ATH, page-20

Well, yeah, but that's easier said than done. I have considered it richly valued all the way from about $9 to where it is now, and objectively speaking, it has never been anything approaching cheap practically since it IPOed.

I like to make as few decisions as possible once I've done all the work in trying to back the right horses.
If you keep buying and selling, you're multiplying the number of decisions you're going to make on each position. Things like -

a.) When to buy?
b.) How much to buy?
c.) When to sell?
d.) How much to sell?
e.) Where does the spare capital go?

And that ignores the behavioral/psychological aspects of these decisions. For example, let's assume you sell AD8 at $14 (congrats!), and you find the shares swiftly going back to,say, $10 a few weeks from now, for whatever reason (market ructions, big holder exiting etc.). If you're like most people, you're going to wait for "just a little lower" before pulling the trigger. Lo and behold, the company releases another positive announcement before the market opens one fine day, and the shares are up 25, 30, 40% in a matter of seconds once trading starts (heck, we just had a big rise post-earnings). What do you do now? Have you missed the boat?

And this is just on ONE position. If you're sensible like any investor should be, you have good diversification in your portfolio (typically atleast 25-30 individual positions).

I can go on, but I'm sure you get my drift. While you should not marry your investments, the bigger danger is in trying to be too clever by half.