42 Tips about Buying And Selling

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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...
When management really makes us angry, we put the file in a drawer for a while and just don’t do anything. We try not to sell just because we’re...
We don’t generally buy full positions on day one – we’ll buy a half position, watch it trade, live through a quarter or two of earnings...
In general, we’re not in the business of holding securities that are fully priced. If in our judgment the company’s valuation is appropriate for...
I’m a value guy at heart, so [I] would rather buy early than late. The problem with being late is that you’re already paying for the turnaround...
I expect to hold investments for three to five years, so the buy decision to me is clearly more important than the sell decision. More poor investment...
The argument that losers in your portfolio will outperform in the future doesn’t generally hold up to close scrutiny. After analyzing the trading...
[SAC Capital’s] Steve Cohen thought it was the silliest thing in the world to try to capture the first and last part of a stock’s move – those...
We do make a clear distinction when selling between “compounders” and cigar butt stocks. Once the cigar butts come back, you know to get out...
I more often than not sell too soon. To avoid that, I’m trying to better distinguish between cases in which the rise in the share price is still...
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