Worm is one of my favorite hedge funds. I've been reading their quarterly reports for years. They run a concentrated long only strategy and invest in technology, innovation and disruption. They hold a concentrated portfolio of between five and 10 positions that today includes Shopify, Spotify, Tesla, Airbnb, Amazon, and NextEra Energy. Since inception, Worm has compounded their investors capital at over 31% per year, while the S&P 500 has delivered just over 15% over the same period.
I sat down with Eric Markowitz, Worm's Head of Research, to dive into Worm's unique approach to investing which they call the Worm Algorithm and Worm Theory to understand how they've generated such incredible returns over the last decade.
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