Emily Flippen

And it's important to note that these are, of course, cherry-picked.

There's plenty of sell recommendations that were, at least so far, the right choice.

But hopefully, when we look at these, we can see some common denominators about what made these the wrong choice.

This list included companies like you mentioned, Jeff, Sea Limited, but also companies like First Solar, Chipotle, Garmin, Royal Caribbean, all of which are up hundreds, if not thousands, of percentage points since being sold.

Jeff, I want to start with you.

When you first looked at that list that I sent around, what jumped out?

Were there common reasons that we gave for selling that, in hindsight, just weren't as strong as they felt in the moment?

Even still, with the massive pullback in Chipotle, that's comparatively impressive.

I'm sure a lot of those sales probably felt rational at the time.

I always think to myself before I try to make these decisions, what key components am I missing?

What change or sentiment can drive that growth that I really didn't fully appreciate at the time?

It's important to reflect and recognize where I went wrong.

Jason, I'm hoping you can talk to me a little bit about the quantitative angle of selling.

In particular, why it can be so bad for a portfolio to sell a stock that ends up being 100 plus bagger rather than just holding on to a bunch of stocks that do ultimately go to zero.

How does the math work there?

I love the way you say that, Jason, and that's the way the market works, too.

It's easy for people to forget that when you buy an index fund, that the majority of companies underperform their own index.

It's those handful of companies that go on to produce massive returns that results in virtually all of the gains of the stock market.

I'm looking at my personal portfolio.

I pulled it up while you were talking, Jason, on Fidelity.