Estee Lauder, now you may be wondering why we are not selling all of our shares. Why not channel our inner Steve Miller Band and “take the money and run” in this small of a position? Plus, we recently initiated a position in Chevron, and we typically do not like to put on a new stock before taking one off.
Ultimately, we decided to hold on to the rest of our EL. It is an exceptionally run company with a high-quality franchise that will benefit even more as travel patterns normalize. We could change our mind on the next leg higher, but we have always viewed EL as a core position, and we don’t like to trade around stocks we consider core.
This trim will lock in a great gain of about 20% on shares we purchased in mid-May.
