I think I have developed a successful strategy for myself for buying good stocks - buy and hold for 10 years or more - but shouldn't I really decide in a similar way as to when exactly I should sell?
My first answer to that would be a definite yes but on the other hand if I have picked good stocks/companies to invest in in the first place then surely I should hold them "forever" and collect the returns along the life of the company ? - or at the very least my life.
Lets have a closer look at what I could do when, if and why I might want to sell off parts or all of the Share Investor Portfolio.
Lets have a look at some salient points one might look at when deciding when, why or if you should sell up. You will be able to tell from my many different tangents and questions to myself that an exit strategy to me is as foreign to me as soap is to a Green Party supporter.
Please keep in mind I am writing this as it comes into my head, clearly with no planning:
1. No company lasts "forever". Many of the 17 companies I have shares in will not be around in 10 years, either in whole or in part. Some will have been taken over, some will exist in different forms and others will simply be out of business.
2. Companies fortunes are never static. Depending on what sort of company one has invested in most have economic cycles where profit and performance ebbs and flow. Some that are managed better than others are able to get through these cycles unscathed and manage the extremes well - either because of management or design of the business.
The company value will vacillate between these two cycles and in the case of a listed vehicle a good opportunity exists for that shareholder to take the money and run just past the mid point of that economic cycle to get the maximum return for that asset - until the next cycle begins again of course where one may get an even better return if one has the patience.
3. Management plays a big part in deciding whether to get in or out of a company. If it changes and the fortunes change this could be a very valid reason for you to cash in your chips.
4. An individual who invests in a company, either listed on the stockmarket or private is unwise to invest money one cant afford to lose or will need to pull out in the future but sometimes circumstances change and you may have to reassess your position in the stockmarket - clearly not a good exit strategy and one that I am mindful of given my changing family demands and current economic conditions.
It can be very painful to your wallet if you have to sell any asset and I guess planning an exit strategy close to when you buy - along with the usual due diligence - is a good way of ameliorating any negative outcomes.
5. Setting a percentage return, either on an annual basis or over the term you think you might hold your stock might be a good way of exiting a stock - you cant really argue with hard concrete numbers right? After all you are investing to make money!
6. Look at the returns you might be getting from a comparable business and decide if your company can do better.
7. Consult a financial adviser - nah just kidding, do your own thinking. Only you know what is best for you financially and your exit point will be different to someone elses.
8. Related to the above, do some of your own research about exit strategies, talk to others with more experience in the stockmarket and take the points applicable to you and only you and jettison the rest.
For the life of me even after writing this I am still in more than two minds about when to decide just when to sell. There is so much to take into account when there is money involved and as I said above I am 99.9% sure of my entry strategy but probably 50/50 on when to head to the hills.
My head says I must hold indefinitely because I am pig headed about decisions, I think I made the right initial company choices so why wouldn't I hold until I curl up and die as long as the companies are making moola and then pass on the hopefully much bigger mantle to my little girl? That is very clear in my my head, so I think I will end where I began.
A reader of mine brought this subject up, of sorts, yesterday. That is, the folly of investing in companies that base their business on airy fairy ideas like "green technology" based on the man made global warming myth or in companies whose grip on their business is so tenuous they will sink to the depths of using this kind of bullshit on competitors in the hope they make them look bad. In my not so humble opinion Air New Zealand [AIR.NZ] is one of those companies. Rob Fyfe, Air New Zealand CEO has recently labeled Emirates Airline alleged running of "empty planes" across the Tasman as "Environmental Extremism" "For this competitor, the Tasman sectors are an easy add-on to their long haul flying and an opportunity to earn revenue at only marginal cost and load factors down around 50 per cent seem to be of no consequence," Read more Fyfe told a gab fest of Global Warming zealots at the Green Skies meeting in Hong Kong. Now using junk science to attack a competitor is one thing but Rob and the boys and girls down at Air NZ head office have been busy over a number of years spending 10s of millions of shareholder dollars developing nonsense bio-aviation fuels and asking customers to pay extra for their "carbon credit" deficit because of the naughty way they pollute when they choose to fly with the largely Kiwi taxpayer owned airline. So it is in Robs best interest to attack competitors who don't appear to "care" as much about how filthy flying is because he is spending shareholder money in the hope this will give our airline an edge over the competition and to justify the spending of shareholder dollars - I think the Green Party call it Greenwash. So Mr Fyfe's stance on the evil of flying is simply a race to the bottom where the eventual winner will be the first to award themselves a gong for being green in the hope it is good for business. Ultimately though the reckless use of Air New Zealand shareholder money to pursue the bogus notion that every time one flies it is an affront to the environment and by setting your company up as a bastion of virtue above competitors by using this to attack them is environmental extremism itself and will ultimately end in tears and lost shareholder dollars when the whole Global Warming myth unravels. Stand by for the fallout. Air New Zealand @ Share Investor Reality Needs to Bite Air New Zealand wants another taxpayer bailout Related Share Investor Reading Carbon Credit Trading puts markets at extreme risk Mark Weldon Strikes out on Carbon Trading Quote of the year Of Tulip bulbs and Tooth fairies Global warning: Tax iceberg ahead Mark Weldon in two minds about carbon trading Related links TZ1 Market Kristen Byrne - 15 year old schoolgirl debunks climate change myth Recommended Amazon Reading
There has been allot of talk about taxes in relation to investment property recently. There has been a government task force looking into the idea of capital gains taxes on investment property, principally a capital gains tax.
