Have reluctantly sold my holding during the latest price movement. Selling has been an interesting experience, very much the inverse of catching a falling knife. Every time I sold the stock moved higher, and probably will continue so. I'm well aware that markets resist prophecy.
Nothing has changed with respect to management, business model or macroeconomics contributing to my view. The return I have received has been far greater than I expected in the time frame I have held. By far the biggest proportion of this return has come from a valuation re-rating rather than business growth. Accordingly, my view is estimation is that the future returns is likely to be more subdued at the current price. The company will remain at the top of my list and I will be eager to purchase again if the opportunity arises.
SNL Price at posting:
$4.35 Sentiment: None Disclosure: Not Held
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