42 Tips about Buying And Selling

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One thing we’ve had to get better at over the years is sizing our positions to our conviction level. That may sound obvious, but the only bad year...
We used to have a fairly rigid rule that as soon as something went above the market multiple we'd sell, but we thought we too often were leaving money...
I’ve concluded that leaving money on the table is a built-in problem for value investors. Our assumptions are generally so conservative that...
We are required as analysts to present five, six or seven key reasons to own a stock, and if any of those start to erode, that’s a warning sign that...
We have for selling what we call the “IBD test.” When our companies start showing up on Investor’s Business Daily’s hot top 10 lists, that’s...
I’ve never understood why value investors who are very disciplined on the buy side become momentum investors when they sell, saying they’ll wait...
We have three people in charge of the portfolio and we require unanimity on a stock in order to buy. It’s majority rules on selling. The fact is...
If we’re right on the long-term trends, our bias is to stay with a trade for many years to allow that to happen. We try to avoid getting itchy every...
I have no idea where the bottom is. If I did I wouldn't be invested at all today and would then be fully invested when the bottom came. The...
One lesson learned after enduring a few too many round trips is to take more of an IRR [internal rate of return] focus on when to sell – what is the...
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