This I agree with. While 100 Baggers by @chriswmayer is a fabulous book, there is a need for literature on building the conviction to hold.

And it’s not easy to develop a conviction to hold on to things that should be held. There are these “demons” that will enter the mind of the investor, which will prevent them from holding on to what will turn out to be an outstanding stock.
Demon # 1: The market is too expensive, so I should sell this business. This demon shifts the investor’s focus from the economics of the underlying business to the markets.
Demon # 2: It’s gone up so much, and it can’t go up much more from here. This demon makes the investors anchor to their cost, which is irrelevant.
Demon # 3: Look at the P/ E multiple. It’s too high. Other things are much cheaper. I should switch and lower the P/E of the portfolio. This demon makes one sell an outstanding business and replace it with a mediocre one.
Demon # 4: It’s become too big a position. I must think about risk management because you know, shit happens? This demon makes one ignore that real wealth is almost always lopsided and makes one worry about the other reality: wealth destruction also comes from over concentration.
Demon # 5: The management made a capital allocation error, or they did a related party transaction, or a slowdown in the industry is coming, and earnings will take a hit etc.
This demon will make you want to sell a stock because of adverse developments, which in retrospect will turn out to be non-events in the long run.
Demon # 6: You can’t go broke by taking a profit. This demon will also prevent the investor from ever seeing a 100 bagger.
The fun part here is that all these demons are “good demons” a lot of the time. That is a lot of the times listening to them will turn out to be excellent ideas.
It’s just that in true compounders, which will go on to become worth hundreds of times of investment cost, they will turn out to be “bad demons” who emerged to prevent the investor from making a tremendous amount of money.
And while it’s easy to say with hindsight that oh, I should have ignored the market or the jump in stock price or the P/E multiple or the position size or management behaviour or the impending slowdown etc., at the time these demons emerge, they will occupy the investor’s mind.
When those demons occur, they will make the investor panic and become loss averse. The fear of losing unrealised gains is very, very painful. And the demons know that.
I don’t know of ways on how to fight these demons which are better than reading up on how great investors build conviction in their journeys.
Charlie Munger once said that the key to a successful marriage is to keep your eyes wide open before marriage and only partly open after marriage. He was talking about developing conviction to hold.
Philip Fisher has written extensively on this subject in his various books. And so has Peter Lynch. And of course, @chriswmayer and Thomas Phelps, whose book inspired Chris to write his book.
The critical thing to note here is that you will never know in advance if the demons you are battling with while developing the conviction to hold will turn out to be good demons or bad ones.
Forgot to mention @iancassel whose dozens of tweets are also on developing the conviction to hold…

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#ஆதித்தியஹ்ருதயம் ஸ்தோத்திரம்
இது சூரிய குலத்தில் உதித்த இராமபிரானுக்கு தமிழ் முனிவர் அகத்தியர் உபதேசித்ததாக வால்மீகி இராமாயணத்தில் வருகிறது. ஆதித்ய ஹ்ருதயத்தைத் தினமும் ஓதினால் பெரும் பயன் பெறலாம் என மகான்களும் ஞானிகளும் காலம் காலமாகக் கூறி வருகின்றனர். ராம-ராவண யுத்தத்தை


தேவர்களுடன் சேர்ந்து பார்க்க வந்திருந்த அகத்தியர், அப்போது போரினால் களைத்து, கவலையுடன் காணப்பட்ட ராமபிரானை அணுகி, மனிதர்களிலேயே சிறந்தவனான ராமா போரில் எந்த மந்திரத்தைப் பாராயணம் செய்தால் எல்லா பகைவர்களையும் வெல்ல முடியுமோ அந்த ரகசிய மந்திரத்தை, வேதத்தில் சொல்லப்பட்டுள்ளதை உனக்கு

நான் உபதேசிக்கிறேன், கேள் என்று கூறி உபதேசித்தார். முதல் இரு சுலோகங்கள் சூழ்நிலையை விவரிக்கின்றன. மூன்றாவது சுலோகம் அகத்தியர் இராமபிரானை விளித்துக் கூறுவதாக அமைந்திருக்கிறது. நான்காவது சுலோகம் முதல் முப்பதாம் சுலோகம் வரை ஆதித்ய ஹ்ருதயம் என்னும் நூல். முப்பத்தி ஒன்றாம் சுலோகம்

இந்தத் துதியால் மகிழ்ந்த சூரியன் இராமனை வாழ்த்துவதைக் கூறுவதாக அமைந்திருக்கிறது.
ஐந்தாவது ஸ்லோகம்:
ஸர்வ மங்கள் மாங்கல்யம் ஸர்வ பாப ப்ரநாசனம்
சிந்தா சோக ப்ரசமனம் ஆயுர் வர்த்தனம் உத்தமம்
பொருள்: இந்த அதித்ய ஹ்ருதயம் என்ற துதி மங்களங்களில் சிறந்தது, பாவங்களையும் கவலைகளையும்


குழப்பங்களையும் நீக்குவது, வாழ்நாளை நீட்டிப்பது, மிகவும் சிறந்தது. இதயத்தில் வசிக்கும் பகவானுடைய அனுக்ரகத்தை அளிப்பதாகும்.
முழு ஸ்லோக லிங்க் பொருளுடன் இங்கே உள்ளது
https://t.co/Q3qm1TfPmk
சூரியன் உலக இயக்கத்திற்கு மிக முக்கியமானவர். சூரிய சக்தியால்தான் ஜீவராசிகள், பயிர்கள்

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@franciscodeasis https://t.co/OuQaBRFPu7
Unfortunately the "This work includes the identification of viral sequences in bat samples, and has resulted in the isolation of three bat SARS-related coronaviruses that are now used as reagents to test therapeutics and vaccines." were BEFORE the


chimeric infectious clone grants were there.https://t.co/DAArwFkz6v is in 2017, Rs4231.
https://t.co/UgXygDjYbW is in 2016, RsSHC014 and RsWIV16.
https://t.co/krO69CsJ94 is in 2013, RsWIV1. notice that this is before the beginning of the project

starting in 2016. Also remember that they told about only 3 isolates/live viruses. RsSHC014 is a live infectious clone that is just as alive as those other "Isolates".

P.D. somehow is able to use funds that he have yet recieved yet, and send results and sequences from late 2019 back in time into 2015,2013 and 2016!

https://t.co/4wC7k1Lh54 Ref 3: Why ALL your pangolin samples were PCR negative? to avoid deep sequencing and accidentally reveal Paguma Larvata and Oryctolagus Cuniculus?
https://t.co/6cRR2B3jBE
Viruses and other pathogens are often studied as stand-alone entities, despite that, in nature, they mostly live in multispecies associations called biofilms—both externally and within the host.

https://t.co/FBfXhUrH5d


Microorganisms in biofilms are enclosed by an extracellular matrix that confers protection and improves survival. Previous studies have shown that viruses can secondarily colonize preexisting biofilms, and viral biofilms have also been described.


...we raise the perspective that CoVs can persistently infect bats due to their association with biofilm structures. This phenomenon potentially provides an optimal environment for nonpathogenic & well-adapted viruses to interact with the host, as well as for viral recombination.


Biofilms can also enhance virion viability in extracellular environments, such as on fomites and in aquatic sediments, allowing viral persistence and dissemination.