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Jim,

I agree with everything you wrote. Being one of those who sold at what I thought was an overvalued price only to see the price keep climbing (http://boards.fool.com/Message.asp?mid=25763668), I have to say I'm going to adjust my selling criteria just a bit.

You know that phrase, "The market can stay irrational longer than you can stay solvent." Same kind of thing with Blue Nile, just applied to a different situation. With 20/20 hindsight, what I should have done is either sold a portion or watch it like a hawk as it continued to rise until I could stand it no longer. Maybe (gasp!) use a stop-loss sell order for this type of situation. I'm positive that my valuation about what was needed back at $55 was a lot more reasonable than any valuation or expectation baked in now. The fact remains, though, I'm out $30 or more per share.

I'm (slowly, but getting there) coming to realize that valuation is the weakest of my list of reasons to sell a company, because Mr. Market doesn't have to agree with my model.

Cheers,
Jim
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