There are many successful growth investors on this board (Saul included) who will sell a holding when they think it has gotten too high
Jeb,
I think there are successful growth investors on this board that do sell when they think a stock has gotten to high. But I have never seen Saul do that since he has started investing in SaaS type stocks. He bought ZM and DataDog when both were highly valued. He sold others when he saw the growth slowing (Shop) or when he thought they were losing customers (TWLO).
Back when he first started this board it was all about Peg, he even came up with a value metric that we all followed. It was called 1YPEG. Back in that time he did think about value and he followed more of a Garp type investing. But then he pivoted to SaaS and since then he really hasn’t thought about a stock being to high because of the Growth and Gross Margins.
I have thought about this a lot Jeb, and over the last 5 years SaaS stocks have been booming, and Growth stocks have been the vogue. This is not normally the case. Usually Value stocks win out over Growth stock. In fact, if you listen to the Value investors you will hear them expecting it to change back to Value investing. Just recently, people on this board were really scared that their stocks were dropping to much. But Saul was calm because he surmised that the growth of these stocks would continue to climb. Eventually these stocks will have their run and at that time I believe Saul will pivot, when value stocks do come back, and go back to a more 1YPEG type investing. But while SaaS stocks are booming, its make Hay while the sun is still shining
Andy