Greg -
Believe me, I am all about getting in and holding, I am young, I can sit on losses for 15 years for all I care until they turn black. That's why I finished with that line. But I do think even in picking the long term holds you maybe need to dig a bit deeper. Understand secular vs. cyclical trends, what risk factors lay ahead, competitive positions, and I believe alot of that is priced in, and shows up in the multiples.
Being on the private side, I couldn't trade single name stocks, so I am full of index ETF's which I will hold for a long time. Now that I get into single names more I use much more caution.
The theme here, I get it and support it, just as I saw more and more posts about individual names and not around philosophy I put in some caution, and it certainly gets complicated, but I think having that in the back of your mind helps.
Tim
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