There’s a moment in every great tech story when the average investor exits. Not at the top. Not near it. Typically at +50%. The PnL looks good, the gut whispers don’t be greedy, a well-meaning advisor quotes Kostolany. What no one says out loud: those first 50% on a Microsoft, Amazon, or NVIDIA ride were never half the journey. They were the first five …
The First 50% Trap - Closelook Heresy
Why classical valuation metrics — and classical portfolio rules — break the moment a secular bull is real.