It appears our "business friendly" National Government are trying to shake down its citizens for even more taxes to fund the continued high spending of our Government.
I don't remember them in their pre-election campaigning that they were going to implement new taxes but be that as it may it looks likely some kind of tax on investment property is likely.
I don't agree with this at all, taxes kill economies and make Governments bigger and we know that aint good.
As I wrote last month the best thing to do to put investment property on an even keel with other classes of investments is to remove taxes from those other classes, not add another wallet numbing penalty to property investors.
Either way though if there are taxes applied to investment property, and I think there will be, this is going to be a minor boon for the New Zealand Stockmarket.
The withholding tax applied to dividends by Labour in 2007 further put stockmarket investors on the back foot and any move to even the score with property investment is a win for New Zealand.
The Nats probably wont raise taxes on investment property by a significant amount because of the obvious political ramifications, but any move that hamstrings the investment property market is going to be good for those of us investing in real productive companies that are either listed on the Stockmarket or indeed private ones.
The next step in the Michael Hill International story[MHI.NZ] has happened with the opening of their new format store in Auckland's Queen Street yesterday.
A move towards a more sophisticated look inside and out is designed to take the company towards the higher end of the jewelry market and then hopefully higher margins.
This particular outlet is what the boffins call a "flagship" store and its charcoal and grey colours, along with its new lighting design is designed specifically to get those higher end punters in the door -revamps of retail stores tend to get more punters through the door, not this shopper though.
From Michael Hill himself on the reasons for the change:
“As the original high-end retailer in this part of Queen St, we’re delighted to be delivering a contemporary shopping experience to our customers.
“It’s important to move with the retail environment. As our customers evolve so too must we. This new store design has become the benchmark for all stores going forward, Hill said.
On the purchase his company made last year of bankrupt jewelry retailer Whitehall Jewelers:
"When you're opening in a new market and opening in a place like Chicago that has been particularly depressed you can't just roll out the old thing and expect it to work. It's really when you have to do things that you come up with your best."
Hill has himself said that the Chicago purchase was a mistake (listen to Michael Hill interview - You need to register first ) because of the price paid for it so it is either a very positive move by him to spend millions on the 17 United States stores or throwing good shareholder money after bad - I tend to think he knows what he is doing but having said that the US is a particularly hard market for outsiders to crack. Pumpkin Patch Ltd [PPL.NZ] has also had recent difficulties with its US operations, incurring significant losses, so this is a very tough market, especially in the current economic conditions.
The revamp of the company image comes in a year where underlying 2009 profit has been down by more than 45% and its share price hit because of the overall retail downturn.
Michael Hill shares closed even at NZ 72c yesterday.
A piece I stumbled upon while looking for something else - boy the internet can sidetrack me - got me thinking pessimistically again about the stockmarket and economy in general:
A 50% rally, Warren Buffett, extreme levels of optimism, rallies based on vague reports of improvements, etc.; all the aforementioned are parallels between the 1929-1930 bear market rally and the rally from the March lows. If the parallels hold up, a mere rhyme to history (let alone a repeat), will wipe out millions of next eggs. Here’s how to avoid repeating your grand parent’s mistakes.It’s been said (and perhaps you are getting tired of hearing it) that those who don’t learn from history are doomed to repeat it.
