My objective is not to buy at the ‘bottom’ and sell at the ‘top.’ My objective is to buy a great company when it is cheap and to sell it when it is fairly valued!

A disciplined sell process injects a healthy dose of Darwinism into the portfolio, weeding out the weakest stocks.

This whole investing thing is a lot more art than science. I am more patient with selling when a lot of things are humming together and impatient when I lose confidence in management. I have zero tolerance when I have an iota of doubt about management’s character.