Oct

25

[Warren Buffet] would have done a lot better if he had sold [Washington Post, Procter & Gamble, Johnson & Johnson, Coca Cola…] when they became fully valued (or slightly overvalued). In most cases, that would have been a decade ago. Vitaliy Katsenelson.

Mr. Buffett retains his shares of Coke for the same reason Mr. Gates retains his shares of Microsoft. Berkshire-Hathaway's taxable gains on any sale of that position would be so large that the stocks would have to fall by 60% for the net, after-tax return from a sale and repurchase at the lower price to exceed the return from Buy and Hold, even with the relatively poor performance. Mr. Buffett remains the sharpest knife in the drawer as far as the tax code is concerned; that is why he, like Scrooge McDuck, will literally take it with him when he goes.


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