is to find the best small companies to own for the next three to 35 years. It's a wonderful aim -- historical data illustrates that small-cap stocks, particularly of the value variety, have substantially outperformed the overall market over the past 40 years. To optimize our returns, we look to sell our mistakes quickly, hold sound companies for an average of three years, and then, yes, maintain our stakes in the very best of the lot for a quarter of a century or more. The best time to sell shares of a truly superior small company is almost never. That becomes apparent when you look at the early chart of any winner. There were plenty of times in the early going that superstars like Intel (Nasdaq: INTC) and IBM (NYSE: IBM) appeared to have exceeded their "fair value" or became "overextended," in Wall Street phraseology. But...
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