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The Equitymaster Research Digest

Our High-Conviction Recommendations
Jun 20, 2017

  • The India Letter and Hidden Treasure zero-in on the same stock
  • Why we avoided one of Rakesh Jhunjhunwala's top picks
  • Crucial tactics that resulted in a 100%+ outperformance
  • Tanushree says it's time to move out of Coal India and BHEL
  • Our view on the CDSL IPO

Conviction.

Behind every successful stock investment, there's conviction.

How else could you hold a stock that falls soon after you bought it? Nothing tests conviction more than rapidly falling prices.

In normal times, you might tolerate some short-term underperformance. But in a bear market?

Bear markets are not 'normal times'. Panic pervades. It's hard to maintain composure. Investors forget words of wisdom like...

  • The stock market is designed to transfer money from the active to the patient. - Warren Buffett

    I'm accustomed to hanging around with a stock when the price is going nowhere. Most of the money I make is in the third or fourth year that I've owned something. - Peter Lynch

    It never was my thinking that made the big money for me. It always was my sitting. - Reminiscences of a Stock Operator

    If the job has been correctly done when a common stock is purchased, the time to sell it is almost never. - Philip Fisher

Like a fine wine, multibaggers take their time to develop. Also, they can go down before they go up. That's why long-term investors make big money. The have conviction in the stocks they have bought.

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