Sell Discipline

Asset Allocation | Security Selection | Sell Discipline | Risk Control

We believe the sell decision is as important as the buy decision.  At times, a good sell decision means capturing a gain, small or large.  At other times, it means taking a loss and moving on to better opportunities.

Stocks may be sold when some combination of the following events occur:

• Superior alternative opportunity exists
• Material event significantly alters our outlook for the company and its stock
• Substantial price gains, creating excessive valuation