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To: Stock Farmer who wrote (54508)	10/29/2003 4:00:00 PM
From: Jurgis Bekepuris	Read Replies (1) \| Respond to of 54805

John, Although I agree with you regarding selling of investments (or hogs :)), I disagree on the reasons. I would not sell X just because it went up 200% and achieved Y% 10-year return. I would sell it because my estimated future "conservatively assessed" return is no longer attractive. If I think that company X will return only 5% a year going forward, why should I hold it? I may as well sell it and buy T-bills. I disagree with you because some companies may grow revenues and earnings as the price rises and even if they achieve your expected 10 year return, they still can produce good return in the future. Why sell the hogs that went from 5 pounds to 50 pounds, if you estimate that they may go to 100 and 200 pounds in another time period? The questions are: will they grow to 100 pounds and how fast they will. If you estimate they will grow acceptably fast, you hold 'em. If not, sell 'em. I also sell due to business changes, management honesty and compensation issues, but this is another story. Jurgis

To: Stock Farmer who wrote (54508)	10/29/2003 4:22:55 PM
From: Thomas Mercer-Hursh	Read Replies (1) \| Respond to of 54805

What's wrong with selling the investment (or a fraction of it) when it has met or exceeded our target return? Nothing wrong with it ... but if one believes it is still a good stock for the future, why sell it? If one believes one has a better place for the money or believes that the future is not as promissing, then sell, for sure. If one wants to rebalance, then sell for sure. Not that there is anything wrong with taking the profit and going elsewhere, but shouldn't one have at least as good a new place to put it?