The AlwaysOn X Fund portfolio surged 5.7% for the week, the NASDAQ advanced 4.8%, and the S&P 500 was up 4.6%. Year to date, the AO X Fund is up 3.8%, the NASDAQ is up 2.7%, and the S&P 500 is up 2.8%.
Facebook released an updated version of its iOS and Android app that lets users send up to a minute long voice message. Additionally, FB is testing open-source VoIP calling between Canadian iOS users.
This is a first sign that Facebook is looking to become a multi-ways communication platform, now including actual phoning (via VoIP). Not many had anticipated such a move—which has been surprising. It is certainly a very bullish sign for the social newtork and opens up a new large opportunity. For the week, FB advanced 11%.
We initiated a 2.9% position in nutritional supplement leader Herbalife, which we have owned in the past. At current levels, we believe the stock is undervalued, while fundamentally solid.
Michael Moe is an AlwaysOn contributing editor and a former co-founder of ThinkEquity.