Why patience pays off (a.k.a. how to learn from someone else's mistake)

I was browsing through the Livewire Markets website and I came across an interesting interview with Ben Griffiths of Eley Griffiths.  He's introduced as one of Australia's most experienced small cap investors, and the whole interview is really worth a watch/listen, particularly for those that are share market newbies (I still consider myself a newbie after 4 years or so of active investing).

About 8 minutes in, Ben shares his one of his biggest regrets: selling off his holding in Discovery Petroleum.

I've attached the YouTube link, which should begin at 9:30.  It's worth a watch, because the parallels between Discovery and SXY are uncanny: they're both O&G plays with sound fundamentals such as management, reserves, exploration upside, offtake agreements and so on.  However, just like SXY, Discovery was range bound for quite a long time and Ben simply got bored waiting for something to happen.  Several weeks after Ben offloaded his firm's stake in Discovery (which was around 6% of Discovery's market cap at the time), a large multinational oiler made an offer for Discovery that put a rocket up the SP virtually overnight.

The rest of the video is also really good (around 26 minutes in total), but I figured a few holders might find this either inspiring or amusing.



GLTAH, DYOR etc.