We’ve written extensively about how we deal with the psychology of markets. Whilst it is nearly universally accepted to buy cheap stocks and sell expensive stocks, this simple concept can prove difficult to implement.
We thought it might be useful to examine an example, Macquarie Group Limited (ASX: MQG), one of our larger positions, which was (at the time of writing) a fundamentally sound investment and combine this fundamental approach with the process we use to scale into and out of positions to ensure that we are adding to winning positions and reducing losing positions.
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