It’s No Sin To Buy Something And Sell It Lower

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In their recent episode of the VALUE: After Hours Podcast, Cassel, Taylor, and Carlisle discussed It’s No Sin To Buy Something And Sell It Lower. Here’s an excerpt from the episode:

Tobias: Yes, [laughs] It’s less relevant to me, because I already have as Jake likes to say, I have sealed myself into the capsule. I’ve removed all of my degrees of freedom for precisely this reason.

The only other thing I would say, when you’re trying to decide whether you add a new position or add to your existing holdings, I have found just through the testing that I have done that the best portfolios, of course, are going to be the ones that you form closest to the bottom. Sometimes, it’s not a bad idea, if you get something that you like. Maybe you should be thinking about the portfolio. It’s no sin to buy something and sell it lower because there’s going to be–

Assuming this is not like a March 2020 or late 2018 type market and this turns into the real thing, which is 2002 or 2009, where it proceeds down all the way. That’s going to happen. You’re going to buy stuff and you’re going to sell it low, because there’re going to be better opportunities in other stuff, and you just have to resign yourself to that fact, and get over it now, and know that you’re going to make a mistake on the way down. It’s unavoidable. Everybody’s going to be doing it. But the best thing you can do is the best portfolio at any given time. So, that’s what I’m trying to get in mine. I’ll rebalance in due course. I’ll be trying to get whatever I think is the best portfolio at that time will become the portfolio.

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