Trimming and Adding May Not be Necessary Buy More or Get Out

Successfully Trading In and Out of Positions

It’s just very hard to trade in and out of positions successfully over the long term. It’s only possible when you can have unusually high confidence in the precision of your intrinsic-value estimate. The most common reason we sell is when we find a better opportunity – that naturally takes us out of some higher-valued stocks that might be most prone to a correction.