Investment Discipline – Sell Discipline

While our typical holding period spans a multiyear investment horizon, we nevertheless believe there are rational reasons to reduce or eliminate portfolio positions.

As a general rule, we pare or exit investments based on a number of factors including:

  • Adverse changes in long-term earnings power.
  • Excessive valuation.
  • Loss of confidence in management, and/or
  • Opportunities to allocate capital to more compelling investments.