In an upcoming blog post on Mason Hawkins I included this quote about selling: «We sell for four primary reasons: when the price reaches our appraised value; when the portfolio's risk / return profile can be significantly improved by selling, for example, a
business at 80 % of its worth for an equally attractive one selling at only 40 % of its value; when the future earnings power is impaired by competitive or other
threats to the
business; or when we were wrong on management and changing the leadership would be too costly or
problematic.»