Well I am out as of today

Love the company and its future. I have been dithering around a few companies valuations and Intelligent Investor Share Advisor just issued their second sell on REH - first was at $20ish. At 50 times earnings (though conservative accounting may understate their earnings) it is looking expensive. Fantastic company and kudos to management for their excellent delivery and though the US expansion is still a maybe at this stage it is starting to look promising. If I may suggest, possibly some of the share price appreciation this year has been down to its inclusion in some major indexes.

What do other REH holders think about this current stage of the cycle? My posting frequency has died off now that pretty much every listed security is looking less attractive. Thanks to companies like REH I have done really well over the last few years but valuations are looking very high. The covid crash and subsequent SPPs was an excellent time for a number of posters here, myself included.

Cash is obviously a poor choice long term and government bonds are just ugly at the moment (unless you think we are in for a sustained period of negative rates). An argument could be made that fossil fuel producers are cheap, though what proportion of your portfolio would you want to invest in this category?

Today I just opened a low cost industry superfund account for my wife and I so we can rollup the SMSF. It all feels too hard at the moment and I am calling it quits. The plan is to select the 'balanced' investment option. The fact that only around 50% of the portfolio is listed securities and a fair chunk is infrastructure/property/alternatives where the NAV is only update periodically, does provide an arbitrage opportunity in the case of a sudden market crash.

Reece seemed like an opportune thread to use for this discussion as it epitomises much of the market at the moment, wonderful company on a crazy valuation and driven there by TINA. Curious to hear your thoughts.