When Is It Time to Sell?
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 26 August 2022
⏱️ 27 minutes
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Summary
Long-time readers of Dividend Cafe know that the real intent of this weekly commentary is to delve into the macroeconomic – the big picture – the high-level stuff that impacts investor decisions and behavior. Today in honor of the obsession over Jerome Powell’s speech at Jackson Hole (being delivered shortly after I hit “submit” on this commentary), I want to talk not an iota about the Fed, monetary policy, or really any aspect of macroeconomics.
Rather, I want to actually dive into a question that is hyper-practical – more micro than macro – and that is when to sell a stock. I was in the process of answering a question about this topic for the Ask David section of The DC Today when I realized it really warranted the full Dividend Cafe treatment.
So here we are – a Fed-free Dividend Cafe dedicated to the ever-practical issue of sell discipline. We’ll discuss Jackson Hole in Monday’s DC Today (only because I have to), but for today let’s talk about how dividend growth equity investors like ourselves think about the right time to sell a stock. Let’s jump into the Dividend Cafe …
Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:10.0 | Hello and welcome to the Dividend Cafe. I am very purposely driving a Dividend Cafe message today about something that has nothing to do with |
| 0:23.9 | Jackson Hole or the Fed or Jerome Powell or monetary policy. |
| 0:29.8 | We talk about monetary policy, we talk about long-term ramifications, macroeconomic reality |
| 0:36.9 | around monetary policy ramifications all the time. |
| 0:41.3 | So I'm not boycotting it this week because I've decided I no longer want to discuss it. |
| 0:48.3 | It is a multi-year, multi-decade interest to us. |
| 0:52.3 | The particulars today are not of much interest to us. What one |
| 0:57.1 | speech is about and what the immediate trader's reaction is and so forth. These things, I think, |
| 1:06.9 | are media moments and I don't think anybody cares what posture I take about it or stance I have |
| 1:13.4 | or anything like that. But there is a sense in which I just want Dividy Cafe to be better than that. |
| 1:18.8 | I don't want Dividy Cafe to be pulled around by a headline of a given day, particularly one like |
| 1:24.8 | this that is just so ridiculously forecastable, predictable, and known, |
| 1:31.2 | and you deal with the aftermath of traders. But this idea that Jackson Hole is supposed to be |
| 1:40.8 | this paradigm setting moment and a speech that a Fed chair gives, which is just |
| 1:47.6 | completely totally consensus, like exactly in line with everything anybody would have expected. |
| 1:55.8 | It bothers me. And so I said, okay, well, great. I now have a dividend cafe that's going to go in a |
| 2:02.2 | whole other direction. The world's my oyster, what I want to do. Quick backdrop is I got a question |
| 2:07.9 | in the Ask David section of the DC Today. For those listening to the podcast who don't read |
| 2:15.2 | the DC today, we do a daily market summary every day |
| 2:20.8 | Monday through Thursday, Friday is when we put out Dividing Cafe. So we do this daily market |
| 2:26.5 | summary Monday through Thursday in written form. It comes into your inbox. It's posted to social |
... |
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