One of the truly amazing things about Warren Buffett, beyond his amazing returns (23%/year for over 30 years) is how rarely he lost money on any investment. Almost all of his holdings have made money for him. He is often quoted as saying: “My favourite holding period is forever.” He buys great companies and holds them forever. This same philosophy has also worked for other successful investors that hold their investments for a very long time, such as Bill Miller, who beat the S&P500 15 consecutive years while having only a 3% turnover within his fund. Read more…

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