42 Tips about Buying And Selling

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To avoid selling too soon, we’ve forced ourselves to look over long periods at where margin and sentiment peaks have been in individual stocks, to...
We try to fight against statements like “this would be a great investment if it were 10% cheaper.” That’s a wussy conclusion because you can’t...
Sir John Templeton had one of the best methods for keeping emotion out of the process. He used to do his calculations of intrinsic value when there...
We like to live with smaller investments in a company for three to six months before making a full commitment. It gives us an opportunity to even...
My threshold for pain is high as long as I believe I’m still right. Historically, we’ve made a lot more money on the long side when what we...
We may be willing to hold until 110% of appraised value if management, through its strategic decisions or capital allocation, has a proven history of...
There are no “holds.” Every day you're either willing to buy more at the current price or, if you aren't, you should redeploy the capital to...
When a stock reaches the midpoint of the [valuation] ranking, from cheapest to most expensive, we sell automatically. As a stock price goes up and...
We’ll probably take “R&D” positions in stocks [before completely finishing our research]. Action adds a sense of urgency to the work –...
Sometimes tracking insider selling isn’t so helpful, but if you do see an insider aggressively selling when the stock is falling, run. There’s...
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