Although we are willing to wait a year or two for our stocks to reflect full value, some of our stocks have run up from under-valued to fully-valued in a matter of weeks. In these cases, our value discipline leads us to sell them. If these stocks fall back down to depressed levels again, we are more than happy to buy them back. While short-term "trading" is not part of our investment approach, the extra profits generated by responding to these market swings are providing a welcome addition to our results.
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