Pinned straw:
No pullback today it looks like...attacking new ATHs yet again (how many of these have we had recently).
Another factor contributing to the seemingly bottomless bids for names like this is just how narrow our market is for established growth stocks, especially with a lot of them being taken over - ALU comes to mind most prominently (sadly for long-term holders like yours truly). So lots of money chasing fewer "homes" for the capital, akin to our lopsided housing market. Not good for the long-term, and watch out if there are negative surprises!
The only things that could turn this around are the founder retiring and selling a significant chunk of shares, which would upset the market, or a broader market downturn like the COVID crash.
However, many are waiting for these events. Let's see if and when they happen and how many have the guts to dive in when they do.
You pay a high price for a cheery consensus?
at my last Asa investor meeting I was told the whole market is waiting to buy this one
at these prices you have to be certain in 10 years not a few
Simply cash chasing high quality stocks.
And there isn't much supply to fulfill the demand for high quality stock.
Unfortunately we here aren't very good at identifying this supply demand imbalance.
Fyi: At $25 this was one of the ones I was going to buy after selling A2M. But there were some calling $25 expensive so instead I chased lower quality instead!