I sold my $ASML position around $1,200 per share earlier this year. I am a firm believer of holding exceptional assets forever, and I generally don’t exit an exceptional company just because the stock is overvalued. But at the time, it seemed the stock had already priced even the most optimistic assumptions. Today it delivered an exceptional quarter, beating all the optimistic estimates and the stock is at $1,860 pre-market, 50% higher than my exit price. Another reminder to hold onto exceptional companies even when they look very optimistically priced. They don’t just beat expectations, but tend to beat even the most optimistic expectations. This is why they are exceptional. Hold onto the exceptional assets even though the prices look high.
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