Quote:
Originally Posted by tvbound
A very wealthy and astute investor was once asked about his secret for success and he answered - "I sold too early." The obvious point he was making, is that he didn't try to perfectly time the markets, which is impossible. It's also a good segue into a saying that my dad likes to use, which is - "pigs get fat...hogs get slaughtered." Both sayings go a long way in explaining the Oracle of Omaha's - many decades of success.
|
If he were so astute, he would not need to sell. I’ve done unbelievably well by just hanging in there…doing nothing. Buying 10 sh of BRK in 1992 a $16,600@ was helpful. Thought I was crazy since it had been $8000 earlier that year. If this astute investor was selling prematurely, it was because he had a profit…and no one got rich paying capital gains tax. He had less to reinvest in his next adventure.
Clark Clifford, a renown Washington lawyer, once analyzed a complex deal. His summary was 2 words, “do nothing”. And enclosed a bill for $25,000.