Stocks that I sold in September

There has been some change in my portfolio. Learn more here

About the title image: I love using Midjourney, and I used a Lord of the Rings-themed image of a person waving goodbye. Let me know if you like this artwork.

Stocks that I sold

I rarely sell complete positions, but in the last weeks, I liquidated three positions for different reasons. Have you sold any stocks or positions recently? If so, let me know which one and why you sold it in the comments.

In case you have some cash available, make sure to read my best buys article, which you will find here:

Best Buys September 2025

Let’s go through the positions one by one.

Expedia

My stock analysis of Exepdia was one of the earliest articles that I published on this Substack, way back in June 2023. I was just on holiday in Portugal and booked quite a lot of accommodation through Expedia. Naturally, I had a look at the stock behind the company and learned to my surprise that I was trading at a dirt-cheap valuation.

You will find the original analysis here:

Expedia Stock Analysis & Deep Dive

I summarized my thesis this way:

I believe that Expedia is strongly undervalued at this point. The company has been on a sideways trajectory for a couple of years, and Covid had a strong impact. With the guidance and promising numbers, I can easily see the shares reaching a new all-time high. The forward P/E of 9 and an EV/FCF of 6.6 leave ample room for a multiple expansion.

Fast forward two years, and my take was spot on. Expedia showed strong numbers, and the stock prices acted accordingly. I marked in red where I bought and in green where I sold. Based on my entry point, I doubled my money (there are many worse things in life).

So why did I sell?

I am very happy with the gains, and in my opinion, Expedia reached a fair valuation. Expedia reached a forward P/E of 15, which is still cheap compared to the broader market but above the recent valuation.

At the same time, I believe that among the trio of Expedia, Airbnb, and Booking, Booking is by far the strongest company. I would much rather invest in the company that is dominating the industry.

Another interesting fact that was perfectly visualized while I held Expedia over these two years: Booking was at a way higher valuation when I bought Expedia in June 2023.

Most of the time, Booking’s stock price outperformed that of Expedia, and Expedia's only managed to catch up recently.

There are two reasons: Bookings multiple increased as well, and at the same time, the company just kept delivering stellar results. If I were to invest in the travel sector again, Booking is the choice to go with. I hope for a large drawdown one day in Booking’s stock price, and I shall buy some.

The lesson is proven yet again: Always go for quality!

Markel

To set the record straight at the beginning: Markel is a fantastic company. That was just one of the reasons why I wrote about Markel in detail here:

Markel Stock Analysis & Deep Dive

The CEO, Tom Gayner, is a great storyteller (in the positive sense), and I really enjoy the Markel brunch each year in Omaha. I believe that Tom Gayner and the rest of the management really breathe the spirit of the larger-than-life role model Berkshire, and they do a fantastic job of emulating Berkshire. The float from the insurance money is utilized in a strategic manner by purchasing whole businesses and building a substantial equity portfolio.

The stock price performed well since my analysis (+47%), and I am happy to take my money off the table and invest it in new opportunities, such as Adobe.

To learn why exactly Adobe, follow the link here:

Adobe - The Return of the King?

The main issue with Markel is the segment they operate in: The insurance business. Insurance is just outside of my circle of competence, and I don’t see how I can have an edge over other investors in this field. Some of the deals signed today can turn into large liabilities in a decade or more, and I don’t want to be exposed to these kinds of risks.

I will still follow Markel and Tom Gayner, and I am looking forward to the next Markel Brunch in Omaha, but next year only as a visitor and not a shareholder.

That’s it for you, my dear free reader. If you want to learn about the 3rd company that I sold, and if you want to support my work, I would be thrilled to gain YOU as a paid subscriber.

To all existing paying subscribers: Asante (that is, Swahili for thank you)