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The Defensive Value Investor by John Kingham

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Chapter 12. Hold Steadily

“What you need is emotional stability. You have to be able to think independently, and when you come to a conclusion you have to really not care what other people say. Just follow the facts and your reasoning.”

Warren Buffett

Although the buying and selling of shares is the bit that gets all the attention, simply holding shares is what you will be doing most of the time. This holding stage will last somewhere between one and ten years for most of your investments, if you follow the approach laid out in this book.

Why is the holding period between one and ten years?

If you hold 30 companies and alternate buying and selling one holding each month then you’ll end up selling and replacing six holdings a year. At that rate ...

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