If the parallels of the Great Depression continue to hold up as they have (and according to historical indicators they will), history doesn’t have to repeat itself to severely hurt investors. A mere rhyme to the Great Depression would be enough to wipe out tons of portfolios.But who cares about history when the market is up and the forecasts call for better days ahead. The Dow Jones (DJI: ^DJI) and S&P 500 (SNP: ^GSPC) have rallied over 55% while the Nasdaq (Nasdaq: ^IXIC) has soared nearly 70%. Wall Street is anxiously expecting another earnings season, which is expected to be predominantly good.
Reuters reports that “earnings optimism lift Wall Street” while Credit Suisse encourages their clients to buy bullish Alcoa options in advance of Alcoa’s (NYSE: AA) profit reports. If there is one thing we should have learned from history, it’s that the bear strikes hardest when least expected. Pierre Corneille hit the nail on the head when he said that “danger breeds best on too much confidence.” Black Monday’s or Thursday’s wouldn’t be called “black” if they were expected. Market tops are always marked by extreme levels of optimism. In January 2009, with the Dow Jones slightly above 9,000, the ETF Profit Strategy Newsletter noticed elevated levels of optimism and warned of a severe decline with a target of Dow 6,700. Today, sentiment readings are even more extreme than they were in January. The implications are obvious. If there is just one time you want to take a lesson from history, it is RIGHT NOW. The parallels between today and the Great Depression are numerous and strikingly similar. This 5-minute history lesson might be the best investment you’ll ever make. Continue article here I was aware of the sucker rally of the 1930s that the author discusses but it certainly gets one thinking about where we might be right now and if the authors research and main points are accurate then it makes for grim reading.
The apparent economic "recovery" (green shoots my arse Mr Obama) that has led to markets skyrocket over the last six months is based on large amounts of State money borrowed from the Chinese or money simply being printed.
Banks and financial institutions in the US, which have made up a large part of the rally, have better looking balance sheets thanks to the aforementioned handouts, not for any concrete economic reasons.
Lets not even go into the massive debt that many Western countries have on their balance sheets - personal and State.
I don't think things are as bad or necessarily the same as what was experienced during the Great Depression - it very well could be worse I suppose - and I have been buying stocks ( 123 ) before the current rally but the general message from the writer is one that should be taken on board as an added risk factor when considering any type of investment in the current cycle of economic uncertainty.
It pains me to say this but the Kathmandu IPO (initial public offering) Juggernaut seems to have gained a massive head of steam since the media took the bait from the present owners of the company, Goldman Sachs JB Were's Hauraki Equity No 2 Fund and Australia's Quadrant Private Equity, who wish to rid themselves of it.
It reminds me of the frenzy of activity by owners of Burger Fuel Worldwide [BFW.NZ] in 2007 as they tried to push their IPO onto anyone that would listen to them and failed as the surface gloss of the brand vanished when people realised the numbers behind the IPO didn't stack up.
Many trees have died since in the writing of a number of Kathmandu IPO stories.
Here is another one.
The biggest Google search at present to hit the Share Investor Blog is for the term "Kathmandu IPO". Most of the traffic is coming from Australia, then New Zealand and then individuals in the United States.
The company makes and sells great outdoor gear but the health of the company is not good at present - lower sales, profit and very high debt levels. This is certainly not a recipe for long term investment success and is bound to end in tears for those blinded by the publicity machine rolled out by brokers and the usual suspects.
My biggest fear is that the owners media assault will manage to extract good money from those only too willing or ignorant enough to own a part of a recognised brand no matter how dubious the quality of the investment.
If you are interested, please think again and if you really do want to get a piece of the action buy Kathmandu shares on market when they have been given a chance to reach their true value based on fundamentals rather than on glossy IPO documents, and media/management spin.
Parents of surrogate born daughter battle to bring her home - Video
Little Sophia Anne is back home and well. Thank you to all those that supported us, you will always be in our thoughts.
After muchstress and strain over the last 4 weeks Sophia is allowed to come home.Thank you to all those who commented, gave moral and practical help. We will be forever in your debt.
These buggers left it to the very last moment this Friday to make a decision which meant I had to rush across Auckland and Komla across Bangkok to put the finishing touches to it.
It was cruel, vile, petty, political, public and had Monty pythonesque moments when I thought we would continue with the same monotonous, dangerous, bureaucratic treadmill forever.
