Sold second half of Ascent Media Position
Yesterday I sold the second half of my Ascent Media (ASCMA) position for $54.57 a share. In a previous post I had written that I would be selling if the share price reached $50, but the recent, swift share price runup from around $42/$43 took me by suprise; I dawdled long enough that the share price reached the mid $50s before I was able to put in a sell order and, after all, I sold out around my original target price of $55 a share. This time it was luck more than skill that got me the extra $5 a share!
In any case, my total return on the investment was about 97% over 2 3/4 years. This comes to an IRR of about 28% annually, well over my threshold return of 20%. With this position fully sold I’m now looking for another sizeable investment.