Let me just quote what I originally responded to: > A 25% gain over a horizon of four years is not bad for your average investment -- but this isn't an average

Let me just quote what I originally responded to: > A 25% gain over a horizon of four years is not bad for your average investment -- but this isn't an average investment. > First, compared to the SP500, this underperforms over the same horizon (even compared to end of 2019 rather than the inflated prices right now). > Second, ARM's sector (semiconductors) has performed far, far better in that time. The PHOX (Philadelphia Semiconductor Index) doubled in the same time period. > And looking at AMD and NVIDIA, it feels as if ARM would have been in a position to benefit from the surrounding euphoria. That's the "valuation drops" - relatively to the market, ARM has significantly underperformed, despite the business being actually healthy and on the rise.