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I agree with you there, Jono.

As a staunch fundamentalist, the hardest decision is invariably when to take a profit. It's more difficult to rely on fundamentals for deciding when to take a profit than it is to decide when to accept a loss. It's not too hard to work out when a stock is 'over-priced'. Selling at that point though, would cut out some some substantial potential gains. It's not at all unusual for stocks to not merely pass the 'over-priced' target, but exceed it by double or more.

We've had plenty of examples in the recent past on our very own ASX:
eCorp (ECP) at $8.30
Biota (BTA) at $9
Telstra (TLS) at $9.30
Cochlear (COH) at $50
Resmed (RMD) at $11
NewsCorp (NCP) at over $20
The list goes on ...

TA may have an advantage here. Alternatively, the Kenny Rogers professional gambler style of money management ought to be preferable to watching your winnings evapourate. After all, at that point, holding is more of a gamble than an investment.
Just my thoughts,


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