Snowflake and Palantir had their worst week on record, limping into 2021 with a decline of more than 6%. Palantir in particular suffered a decline of about 20%. As a Palantir shareholder, am I worried?
Not really. First, my average cost price was $17, and I’m still up over 30%. I may feel different if it goes before my cost price, though I would still not sell.
Secondly, such declines happen all the time. There is no such thing as a straight line up forever, and all high-flyer stocks run into turbulence every now and then. There can be good reasons for the decline, or not.
Thirdly, there is no way to predict a steep advance or decline. I know there are strategies out there that claim to do so, but its fake news. If anyone can predict what a stock price will be in the next 10 minutes with any consistency, I guarantee you that individual will be the richest person on earth. That person will not waste any time marketing and selling said system.
Finally, the memes on Palantir at wallstreetbets are hilarious. Those alone make it worth holding the stock.
Despite the pump and dump, Palantir isn’t going anywhere as a company. I’ve been taught by Tesla to ignore the short-term volatility and believe in the product and vision. These are diamond hands.
I’ll be holding, and will pick up more at the low $20s. I’ll buy even more if it goes below $20. My timeline is at least 5 years in the future, and the fluctuations now don’t really matter in the long run.
In the meantime, pALantiR tO tHE mOOn!