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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: Jack Banana who wrote (50498)	10/3/2000 4:24:41 PM
From: JC Jaros	Respond to of 74651

Selling (where/when to sell) is an inexact science and one I think of in a long term context. Some day, I'll undoubtedly be in this position with SUNW. --- The data suggests 'never sell'. Graham/Buffett say to hold a stock until the fundamental reasons you bought it, change. --- Managers (institutional and individual) get to that point at different places. I'm dollar cost averaging T down. Although I hold it as a legacy position, I had never actually bought it for the traditional reasons people bought AT&T. I bought the specific forward new-paradigm story. If I had bought AT&T earlier, as in 10 or 20 years ago, I'd probably want to rethink holding it and rethink buying it now. --- For MSFT investors, it's probably a mistake to rationalize holding it because of the forward (new paradigm) story if the reasons for buying it included 'Market leader' and 'desktop software monopoly'. Those are the dollars that you watch being squeezed out of the equity these days. --- It's tough. You gotta keep emotions out of it, as hard as that is long term. --- With all respect for johnd, I'm making mental notes of the rationalization that goes on in the course of being a manager of a weighted position with a changing story. -JCJ