Don't Just Stand There, Do Something

In the last ten years, i've brought my son andrew into the process of creating these memos. Back in 20 15, i showed him the memo on liquidity, and i asked what he thought. And he said some that i thought was brilliant. If you look at a stock that's been up hugely, an example of that, which i refer to in the memo as amazon. In the last 20 years, roughly, amazon has gone six dollars to roughly 33 hundred dollars. It's up 650 times in 20 years. Think of all the times you would have to have talked yourself out of selling. How many people would continue to hold after something's up a hundred times?