Should I Sell This, or Should I Buy More?

If you own a hundred shares of something that's earning three dollars a share, your actual exposure to that is 300 dollars of earnings a year. So in other words, if the multiple doubles, but you're still sticking into the stock, you should not think that you're twice as rich now. But otherwise, i would not use market values. I would always look through, you know. And that's the thing with buffet, what he's mostly talking about is things that berkshire will continue to hold.