37 of 40
BACK NEXT
Sell for the right reason
Don Phillips
Managing director, Morningstar

Tom Mathers, founder of the Mathers Fund, shared these words of wisdom at an early Morningstar Conference: "If you find a great growth company, don't sell it just because it gets a little pricey - you may never get back in again." He told a charming story about how he and his wife were redecorating their home in the 1960s and wanted to buy a piano.

Tom held some shares in Disney, and while he liked the company, he thought its stock price was a bit rich at the time, so he sold the Disney stock to fund the purchase of the piano. Tom never got back into Disney and instead watched it rise and rise. Years later Tom would walk through his living room, see the piano and mutter to himself, "That's the most expensive damn piano on the face of the planet!"

NEXT: Careful of people you trust

Last updated July 22 2008: 11:27 AM ET
More Galleries
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More

Special Offer