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Chris Bloomstran - Taking Principled Stances

The Business Brew

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I've Made the Mistake of Never Selling Good Businesses

I have learned over the years that there are businesses that you ought not sell. I've made the mistake of selling some businesses, regrettably. My largest mistake, i wrote about in my letter two or three years ago, was a sale of raw stores. The small cap value fund manager was faced with redemptions on a daily bas and would have otherwise loved the portfolio, but had to sell to meet redemptions. So i paid ten times for it, and earnings were conservatively stated, made two and a half times my money. And now it's trading north of 20 times.

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