Where’s the Value at? Successfully Trading In and Out of Positions

Trimming and Adding May Not be Necessary

Our turnover is typically in the single digits. It’s great when something goes up 50% in a year, but if you sell it you’ve got transaction costs and taxes and then need to find an incrementally better use for the money. We’ve never been very good at trimming and adding but, if we’re right about buying the long-term compounding machines we want to buy, it doesn’t make much difference.
Source: http://www.valueinvestorinsight.com/