Our team asks top pro buyers: What’s the best advice you’ve been given?

News Article | May 22, 2017 | By Sierra Investment Management

CityWire (May 22, 2017): Terri Spath, Chief Investment Officer of Sierra Investment Management, Inc.

‘Know when to hold ’em and know when to fold ’em. There can be a real bias, particularly when you’ve owned something and it’s done very well for a long time, to not want to sell it. Equally, this pertains to buying something, losing money and not wanting to book the loss. It’s best if you do it based on the volatility of what you own – what percentage from the top you’re going to tolerate before it’s a sell. We do it at Sierra. The point is to recognize that winners don’t always stay winners forever so there is going to be a time when you get divorced from your favorite stock, fund or exchange-traded fund. This advice was given to me when I worked at Franklin Templeton during the early part of my career by Rupert Johnson, who is one of the two brothers who built Franklin Templeton into the firm that it is today.’

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Sierra Investment Management