Events Threatening Capital? Consider Selling Holding a Stock that is Slightly Overvalued

Giving Businesses a Chance to Develop

We’ve been too quick at times to sell high-quality businesses. The mediocre ones you buy for 50 cents on the dollar, and when they get to 90 cents you’d better start thinking about selling. But businesses that have strong moats that can be protected for a long time, in industries that are growing strongly, we make sure we give those businesses a chance to develop. Sometimes you should let your truly great businesses run a bit.