- Sell discipline is extremely important
- Sell weaker companies for stronger
- Ability to be flexible is critical
- Dal bar study
- Psychological factors, capital not able to invest, capital needed for other expenses
- In a period of volatility
- The reason investors are not successful
- Psychological takes up 50%
- Loss aversion: the fear of loss draws to selling at lows
- Average time period people hold a mutual fund: 3.8 years
- Narrow framing: making decisions about a part of a portfolio
- No one position breaks the long term
March 26, 2018