If the job has been correctly done when a common stock is purchased, the time to sell it is – almost never
Buffett analyzed companies more subjectively than Graham, and he found intrinsic value in companies, such as See’s Candies, that Graham would not have touched.
Many investors have lost money trying to tie their fortunes to a trend such as demographics and an aging population.
When we dig into it, it may not perform as well as we expect; it may carry more risks than we expect; and, there is a better way.
A high ratio of price to book value, a high price-earnings ratio, and a low dividend yield – are in no way inconsistent with a ‘value’ purchase.
Today’s FAAMGNs, that is today’s ‘vital few’, will not be the ‘vital few’ 20 years from now
It’s not that the contrary views aren’t there. We just ignore them.