My experience of managing an elite group of professional investors is that when the shares of a high-conviction company fell in price, most invariably stayed optimistic (rightly or wrongly). Most gave me chapter and verse as to why the story and the fundamentals had not changed, and why it still remained a great investment idea. But most did not buy materially more shares. This was madness. If they were telling me it is still a wonderful company and the millions of pounds they had lost would be recovered, why would they not buy materially more shares when this amazing company’s shares were now
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