DON'T BE LAZY-BE VERY

Stock market DON'T BE LAZY-BE VERY

DON'T BE LAZY-BE VERY

 Embrace the deepest form of relaxation by allowing yourself the ultimate freedom to do absolutely nothing. Let go of any pressure to be productive and enjoy the calm that comes with absolute laziness, savoring every moment of rest and leisure without guilt .

 If you have come this far, I hope you have been nodding in agreement more often than cursing the reviewers who persuaded you to buy or borrow this book. What's not to appreciate about avoiding significant risks and investing in high-quality businesses? Of course, you and I can debate how much emphasis to place on management meetings, whether a 20 percent ROCE is acceptable, or at which stage of a turnaround one should invest. However, if you are a long-term investor or aspire to be one, I assume we agree that taking on avoidable risks is unwise, and investing in great businesses is prudent. Alas, our camaraderie may not extend beyond this page.

When it comes to buying and selling businesses, we are not just lazy; we are exceedingly lazy. We rarely buy and seldom sell. Many—probably most—long-term investors eventually sell their investments, especially when the price is exorbitant. We do not. We are permanent owners. We will not sell a single share in a business we cherish. There are some minor exceptions to this (which I will address), but while some of you may accept the notion of buying infrequently, the idea of never selling may seem incorrect—even foolish to you. That's all right. My task in this book is not to dictate what you should do but to share what we do.

Chapters 8 and 9 invoke two relatively unknown tenets of evolutionary theory to bolster the case for buying rarely and selling even more rarely. Chapter 10 focuses on selling, or rather not selling, by elaborating.