The professional money managers would have been further ahead to simply pick stocks from their portfolios at random to sell, rather than making the ‘human’ sell decisions they actually made. They should have used darts rather than their brains.
Unless management holds the major part of their family net worth in shares of the company there is a serious potential agency problem
Really wonderful companies will often get overpriced and selling means losing a position in a first-rate company.
If the job has been correctly done when a common stock is purchased, the time to sell it is – almost never
Your baggage is what you already own, and it gets in the way of excellence.
The investment principles around selling losers and holding winners are one of the most important and subtle topics in investing; laden with psychological pitfalls
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