When we make an investment, it is our intention to invest not only for the long term, but literally forever. While at times we change our investment decision and sell, we never do this because of volatility. We share the conviction of master investor Warren Buffett who says: "Stock prices are of minor interest if you invest for eternity." Typical reasons we might sell shares include changing our mind about the direction of a sector - for instance, we got out of financials in 2007 as we felt the business model of financials became obsolete due to transparency regulations, low interest rates and companies such as Google and Apple entering the financial services market. At Hoofbosch, we believe investing is a mental phenomenon: Investors must be mentally able to handle stress. If the stock market crashes, don't panic - start buying good equities. We do not see any relation between volatility and long-term risk. On the contrary: if share prices of our selected solid companies go down, we view this as a buying opportunity as we are confident in our methodology.