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We don’t sell when stock prices rise suddenly. These nonactions during market euphoria have been as important as—actually, more important than—our acts of buying during market panics. As I wrote earlier, as of June 2022, out of our portfolio of twenty-four businesses (excluding the ones bought during the previous two years), we had multiplied our money by more than ten times in INR in nine (of these, the largest multiple, 82×, was for Page, and the smallest, 13×, was for Info Edge). In five of these nine, our holding period had been more than eleven years, and we had held the remaining ten-baggers for more than eight years. Why do we not sell when stock prices rise dramatically

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first, I was covering slow-moving stocks that didn’t fluctuate a lot; second, I was brand-new and no one was going to invest money on my recommendations yet; and third, I had presented an entirely well-reasoned but entirely unsexy report. It didn’t have any juice, any pop, any emotion, any insider-type info.

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