Many years ago, I think it was the 1987 crash, Kerry Packer sold...

Many years ago, I think it was the 1987 crash, Kerry Packer sold 12 months too early but still came out a big winner.

The point being you do not have to sell at the top to have a good result. As long as you sell at a profit & do not hang on & see the price reverse dramatically, wishing you had sold.

Those who have their CBA holding in a SMSF in pension mode are silly not to take advantage of an over extended share price as they do not have to pay capital gains tax. If the CBA share price retraces significantly, they can always buy back in. If not, no harm done, they can invest their profits elsewhere. Those who wish to sell but have a capital gains problem theoretically would be better selling when the stock goes ex-div as they will receive the dividend & the shares would immediately be worth $3.57 less, taking into account franking credits.