Selling is harder than buying. It requires admitting a thesis has drifted, or that a position has grown too large to ignore.
My default is to hold. Compounding works best when you don't interrupt it, and most trimming decisions I've made were about my own discomfort, not about the business.
The two reasons that pass the test: the thesis is genuinely broken (the moat narrowed, the management changed, the economics reversed) or the position has become so large that one bad outcome would be irrecoverable. Neither is about the stock being 'expensive.'
A precise price target is a story pretending to be math. The honest answer is always a range, and usually a wide one.
The numbers tell you what happened. The letter tells you how the CEO thinks about what happened. Both matter.
The best moats aren't a single feature. They're a flywheel of small advantages that only works once you've already won.
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