Percentage ownership targets are crazy

Percentage ownership is a crazy game which many investors play. It is the market orthodoxy.

All that matters is if you are happy with the amount you are investing at the valuation you are investing at.

Otherwise, as the valuation goes up you are forced to invest more as the return profile gets worse.

It makes no sense.

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Late update - 8 December 23

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Evening update - 7 December 23