Two words keep me away from buying more of arguably the best business on the ASX - Competitive Response.

PME remind me of the old Bezos mantra of "Your margin is my opportunity."

Also the Innovator's Dilemma where Clay Christensen laid out the blueprint for a disruptor to launch a lower spec product at a lower price point where the incumbent will not want to go for fear of cannibalising their core market. Then build up from there.

With tech moving so fast and AI seemingly able to spin up applications with dizzying speed, there has to be some serious tech led (if not current competitors w added AI capability) incursion into their market. The Margins are just too attractive.

That said, plain speaking Sam seems to think they remain not only years ahead of their nearest competitor but that gap is widening.

I am expecting a credible competitive response to hit the news at some point and give a big shake to the winner takes all bull case.

Or some other hiccup, even if outside the company's control - this could be a cyber incident, a short report, etc, etc.

Shares hitting an air pocket could then be compounded by the momentum from passive funds buying it on the way up slamming into reverse.

When the squawking heads start talking about falling knives, the opportunity could really arrive.

I will then hopefully be able to add to my now tiny position after I sold most of it under $200.

Disc: Held