Three Darling Stocks to Sell

We don’t own many great businesses. Our portfolio is full of asset plays, turnaround stories and okay businesses trading at dirt-cheap prices. Don’t get me wrong. We like good businesses. Dental aggregator 1300 Smiles has been one of our investments. It’s just that the prices for Australia’s good businesses are too darned expensive. Perhaps it’s the Warren Buffett influence: “It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” Perhaps there is less risk to fund manager reputations in buying supposedly high quality shares. But, whatever the reason, the...

We don’t own many great businesses. Our portfolio is full of asset plays, turnaround stories and okay businesses trading at dirt-cheap prices. Don’t get me wrong. We like good businesses. Dental aggregator 1300 Smiles has been one of our investments. It’s just that the prices for Australia’s good businesses are too darned expensive.

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