Good morning! Here's my latest earnings calendar from my vacation in Sardinia—my last two are coming up. Have a great Sunday, everyone!

$PDD (-2,06 %)
$XPEV (-4,37 %)
$EH (-0,64 %)
$BOX (-0,04 %)
$ZM (+3,11 %)
$LI (-2,59 %)
$JKS (+1,94 %)
$KSS (-0,79 %)
$NVDA (-0,14 %)
$OKTA (+1 %)
$CRM (-0,03 %)
$SNPS (+0,94 %)
$CRWD (+0,76 %)
$HPQ (-0,4 %)
$DRO (+0,93 %)
$PNG (-1,63 %)
$WDAY (-0,26 %)
$ULTA (-0,17 %)
$MRVL (+0,52 %)
$ADSK (-0,41 %)
$AFRM (+0,8 %)
$S (-0,05 %)
$IREN (+0,97 %)

$1810 (-1,28 %)
$08X (-0,96 %)
$ZS (+0,1 %)
$PDD (-2,06 %)
$MRVL (+0,52 %)
$CRM (-0,03 %)
$SNPS (+0,94 %)
$SNOW (+0,26 %)
$HPQ (-0,4 %)
$XPEV
$KSS (-0,79 %)
$DELL (+0,87 %)
$PATH (-0,63 %)
$OKTA (+1 %)
$MDB (+0,27 %)
$ADSK (-0,41 %)
$S (-0,05 %)

Dear community, there has been another rattle in the depot. This time $OKTA (+1 %) unfortunately. Still up, but with a disappointing return. The share was once up more than 50% in the portfolio.

Reasons for the sale are easy to find. Okta does not look incredibly cheap for its growth and competition is increasing. Until now, I saw Identity Access Management (IAM) as a highly profitable niche. Unfortunately, the niche is no longer a niche when Microsoft becomes active. Although they have had a competing product for decades, they haven't really bothered with it. In the meantime, however, MSFT has upgraded and can use its platform strength with Azure to woo existing customers much better.

Although I believe that the market will be big enough for both players in the long term and Okta also has plenty of unique selling points, I don't think it's currently justified to maintain a pure play for such a special topic.

At the moment, the momentum is fully behind Okta, but as a precaution, I still prefer to sell now. The figures are due next Thursday and I don't want to take the risk of having to sell the position at a loss after all. The same applies to holding stocks over the weekend as long as Trump is president (he usually works more at the weekend than on weekdays)

The next to-dos are:

• $ILM1 (+0 %) and $AFX (+2,11 %) are very likely to leave us by the end of the year
• $PYPL (+0,11 %) and $UNH (-0,19 %) will continue to be monitored very closely, I am increasingly losing patience with PayPal in particular
• I will restructure my gaming portfolio in depth, with fewer stocks and less overall weighting. But I'll take my time with the details.

As I announced yesterday, I am not at all satisfied with my current portfolio strategy at the moment. I have therefore decided that something has to change. At the moment, I'm mainly facing structural headwinds with my portfolio - both in terms of my preferred sectors and my preferred factors. But what bothers me much more is that the stocks I hold mainly for diversification in different sectors and markets are not working at all.

I have therefore decided that something has to change. I am going to reduce or close positions in my portfolio where I am not 100% convinced of their success. This will of course also significantly reduce the number of investment targets in my portfolio. So it's not about restructuring the portfolio, but actually about reducing the investment volume or divesting. It is not said that I will immediately find a new investment target within the portfolio every time I sell.

What has happened so far:

• Sale of the Jenoptik position $JEN (+2,55 %)
• Sale of the Edwards Lifesciences position $EW (+0,01 %)
• Sale of the Take Two Interactive position $TTWO (-0,32 %)
• Complete withdrawal from India, etc. $RIGD (+0,11 %)

Of course, I didn't hit the high on any of the sales, but that was clear anyway. Some of the sales had already been made in 2025.

What will happen now:

I have now concentrated my portfolio from around 40 stocks to just 34 stocks. This trend will continue. I will continue to try to get rid of stocks that have not proven themselves.

The problem is that many positions are deeply in the red and I hardly have any decent profits to offset them against each other. This delays the sale of positions considerably. Many of the stocks for sale are also currently mispriced.

The top sell targets include:

• United Health $UNH (-0,19 %) - to be honest, I wanted to sell them last week if they had delivered poor or even expected figures. The fact that they then really surprised on the upside bought them time until the next quarterly report.
• PayPal $PYPL (+0,11 %) - I haven't really been convinced here for some time now, but the undervaluation is also criminal. Sell yes, but not at any price.
• Carl Zeiss Meditec $AFX (+2,11 %) - I actually have to get rid of this too, but only when I have something to offset. The share has certainly halved in value for the third or fourth time now. The only consolation is that it can't go any lower than 0.
• OKTA $OKTA (+1 %) - this could be a logical next sell candidate. In less than a month there will be figures again. Breakeven is not far away. And the technology is currently no longer as unique as it once was.
• Medios AG $ILM1 (+0 %) - dead stock that I've been carrying around for far too long. Nevertheless, the valuation is not justified. At some point it will go up again and then it will be gone.
• I will also be taking a massive axe to the gaming sector as soon as it is in demand again.

