Avoid Purchasing Full Positions on Day One Make More Money on the Long Side

Adding Value During Down Times

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I believe the biggest way you add value as a value investor is how you behave in those down-25% situations. Sometimes you should buy more, sometimes you should get out, and sometimes you should stay put. I’ve never actually looked, but we probably hold tight 40% of the time, and split 50/50 between buying more and getting out. Making the right decisions at these moments adds more value, in my opinion, than the initial buy decision.
Source: http://www.valueinvestorinsight.com/