We pay these people to work for us but they work against us instead.
Not even a whisper of the word sorry was uttered.
Our country is truly in a mess when its citizens can be punished in this way.
I have really lost faith in our leaders over this and the other nonsense they are up to.
I haven't been able to write much lately about the usual financial topics because of my travels to Thailand and what I was doing there.
My wife and I are proud parents of a 2 and a half week old girl Sophia. Our first child. She was born using a surrogate.
The only problem is that my wife and child may be stuck in Bangkok because of bureaucracy at New Zealand Immigration and a couple of other government agencies.
What is supposed to be a time of joy has been turned into one of despair, loneliness anxiety and doubt as we have had to cope with dealing with New Zealand Immigration.
Instead of bonding with our girl we have been arguing with the state.
Sophia has a Thai passport and got it in less than 3 days. She is allowed to leave that country but NZ immigration will not give her a Visa to enter New Zealand.
I have done my best considering all the ambiguous, wrong information we have been given and have gone as far as the Immigration Minister, Jonathon Coleman but they have refused her entry.
We have done everything by the book but to no avail, we are stuck in a bureaucratic black hole where no law applies to our case and the minister will not rectify things by either using commonsense and setting a precedent for such cases by letting her in, or changing the law under urgency.
Our last port of call was the media, so if you want to see the detail of our case have a look at the Campbell Live video above, originally screened at 7.00pm Friday 28 to see my interview.
I would be grateful for any support with comments below, it just might help us.
There is something even more practical you can do to help us though. Email or phone your MP and ask them nicely to see sense. Tell your friends as well. You can find your local MP and their contact details here
The New Zealand Refining Ltd [NZR.NZ] company has had a tough-ish year -PDF docs available via download. Refining margins and oil prices have been down and there is some uncertainty over where prices are headed in the future but long term the company remains a good investment.
With a share price rolling between 52 week low of NZ$4.51 and high of $7.65 and a closing price of $4.86 today, there is a good opportunity for investors with some cash to get in on the cheap.
The company share price took a big hit back in August when it announced at its 2009 HY profit result it wasn't paying a dividend and its share price dropped over $2 in a week or so. It also halted production in September and announced that a loss was going to be a strong possibility in the second half of the year.
The dividend yield has previously been an outstanding one with well over 10% gross returns and one could expect a resumption to those once the second half is completed.
The bad news isn't going to last and I will be putting on my watchlist to see any further share price weakness.
Mainfreight Ltd [MFT.NZ] is a fledgling player in the global logistics business with an expanding footprint in the United States, Asia and an established presence in Australasia.
It has found the last year or so tough going 1, 2 , as other logistics companies also have, but has managed to keep a lid on their business costs by paring back on capital expenditure, freezing employee pay-packets and bonuses and paying very close attention to the day to day running of the business.
The company has a had a good history of expansion and profitability since it was founded with one truck by Bruce Plested in 1978 and as Don Braid has been on board since 1994 the company has grown considerably in revenue and profitability, has been listed publicly since 1996 and has found a foothold in Asia and the United States.
But what of the next 12 months and longer?
How will the business go under his leadership, will it continue its historically excellent financial results or will it flounder like so many other New Zealand companies have as it expands in the United States.
What new ideas does he have to take this company through the $1 billion revenue barrier and beyond and establish Mainfreight as a truly global logistics company
With this in mind I submitted some questions to Don via email and he kindly offered to answer them.
The Q & A
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Share Investor - Like other New Zealand companies 2008-2009 has been a tough year for Mainfreight. What have you learnt from the economic downturn in terms of the company’s strengths and weaknesses and has that made Mainfreight a stronger company?
Don Braid - We found an element of complacency and a lack of urgency, or even acknowledgment of a recession, amongst our people despite our disciplines and culture, which identified a need to encourage tougher, faster decision making and to seek out opportunities.
SI - What are your thoughts on the recession and recent (apparent) recovery - if you want to call it that - and what effect that will have on the company's overall strategy in all the markets that you operate?
DB - We continue to manage the business week to week focusing on margin and cost. Our sales campaigns are very active as we look to increase sales growth at every opportunity, attracting new customers with exceptional quality. We don’t wish to waste any of the opportunities provided by the recession.
SI - Have you responded to the recession in an appropriate way by cutting costs and easing back on business expansion when other companies have used this time as an opportunity to expand their businesses because of cheaper assets and lower credit costs?
