By way of full disclosure, I liquidated 40% of my position in Royal Caribbean Cruises Ltd. (NYSE: RCL), the parent of Celebrity Cruises, today.
This action has nothing whatsoever to do with anything that took place at the company. I still believe that the company is a great investment, with a lot of room to run, and it is still one of my largest holdings.
Quite simply, I had "backed up the truck" by increasing my position to 5,000 shares when the stock fell below $5.00 per share a bit over a year ago. At its current price in the vicinity of $30.00 per share, this position had grown in value to represent nearly 15% of my portfolio. The principles of sound investment dictated that a rebalancing of the portfolio was long overdue, requiring sale of a substantial part of the position.
I'm still looking forward to cruising aboard Celebrity's ships -- yes, NurseDebra, even, no, especially
, aboard the ships of the Celebrity Millennium
class! -- and to receiving the stockholders' benefit when doing so.
I'm also continuing to hold 3,000 shares of this company as a long-term investment. I'm looking forward to attending the annual stockholders' meeting in Miami a few months, with the hope that many of you also will be there!