So when do I sell? I hate this question. Below is the exact question I found in the comments section from my great friend Stephen Bishop. Stephen is an investment advisor in Nova Scotia (God’s country), and he is the stereotypical ‘maverick’ – makes me look like a pussy.
So when do I sell my SU, CVE, CPG, COS, etc.?
I don’t want to give up the nice gains but I also don’t want to leave the party before the Strippers show up…
What say you Yoda?
I was pretty adamant (in agreeing with you) that you should “buy” banks in February of 2009 wasn’t I? I don’t recall you asking me when to sell them (laughin out friggin’ loud). You’re asking no doubt because you’re head is asking “How come everyone is suddenly thinkin’ what I was thinkin’ six months ago?” Am I right? I’ve seen you that look on your face.
I alway leave lots on the table (it’s my curse) by selling early, but then I hate parties. And we both know in this kind of party the last man standing is left with a huge mess. I guess the right answer is trim, or sell when you least want to do it (emotionally) and move on. It’s the road you’re on that matters once make a detour, not the one you left behind.
No doubt, it’s charts (or the run up in price) like this (Suncor) that make me and you nervous:
The real answer is ‘don’t ask me for advice.’ I’m just another idiot, but ask yourself why you bought it. If things aren’t the same, forget the fuzzy feeling that having called it right gives you (whenever that was) and find something else that suits your ‘maverick’ sensibilities today. If there’s nothing that immediately turns your crank, then cash isn’t a bad place to be when short rates start rising is it? In any event, I’m sure you’ll be anxious to either call me a genius or a fool to my face (depending on what happens to oil prices) in a couple of weeks, when both of us are resting from a day long ride in the dusty desert of Arizona once again.
Invest to Live, Live to Ride.