After reading Nalanda Capital fame Pulak Prasad’s recent book, I have sort of adopted permanent Owner type of approach, where, if I have selected a good company which has a long trajectory, then I dont want to sell it, no matter what its PE turn out to be. If company is good and price moves ahead of earnings, then maximum bad that will happen is few years of consolidation and I am OK with this lost opportunity. Who knows, may be after selling this , And buying something else, i may be wrong in both decisions, or wrong in one of the decision. Rather I would stay put and bear the consolidation phase. If I have selected a good company , it will come on track again, and I can be a permanent owner of a good company. Offcourse such companies are very few. But I just need 15-20 companies, so I am sorted. Why take unnecessary hassles of jumping here and there?
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