Exiting Vinci ($DG)
Vinci is a great, well-managed company.
Nonetheless, we’re growing confident that we can find better returns elsewhere. The stock is now much closer to fairly valued. It was bought at an average of €100 last year (now €125), so we have made a 25% gain on the price, 5% gain on dividends, and about 5% in currency appreciation.
We try to keep portfolio turnover to a minimum—but at this point we want to raise cash for other (better) ideas that we are considering.
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