Agree but we can do a little better than that and say personal...

Agree but we can do a little better than that and say personal circumstance... As I've been saying here in the past.

Taking money out from one investment and putting it in another investment seems silly to me especially if the holding is risk free over the last 20 years. The real trick to investing is that 90% of your holding is driven by personal circumstances, not economics, not market pricing, not even company fundamentals anymore... If you can get into a position that do not require you to sell because you do not need the money. The better it is for your wealth moving forward. But if you constantly buy and sell to every market signal there is; or worse move entire positions over to new investments then you don't get to enjoy compound accretion which is where most of the fun is... Let's see If I can buy a little bit more on this pullback.

Well done and congrats by the way So let's do a thought experiment using your numbers. At your average of $33.65 and taking the last CBA 2 dividends including franking of $6.643. 33.65/6.643 = 5.06 . In a little over 5 years CBA will have given you back all your investment. Even sooner depending how much dividends are increase during that period. All those who wince at CBA's supposedly high valuation never realised that this is the perspective of LT retail holders.

They only see this perspective and with such a large holding from retail they lick their lips thinking it is easy pickings for a tree shake. Yet shorting banks is called the Windowmaker trade for good reason.