When to Hold a Winning Stock Pick

Don't be afraid to stick with a good stock for the long haul.

Editor's Note: This story has been updated since its original publication in the June 2011 issue of Kiplinger's Personal Finance magazine.

As value investors, we have plenty of excuses when a stock we've sold for a hefty gain continues to march higher. We tell ourselves, "We'll leave the higher-risk gains to others," or "Nobody ever went out of business making money." Both of those maxims may be true, but it still hurts to sell too early.

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Whitney Tilson
Contributing Editor, Kiplinger's Personal Finance