When to Sell a Stock

1) Sell when you are wrong出错
- news that may have negative impact on the future value of the company

2) Sell when the grass in greener elsewhere
- the growth and prospect of the industry is less attractive than others

3) Sell when the price is far above the fair value
- buy stocks at a discount over the intrinsic value, sell when the price is above the fair value or the length of time it take to reach intrinsic value

4) Sell when original factors of stock selection have changed
- valuation and assumptions had changed, earnings were not within expectations, red flags like decline in revenue and increased costs, change of management, or new government regulations etc

Once decided not to hold the stock, look at the technical aspects to choose the timing of to sell. If the sign shows the stock is moving down, sell off, even at a loss. If the stock is on uptrend, wait for the exit signals to trigger the disposal. But once you have made a fundamental decision, stick to it and act resolutely.

何时卖股
1. 公司亏损,尤其是持续亏损
2. 极度高估
要把有关股票，分为高、中、低成长股。
高成长股，应享有较高的本益比，低成长股，应享有较低的本益比。不应将本益比应用于所有股票，不分高、中、低成长股，而作出错误的判断。
3. 更佳选择
- 看公司的盈利纪录，最好比较10年的纪录，从纪录可以看出公司业务的趋势及稳定性。如果其他条件相同，选择业务及盈利稳定的公司。
-比较同类公司的表现，即使是同一个行业，公司表现也参差不齐，决定的因素很多，最好选择表现亮丽及市场份额稳定的公司。以公司的素质，而不是以股价为标准。
- 比较各行业的前景，以行业的景气为指南，尤其是周期性很明显的行业，应在最不景气时买进，景气最旺时脱售。
- 投资原则是：成长一般的股票，本益比若走到15倍以上，就不再买进，20倍以上，就毫不犹豫的脱售。

投资成功例子：反向+成长+时间=财富