I'm considering what tips they'd give you for when to sell. Some of the advice is a little contradictory, but the common theme is to step back from what everyone else is doing, so that you can make your own mind up.
Anthony Bolton might advise:
* Don't sell when the market looks at its absolute worst, because that will probably be the bottom.
Peter Lynch would say:
* Don't sell because the economy looks bad. Always stay invested, because your profits do not depend on the economy as a whole.
Neil Woodford might recommend:
* You shouldn't try to make too many course changes. It's cheaper to hold shares for five or six years, on average...
Warren Buffet would quip:
* The ideal holding period for a stock is forever. That doesn't happen very often in practice, but many good businesses stay fair value for ages, so you can hold for a considerable time.
Benjamin Graham might suggest:
* Don't be dictated to by Mr. Market. Sell when your holdings become way overvalued.
By Neil Faulkner