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@Vivek_Investor Averaging up or down doesn't really matter as long as my judgement on these 7 pillars + the margin of safety is largely correct. Typically, average-up if business value is compounding faster than the price (Syngene IPO 125/-, but subsequent average-up); Average-down if "Yes" 👇
@Vivek_Investor Getting the call on management completely or partially wrong been a repeat mistake (Morepen – 20Y back, Kopran – 2014). Full exit is very likely if I discover A BIG -ve (e.g. management integrity or really terrible capital allocation – so if Dabur moves into Textiles or cement).
@Vivek_Investor However, biggest mistake been selling way too early which I’ve corrected to some extent, thanks to the 'expensive' lessons. HDFC Bank in late 90s was a high PE stock and a doubler for me – was happy to take 100% gains and walked away leaving a multiple of 100 on the table! [1/2]
@Vivek_Investor Repeated this mistake in 2005, when fully exited Godrej Industries and United Spirits at some 3-4x gains. Both were decent longer term compounders. Digesting large gains / losses is part of the investing cycle. Over a 20Y cycle such moves are very small dips/bounces 🙂
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