In Fact, when we won portions of outstanding
business with outstanding managements, our favorite holding period is
forever. We are just the opposite of
those who hurry to sell and book profits when companies perform well but who
tenaciously hang on the businesses that disappoint. Peter lynch aptly likens
such behavior to cutting the flowers and watering the weeds.
We continue to concentrate our investment
in a very few companies that we try to understand well. There are only a
handful of businesses about which we have strong long-term convictions. Therefore,
when we find such a business, we want to participate in a meaningful way.
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