– Investors can be tempted to sell during corrections like this one. Oftentimes emotional behavior is cloaked in intelligent-sounding rationalizations like “it’s important to sell down to your comfort level.” But the valid reasons to sell are principally because you feel fundamentals have deteriorated or because the price has risen enough. Selling to get more comfortable as prices fall (just like buying for that purpose in a rising market) has nothing to do with the relationship between…
It’s Not Easy – Memo By Howard Marks
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