The Art of Not Selling

The Smart Investor11:30

My co-founder David Kuo has an investing rule that some of you may find to be peculiar. He never sells any stock he buys — period. There are no exceptions or escape clauses. David didn’t sell when...

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AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc"},"translate_title":"不卖的艺术","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NFLW":0.6,"NFLY":0.6,"NFLX":1.93,"NFXL":0.6,"NFLP":0.6,"NFXS":0.6,"NFLU":0.6},"content_text":"My co-founder David Kuo has an investing rule that some of you may find to be peculiar. \n\nHe never sells any stock he buys — period.\n\nThere are no exceptions or escape clauses.\n\nDavid didn’t sell when the pandemic spread across the world six years ago. \n\nHe didn’t sell when US President Donald Trump announced the “Liberation Day” tariffs last year. \n\nAnd you can be sure that he isn’t selling as the stock market tumbled on Monday amid an oil price hike. \n\nIn simple terms, he buys, and he holds — that’s it and that’s all.\n\nBefore you dismiss this idea as reckless, consider what this commitment actually demands.\n\nIf you know you will never sell a stock, every purchase becomes a permanent decision. \n\nYou can’t afford to be casual. \n\nYou can’t buy on a whim and figure it out later.\n\nIn other words, the discipline doesn’t start at the point of buying. \n\nIt happens long before he buys a stock.\n\nThat is the part most investors miss.\n\nThe real work happens before you buy\nWhen the stock market wobbles, investors spend too much time thinking about when to sell.\n\nShould I take profits? \n\nShould I cut my losses? \n\nShould I sell now so that I can buy back later?\n\nThese questions consume investors. \n\nEntire books have been written about timing your buys, and stop-loss techniques.\n\nYet, in my experience, the best investors rarely think about selling. \n\nInstead, they pour their energy into the buying decision.\n\nThink about it this way. \n\nIf you are choosing a partner for life, you would be incredibly selective. \n\nYou would take your time. \n\nYou would look beyond surface-level attraction and ask deeper questions about character, values, and long-term compatibility.\n\nDavid treats his stock purchases the same way.\n\nBy removing the option to sell, he raises the bar for every stock that enters his portfolio. \n\nThe result is a collection of businesses he knows deeply and trusts completely.\n\nIt is not a strategy of laziness.\n\nIt’s a strategy of extraordinary care.\n\nWhy selling feels like the right thing to do\nHere’s the uncomfortable truth: most selling decisions are driven by emotion, not analysis.\n\nWhen a stock drops, fear kicks in. \n\nWhen the headlines scream about high oil prices, recession, or tariffs, every fibre of your being tells you to “do something”.\n\nDaniel Kahneman, the Nobel laureate and father of behavioural finance, would recognise this pattern. \n\nIn his parlance, your reflexive brain (called System 1), built for snap decisions and danger avoidance, often overwhelms our analytical (System 2) brain before you have a chance to think things through.\n\nThe stock market exploits this mismatch daily.\n\nEvery piece of breaking news, every red ticker on your screen, every pundit urging action — these are all triggers for System 1. \n\nAnd System 1 has one default response: react.\n\nSelling feels productive. \n\nIt feels like you are taking control.\n\nBut more often than not, you are simply giving in to the noise.\n\nThe cost of selling too soon\nI know this from painful personal experience.\n\nBack in January 2007, I bought shares of Netflix (NASDAQ: NFLX) at a split-adjusted US$0.33 per share. \n\nOver the past two decades or so, the stock has soared, crashed, and soared again.\n\nHere’s the kicker: along the way, I sold half my position.\n\nAt the time, it felt like the prudent thing to do. \n\nLock in the gains. Reduce risk. Be sensible.\n\nBut here’s what “sensible” cost me: I estimate that the shares I sold would have gained over 14,000 per cent had I held on.\n\nLet that sink in.\n\nIt’s the equivalent of holding 140 stocks that went to zero. \n\n\nAnd the chances of finding another Netflix are slim.\n\nMy remaining shares? \n\nThey are up over 300 times my original investment. \n\nThe half I kept is doing the heavy lifting. \n\nThe other half I sold became my most expensive lesson.\n\nFor David, his eyes are on the dividend stream his shares produce, not the stock price. \n\nAnd if share prices decide to head south, \n\nAs the late Charlie Munger once said, the big money is not in the buying or selling but in the waiting. \n\nHe is right, of course, but knowing the discipline and living it are two very different things.\n\nA default, not dogma\nNow, I want to be clear. \n\nYou don’t have to adopt David’s rule as a rigid requirement. \n\nThere are legitimate reasons to sell. \n\nA business may suffer permanent deterioration. \n\nYour original thesis may be proven wrong. \n\nManagement may stray in ways that betray your trust.\n\nBut these situations are rarer than most investors think.\n\nThe financial media would have you believe that every earnings miss, every competitive threat, every macro headline is a reason to reconsider your position. \n\nHere’s the truth: it’s not.\n\nMost of the time, the right response to market noise is no response at all.\n\nDavid’s approach is the extreme version of this principle. \n\nBut even if you don’t go as far as he does, adopting a “not-selling” mindset changes how you invest.\n\nSetting it as a default mindset forces you to ask better questions before you buy. \n\nIt keeps you from reacting to every headline. \n\nAnd it lets compounding — the most powerful force in investing — do its work undisturbed.\n\nThe math of patience\nConsider the simple arithmetic.\n\nA stock can only fall 100 per cent. \n\nIf that happens, you lose everything you put in — and that’s the worst case scenario.\n\nBut a stock can rise 1,000 per cent, 5,000 per cent, or in the case of my remaining Netflix shares, over 300,000 per cent.\n\nThe upside is theoretically unlimited. \n\nThe downside is capped.\n\nYet, every time you sell a winner, you cap your upside voluntarily. \n\nYou are choosing to limit the one side of the equation that works in your favour.\n\nThat’s why selling a winning stock too early is far more costly than holding a losing stock too long. \n\nSure, there will be losers. \n\nNo one’s perfect. \n\nBut here’s the key: the winners, left alone, will overwhelm the losers over time.\n\nGet Smart: The art of doing nothing \nThe art of not selling isn’t really about not selling.\n\nIt’s about becoming the kind of investor who doesn’t need to react to every bit of news.\n\nIt’s about doing the hard work upfront —  understanding the business so deeply that short-term noise doesn’t shake your conviction. \n\nIt’s about recognising that the urge to sell is usually your emotions talking, not your analysis.\n\nDavid Kuo understood this from the start. \n\nIt took me a costly lesson with Netflix to learn the same thing.\n\nYou don’t have to commit to never selling. \n\nBut the next time you feel the itch to sell, pause and ask yourself: has anything changed about the business? \n\nOr has something changed about my emotions?\n\nIf it’s the latter, the best move is no move at all.\n\nWhen the market is unpredictable, where can you park your money with confidence? Our latest FREE report reveals 5 Singapore dividend-payers built to withstand global storms. Get it now and see what’s still worth holding.\n\nFollow us on Facebook, Instagram and Telegram for the latest investing news and analyses!\n\nDisclosure: Chin Hui Leong owns shares of Netflix.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.38.0","shortVersion":"4.38.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2624565766","isCrawlerRequest":true}