Jeff Santoro

I think that's unfair to us as investors because it assumes that we could see the future.

So with Sea Limited, as I mentioned, the fundamentals like the lack of profitability and intense competition were actually reasonable grounds to sell at the time.

We just didn't know what the future was going to hold.

I look through that list.

First, solar to me is a different story.

So that was sold in 2012.

And I think it's important to remember that the environment back then for the solar industry and 2012 solar accounted for less than 1% of total energy production in the United States.

So I think we can cut ourselves some slack with that one.

The missing piece there wasn't patience.

I think it was imagination.

I don't know that

We were able to understand how drastically the costs of production would plummet, how legislation would eventually help and fuel the industry.

And another one that jumped out to me is Chipotle.

So the 2020-12 sell of that stock was actually not a full sell, but a trim.

And I think there's a great lesson here.

Sometimes trimming a stock rather than selling the whole

Position can let you act on a valuation concern without selling completely out and then missing the rest of the ride so that nuance I think actually paid off and rule breakers actually added back to the position in 2016 and those shares are up 275 percent since that buy and that's beating the market by 70 points

I am a big fan of frameworks.

I have to give Jason credit.

He summarized a lot of what I was gonna say in his last answer.