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Infinite Fund's avatar

Good write up, thanks. Considering the biggest mistakes great investors have made in their careerers, and the asymmetry in missed returns from a great compounder vs a mistake, erring on the side of holding (when a company has optionality and a decade+ runway ahead) is my default.

I've also this year started labeling a few positions I hold as "permanent" positions (my highest conviction ones which I've held usually for a few years). Whilst this label can change if the competitive dynamic changes for them, having a few labelled like this helps with my decision making process of what to trim for a new opportunity, or to hold and not trim when these "permanent" holdings get expensive-looking.

Similar to the Mungar "never sell CostCo" or Mohnish with Raysas (unless the father/son team changes)

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SHP's avatar

Great points

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