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ABC doubles in price in 3 months, all other stocks stay roughly the same. ABC now represents 28% of the portfolio and MUST be sold down even if all indications are it is still undervalued and will probably double again in the next 2 years.
If it does keep rising they are forced to sell down further.

Thats all true but you don't lose by selling a % of your winners.
ABC doubles you sell down & it's all profit, it's still in the port.If it's only ever sold to keep balance it aint so bad.
The problem comes when the profit is reinvested in poor sectors,And they are forced into buying volatile large stocks at their peak by short term trends only to watch them fall-eg Newscorp in the not too distant past. is also a big problem.

Having all funds invested all the time kills them.

but how many can beat the index year after year after year, decade after decade
That is very easy to do, maybe not so for a ltbh'er.

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