27-10-2012, 01:43 PM
I'd broadly classify it into two main categories of stocks of Growth and Non-Growth.
For the Non-Growth stocks, there's a what I call temporary discount to intrinsic value perhaps due to cycles, turnaround or over-reaction to bad news. In such a case, the intrinsic value will typically take a shorter time to be realised, can be days, weeks, months or even a couple of years.
For Growth stocks, it'll be like what 'CityFarmer' said. Ideally.... never! It's like finding a Charlie Munger kind of stock and even 'over-paying' slightly if necessary, as such stocks will continue to grow and out-grow current intrinsic value... My dream stock...If I find one, I'll hold it for as long as the growth story remains true!
For the Non-Growth stocks, there's a what I call temporary discount to intrinsic value perhaps due to cycles, turnaround or over-reaction to bad news. In such a case, the intrinsic value will typically take a shorter time to be realised, can be days, weeks, months or even a couple of years.
For Growth stocks, it'll be like what 'CityFarmer' said. Ideally.... never! It's like finding a Charlie Munger kind of stock and even 'over-paying' slightly if necessary, as such stocks will continue to grow and out-grow current intrinsic value... My dream stock...If I find one, I'll hold it for as long as the growth story remains true!

Luck & Fortune Favours those who are Prepared & Decisive when Opportunity Knocks
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------
------------ 知己知彼 ,百战不殆 ;不知彼 ,不知己 ,每战必殆 ------------