Exited the last of my 2yo TSLA long position today. Not sticking around for earnings.

by ihasanemail

I don’t care if TSLA goes to $2,000 after earnings tomorrow. I’m not sticking around to find out, good luck to the call buyers that are still holding. I bought 400 shares in 50-100 share increments the second half of 2018, cost average was around $335. I started selling in increments last week, cost average around $1,550.

I think I’m getting out at the best possible time, the company is valued at $100 billion more than Toyota. And it’s valued more than every other major carmaker put together. I think the stock at $1,000 is priced for perfection, $1,500+ is just nuts considering the macroeconomic backdrop. Nonetheless, I like the company and hope it takes over the world. I’d like to buy a Model Y whenever my Camry kicks the bucket, maybe it will have the zero-cobalt million-mile battery in it by then. Maybe Elon will get the body paint and paneling issues worked out by then, both of my buddies who bought Model 3s the past two years have had issues with the paint, interiors and body paneling that’s required warranty repairs by Tesla. I’ve ridden in a Model Y and the only thing I dislike is the crossbar in the back window that makes getting a clear look out of your rearview difficult.

The $480,000ish profit was all in taxable accounts unfortunately. So 20 percent long term capital gains tax, minus another 3.8 percent in net investment income tax. So $365,000 left over. No state income tax. Will probably spend it on more Goldman Sachs shares on the next pullback. I’ll send a check to the IRS for the $115,000 next week when the last of my sales clear. No sense putting it in a HYSA until next year, out of sight and out of mind.

 

Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence.