Two weeks ago I shared my Intel investment. Today I want to share the other side. I bought Adobe at an average of around $497. Today it trades near $246. That’s a loss of more than 50%. When I bought it, my thinking was simple. Adobe owned creative software, people and companies depended on Photoshop and Premiere, and I believed AI tools like Firefly would make it even stronger. That’s not how the market saw it. AI made it easier for anyone to create images and videos without Adobe, and companies like Canva and Figma kept growing. Adobe’s business is still profitable and still growing, but investors stopped paying the same price for it. What I learned: - A great company is not always a great investment. I paid a price that assumed everything would go right. - When the story around a company changes, the share price can fall even if the results don’t. - I saw AI as Adobe’s opportunity and didn’t think enough about how it could also hurt them. I still hold the position, and I’m looking at it again with a clear head, not with hope. Intel taught me patience. Adobe is teaching me humility. #Investing #Adobe #LessonsLearned