DB - We identified our areas of weakness, tightened cost controls including freezing salaries and bonuses, and focused on the opportunities available. We have treated acquisition opportunities with caution; distressed businesses are not necessarily good investments.
SI - How is Mainfreight currently doing in its various markets of operation and how well are profit margins holding up?
DB - We can do better in each market, and are working hard to further improve returns.
SI - What are the biggest commercial threats to your businesses in terms of competition and is your reaction to this competition likely to be aggressive or reactive in nature?
DB - We have always operated in a competitive market and enjoy being on the front foot.
SI - Any business has inherent risks. How do you manage those risks in the normal business operating environment that changes due to economic cycles and other outside and inside influences?
DB - Mainfreight’s culture of weekly profit and loss reporting, branch management responsibility and flat management structure assists us in managing risk. We scrutinise performance at every turn and maintain a strong discipline of cash management.
SI - The subsidy of Toll Holdings trucking business by the New Zealand taxpayer has reared its ugly head again recently. Can you do anything about that in your position and if so what?
DB -We will compete as we always have. We will continue to bring pressure to bear on the Government to ensure KiwiRail deals with the issue commercially. We are also of the opinion that the Government should appoint a commercially capable board rather than the current culture of political appointees.
SI - What are your biggest challenges as the company expands and do you prefer organic expansion rather than the purchase of companies to pursue revenue and profit growth?
DB - Organic growth is always the preference; acquisitions when and only if they fit the profile and requirements of the Group. Great people remain our most valuable resource.
SI - The issue of capital raising by other companies this year has been in the business news headlines. Why have you been able to avoid this to date and do you see the issue of capital raising being an issue for Mainfreight at a later stage should the economic downturn last longer?
DB - There has been no need to raise capital. Our debt to equity ratio is satisfactory and our relationship with our banks remains important to managing our debt facilities. These facilities have just been renewed for a further three years with improved covenants.
SI - Mainfreight pays a relatively low dividend compared to other NZX listed companies. Is that a conscious decision to keep more capital in the business for its day to day operation or are there other reasons for this?
DB - On listing in 1996 we stated that a dividend payment ratio of 40% to 50% of net profit is prudent, and allowed for further capital reinvestment. While at times we have exceeded this ratio we do wish to continue to re-invest in our business. Growth remains a high priority.
SI - What is your opinion on bonuses paid with stock options and other incentive pay and how do you feel about executives of other NZX listed companies receiving incentives even though pre-determined targets have not been met?
DB - We are not in a position to comment on remuneration in other listed companies. Ours continues to be reviewed to ensure we remain competitive and fair.
SI - Given enough time and expansion in the United States, where will be your main hubs and will you continue to build and own them given the huge capital expense they must be?
DB - The US remains an important part of our growth strategy and we are excited about the potential evident in this market. Capital investment will be evaluated and tailored to the returns available.
SI - The US market has been brutal to a couple of NZX listed companies, with Pumpkin Patch and Michael Hill recently losing lot of shareholder money by expanding there. How has your company planned to ameliorate any possible losses there as you expand and do you have an exit strategy if business there doesn’t look good or are you confident that in the long term the Mainfreight’s business there will be a strong one?
DB - We remain confident that our US operations will become significant contributors and a beachhead for our ongoing global development.
SI - How do you retain the wonderful family friendly Mainfreight culture that has been fostered over the years and is so central to the success of the company as it has moved from a smaller company to the one that it is now and how will you hold on to it as you grow into a larger business and into different markets and cultures?
DB - Our culture and style of doing business remains very important to us. Every day we work hard to maintain and develop this culture. The actions of our leadership team are key. The elimination and rejection of bureaucracy and hierarchical attitudes and actions at every step are paramount. Our people’s freedom to take responsibility, ownership and to contribute no matter their role is pivotal to our success.
SI - Along the lines of the question above, how much input does every worker at Mainfreight have into the business, is it like the culture at Toyota, commonly known as the “Toyota Way” where if anyone has a good idea that will improve productivity or the business in some way then they are credited for that input and rewarded in some way?
DB - As above.
SI - Who came up with those quotes on the back of all your vehicles and why?
DB - Many people contribute to the quotations, however Bruce Plested initiated the original concept. We hope the quotations make people think about what’s important in life. They also allow our owner drivers to express themselves through their chosen quotations.
