Time to sell Caltex

Caltex is now a better business but the share price reflects the improvement.

The investment case for Caltex was a simple one: what appeared, in aggregate, to be an average business was in fact a combination of a great business and a lousy one. The announced closure of the lousy business would lift the good one from obscurity and transform Caltex for the better.

With the business’s transformation now complete and the share price more than doubling in a little over a year, it’s time to sell and look for the next opportunity.


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