Similar story, I am just 21 years old. Started journey 2 years back, but I didn’t lose money (never invested lol). The most important thing I have learnt is ‘what price you pay and for what?
And, I believe that intelligent selling is as important as intelligent buying.
One cannot hold forever due to the erosion of moat, and one cannot hold something at exorbitant valuations either. (Buffett acknowledges his mistake of not selling coca cola in 2007, when it was trading at close to 60 times earnings)
Microsoft was a brilliant company, if you bought/hold it at the peak of dot.com bubble, it would take you 15 years to touch those valuations again. Same story with Cicso and many more…
So yeah, economics, management and valuations are 3 legs of investing to me!! If one of them broke down, we are in mess! So yes, Intelligent selling is more important than intelligent buying.
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