Where did this begin for you?, page-11

The thought that long term shareholders deserve more than short term holders is not helpful IMO. Anyone who holds a share in the company deserves that share of the rewards regardless of when they obtained their share. They bought it fair and square and if they bought it at a low price just before a re-rate well that is even better for them.

This sort of thinking can make you hold onto a share for too long thinking you deserve something from it due to your loyalty. Shares don't recognize your loyalty. They recognize who is owning them at any given time. They don't care about their history (only tax does with CGT).