sitting tight

I heard this again recently and remembered it well after reading it many years ago. It comes from an excellent book- well worth a read. See below.

"After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance."

This quote was From Edwin Lefevre – Reminiscences of a Stock Operator – based on the life of Jesse Lauriston Livermore (July 26, 1877 — November 28, 1940).

I can't think of a more fitting quote to sum up my view on KGL.
While I have to admit, I trade KGL from time to time-especially when I feel others are selling too low, the vast majority of my holdings will be held till I see it reach its true value. I trade stocks for a living but I have always made my big profits by doing exactly what is suggested above-sitting.