Emily Flippen

And I'm outperforming the market by about 1% this year.

But if you actually look at some of my individual companies, I see a lot of red, a lot of stocks that I have lost 96%, 95%, 73%, 78%.

I'm just reading off the numbers in front of my screen here.

But the ones that have done well have more than made up for it.

After the break, we're going to be flipping in the script and talking about when selling actually does make sense and how to build a framework that can help us stay invested as winners.

Stick with us.

Welcome back to Motley Fool Money.

To round up the show, I want to make sure that we don't leave people with the idea that the only Foolish move is to hold everything forever, no matter what.

Let's talk about some good reasons to sell and how long-term investors can create maybe a framework that keeps them from churning, but still leaves room to course correct their portfolio when needed.

Jason, if you had to lay out a short checklist for this is when it's reasonable to consider selling for an average investor, what would be on it for yourself?

I like that.

And you know what?

I didn't consciously use the word framework instead of rules, but now I'm going to be consciously using the word framework instead of rules moving forward.

I think when I think about the mistakes, I see investors always telling me the share price performance is representative of the company performance, right?

Just because the share price for a company has changed doesn't mean that the business fundamentals have changed.

And I think it's important to draw that distinction because selling or buying just because the share price has changed or fallen...

isn't the same thing as reflecting on business performance or your thesis, right?

And a lot of times our timeline is much longer than the people who are driving those ins and outs of the daily markets.

Jeff, last question here.

On a practical level, is there anything that you do that helps keep yourself from over-trading or selling too soon?