I've made the same decision a while ago and luckily got out over $200. It's s great business but needs to reinvest massively right now for future growth. That's a painful transition during a downtown. It's also just not cheap enough for what they'll be able to deliver.
With highly cyclical and capital intensive businesses, you really need to time it perfectly to maximise returns for the risk. Agreed on valuation too, if it was still at 18 times forward earnings today it would be a very different decision.
I've made the same decision a while ago and luckily got out over $200. It's s great business but needs to reinvest massively right now for future growth. That's a painful transition during a downtown. It's also just not cheap enough for what they'll be able to deliver.
With highly cyclical and capital intensive businesses, you really need to time it perfectly to maximise returns for the risk. Agreed on valuation too, if it was still at 18 times forward earnings today it would be a very different decision.