The answer is opportunity cost. When price reflects value (and then some) the portfolio is being deprived of another opportunity where there can be more dividend income, more dividend growth, etc. Those shares have a value and the FUTURE dividend growth we own the shares for is captured in the PRESENT value. For dividend growth investors, it makes no sense to own that which does not deliver in the FUTURE what the objective of the portfolio is.

It also is intellectually inconsistent to ever hold something you would not buy.

I hope this helps.
~ David L. Bahnsen, November 20, 2024

Correct, it means that I believe consumable products with purpose are valued on the laws of supply and demand, and yes, I find speculating on the supply and demand of oil and wheat to be a fool’s errand - and those have actual utility and function!  With Bitcoin, if one wants me to value it on its Internal Rate of Return (as ASSETS are priced), it has no earnings stream or coupon, so that was the context of my comment.  If one wants to treat it like a commodity, one can’t avoid the circularity that its demand presupposes it being a medium of exchange, a presupposition I wholeheartedly reject.
~ David L. Bahnsen

I actually addressed this very issue in my initial post-election commentary on November 8. There is no magic number at which supply and demand are optimally connected to the optimization and maximization of profits for all. Well, actually, what I ought to say is that number is not easily and immediately discoverable. But it certainly is the entire name of the game for all oil producers, always – seeking peak profits with price and volume together. Demand is eroded by higher prices, and higher prices are fostered by lower supply, so supply and demand work in crux with one another to make a market. Now, it should go without saying this is true of all things, always – not just oil.

But the fundamental thing to remember to help answer your question is our government doesn’t produce oil or drill for oil. President-elect Trump’s mantra of “drill baby drill” is an ethos around eliminating impediments that artificially hold oil production down (regulation, lack of permits, etc.). He cannot force producers to produce oil unprofitably. So all at once (see my link above), you have, in theory, a new administration seeking greater freedom to produce and oil companies operating in their own self-interest in search of that equilibrium between volume and price towards the optimization of profits. It’s not just how the square is circled – it’s the ONLY way to square the circle.
~ David L. Bahnsen, November 18, 2024

Prop 13 in the late 1970s set a maximum annual percentage cap of assessed value increase at 2% per year. Since then, houses have appreciated far and above this number, and the state enacted a few other acts to help retirees relocate to a home of equal or lesser value and still carry over their tax base. Prop 19 allowed this for specific counties. Prop 60 and 90 were expansions to other areas of the state and included family members who later could inherit properties without resetting the assessed value. The key to your question is to ensure the home you would move into would be equal or lesser value. There are more nuances that would need a call to discuss further from here.
~ Brian T. Szytel, November 14, 2024