How do you look at businesses like these w.r.t returns? Price has been in consolidating for 4-6 years. Would you not think too much in cases like these, if you had made big returns, so even if the non-performing years are added to the holding period, the overall return is satisfactory for you, and your focus lies elsewhere? Or you have a certain threshold w.r.t time, after which you exit, not to mention the fact that you know about the businesses very well? Or 4-6 years of time is not that long for businesses which will be existence for decades, and assuming, as you would have fairly large positions, you will hold for longer periods?
I have not particularly read many of your comments, one reason being, you are a very experienced investor, who manage several portfolios, but it will help to know.
And is holding for years a combination of availability of capital for other ventures, affordability of opportunity cost, and temperament or is it an advantage limited to few?
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