It is obvious that the performance of a stock last year or last month is no reason, per se, to either own it or to not own it now. It is obvious that an inability to "get even" in a security that has declined is of no importance. It is obvious that the inner warm glow that results from having held a winner last year is of no importance in making a decision as to whether it belongs in an optimum portfolio this year.
Decide which is the line of conduct that presents the fewest drawbacks and then follow it out as being the best one, because one never finds anything perfectly pure and unmixed, or exempt from danger.
There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.
you must be careful never to allow doubt to paralyze you. always take the decisions you need to take, even if you're not sure you're doing the right thing. You'll never go wrong if, when you make a decision, you keep in mind an old German proverb: 'The devil is in the detail.' Remember that proverb and you'll always be able to turn a wrong decision into a right one.
I have made a lot of tactical decisions that historians will look back and say: He shouldn't have done that. He shouldn't have made that decision. And I'll take responsibility for them. I'm human.