Hi Multis
If you have been here for a while, you know I don’t often sell my positions. The biggest gains come from patiently waiting. I agree with Warren Buffett:
Now, I think many misread this quote. They read: “Our holding period is forever.” That’s definitely not the case. It’s their favorite holding period. You only hold a stock if everything goes right, if nothing damages the investment case. That’s very exceptional. But if it happens, don’t sell. Before you know, you have sold the next Amazon, Netflix, Apple or Nvidia. If you have found that exceptional company, just let it work for you. As Warren Buffett’s friend and partner Charlie Munger said:
![Charlie Munger: “[In investing] the big money isn't in the buying or selling, but in the waiting.” : r/FluentInFinance](https://substackcdn.com/image/fetch/$s_!WDVh!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F472265de-3942-44de-87c0-311937a5de53_640x800.jpeg "Charlie Munger: “[In investing] the big money isn't in the buying or selling, but in the waiting.” : r/FluentInFinance")
If you look at what Warren Buffett does in his portfolio, you see this reflected. He has held a few positions for decades, which is pretty close to ‘forever’ in investing. But others come and go. Sometimes after just a few months, when he thinks the investment thesis doesn’t play out. People sometimes call him out then, saying things like: “I thought he never sold?” or “I thought his holding period was forever?” These comments are wrong and people saying this never understood what Buffett really said. Saying forever is your favorite holding period means you only don’t sell the stocks you think deserve to be kept. The others should be sold.
And that’s what I also do. And I did that this morning.
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