A lot of times, I see investors buy into a stock because of a particular investment thesis. But they abandon that thesis before it plays out. Then, they buy into another thesis. So they end up jumping around all the time.
I like to think of myself as a patient investor that will stick to the thesis. However, I think that I might be suffering with too much patience. With Hollywood Media, I waited eight long years for the company to finally sell its stake in MovieTickets.com. I was right that eventually, they would sell it. However, I waited so long that MovieTickets.com became practically worthless and the company sold its stake for practically nothing.
The good news is that the company had so much cash that the downside was limited. On the shares that I bought below $0.70, I made money. But on the shares that I bought above $0.70, I lost money.
I think going forward, I need to have less patience.