When To Sell

In their recent episode of the VALUE: After Hours Podcast, Brewster, Taylor, and Carlisle discussed When To Sell. Here’s an excerpt from the episode:

Bill: So, just before we move on from my therapy session, we’ve determined you just hold your positions and just get ready for the nut punch.

Tobias: Yeah.

Jake: Probably.

Bill: Okay.

Tobias: I think you don’t have any– [crosstalk]

Bill: Toby is selling calls.

Tobias: You want to have any leverage. You don’t want to have anything that’s unlimited downside. You don’t want to have any need to fund anything. You just want to have a little bit of cash. I think at some point, you’ll see some prices that it just so stupid. It’d be like a 2009 bottom where you like, cash trading for less than cash and you’re getting pretty close to that point.

Bill: And then you sell the stuff that you held through the nut punch-

Jake: Yeah. [laughs]

Bill: -to could buy that. At point are you selling is the question, are you just never selling.

Tobias: You’re selling back when—almost a year.

Jake: Six months ago, dummy. [laughs]

Bill: Yeah, I know.

Tobias: More than a year ago.

Jake: Whoa, I thought we all agreed on this never sell principle. And now, everybody’s selling their stuff and going against–

Tobias: Historically.

Jake: Yeah, we had a decree here.

Bill: For all the making fun of myself, I got my grandma pretty cashed up four months ago. That’s turned out to look like a pretty decent idea. So, I did manage risk in that way.

Jake: Did you get her boozed up first and then get her cashed up?

Bill: No, she can’t drink much anymore, man.

Jake: Oh, it’s too bad.

Bill: I guess, she’s lucid every day, but she had a really good Saturday. I guess, at the end of it, she just looked at the guy that helps her out and she’s like, “Robert, I want fucking drink.” He was like, “So, I gave her a drink.” I said, “Good. That’s what you should do in that scenario. Give her two.”

Jake: [laughs]

Bill: Anyway, I digress. All right, Toby, let’s hear your stuff.

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