As you can see, some shares are for sale, but in some cases the sale is not imminent due to the valuation. I assume that it could take several months to 2-3 years before all the shares are sold. The total number of shares will be in the range of 20-30, the portfolio volume will probably not exceed €100,000 due to the sales.

And what happens to the money?

I have already started with index investments in a separate custody account in the background over the last few months. This test balloon with around €5,000 has proved to be very successful so far. I will therefore start investing money that I don't need for individual share investments in the short term primarily in ETFs.

I am focusing on a manageable number of ETFs, although I will still try to include bets on factors, sectors and countries - simply because I enjoy it and I may also withdraw money from a well-performing ETF and use it elsewhere. My portfolio currently contains the following 4 products:

• MSCI World Momentum Factor ETF
• MSCI USA ETF
• MSCI World Healthcare ETF
• an actively managed fund that focuses on small caps and EM

Basically, I will try to get the ETF portfolio towards €100,000 and even if something changes in the product selection, most of it will probably end up in the MSCI USA, if we are completely honest.

Is there a long-term vision?

If I don't realize again in 5 years that none of this has worked out (I just have to try it out, I'm also living for the first time) then I imagine that in 10-15 years I will probably have 3 depots. I already have them now, I just don't use them.

The €100,000 individual share portfolio is to become (this time a real) Warren Buffet portfolio, with a few highly concentrated shares that I would really like to hold for life.

I would also like to hold €250,000 in an ETF portfolio.

There may also be a kind of trading portfolio of no more than €20,000 where I can buy shares such as $ASML (+1,62 %) 2025 and $META (+0,06 %) In principle, I follow my portfolio strategies very consistently, which is why I was unable to buy META due to the portfolio criteria. In a separate portfolio, I would also have the opportunity to take advantage of the clear setbacks or sometimes buy funny community stocks from Getquin like $IREN (+0,97 %) and $SOFI (+0,12 %) where I fear the volatility in the main portfolio.

If the sums don't work out, the ETF portfolio will only be 200k and the trading portfolio only 5k, but in principle it could work out something like this.

Shares in cloud-based security software providers came under significant pressure on Friday. This was triggered by Anthropic's presentation of a new AI tool that can autonomously identify and fix software vulnerabilities. Investors fear a shift in competitive dynamics in the cybersecurity market.

The shares of CrowdStrike $CRWD (+0,76 %) lost 6.7 percent. Okta $OKTA (+1 %) slumped by 9.1 percent. Traders pointed to concerns that AI agents could take over parts of the traditional threat detection business in the future.

Anthropic had presented a limited research preview of Anthropic "Claude Code Security". The function searches code bases specifically for subtle logic errors that are often overlooked during manual checks. "The technology is designed to put these capabilities specifically into the hands of defenders," the company said. The aim is to protect code against a "new category of AI-supported attacks".

However, skepticism prevailed on the markets. Investors discussed whether systems that can find previously undetected errors would reduce the long-term relevance of established enterprise security solutions. Market observers warned of a possible structural change - away from reactive monitoring towards proactive, automated repair.

Other industry stocks also came under pressure. Cloudflare $NET (+0,99 %) fell 6.6 percent. Sailpoint $SAIL (+0,73 %) lost 9.0 percent. The share price reactions reflected the growing uncertainty about the extent to which AI-native security tools could change existing business models.

Meanwhile, Anthropic emphasized the performance of its Claude Opus 4.6 model, saying that internal stress tests had identified more than 500 vulnerabilities in productive open source code bases. "Every find goes through a multi-stage verification process," it said. This is intended to ensure the quality of the hits and limit the number of false alarms.

The price losses are in the context of increased volatility in the software sector. Market strategists point out that generative AI is increasingly moving from an additional function to a central technological level in the corporate environment. Anthropic expects that "a significant proportion of the world's code" will be checked using AI in the future.

Established providers such as Zscaler $ZS (+0,1 %) whose shares fell by 3.5 percent, have already integrated AI functions into their platforms. Analysts nevertheless see agent-based systems as a potential turning point in competition.

Investors are currently reacting sensitively to business models that could come under pressure from AI alternatives. Similar price movements have recently been observed among software providers in the legal and education sectors, where AI-driven solutions have called established subscription structures into question.

$MDB (+0,27 %)
$ASAN (-0,57 %)
$GTLB (-0,27 %)
$MRVL (+0,52 %)
$OKTA (+1 %)
$CRWD (+0,76 %)
$DLTR (+0,21 %)
$SNOW (+0,26 %)
$AI (+0,61 %)
$CRM (-0,03 %)
$PATH (-0,63 %)
$IOT (+0 %)
$DOCU (-0,21 %)