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The time to sell is when the price you could get for selling right now is high. How high? I'd like to suggest the following criterion: when the price is so high that if you sold you could use the proceeds to buy a CD or zero coupon government bond, maturing at the relevant point in the future, that would be worth more than the true value of the company.

Sort of setting a floor on things that way, I see. Makes sense.
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