Patience is a Virtue for Investors

From Apollo Asia Fund’s manager’s report for second quarter 2017:

We are patient with companies which are having short-term difficulties—perhaps to a fault, but when managers respond to each setback with sensible steps, the results are usually good in the end, and we sometimes learn more about the business characteristics during such periods. When our confidence dwindles, however, we pay more and more attention, and may trim; if it is lost, we try to exit completely, rather than trying to be too clever about the price.

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