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I know I would not have done as well if Berkshire had always just traded exactly at IV, and from prior comments he has made, sounds like Jim has more than doubled his returns on Berkshire by taking advantage of price swings. ...

So I guess what you're asking for would only be better for someone who is a simple buy-and-hold investor and who needs/wants to sell shares on a regular basis?



More frequent excursions towards or even beyond intrinsic value would also help people (like me) who scale the size of their positions as a function of valuation, buying more when when the price is low (we’ve had lots of that) but also taking profits when price exceeds value (we’ve had precious little of that, lately). It is actually the buy and hold investor who does fine with continuous undervaluation by the markets, not the active trader.

Dtb
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