When to sell … I would sell a security for one of four reasons. The first is the highest quality reason. That is when you buy something with a price objective. When it appreciates to that price objective, and you think it’s fully valued, you sell it.
The second reason is when, based on calls to our companies, their competitors and their suppliers, things are not moving along the originally anticipated lines so you get out before you get murdered. It is very hard to make up for big losses, so you have to sell before you get creamed.