Unconventional Value on Planet Labs PBC

Planet Labs remains a meaningful portfolio position, but Gallagher materially reduced the stake after it had been the portfolio's largest holding for much of the prior four years. He believes the company's valuation had reached a level where future stock returns could become increasingly disconnected from fundamental business progression. He retained a position because he continues to believe great companies can surprise to the upside, but he no longer wanted overall portfolio returns to be so dependent on Planet at much higher prices.