
“That seems like a weird assertion. How can not selling cause better buying? Here is how. How much time do you think fund managers devote to thinking about the “right” sale price for their businesses? If you manage money, you already know the answer, but if you aren’t a fund manager, please ask someone who is. The answer will probably range from 30 to 70 percent. Some fund managers argue, “If we are not a buyer, we are a seller.” These people are probably contemplating a sale all the time.”
―
What I Learned About Investing from Darwin
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