Subject: Re: Valuation
I'm still not super keen on current valuation levels. I just sold fresh calls, $335 strike this time, for $43.34.
...
Jim, just want to thank you for regularly and proactively "showing your work", your thinking process.

Yeah, well, that doesn't mean any of it is a good idea.

Today I bought back those calls for a small loss (though a slightly larger gain on the shares since then), since i looked one more time at valuation levels and I just don't feel comfortable here.
Fabulous firm, great for "buy it and forget it", but that's not my style even if it usually makes good sense.

Given that there are good reasons to think that net margins will fall in the next couple/few years, at over 11x the bottom graph here is not really an inspiring omen for short or even medium term returns.
https://www.macrotrends.net/st...
Even if you add $5 a share or whatever for the shareholdings in other things.

A motion to adjourn is always in order : )

Jim