SI - You and Bruce Plested are both very strong leaders and characters, how do you balance those strong personalities when you make company decisions?
DB - We enjoy a great deal of debate, we have respect for each other and a passion for the business. What is right for the business is key – the individual’s agenda is not a consideration.
SI- Who are some of your business mentors/heroes and why?
DB - Mainfreight’s Board of Directors remain key mentors and confidants.
SI - Who is your favourite New Zealand business leader/s and why?
DB - We have a lot of respect for many New Zealand business leaders; more so those business leaders who are forthright in their opinions, and who are energetic in growing their businesses and their people. Those who reject mediocrity and bureaucracy, and who are prepared to get off their backsides and develop their businesses around the world.
SI - In relation to the two questions above are there any particular books or periodicals that you have read that you would recommend to Share Investor readers?
SI - In my investing experience I have found the level of business leadership in New Zealand wanting – with a few very notable exceptions - when it comes to making good long-term decisions based on sound business skills, the basic understanding of running a business and accountability when it comes to making mistakes and this is often reflected in businesses hiring from an overseas talent pool. What are your views on how we can get better shareholder representation in the boardroom?
DB - New Zealand business needs leaders around the board table who have a passion for the business, are energetic and prepared to get involved, are commercial in their thinking and are not just appointed as part of “the club”. Political appointments have no place in New Zealand’s business future.
SI - Is there enough long-term thinking and planning when it comes to making decisions in the boardroom that affect New Zealand companies?
DB - Infrastructure planning in this country is woeful. Three-year political appointments don’t help. Entities would be better served by boards who spend less time on plans and budgets, focusing instead on strategic and competitive advantage to drive businesses (and the country) forward.
SI - I have recently become a dad for the first time and am now aware of higher demands on my time. I am sure the life of managing director at Mainfreight is very busy. How have the demands of Mainfreight impacted on your family and what skills as a dad have you used in your business life and where and how do you find the balance between home and work? Is it just good time management?
DB - A passion for life helps to keep things in perspective. Always ask a busy person if you want to get things done!
SI - What do you see as the strongest and weakest quality of your leadership style?
DB - Am not qualified enough to answer.
SI - Where do you see yourself and the business you help run over the next five years?
DB - Mainfreight will be a bigger and better business than it is today. We have some lofty goals to achieve and we remain an ambitious bunch!
SI - Thanks for your time Don.
Don Braid's Bio - Supplied by Mainfreight
Don Braid, Group Managing Director of Mainfreight Limited, was educated at Timaru
Boys’ High School and has over 30 years’ experience in freight forwarding and logistics both New Zealand and internationally. He joined Daily Freightways in 1978, gaining a thorough grounding in all aspects of the business and eventually heading up that company.
In 1994 Mainfreight purchased the business, and Don went on to hold various senior management roles at Mainfreight prior to his appointment as Managing Director in 2000.
Don has led the Mainfreight team through a significant period of change and expansion to become the successful global supply chain logistics provider it is today, with businesses operating in over 160 branches throughout New Zealand, Australia, Asia and the United
States.
His efforts were recently recognised when he was selected as the 2008 Deloitte/Management magazine Executive of the Year. Don is a member of the Board of the Starship Foundation.
Mainfreight History- Supplied By Mainfreight
Mainfreight was founded by Bruce Plested, joined later by Neil Graham in 1978 with a 1969 Bedford JI Truck and $2,700 in paid up capital. Mainfreight entered a highly regulated market which required all freight travelling over 150km to be moved on rail, and which was dominated by a virtual cartel of giant transport companies.
When deregulation occurred in 1985 Mainfreight were hardened from this market environment, and was evolving a deep culture and a vision of what we could achieve. Having formed Mainfreight International in 1984, Mainfreight established a beachhead in Australia in 1989, with an operation in Sydney, followed the next years by depots in Melbourne and Brisbane.
Investment in Australia was driven by a vision to let our customers treat New Zealand and Australia as one market, with Mainfreight's spread of branches and services, along with the best technology and people providing a bridge across the water. Mainfreight was publicly listed in June 1996 on the NZ Stock exchange (code MFT) and now has interests in the USA and Asia.
I think I have developed a successful strategy for myself for buying good stocks - buy and hold for 10 years or more - but shouldn't I really decide in a similar way as to when exactly I should sell?
