Ann: Funds Under Management - April 2023, page-83

Portfolio, you may well continue proving me wrong. I accept this could go to zero (eventually). That's why it's a modest position for me (for me <7% is modest), though yes, not quite so modest on a cost basis.

A key plank in my strategy is never to sell when bad sentiment prevails, just as it is to never buy when good sentiment prevails. To do otherwise is generally self defeating, as it causes one to run with the herd.

It is not the first time that a smart, well meaning investor has, with all good intentions, warned me about my foibles and the perils of a position. For instance, about four years ago i was similarly warned (by a very smart chap, right here on HC) about my position in LYL. I doggedly hung on, as i sm prone to doing.

The stock is now up 16% pa and has delivered a circa 5% fully franked annual dividend to boot. But, that's anecdotes for you. Make of it what you will.