and the S&P snapped a four-day losing streak. The week still closed red. Portfolio still closed more red.

What drove it, in one line: geopolitics repriced oil, oil repriced inflation, inflation repriced the Fed, and the Fed repriced long-duration software. ⚡

Holdings: INTU, CRM, ORCL, VST, NOW, ACM, ZS.

Not a thesis change. Just a week that punished concentration. 👀

#PortfolioUpdate #StockMarket #SaaS #Fed #Inflation #Oil #Geopolitics #Investing #Rates #SP500